Full-cycle verification platform partners with the prominent fintech group in the Middle East and Africa, reinforcing its presence in the region
DUBAI, UAE, Jan. 17, 2024 /PRNewswire/ — Sumsub, a global full-cycle verification platform, has joined the MENA FinTech Association (MFTA) to drive business growth in the Middle East and North Africa (MENA), raise identity fraud awareness, and foster innovation in the fintech sector. This partnership highlights Sumsub’s commitment to establishing and strengthening key industry connections and contributing to the ever-evolving fintech landscape in the Middle East and African markets.
Founded in 2018, the MENA Fintech Association is globally recognized as one of the top-4 fintech groups in the world, bringing together fintech companies, startups, investors, regulators, influencers and academia. It is the premier not-for-profit organisation dedicated to serving fintech startups and established players across the Middle East and Africa. The MFTA provides numerous opportunities as a fintech hub that connects different stakeholders from the industry and creates space for growth, innovation and inclusivity. This presents Sumsub experts a generous choice of engaging with top fintech professionals, exploring potential partnerships in the fintech network and sharing verification expertise within the community.
In December, Sumsub was announced winner in the RegTech of the Year category of the 2023 MENA FinTech Awards. As an MFTA member, Sumsub aims to contribute to the regional fintech ecosystem by providing insights into anti-fraud measures, compliance with the shifting regulatory requirements, and expertise in KYC, KYB and transaction monitoring for fintechs. This partnership will enhance the development of the entire fintech community, driving more innovative solutions and projects in the MENA region. Furthermore, Sumsub will lead conversations within the policy and regulations working group, collaborating with industry peers to host panel discussions, workshops, and reports with the aim of advancing the industry.
Nameer Khan, Chairman of the MENA Fintech Association and Founder of FILS, commented: “We are pleased to welcome Sumsub to the MENA Fintech Association. Their expertise in KYC, KYB, and transaction monitoring will be invaluable in our efforts to strengthen the fintech ecosystem in the MENA region. Sumsub’s commitment to sharing insights and actively participating in policy discussions aligns with our mission to foster collaboration and innovation. We look forward to their contributions to the MFTA family and the Policy and Regulations Working Group and believe that together, we can create a more secure and compliant environment for fintech to thrive in the Middle East and Africa.“
Andrew Sever, co-founder and CEO of Sumsub, added, “For Sumsub, partnering with the MENA Fintech Association marks a new level of presence in the region. We believe that our expertise and years of experience in the verification, anti-fraud, and compliance sector will be valued by other MFTA members. Together with this extraordinary community, we aim to build a safer digital environment based on top-notch technologies tailored for the fintech industry.”
Sumsub is a full-cycle verification platform securing the whole user journey. With Sumsub’s customizable KYC, KYB, transaction monitoring and fraud prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.
Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Binance, Wirex, Mercuryo, Bybit, Huobi, Unlimit, DiDi, Poppy, and TransferGo.
About the MENA Fintech Association
The MENA FINTECH ASSOCIATION (MFTA) is an inclusive, not for profit association that fosters an open dialogue for the MENA Fintech community; shaping the future of financial services in the region. We have a growing community of Fintech startups and SMEs, financial institutions, technology companies, academia, investors, accelerators as well as regulators and policy makers. Plus cross border knowledge exchange platforms and collaborations creating a conducive Fintech ecosystem.
Validation Cloud Secures $5.8 Million in Inaugural Funding to Propel Web3 Infrastructure
ZUG, Switzerland, Feb. 28, 2024 /PRNewswire/ — In a significant stride towards revolutionizing Web3 infrastructure, Validation Cloud has proudly announced the successful closure of its first external investment round, amassing $5.8 million. Spearheaded by San Francisco-based Cadenza Ventures, this funding round exceeded expectations with contributions from an impressive roster of international investors, including Blockchain Founders Fund, Bloccelerate, Blockwall, Side Door Ventures, Metamatic, GS Futures, and AP Capital.
Alex Nwaka, Co-Founder of Validation Cloud, expressed enthusiasm about the funding, “This investment marks a pivotal moment for Validation Cloud as we aim to address the urgent demand for scalable and compliant Web3 infrastructure. We’re honored to collaborate with our investors who are instrumental in propelling the global adoption of our platform among cutting-edge networks, developers, and asset managers.”
Validation Cloud is at the forefront of Web3 technology, having developed an innovative system architecture that paves the way for significant advancements in the sector. Known as the “Cloudflare of Web3,” the company offers a robust, scalable, and intelligent platform providing Staking, Node API, and Data services, drawing inspiration from Cloudflare’s transformative impact on Web2 infrastructure.
Founded by veterans in the Proof-of-Stake domain, Validation Cloud boasts a team of highly experienced professionals from renowned organizations such as Uber, Workday, Deloitte, Citadel, Morgan Stanley, Binance, Crypto.com, Figure, R3, and more, emphasizing a talent-first approach with a worldwide workforce.
Kumar Dandapani, Managing Partner at Cadenza Ventures, highlighted the strategic vision behind their investment, “At Cadenza, we do not invest in just any company; we invest in the future of transformative technologies. Validation Cloud’s pioneering role in Proof-of-Stake and their relentless pursuit of next-generation Web3 infrastructure have set them apart as leaders in the Web3 space.”
Aly Madhavji, Managing Partner at Blockchain Founders Fund, shared his thoughts on the investment, “We believe in the transformative power of Web3 and its ability to redefine how businesses operate. Investing in Validation Cloud aligns perfectly with our vision of supporting innovative platforms that are ready to lead the next wave of digital transformation.”
Validation Cloud has earned a reputation for its close partnerships with networks from their nascent stages, supporting a wide array of ecosystems from established ones like Chainlink, Hedera, and Stellar to emerging networks such as Aptos, Eigenlayer, and Berachain. Their platform lays the groundwork for the enterprise adoption of networks, positioning Validation Cloud as a key player in the Web3 infrastructure landscape.
For further details on Validation Cloud and its offerings, please visit www.validationcloud.io.
Please contact: Kelly Clark, Director of Communications | [email protected]
Klarna says its AI assistant does the work of 700 people after it laid off 700 people
The Swedish fintech, which was criticized for its handling of a dramatic staff reduction in 2022, is touting new efficiencies powered by OpenAI.
Klarna is bullish on bots.
One month after taking its OpenAI-powered virtual assistant global, the Swedish buy-now, pay-later company has released new data touting its ability to handle customer communications, make shoppers happier, and even drive better financial results.
The app-based AI chatbot already handles two-thirds of all customer service chats, the company said Tuesday—some 2.3 million conversations so far—with the virtual assistant earning customer satisfaction ratings at the same level as human agents. Klarna, which is expected to go public this year and will need all the hype it can get at a time when investors have been generally frosty toward IPOs, estimates that the chatbot could help improve its profits by $40 million in 2024.
Announcing a partnership with OpenAI early last year, Klarna said it was one of the first companies to integrate the firm’s groundbreaking ChatGPT technology into a plug-in for shopping. The natural-language interface initially helped customers choose items and make other shopping-related decisions based on personalized queries, a feature Klarna described as “smooth shopping.”
The company has continued to build out its AI offerings since then. Its app-based assistants are now available to customers worldwide and handle a variety of tasks including refunds, cancellations, and even disputes.
Klarna boasted in its announcement on Tuesday that the AI assistant “is doing the equivalent work of 700 full-time agents.”
That statement may raise eyebrows for anyone who remembers the middle of 2022, when the company laid off roughly the same number of employees, then about 10% of its staff. At the time, CEO Sebastian Siemiatkowski cited economic uncertainty, inflation, and the likelihood of a recession as reasons for the cuts. He was criticized for his handling of the staff reduction after he shared a public spreadsheet on LinkedIn that contained the names of many of the laid-off workers.
Fast Company asked Klarna how the company arrived at its calculation for its AI assistant’s human-equivalent productivity. The company said the number of equivalent jobs the AI could perform wasn’t related to the layoffs. In a statement, a spokesperson said the company’s customer service is supported by four to five large third-parties that collectively have over 650,000 employees, and that it offers customers the option to speak with human agents if that’s what they prefer.
“This is in no way connected to the workforce reductions in May 2022, and making that conclusion would be incorrect,” the statement read. “We chose to share the figure of 700 to indicate the more long-term consequences of AI technology, where we believe it is important to be transparent in order to create an understanding in society. We think [it’s] important to proactively address these issues and encourage a thoughtful discussion around how society can meet and navigate this transformation.”
Companies have used chatbots for years to handle low-level customer queries and other interactions, although these tools are expected to become more versatile in the wake of advancements in artificial intellegence.
Source: Fast Company
The post Klarna says its AI assistant does the work of 700 people after it laid off 700 people appeared first on HIPTHER Alerts.
KAPSARC Launches Saudi Arabia’s First School of Public Policy
- Inspired by His Royal Highness, the Minister of Energy, Prince Abdulaziz bin Salman Al Saud’s passion for education, human capital development and innovation, the KAPSARC School of Public Policy (KSPP) was founded as the first institution in Saudi Arabia dedicated to graduate studies and executive education in public policy.
- Through its academic offerings, KSPP empowers individuals to tackle pressing public policy challenges and embrace the promising opportunities shaping the future.
- KSPP’s facilities will run on 100% renewable energy, setting a precedent as one of the first net-zero facilities in the Saudi educational sector.
RIYADH, Saudi Arabia, Feb. 28, 2024 /PRNewswire/ — The King Abdullah Petroleum Studies and Research Center (KAPSARC) has been granted an establishment license for its School of Public Policy (KSPP) after the recent approval by the Council of Ministers, and which was announced during the Human Capability Initiative (HCI) on February 28, 2024, conducted under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister, and the Chairman of the Human Capability Development Program Committee, one of Saudi Arabia’s Vision 2030 Realization Programs.
Aiming to set new standards in policy studies, the school offers a two-year master’s degree and executive education programs designed to enable and empower future policy leaders and professionals within Saudi Arabia and globally to address the most pressing domestic and international public policy challenges in the public, non-profit and private sectors.
This significant achievement was announced by His Royal Highness, Prince Abdulaziz bin Salman Al Saud, the Minister of Energy, Chairman of the Board of Trustees of KAPSARC: “The vision for KAPSARC School of Public Policy is to develop the knowledge and skills that the new generation needs to shape public policy both locally and globally. Our mission is to empower and equip future policy leaders and professionals within Saudi Arabia and internationally to make informed socio-economic decisions.”
In a statement on the sidelines of the school’s launch, Fahad Alajlan, President of KAPSARC, stressed the Center’s mission to impact public policy on national, regional, and global levels. “Our new School of Public Policy will equip future leaders with the right skills to create data-driven and evidence-based public policy in line with Vision 2030 goals.”
Dr. Ghadah Alarifi, Founding Dean of KSPP, stated that, “Public policy serves as the foundation of societal progress. At KSPP, we aim to be a catalyst for collaboration, building a robust ecosystem that bridges academia, industry, and government in the public policy arena.”
By leveraging KAPSARC’s network, KSPP provides a platform for global engagement and career growth opportunities, offering practical application and flexible courses tailored to empower policymakers in different tracks including energy policy.
The school is committed to achieving high sustainability standards in the Saudi educational sector, including the goal of running on 100% renewable energy. This dedication ensures that KSPP meets its annual energy needs through on-site renewable resources, eliminating the use of fossil fuels.
For more information about KSPP, visit https://www.kapsarc.org/about-the-school/.
Follow KSPP on social media:
- X: @KAPSARC_SPP
- LinkedIn: @ KAPSARC School of Public Policy
KAPSARC is a leading think tank dedicated to advancing knowledge on energy, environment, and regional economic issues. Accredited observer of UNFCCC, KAPSARC actively contributes to global climate action. The mission of KAPSARC is to advance Saudi Arabia’s energy sector and inform global policies through evidence-based advice and applied research. For more information about the center please visit: https://www.kapsarc.org/
- Validation Cloud Secures $5.8 Million in Inaugural Funding to Propel Web3 Infrastructure
- Klarna says its AI assistant does the work of 700 people after it laid off 700 people
- KAPSARC Launches Saudi Arabia’s First School of Public Policy
- Time to Invest in Crypto: SOFTSWISS 2023 Gaming Market Overview
- Salary Spotlight: Adzuna Reveals the Highest-Paying Counties in the US
- Safe Joins Forces with Coinbase-Incubated Network Base to Push Smart Accounts as the Default Standard of Ownership on Ethereum
- Mintos officially debuts in Italy and Spain, offering a new investment platform that makes investing easy and free of charge
- Woojin Plaimm, Woojin Plaimm Introduces World’s First Online Sales System via Turkish Branch
- PIF and ATP announce multi-year strategic partnership to accelerate the growth of global tennis
- Webull Corporation, a Leading Digital Investment Platform, to Publicly List Through Business Combination with SK Growth Opportunities Corporation (NASDAQ: SKGR)
- IMC Announces Potential Reverse Merger with Kadimastem a leading Clinical cell therapy company
- TerraPay and Banco G&T Continental Forge Strategic Alliance to Revolutionize Cross-Border Remittances
- Trading Technologies extends energy trading capabilities with connectivity to the European intraday physical power markets on EPEX
- SANY’s Commitment to Carbon Neutrality: Paving the Way for a Sustainable Future
- Nordic Capital makes majority investment in ActiveViam, provider of advanced analytics for financial institutions
Fintech PR5 days ago
Revitalizing Urban Economies Globally: Empowering Urban Finance through UN-Habitat’s SDG Cities Strategies
Fintech PR6 days ago
Bybit’s P2P Platform Sets New Standards for Crypto/Fiat Swaps and Zero Fees
Fintech PR6 days ago
AEVOLVE Labs: aelf’s New Incubator Spearheading Web3 Innovation
Fintech PR6 days ago
Horizon Capital Closes its Ukraine Fund IV at $350m, $100m above Target
Fintech PR6 days ago
SeABank enhances management and governance capacity to promote sustainable development
Fintech PR6 days ago
Bybit Celebrates 2 Years of Peer-to-Peer Trading with Special Giveaway
Fintech PR6 days ago
MIAMI INVESTOR SUMMIT KICKS OFF TODAY WITH GLOBAL LEADERS DISCUSSING HUMANITY’S BIGGEST CHALLENGES
Fintech PR6 days ago
Securitas issues a MEUR 500 Eurobond