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AIIB, World Bank Strengthen Cooperation on Infrastructure Development and Sustainable Development Goals
WASHINGTON, April 21, 2024 /PRNewswire/ — The Asian Infrastructure Investment Bank (AIIB) and the World Bank have signed a renewed Memorandum of Understanding (MOU) to enhance collaboration on infrastructure development and support the achievement of the Sustainable Development Goals (SDGs).
The renewed MOU was signed by AIIB President Jin Liqun and World Bank President Ajay Banga during the 2024 IMF and World Bank Spring Meetings in Washington D.C. It outlines a framework to deepen operational collaboration between both institutions in key areas of shared strategic importance, with the aim to enhance sustainable economic development and address global challenges.
“We are pleased to strengthen our partnership with the World Bank,” said AIIB President and Chair of the Board of Directors Jin Liqun. “By working together, we can maximize our efforts in addressing climate change, improving social infrastructure and protecting biodiversity. This collaboration will enhance our collective impact and support our Members in achieving their development goals. Together, we can build a more sustainable and resilient future.”
Building upon the previous MOU signed in 2017, the renewed agreement outlines enhanced areas of collaboration such as climate change, social infrastructure (with a focus on health), biodiversity and other mutually agreed areas that align with AIIB’s mission of Financing Infrastructure for Tomorrow and the World Bank’s Global Challenge Programs.
Under the renewed agreement, both institutions plan to continue sharing knowledge, ideas and lessons learned, while expanding joint activities and exploring diversified cofinancing options. The two institutions will also work toward standards harmonization, engaging in collaborative dialogues with stakeholders and periodically evaluating the effectiveness of their collaboration.
The partnership aims to leverage both institutions’ respective strengths and resources to address the current development challenges and promote sustainable economic growth. By pooling their financing, including private capital mobilization, both institutions seek to increase the impact of their joint efforts and support the implementation of infrastructure projects with a focus on sustainability and resilience.
This enhanced collaboration facilitates the implementation of joint projects and initiatives, with an emphasis on climate finance and green and blue investments. In addition, the reinforced cooperation between the two multilateral development banks aims to lift lending capacities, promote sustainable development projects, improve digital infrastructure and bolster health services across Asia and beyond.
About AIIB
The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is financing the Infrastructure for Tomorrow—infrastructure with sustainability at its core. We began operations in Beijing in January 2016 and have since grown to 109 approved members worldwide. We are capitalized at USD100 billion and Triple-A-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.
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French fintech Lydia launches digital banking app Sumeria
Lydia, a prominent French fintech company known for its innovative financial solutions, has taken a significant leap forward with the launch of its new digital banking app, Sumeria. This development marks a strategic expansion for Lydia as it continues to redefine the financial landscape in Europe and beyond.
About Lydia
Since its inception, Lydia has been at the forefront of fintech innovation in France, providing users with seamless and user-friendly payment solutions. The company has built a strong reputation for its mobile payment app, which allows users to send and receive money, pay for goods and services, and manage their finances with ease. With millions of users and a robust platform, Lydia is well-positioned to venture into the digital banking space.
Introducing Sumeria
Sumeria is Lydia’s latest offering, designed to cater to the growing demand for comprehensive digital banking solutions. The app aims to provide users with a full suite of banking services, all accessible from their smartphones. Key features of Sumeria include:
- Personal and Business Accounts: Sumeria offers both personal and business accounts, enabling users to manage their finances efficiently. The app supports a range of functionalities tailored to meet the needs of individual users and small to medium-sized enterprises (SMEs).
- Intuitive Interface: True to Lydia’s commitment to user experience, Sumeria boasts an intuitive and easy-to-navigate interface. Users can quickly access account information, transaction history, and various banking services with just a few taps.
- Comprehensive Financial Tools: Sumeria provides a range of financial tools designed to help users better manage their money. Features such as budgeting, expense tracking, and personalized financial insights empower users to make informed financial decisions.
- Security and Privacy: Lydia places a high priority on security, and Sumeria is no exception. The app incorporates advanced security measures, including biometric authentication and end-to-end encryption, to ensure that users’ financial data is protected.
- Integrated Payments: Leveraging Lydia’s expertise in payments, Sumeria integrates seamless payment solutions, allowing users to send and receive money instantly, pay bills, and make purchases directly from the app.
Strategic Implications
The launch of Sumeria represents a strategic move for Lydia, positioning the company as a formidable player in the digital banking arena. By expanding its product offering, Lydia aims to capture a larger share of the market and meet the evolving needs of its users. This initiative also reflects a broader trend in the fintech industry, where traditional payment service providers are evolving into comprehensive financial service platforms.
Market Impact
Sumeria’s entry into the market is poised to have a significant impact. With its user-centric design and robust feature set, the app is likely to attract a diverse user base, from tech-savvy millennials to SMEs seeking efficient banking solutions. Moreover, Sumeria’s integration with Lydia’s existing payment infrastructure provides a seamless transition for current Lydia users, further boosting its adoption.
Future Prospects
Looking ahead, Lydia plans to continually enhance Sumeria by adding new features and expanding its services. The company’s focus on innovation and customer satisfaction will be key drivers of Sumeria’s growth. Additionally, Lydia’s potential to scale Sumeria across other European markets presents a substantial opportunity for further expansion.
Source: fintechfutures.com
The post French fintech Lydia launches digital banking app Sumeria appeared first on HIPTHER Alerts.
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