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CGTN: China, Africa set to embrace closer economic, trade ties at FOCAC

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BEIJING, Aug. 31, 2024 /PRNewswire/ — Located 95 kilometers southeast of Addis Ababa, in the heart of the East African Rift, the Adama Wind Power Project stands tall with its impressive 80-meter-high white turbines. The project, built by Chinese companies, is a landmark in the partnership between China and African countries.

Since they started operating in May 2015, the wind turbines have been a vital source of power for about 600,000 households. They have helped ease Ethiopia’s power shortages, reduced the need for diesel generators and supported economic growth. Around 2,100 local jobs were created and several universities are involved in training and maintenance. This hands-on experience has prepared many for future roles in Ethiopia’s wind energy sector.

Adama city has also seen significant growth, with its population rising from 324,000 in 2015 to over 480,000 in 2023. Improved infrastructure and investment have attracted businesses from various countries, leading to rapid changes in the city’s landscape. For nearby villagers, improvements in transportation, reliable electricity, and enhanced access to education and healthcare have greatly elevated their quality of life.

Chinese firms have brought advanced green technology to Ethiopia, helping the government meet its renewable energy goals. And the collaboration has also contributed to a green transformation and the global fight against climate change.

China and African countries have enjoyed a friendship since World War II, and recent years have seen increasing collaboration through initiatives like the Belt and Road Initiative (BRI). From railways and roads to wind farms and power stations, as well as schools and hospitals, China-assisted infrastructure projects have supported African economic development across the continent.

The Addis AbabaDjibouti railway, a transport artery connecting Ethiopia and Djibouti, for example, has greatly cut travel times, reduced logistics cost and boosted local economic growth. To date, the railway has transported 680,000 passengers and 9.5 million tonnes of cargo, with an average annual growth rate of 39 percent in revenue.

According to the white paper “China and Africa in the New Era: A Partnership of Equals” released by China’s State Council in 2021, since the establishment of the Forum on China-Africa Cooperation (FOCAC) in 2000, Chinese companies have helped African countries build or upgrade more than 10,000 km of railways, nearly 100,000 km of highways, roughly 1,000 bridges, almost 100 ports, and 66,000 km of power transmission and distribution.

Closer economic and trade ties

Aside from BRI projects, China and African countries have also developed closer economic and trade ties with ever-increasing trade volume, diversified commodities and services. China has been Africa’s largest trading partner for 15 consecutive years. Data from China’s General Administration of Customs showed that ChinaAfrica trade reached a record high of $282.1 billion in 2023, up 1.5 percent year on year, and trade between China and Africa rose 5.5 percent year on year to 1.19 trillion yuan (about $166.6 billion) between January and July.

According to Sang Baichuan, dean of the Institute of International Economy at China’s University of International Business and Economics, ChinaAfrica trade has grown rapidly as a result of win-win cooperation. He said that the Chinese economy and the economies of African countries are highly complementary, as China possesses mature and applicable technologies, equipment, and sufficient capital, while African countries have significant advantages in terms of manpower and natural resources.

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“Strengthening trade ties between China and Africa is beneficial in leveraging their respective advantages and vast markets, achieving mutual benefits, and win-win development,” said Sang.

Diane Sayinzoga, a senior official with the United Nations Conference on Trade and Development (UNCTAD), also spoke highly of the ChinaAfrica trade partnership, saying it has facilitated major infrastructure projects that are crucial for the economic integration and growth of the African continent.

She added that China’s assistance is also aligned with UNCTAD’s goals of promoting Africa’s sustainable development by enhancing its manufacturing capacities, increasing trade opportunities, fostering economic diversification, and integrating African countries into the global value chain.

Beijing is set to hold the 2024 FOCAC Summit from September 4 to 6. Experts say the forum will be a crucial opportunity for China and Africa to deepen their economic and trade relationships, achieving mutual benefits and advancing shared development goals.

“FOCAC has led to numerous agreements on investment, trade and development projects between China and African countries to achieve shared development goals, which are perfectly in line with UNCTAD’s mission,” Sayinzoga said.

https://news.cgtn.com/news/2024-08-30/China-Africa-set-to-embrace-closer-economic-trade-ties-at-FOCAC-1wuF1bzTjVe/p.html

 

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Fintech

Doo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets

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Doo Group’s brokerage brand, Doo Financial is thrilled to announce its expansion into Indonesia by acquiring a reputable Indonesian broker to expand the business. This move brings its global investment services to local investors. Backed by the strength of Doo Group’s extensive international presence, cutting-edge technology, and 10 years of expertise, Doo Financial is well positioned to support investors at every level.

As a brand encompassing investment services offered by various legal entities within the Doo Group, Doo Financial provides a comprehensive range of global brokerage services. This wide range of products empowers investors to pursue their financial goals.

With a diversified portfolio, Doo Financial empowers investors to navigate various market conditions effectively, manage risks, and focus on long-term growth. This entry into the Indonesian market reflects Doo Financial’s commitment to supporting investors with flexible, high-quality investment options tailored to today’s dynamic financial landscape.

Supervision by International Regulatory Institutions to Ensure Top-Tier Safety

As a global leading finance group, Doo Group has licensed entities regulated by top regulatory authorities worldwide, ensuring a secure and reliable trading environment.

Our global credentials include licenses from the U.S. Securities and Exchange Commission (US SEC), the Financial Industry Regulatory Authority (US FINRA) in the U.S., the Financial Conduct Authority (UK FCA) in the UK, the Australian Securities and Investments Commission (ASIC), the Hong Kong Securities and Futures Commission (HK SFC), Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) in Indonesia. These licenses enable us to provide secure and reliable financial services globally.

Dedication to Shape the Industry with Innovative Solutions

Doo Financial’s expansion into Indonesia brings advanced technology and a global perspective to empower local investors. As an international investment firm committed to secure and seamless trading, Doo Financial offers a diverse range of products and services to help diversify portfolios and open up new opportunities.

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This growth elevates opportunities for Indonesian investors by offering seamless access to global markets and advanced trading platforms within a secure and regulated environment. It broadens investment choices and enhances the trading experience, aligning it with international standards and empowering local investors with comprehensive tools and resources for success.

Driven by unwavering commitment, this growth marks a significant milestone in Indonesia’s investment landscape, equipping our clients with the tools to navigate global markets. We remain dedicated to delivering exceptional service, exploring new opportunities, and driving future breakthroughs. With continued support from the FinTech community, we are excited to innovate and shape the future of finance.

Stay updated with the latest insights from Doo Financial. Join our community of empowered investors and let us be your trusted partner!

E-mail: [email protected]

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Doo Group Strengthens Global Reach with CySEC License for Doo Financial

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LIMASSOL, Cyprus , Nov. 15, 2024 /PRNewswire/ — Doo Group is proud to announce that Doo Financial, one of its brands, has been awarded a new license by the Cyprus Securities and Exchange Commission (CySEC). This achievement strengthens Doo Group’s commitment to providing a secure and regulated trading environment for its clients globally.

Expanding Regulatory Reach

The addition of the CySEC license highlights Doo Group’s extensive regulatory framework, which already spans across multiple financial jurisdictions, including the United Kingdom, Australia, Hong Kong and Malaysia. This strategic milestone reflects Doo Group’s dedication to ensuring compliance with international regulatory standards and prioritizing client security. As a European Supervisory Authority, CySEC offers a robust regulatory environment and is expected to enhance client confidence. For Doo Group, this new regulatory milestone reinforces its reputation as a trusted, reliable financial services provider.

“Acquiring the new license from CySEC is a significant milestone for Doo Financial, marking a key step in our ongoing growth and strategic expansion. This achievement not only reinforces our commitment to maintaining the highest standards of regulatory excellence but also solidifies our position as a trusted, reliable financial institution within Europe. By aligning with CySEC’s rigorous requirements, we are better positioned to offer enhanced services to our clients, foster greater transparency, and ensure long-term stability in an increasingly complex and dynamic financial landscape.” Costas Kappai, Doo Financial EU

Strengthening Client Confidence

Doo Financial EU, the European branch of Doo Financial, is now positioned to serve clients across Europe under the guidelines of a European Supervisory Authority. European clients will benefit from CySEC’s regulatory protections, including client fund safety and transparent business practices, ensuring a secure and trustworthy trading experience. This development allows Doo Financial EU to offer its suite of financial services and trading products to a wider audience, backed by the credibility and oversight of CySEC.

By expanding its regulatory reach, Doo Group continues to strengthen its position in the global financial market, enabling clients to trade with confidence. The CySEC license is another step toward achieving Doo Group’s vision of becoming a leader in financial services.

About Doo Group

Founded in 2014 and headquartered in Singapore, Doo Group is an international financial services provider with a focus on FinTech. With operations across 10 major business lines—including Brokerage, Wealth Management, Payments, and Digital Marketing—we are dedicated to delivering comprehensive financial solutions that empower our clients to explore a better future.

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PayerMax Recognized as “Best Payment Service Provider” by MEA Finance

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DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — PayerMax, a leading global provider of payment solutions, has been named Best Payments Solutions Provider of 2024 by MEA Finance magazine at an award ceremony hosted on November 12 in Dubai. The award is a testament of PayerMax’s success in providing exceptional financial technology services to clients in the Middle East and Africa, as well as its leadership position in payment solutions.

The annual MEA Finance Industry Awards recognizes the financial institutions, technology solutions providers, fintech companies, service providers and individuals for exceptional achievements, groundbreaking services and inspirational leadership in delivering innovative products and services.

“We’re very honored to receive the award. It not only recognizes the success of our innovative technologies and regional strategies, but also it is the perfect testimonial of how our team thrives to create superior values for our clients, and we look forward to more cooperation with more partners,” said Wang Hu, co-founder of PayerMax. “Looking ahead, PayerMax remains committed to further strengthening our presence and deepening our efforts in the Middle Eastern market. We will continue to empower more businesses and enhance the digital payment ecosystem across regions, driving value and growth for clients around the world.”

In 2024, PayerMax achieved major milestones in the Middle East market. In alignment with Saudi Arabia’s Vision 2030, PayerMax became the first Asian fintech company to establish a regional headquarters in Riyadh and obtained the Payment Technical Service Provider (PTSP) certification from Saudi Payments on behalf of the Saudi Central Bank (SAMA) in September. This certification allows PayerMax to operate seamlessly within Saudi Arabia’s financial ecosystem, providing merchants across the country with secure, flexible, and efficient payment solutions. The company has also formed partnerships with leading banks such as SAB and Emirates NBD, advancing the digital twin ecosystem while supporting financial inclusion, economic diversification, and an enhanced user experience through digital payments in the region. Furthermore, as the first Asian fintech company to secure the UAE’s payment license, PayerMax is strengthening its presence and expanding operations across the Middle East.

Beyond the Middle East, PayerMax’s achievements in 2024 were globally recognized. In May,  PayerMax was awarded the 2024 “Best Payments and Collections Solution” award from The Asset in the prestigious “The Asset Triple A Awards.” With an impressive 95% coverage of mainstream payment methods in emerging markets, PayerMax continues to build on its vision of providing innovative payment solutions worldwide.

PayerMax is committed to providing businesses with one-stop local payment solutions to meet their diverse payment needs. Its extensive network supports a wide range of over 600 payment methods, more than 70 transaction currencies, and over 20 local languages, catering to diverse global user payment preferences. With a vision to drive merchant success on a global scale, PayerMax offers an array of value-added services, including risk management, foreign exchange management, payment marketing (webshop), and finance & tax services, constructing a comprehensive environment for merchants to excel in a competitive global marketplace and handle the intricacies of globalization with ease.

Looking ahead, PayerMax is committed to staying at the forefront of the evolving digital payment landscape. The company will continue to invest in technological innovation and service enhancements to deliver increased value and opportunities to its customers. By doing so, PayerMax aims to empower global business expansion and facilitate the transition to a cashless society. For more information, please visit https://www.payermax.com/.

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