Fintech PR
COP28 Presidency Partners with African Leaders to Raise Climate Ambitions, Seize Opportunity of Green Growth Through Fairer Climate Finance for Africa
- COP28 President-Designate Dr. Sultan Al Jaber addressed the inaugural Africa Climate Summit, held in Nairobi, Kenya.
- Speaking to heads of state at its high-level opening, Al Jaber announced a $4.5 billion clean energy investment initiative between the UAE and Africa that aims to unlock Africa’s capacity for sustainable prosperity.
- Working together, The Abu Dhabi Fund for Development, Etihad Credit Insurance, Masdar and AMEA Power will join with Africa 50 as a strategic partner under the guidance of the UAE and African leadership to “develop 15 GW of clean power by 2030.”
- The initiative will “demonstrate the commercial case for clean investment across this important continent” and will be “designed to work with Africa, for Africa.”
- “Will act as a scalable model that can and should be replicated and will support COP28’s global goal of tripling renewable energy by 2030.”
- “Al Jaber grounded his remarks in the reality that “the world is losing the race to secure the goals of the Paris Agreement and struggling to keep 1.5 within reach” And that Collectively, “we are not delivering the results that we need in the time we need them.”
- Al Jaber cited that currently, “Africa contributes just 3 per cent of global emissions, yet suffers some of the worst consequences. Droughts, floods and failed harvests have exposed one fifth of Africa’s people to hunger, tripled the number of people displaced in the last three years, and is dragging down Africa’s GDP growth by at least 5 per cent every year.
- In response, he called on “all parties to unite around a plan of action that is fully inclusive, that fast tracks a just, responsible and well managed energy transition, focuses on people, lives and livelihoods, and fixes climate finance.”
- Al Jaber called Africa “a beacon of hope, filled with potential and a global example of what pro-climate, nature positive development should look like, adding that “it simply makes sense for Africa to get a fairer share of the pie.”
- The “key to making this happen is finance, but it must be made available, accessible and affordable.”
- In his remarks, the COP28 President-Designate made calls to raise ambitions, including by “calling on donors to close out the 100-billion-dollar pledge they made over a decade ago, to replenish the green climate fund, to double adaptation finance by 2025 and for all parties to transform the Global Goal on Adaptation from theory into real action and tangible results.”
- He also called for “early pledges for the loss and damage fund to help vulnerable countries.”
- “What was promised in Sharm El Sheikh, must be delivered in Dubai.”
- During the three-day trip, the Al Jaber spoke on multiple platforms on topics including cooling, youth engagement, adaptation and security; as well as meeting with African leaders and visiting local communities experiencing climate-related hardships.
- Dr. Al Jaber was joined by esteemed member of the COP28 leadership team, including HE Shamma Al Mazrui, Youth Climate Champion; HE Razan Al Mubarak, UN Climate Change High-Level Champion; HE Ambassador Majid Al Suwaidi, Director-General of COP28 and HE Adnan Amin, CEO of COP28
NAIROBI, Kenya, Sept. 5, 2023 /PRNewswire/ — COP28 President-Designate Dr. Sultan Al Jaber addressed the inaugural Africa Climate Summit, held in Nairobi, Kenya, where he emphasised the need for mitigation and adaptation finance as critical success factors for climate progress in Africa and globally.
Noting that the world is “losing the race to secure the goals of the Paris Agreement and struggling to keep 1.5 within reach,” Dr. Al Jaber called on “all parties to unite around a plan of action that is fully inclusive, a plan of action that fast tracks a just, responsible and well managed energy transition, focuses on people, lives and livelihoods, and fixes climate finance.
Addressing heads of state at the high-level opening of the summit, Al Jaber announced a new $4.5 billion initiative between the UAE and Africa that seeks to unlock Africa’s capacity for sustainable prosperity.
Al Jaber announced that “The Abu Dhabi Fund for Development, Etihad Credit Insurance,
Masdar and AMEA Power will join with Africa 50 as a strategic partner under the guidance
of the UAE and African leadership to develop 15 GW of clean power by 2030. Working together, we will deploy 4.5 billion dollars that will catalyze at least an additional 12.5 billion dollars from multilateral, public and private sources.”
“It is our ambition that this will launch a new transformative partnership to jump start a pipeline of bankable clean energy projects,” said Al Jaber.
The President-Delegate explained that the partnership will “demonstrate the commercial case for clean investment” across Africa and “act as a scalable model that can and should be replicated…it is designed to work with Africa, for Africa.”
Al Jaber acknowledged that “Africa contributes just 3 percent of global emissions, yet suffers some of the worst consequences. Droughts, floods and failed harvests have exposed one fifth of Africa’s people to hunger, tripled the number of people displaced in the last three years, and is dragging down Africa’s GDP growth by at least 5 per cent every year.
Al Jaber also recognized the scale of energy poverty within Africa, acknowledging that “almost half of Africa’s population still have no access to electricity, almost one billion people lack clean cooking fuels, and this energy gap will only increase as Africa’s population grows.”
Discussing how to fast track low-carbon solutions for Africa’s growing population, Al Jaber said that the “key to making this happen is finance, but it must be made available, accessible and affordable.”
As a part of the COP28 Presidency’s Action Agenda, Al Jaber emphasized his plan to fix climate finance. He urged donors to “close out the 100-billion-dollar pledge they made over a decade ago and to replenish the green climate fund…In parallel, we need a complete upgrade of the global financial architecture that was built for a different era. IFIs and MDBs must up their game, including by raising concessional capital and lowering debt burdens. They need to attract and leverage private capital at a multiple. And the multilateral, public and private sectors need to mesh together and work as true partners to accelerate the delivery of practical solutions and real, impactful projects on the ground.”
Addressing the imbalance between financing for mitigation and adaptation, Al Jaber called on donors to “double adaptation finance by 2025”, and to “transform the Global Goal on Adaptation from theory and text into tangible action and real results.” We also need early pledges for the loss and damage fund, to help vulnerable countries recover from severe climate impacts that they are already experiencing:
The COP28 President-Designate stated, “What was promised in Sharm El Sheikh, must be fully operational in Dubai.”
During his remarks, Al Jaber also highlighted many of Africa’s trailblazing climate initiatives noting that many African countries are already leading the way. Al Jaber noted how “Kenya is closing in on its goal of 100 per cent clean energy by 2030, the African Union’s Great Green Wall is helping reclaim degraded agricultural land across the Sahel. Ethiopia’s Green Legacy Initiative is enhancing food security and stimulating green jobs across the Horn of Africa. And the countries of the Congo Basin are protecting vital rainforests and helping preserve the world’s natural carbon sinks.”
Al Jaber expressed his belief that Africa is “a beacon of hope, filled with potential and a global example of what pro-climate, nature positive development should look like.”
Al Jaber concluded his remarks at the summit by saying that climate change is a “global fight and demands a global solution”. If Africa loses, we all lose, If Africa succeeds, we all succeed. Progress for one is progress for all.
This inaugural Africa Climate Summit was co-hosted by the Republic of Kenya and the African Union Commission, to convene national leaders from across Africa and the world, as well as leading figures from business, policy and civil society: to design and catalyze solutions which address climate change in Africa and across the world. The summit was attended by global and African leaders, including UN Secretary-General Antonio Guterres, President of the European Commission Ursula von der Leyen, Chair of the African Union Commission, H.E. Moussa Faki Mahamat, and President of the African Union, H.E. President Azali Assoumani.
The full COP28 Presidency team accompanied the COP28 President-Designate to the Summit, taking part in a series of speaking engagements, meetings with national leaders, and community visits to improve collaboration on climate action.
The full COP28 UAE Presidency leadership team consists of:
- His Excellency Dr. Sultan Al Jaber, President-Designate for COP28
- Her Excellency Shamma Al Mazrui, Youth Climate Champion
- Her Excellency Mariam Almheiri, Minister of Climate Change and Environment
- Her Excellency Razan Al Mubarak, UN Climate Change High-Level Champion
- His Excellency Ambassador Majid Al Suwaidi, Director-General of COP28
- His Excellency Adnan Amin, CEO of COP28
- Hana AlHashimi, UAE Chief Negotiator COP28
During the visit, H.E. Al Mazrui visited the Kibera Slum, Africa’s largest urban slum, to meet individuals whose lives are profoundly affected by climate change. UN Climate Change High Level Champion for COP28 Razan Al Mubarak took part in a series of events focusing on nature-based solutions for climate action, investments for nature, and inclusion.
COP28’s Director General Ambassador Al Suwaidi participated in an event to develop solutions for Voluntary Carbon Markets and announced a new ‘Pact on Fragility’, developed in collaboration with Kenya and Germany, to drive finance to countries experiencing climate change and conflict. Ambassador Al Suwaidi also visited the Dadaab refugee camp and witnessed the experience of refugees who have fled conflict in Somalia, whose hardships are compounded by prolonged droughts.
Dr. Al Jaber also engaged in bilateral meetings with African leaders, including the presidents of Kenya, Nigeria, Ghana, Mozambique, African Development Bank, and several important officials and heads of states. Discussions revolved around mobilizing broader support for the COP28 agenda, addressing vulnerability to climate change impacts, seeking critical EU endorsement for COP priorities, garnering support for the hydrogen agenda, accelerating financing for adaptation efforts, and pursuing outcomes related to nature conservation packages, and many other important areas.
Notes to Editors COP28 UAE:
- COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
- The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.”
- The four pillars of the COP28 Presidency’s Action Agenda are fast tracking the energy transition, fixing climate finance, focusing on people, lives, and livelihoods, and underpinning everything with full inclusivity.
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e& announces Q3 2024 earnings with consolidated revenue growth of 10% to AED 14.4 billion
e& completes acquisition of controlling stake in PPF Telecom and 100% acquisition of GlassHouse, expanding its footprint to 38 countries
ABU DHABI, UAE, Oct. 30, 2024 /PRNewswire/ — e& today announced its Q3 2024 consolidated financial results, reporting consolidated revenue of AED 14.4 billion, growing 10 per cent year-over-year in constant currency, while consolidated revenues for the first nine months of year 2024 recorded AED 42.7 billion, growing 9 per cent YoY, reflecting continued growth across most verticals.
e& completed an important milestone by closing the transaction of PPF Telecom that will enhance the group portfolio diversification while it continues to grow its digital services across enterprise solutions, fintech, and media and entertainment sectors. This diversification will allow it to pursue its strategic ambition of transitioning to a global technology player.
e&’s total subscriber base witnessed a YoY increase of 6 per cent, reaching 177.3 million. The total number of e& UAE subscribers reached 14.7 million, representing a YoY growth of 5 per cent.
Financial Highlights
|
Q3 2024 |
Q3 2023 |
9M 2024 |
9M 2023 |
|
|
Revenue |
AED 14.4 billion |
AED 13.4 billion |
AED 42.7 billion |
AED 40.0 billion |
|
Net Profit |
AED 3 billion |
AED 3 billion |
AED 8.5 billion |
AED 7.7 billion |
|
EBITDA |
AED 6.5 billion |
AED 6.9 billion |
AED 19.4 billion |
AED 19.6 billion |
|
Earnings per Share |
AED 0.34 |
AED 0.34 |
AED 0.97 |
AED 0.88 |
Hatem Dowidar, Group Chief Executive Officer, e&, said: “e& continued its strong momentum in the first nine months, with consolidated revenue growing 9 per cent in constant currency to AED 42.7 billion.
We scaled up e&’s telecom footprint to 20 countries, bringing our overall reach to 38 markets. This growth, coupled with our solid performance in both local and international markets, drove our consolidated net profit to reach AED 8.5 billion growing 10 per cent during the first nine months. Furthermore, consolidated EBITDA reached AED 19.4 billion, resulting in EBITDA margin of 45 per cent, while our telecom EBITDA margin remained resilient at 49%”.
“Now that we have completed the acquisition of a controlling stake in PPF Telecom Group, we look forward to the opportunities that will arise as we expand our global horizon, impacting the lives of over 1 billion people across the Middle East, Asia, Africa, and now Central and Eastern Europe—marking our first operational foothold in Europe. By combining our expertise with PPF Telecom’s strong local presence, we’re well-positioned to drive digital transformation and empower societies across this region,” added Dowidar.
He concluded, “e& remains dedicated to championing the UAE’s leadership vision as the country continues to advance its digital agenda as a role model of digitalisation. Our investment in cutting-edge infrastructure and strategic partnerships will ensure that we continue to deliver futuristic solutions and digital services that drive sustainable progress and transformation.”
Media Contacts – Nancy Sudheer, Senior Manager at e&, [email protected]
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The Rise of Insurance Third Party Administrator Market: A $544.67 Billion Industry Dominated by Tech Giants – Sedgwick, Crawford and Company and CorVel Corp | The Insight Partners
The global insurance third party administrator market is set for explosive growth, with projections indicating a surge to $544.67 billion by 2031. This remarkable expansion, driven by the increase in preference for administrators in health insurance and growing complexity of insurance claims.
NEW YORK, Oct. 30, 2024 /PRNewswire/ — According to a new comprehensive report from The Insight Partners, “Insurance Third Party Administrator Market Size and Forecast (2021 – 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Insurance Type (Healthcare, Retirement Plans, Commercial General Liability Insurers, and Other Insurance Types), End User (Large Enterprises and SMEs), and Geography”. For Detailed Market Insights, Visit: https://www.theinsightpartners.com/reports/insurance-third-party-administrator-market
The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the insurance third party administrator market comprises a vast array of type and end user which are expected to register strength during the coming years.
For More Information and To Stay Updated on The Latest Developments in The Insurance Third Party Administrator Market, Download The Sample Pages: https://www.theinsightpartners.com/sample/TIPRE00039066/
Market Overview and Growth Trajectory:
Insurance Third Party Administrator Market Growth: According to an exhaustive report by The Insight Partners, the Insurance Third Party Administrator Market is experiencing significant growth, driven by digital third-party administrators. The market, valued at $256.02 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 9.9% during 2023–2031.
The global insurance third party administrator market is observing substantial growth and is expected to maintain its upward trajectory in the foreseeable future. The increasing need for administrators in health insurance and the surging complexity of insurance claims fuel the growth of the insurance Third Party administrator market. Further, the proliferation of the insurance industry creates opportunities for market growth. Digital Third-Party administrators are emerging as a significant trend in the market. On the other hand, data privacy concerns and security concerns limit the growth of the insurance Third Party administrator market.
Digital Third-Party Administrators: Digital Third Party administrators are transforming the insurance Third Party administrator business by harnessing the capabilities of AI and machine learning, which can allow the scanning of massive volumes of data to detect fraudulent claims and predict future hazards. The advanced data management capabilities lower costs for insurers and allow them to make more educated underwriting and risk management decisions. Digital Third-Party administrators provide self-service portals for policyholders to file claims, track their progress, and access policy papers. This promotes transparency and convenience, resulting in a more positive consumer experience.
Increase in Preference for Administrators in Health Insurance: Third Party administrators serve as mediators between insurance companies and policyholders. They oversee specific services, such as processing claims, providing customer support, and managing payment transactions on behalf of health insurance companies. These service providers play a pivotal role in handling different facets of health insurance. They maintain policyholders’ important records in a dedicated database and provide smooth back-end assistance. Third Party administrators also ensure the correct processing of policyholders’ claims. They guarantee that the hospitals they manage meet the standards of network membership, allowing for hassle-free claim settlement. Various value-added services provided by several Third-Party administrators include specialized consultations, ambulance services, medical supplies, wellness programs, lifestyle management, 24-hour toll-free helplines, and health facilities. Due to these benefits, various renowned insurers opt for Third Party administrators. For example, insurers such as Oriental Insurance, New India Assurance, National Insurance, and United India are using Vidal Health Insurance TPA, Health Insurance TPA of India Ltd, Focus Health Services TPA Pvt. Ltd, Family Health Plan Insurance TPA Limited, and others. Thus, a broad application of Third Party administrators in healthcare insurance drives the growth of the market.
Stay Updated on The Latest Insurance Third Party Administrator Market Trends: https://www.theinsightpartners.com/sample/TIPRE00039066/
Growing Complexity of Insurance Claims: The insurance industry is highly regulated, and need to comply with multiple state and federal rules can be difficult. Third Party administrators play a vital role in settling insurance claims. They play a crucial role in administering insurance policies and claims on behalf of policyholders. The primary responsibility of any Third-Party administrator is to help policyholders during the claim settlement process between the policyholder and the insurer. This process begins when policyholders report their claims to the insurance company. It entails obtaining critical data such as the insurance number, incident details, and contact information. Various Third Party administrators are offering claim management with integrated solutions to simplify claim management. In December 2021, CorVel Corporation launched CogencyIQ. Leveraging artificial intelligence and predictive analytics, its products offer actionable insights and solutions for risk managers and claims professionals. CogencyIQ works seamlessly with CorVel’s integrated claims management technology, CareMC Edge, to provide a comprehensive solution for customers with the tools needed to analyze large data volumes and navigate complex claims. Thus, the burgeoning complexity of insurance claims creates a need for Third Party administrators, which is driving the growth of the market.
Geographical Insights: In 2023, North America led the market with a substantial revenue share. Asia Pacific is the second-largest contributor to the global insurance third party administrator market, followed by Europe.
Insurance Third Party Administrator Market Segmentation, Applications, Geographical Insights:
- Based on insurance type, the insurance third party administrator market is segmented into healthcare, retirement plans, commercial general liability insurers, and other insurance types. The healthcare segment held the largest share of the insurance Third Party administrator market in 2023.
- Based on end user, the insurance third party administrator market is segmented into large enterprises and small and mid-sized enterprises. The large enterprises segment held the largest share of the insurance Third Party administrator market in 2023.
- The insurance third party administrator market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
Purchase Premium Copy of Global Insurance Third Party Administrator Market Size and Growth Report (2023-2031) at: https://www.theinsightpartners.com/buy/TIPRE00039066/
Key Players and Competitive Landscape:
The Insurance Third Party Administrator Market is characterized by the presence of several major players, including:
- Sedgwick
- Crawford and Company
- CorVel Corp.
- United Healthcare Services LLC
- Helmsman Management Services, LLC
- Charles Tayler
- ExlService Holdings, Inc.
- Gallagher Bassett Services LLC
- Meritain Health, Inc.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Insurance Third Party Administrator Market Recent Developments and Innovations:
- “Sedgwick has announced several new updates to its artificial intelligence-powered (AI) technology program. Building on a half-century of claims handling excellence and a robust data science program. The technology goal is to expedite the claims process by predicting, addressing, and automating steps in the claim lifecycle, thereby enhancing consumer experiences and streamlining claim resolutions.”
- “Crawford & Company’s Third-Party administration business in the United Kingdom, Crawford TPA, has teamed with British insurtech Automated Insurance Solutions (AIS) to support speedier motor claims processing in the country. Crawford TPA will use AIS’s automated motor claims liability assessment tool, BAIL, as part of its growing digital claims management ecosystem.”
- “CorVel Corporation, a national provider of risk management solutions, has launched CogencyIQ. Leveraging artificial intelligence and predictive analytics, CorVel can provide actionable insights and solutions for risk managers and claims professionals. CogencyIQ works seamlessly with CorVel’s integrated claims management technology, CareMC Edge, to provide a comprehensive solution for customers with the tools needed to analyze large amounts of data and navigate complex claims.”
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Insurance Third Party Administrator Market Drivers, Challenges, Future Outlook and Opportunities:
In terms of revenue, North America dominated the insurance third-party administrator market share, followed by APAC and Europe. The insurance third-party administrator market in North America is subsegmented into the US, Canada, and Mexico. The US is anticipated to hold the largest market share in the region in 2031. In the US, there are three main insurance sectors: property/casualty (P/C), i.e., mainly auto, home, and commercial insurance; life/annuity, mainly life insurance and annuity products; and private health insurance. Such a vast industry generates the demand for third-party administrator services in the country. The third-party administrators in the country are engaged in various strategies to reach more customers. For example, in January 2024, Rokstone, a specialty insurance and reinsurance managing general agency and a part of the Aventum Group, launched a new third-party administrator service based in Kentucky. Rokstone’s new Verus TPA manages Rokstone’s agricultural claims in the US.
As countries grow and people gain more discretionary income, they are more likely to be able to afford and recognize the value of insurance products such as life, health, and property insurance plans. This is especially true for a burgeoning middle class striving for financial stability. People are becoming increasingly conscious of the possibility of financial loss due to unforeseen circumstances such as illness, accidents, or natural catastrophes. As a result, individuals, businesses, and other entities seek insurance policies to safeguard themselves from the repercussions, which fuels the demand for insurance solutions that can assist in managing these risks. According to the Federal Insurance Office (FIO), the US had 667 licensed L&H insurers, 2,656 P&C insurers, and 1,355 health in 2022. According to the India Brand Equity Foundation (IBEF), the insurance industry is one of the premium segments seeing significant expansion in India. This upward trend in the insurance sector can be ascribed to rising revenues and increased awareness of the profession. India has the sixth-largest life insurance market among emerging economies, growing at a pace of 32–34% per year. In recent years, the industry has experienced vigorous competition among rival businesses. Moreover, the insurance sector faces numerous constraints, including highly dynamic regulatory complications, which present organizations with considerable threats to financial and operational stability. Thus, the ongoing proliferation of the insurance industry is creating opportunities for the growth of the insurance third-party administrator market.
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Conclusion:
A Third Party administrator is an entity that handles administrative and operational tasks associated with an insurance plan. Administrative duties frequently include processing claims, enrolling consumers, and collecting premiums, adhering to federal rules. Third Party administrators do not create the policies of health insurance plans, but they help guarantee their implementation. A single Third-Party administrator may work with multiple insurers. While Third Party administrators are typically linked with health insurance, they are employed in a wide range of other segments of the insurance industry. Commercial liability insurers and retirement plan administrators frequently hire Third Party administrators to serve as claims adjusters or customer service representatives. Third Party administrator companies can be major multinational corporations, while individuals having Third Party administrator certification can also work as independent contractors.
The insurance claim process can be complex and time consuming. In such cases, a Third Party administrator can help policyholders claim benefits. The administrators guide policyholders throughout the claim procedure and file claims on their behalf. Once a claim is filed, the Third-Party administrator will investigate and verify it. Further, their services can be tailored to a wide range of needs. Moreover, insurers can customize their agreements made with Third Party administrators based on their specific needs. Other noteworthy offerings of administrator services include health benefits reporting and analytics, adjudicating claims, customer service for plan members, healthcare provider network access, detailed healthcare expense reporting, and collaborations with brokers and health insurance consultants.
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With projected growth to $544.67 billion by 2031, the Insurance Third Party Administrator Market represents a significant opportunity for insurance carriers, Third Party administrators (TPA), regulatory bodies, and end users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.
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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
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Press Release: https://www.theinsightpartners.com/pr/insurance-third-party-administrator-market
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The development adds to its existing availability across Ethereum, BNB Chain and Sui
DUBAI, UAE, Oct. 30, 2024 /PRNewswire/ — First Digital Group (“First Digital” or the “Group“), a leader in digital asset custody and trust services in Asia and parent company of FD121 Limited (also known as First Digital Labs), announces that First Digital USD (“FDUSD“) will be natively deployed to the Solana blockchain, further strengthening and bolstering access to the stablecoin.
The announcement was made at Binance Blockchain Week 2024, marking a significant milestone in First Digital’s commitment to delivering fast, secure, and cost-effective stablecoin transactions for global users. By integrating with Solana’s high-performance blockchain, FDUSD will leverage Solana’s ultra-fast transaction speeds, low fees and high scalability to meet growing demand for accessible, cross-chain stablecoin solutions by end of 2024.
As a fast-growing challenger in the stablecoin arena, FDUSD continues to provide diverse options to users and partners. By adding Solana to its growing list of supported blockchain networks, FDUSD will empower both retail and institutional users to take advantage of Solana’s scalability, unlocking new possibilities for cross-border payments, decentralised finance (DeFi), and everyday transactions.
With Solana’s impressive processing speed—capable of handling up to 65,000 transactions per second—users can experience near-instant transaction confirmations. This integration aims to support applications in areas such as DeFi and payments, driving greater utility and adoption of FDUSD across both emerging and established markets.
Vincent Chok, CEO and Founder of First Digital commented: “Expanding FDUSD onto Solana represents a significant step in our mission to enhance its accessibility, availability and utility across multiple blockchain ecosystems. Solana’s robust and scalable infrastructure will allow us to deliver even greater value to our users, supporting a wider range of financial use cases and enabling faster, more efficient transactions.”
Lily Liu, President of Solana Foundation, added: “As Solana continues to lead the way to redefining blockchain scalability and performance, we are excited to welcome FDUSD into our ecosystem. The integration of FDUSD on Solana will enable new possibilities for real-world, on-chain financial innovations.”
FDUSD is a 1:1 USD-backed stablecoin issued by First Digital Labs, the brand name of FD121 Limited. The FDUSD stablecoin is backed on a 1:1 basis by one U.S. dollar or assets of equivalent fair value, held in accounts of regulated financial institutions globally. Independent reserve audits are published monthly. FDUSD is currently available on Ethereum, BNB Chain and Sui.
About First Digital Group
First Digital Group (“First Digital”) is the parent company of First Digital Trust Limited, Asia’s leading qualified custodian and registered trust company, and FD121 Limited (also known as First Digital Labs), issuer of First Digital USD (FDUSD).
First Digital Group safeguards, advances and innovates to help clients navigate digital assets as well as benefit from trusted next-generation financial services.
First Digital was established in 2017 under the umbrella of the Legacy Trust Company, an established custodian and trust established in 1992 and registered under the Trustee Ordinance in Hong Kong. Its mission is to help clients benefit from a digital-first future by combining digital asset innovation with its strong foundation in trust, custody and asset management services. The Group’s custody and trust arm, First Digital Trust Limited, was established in 2019 and became a fully independent public trust corporation headquartered in Hong Kong with a presence across Asia.
First Digital Trust Limited has been recognised as one of HSBC’s ‘Emerging Giants in Asia Pacific‘ Report 2022, while its innovation subsidiary, FD121 Limited (a.k.a. First Digital Labs), is the issuer of the FDUSD stablecoin.
About First Digital Labs
First Digital Labs is the brand name of FD121 Limited, a Hong Kong-registered subsidiary under the First Digital Group. First Digital Labs focuses on cutting-edge research and development, specialising in the innovation and advancement of digital assets. First Digital Labs is the issuer of the FDUSD stablecoin.
To learn more about First Digital Labs, visit https://firstdigitallabs.com/
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