Fintech PR
GEAPP Leadership Council Backs Transformational Plan to Electrify Africa
- Global leaders align support for the World Bank Group (WBG) and the African Development Bank (AfDB) ambition to connect 300 million people in Africa to electricity by 2030.
- Bank Presidents share their vision for the initiative, Mission 300, that will connect close to half of the world’s un-electrified population.
- Prime Minister of Tanzania announced the African Energy Summit in Dar es Salaam, where African Heads of State, development partners, and private sector leaders will convene in January 2025.
NEW YORK, Sept. 24, 2024 /PRNewswire/ — At the 79th United Nations General Assembly and New York Climate Week, the Global Energy Alliance for People and Planet Leadership Council (GLC) convened three dozen leaders from government, development finance, the private sector, and philanthropy, to garner support and commit resources to accelerate Mission 300, a broad partnership led by the World Bank Group (WBG) and African Development Bank (AfDB) to connect 300 million people in Africa to electricity by 2030. During the convening, AfDB President, Dr. Akinwumi Adesina, and WBG President, Ajay Banga, addressed world leaders for the first time since they launched the initiative in April during the World Bank Spring Meetings.
GLC Co-chairs, Jonas Gahr Støre, Prime Minister of the Kingdom of Norway, and Rajiv Shah, President of The Rockefeller Foundation, called on members to mobilize support and shared new commitments of their own. The Government of Norway endorsed Mission 300, and committed to supporting the acceleration of investment in renewable energy, including through a new state guarantee mechanism, existing collaboration with the World Bank and the African Development Bank and by advocating for a robust IDA21 replenishment. Meanwhile, The Rockefeller Foundation, GEAPP, and SEforALL, announced an initial $10 million Technical Assistance Facility to support Mission 300 and kickstart an initial 15 projects in 11 countries.
This year’s annual in-person GLC convening was dedicated to advancing energy access in Africa, where more than half of the population live without electricity. Additional GLC members agreed to align efforts and resources, including, British International Investment, the UK’s development finance institution; Agence Française de Développement (AFD); the International Renewable Energy Agency (IRENA); Power Africa, a US-Government led partnership; and the United Nations Development Programme (UNDP), and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, among others.
“Development is about dignity and there is no dignity without electricity. Economies cannot grow in the dark,” Dr. Akinwumi Adesina, President of the African Development Bank said during the convening. “Energy is fundamental to Africa’s development. For us to achieve the ambition of Mission 300, we need to work together. I cannot think of better partners than the World Bank and all the members of the GEAPP Leadership Council to do this with.”
“The foundation of all growth is energy. Working together with the African Development Bank and GLC members, Mission 300 offers a new approach to financing and partnership,” said Ajay Banga, President of the World Bank. “I am encouraged by the momentum from today’s convening, which is critical to bringing together concessional capital, on-the-ground expertise, and the ability to plan and execute projects with urgency to drive impact.”
African leaders addressed the GLC, sharing the urgency and criticality of advancing energy access. They spoke to the insufficient speed and scale of the energy transition across the continent, welcoming Mission 300 as a platform to prioritize, innovate, and accelerate.
“Energy is the lifeblood of every civilization. We cannot advance our development agenda in Liberia without electricity,” said H.E. Joseph Boakai, President of Liberia. “I want to express our gratitude to the World Bank, African Development Bank, the Global Energy Alliance for People and Planet, and Alliance partners; this initiative gives me hope, and Liberia promises to take any opportunity we have through this initiative to put it to the best use for the interest of our people.”
“Nearly 600 million people, more than half of Africa’s population, lack energy access, hindering the continent’s economic growth. This is unacceptable,” said H.E. Kassim Majaliwa, Prime Minister of the United Republic of Tanzania. “Stronger coalitions among countries, development partners, and the private sector are crucial to closing the electrification gap. We commend the World Bank and African Development Bank for their bold commitment and GEAPP’s Alliance partners for their unwavering support to provide electricity to 300 million people by 2030, a step that could transform Africa’s future.”
With this goal in mind, the Prime Minister on behalf of Her Excellency Dr. Samia Suluhu Hassan, President of the United Republic of Tanzania, announced that the African Union, African Development Bank Group, and the World Bank Group, in partnership with the Government of the United Republic of Tanzania, will host a summit in Dar es Salaam to build high-level political momentum for Mission 300 in January of 2025.
GLC Co-Chair, Jonas Gahr Støre, Prime Minister of the Kingdom of Norway, reiterated the GLC’s commitment to backing Mission 300 saying, “The green transition is happening now. It is about giving all countries the same opportunities, creating jobs and cutting emissions. To give 300 million people access to electricity by 2030 is the kind of ambition we need. And we can achieve it, if we work smarter and better together.”
Speaking to the work of the Alliance, GLC Co-Chair, Raj Shah, President of The Rockefeller Foundation said: “In the past 24 months, GEAPP and its more than 50 partners have developed 130 projects across 40 countries, improving electricity access for over 50 million people, reducing 43 megatons of carbon emissions, and enhancing the livelihoods of over 2 million people. Yet, much more remains to be done. By supporting the Banks’ goal to empower 300 million Africans by 2030, we can drive the most impactful development initiative of our generation.”
The GLC’s commitment to Mission 300 builds on its ongoing efforts to support emerging economies’ energy and climate solutions, including the Battery Energy Storage Consortium, which launched with 16 first-mover countries and over 19 technical and resource partners at COP28 in 2023. The Consortium is already accelerating deployment of battery storage in India, Malawi, Vietnam, and Barbados through projects totaling over 200 megawatts.
“Mauritania is committed to tackling one of Africa’s greatest challenges—access to affordable, reliable electricity. With over 600 million people across the continent still without power, we fully support the initiative led by the World Bank and AfDB as an extension of Desert-to-Power to provide electricity to 300 million people by 2030,” noted H.E. Mohamed Khaled, Minister of Energy and Petroleum of Mauritania. “In Mauritania, we are driving progress through innovative projects like the BESS Consortium, BEST and RIMDIR program, which will increase national electricity access to 70%. With nearly half of our energy already coming from renewables and groundbreaking hydrogen projects underway, Mauritania is leading the way toward a sustainable, reliable and inclusive energy future.”
“This is a race against time—we face either a future of escalating crises or one of transformational opportunity,” said Woochong Um, CEO of GEAPP. “GEAPP is bringing the power of our Alliance, including governments, businesses, and philanthropy to join and accelerate progress together to ensure universal access to reliable, renewable, affordable power. Initiatives like Mission 300 are not just smart—they are essential for building a sustainable future where everyone can prosper. Today, the GEAPP Leadership Council is proving that acting at scale and speed is possible. By changing energy, we change lives.”
About Global Energy Alliance for People and Planet (GEAPP)
The Global Energy Alliance for People and Planet (GEAPP) is an alliance of philanthropy, governments, technology, policy, and financing partners. Our common mission is to enable emerging and developed economies to shift to a clean energy, pro-growth model that accelerates universal energy access and inclusive economic growth while supporting the global community to meet critical climate goals during the next decade. As an Alliance, we aim to reduce 4 gigatons of future carbon emissions, expand clean energy access to one billion people, and enable 150 million new jobs. With philanthropic partners the IKEA Foundation, The Rockefeller Foundation and Bezos Earth Fund, GEAPP works to build the enabling environment, capacity, and market conditions for private sector solutions, catalyze new business models through innovation and entrepreneurship, and deploy high-risk capital to encourage private sector solutions and assist just transition solutions. For more information, please visit www.energyalliance.org and follow us on Twitter at @EnergyAlliance.
Contact: Eric Gay, Global Energy Alliance for People and Planet (GEAPP), [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/geapp-leadership-council-backs-transformational-plan-to-electrify-africa-302257414.html
Fintech PR
THE 10 KG 99.99% PURE GOLD THE DANCE SCREEN (THE SCREAM TOO), A ONE-OF-A-KIND COIN FROM THE ROYAL CANADIAN MINT, SURPASSES $1.5 MILLION AT HEFFEL AUCTION
OTTAWA, ON, Nov. 21, 2024 /PRNewswire/ — The Royal Canadian Mint is delighted that the one-of-a-kind 2024 10 kg 99.99% Pure Gold Coin – The Dance Screen (The Scream Too), an exquisite numismatic tribute to the art of acclaimed Haida master carver Chief 7IDANsuu (James Hart), sold for $1,561,250.00 CAD (including Buyer’s Premium), after a live auction conducted by Heffel Fine Art Auction House (Heffel). This rare, pure gold masterpiece was sold to an anonymous bidder on November 20, 2024, and beat the previous record for a coin offered at auction in Canada, held by The Ultimate, a one kilo pure platinum coin also produced by the Royal Canadian Mint.
“We are thrilled by the collector interest in this unique coin and delighted that the skill of the Royal Canadian Mint and the talent of Chief 7IDANsuu (James Hart) have been recognized by the buyer of this rare and beautiful 10 kg pure gold masterpiece,” said Marie Lemay, President and CEO of the Royal Canadian Mint.
“It has been an extraordinary privilege to auction The Dance Screen (The Scream Too) 10kg pure gold coin,” said David Heffel, President of Heffel Fine Art Auction House. “The profoundly significant artwork by the esteemed Chief James Hart, showcased on its face, stands as an enduring icon of Canadian art, embodying the rich traditions and cultural narratives of the Haida Nation. We are honoured to have placed this masterpiece in a distinguished collection and look forward to seeing its legacy continue to inspire.”
Impeccably crafted from 10 kg of 99.99% pure Canadian gold, The Dance Screen (The Scream Too) re–creates carved images from the original red cedar panel carved by Chief 7IDANsuu on its reverse. The reverse design of the flagship coin of the 2024 Opulence Collection brings together traditional Haida figures—a Shaman, the Beaver, Raven, Eagle, Frog, Orca and Mother Bear with cubs—whose life deeply depends on the Salmon, represented in human and animal form along the edge. Six pearlescent pieces of responsibly sourced abalone shell are inlayed along the coin’s edge, where their aquatic hues shimmer in the light and their shapes evoke the Haida copper shields that serve as traditional markers of wealth. The imposing coin’s obverse features the effigy of His Majesty King Charles III by Canadian artist Steven Rosati, surrounded by an engraving of subtle sketch lines from the original carving.
About the Royal Canadian Mint
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is one of the largest and most versatile mints in the world, producing award-winning collector coins, market-leading bullion products, as well as Canada’s prestigious military and civilian honours.
As an established London and COMEX Good Delivery refiner, the Mint also offers a full spectrum of best-in-class gold and silver refining services. As an organization that strives to take better care of the environment, to cultivate safe and inclusive workplaces and to make a positive impact on the communities where it operates, the Mint integrates environmental, social and governance practices in every aspect of its operations.
For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on LinkedIn, Facebook and Instagram.
About Heffel Fine Art Auction House
Since 1978, Heffel has connected passionate collectors across the world with outstanding works of art, with sales totaling nearly $1 billion. With offices in Toronto, Vancouver, Montreal, Ottawa and Calgary, Heffel has the most experienced team of fine art specialists in Canada and provides superior client service to both sellers and buyers internationally.
For more information, media are asked to contact: Royal Canadian Mint, Alex Reeves, Senior Manager, Public Affairs, 613-884-6370, [email protected]; Heffel Fine Art Auction House, Rebecca Rykiss, National Director, Brand and Communications, 416-961-6505 ext. 323, [email protected]
The fintech landscape continues to redefine itself, driven by innovation, partnerships, and groundbreaking strategies. Today’s roundup focuses on the latest digital wallet offerings, evolving payment trends, strategic collaborations, and notable funding achievements. This editorial explores the broader implications of these developments, casting light on how they shape the future of fintech and beyond.
Beacon’s Digital Wallet for Immigrants: A Gateway to Financial Inclusion
Beacon Financial, a leading player in financial technology, recently launched a digital wallet tailored to meet the unique needs of immigrants moving to Canada. This offering bridges a critical gap, enabling seamless financial integration for newcomers navigating a foreign system.
By combining intuitive technology with user-centric features, Beacon aims to empower immigrants with tools for payments, savings, and remittances. This aligns with the growing demand for tailored financial products that resonate with specific demographics.
Op-Ed Insight:
Financial inclusion is more than just a buzzword; it’s a moral imperative in the fintech space. Products like Beacon’s digital wallet highlight the industry’s potential to create tangible change. As global migration trends increase, such offerings could inspire similar initiatives worldwide.
Source: Fintech Futures.
Juniper Research Highlights 2025’s Payment Trends
Juniper Research’s latest report unveils pivotal payment trends poised to dominate in 2025. Central themes include the adoption of instant payment networks, a surge in embedded finance solutions, and the rise of crypto-backed financial products.
The research underscores the rapid adoption of real-time payment systems, fueled by increasing consumer demand for speed and efficiency. Meanwhile, embedded finance promises to blur the lines between traditional banking and non-financial services, delivering personalized and context-specific solutions.
Op-Ed Insight:
As the lines between financial services and technology continue to blur, these trends emphasize the industry’s shift toward convenience and personalization. The growing role of crypto-based solutions reflects an evolving consumer mindset, where decentralization and digital-first experiences gain precedence.
Source: Juniper Research.
MeaWallet and Integrated Finance Partner to Revolutionize Digital Wallets
MeaWallet, a prominent fintech solutions provider, has partnered with Integrated Finance to advance digital wallet capabilities and secure card data access for fintech companies. This collaboration focuses on empowering fintechs to deliver better, safer digital payment experiences.
MeaWallet’s role as a technology enabler aligns seamlessly with Integrated Finance’s goal of simplifying complex financial infrastructures. Together, they aim to create scalable, robust platforms for secure payment solutions.
Op-Ed Insight:
Partnerships like this underscore the importance of collaboration in driving innovation. As security concerns grow in tandem with digital payment adoption, solutions addressing these challenges are essential for maintaining consumer trust. The fintech ecosystem thrives when synergy and innovation coalesce.
Source: MeaWallet News.
Nucleus Security Among Deloitte’s Fastest-Growing Companies
Nucleus Security has achieved a remarkable milestone, ranking 85th on Deloitte’s 2024 Technology Fast 500 list. This achievement is attributed to its robust cybersecurity solutions, which cater to the increasingly digital fintech environment.
With cyberattacks becoming more sophisticated, fintech companies are under immense pressure to safeguard their platforms. Nucleus Security’s growth reflects the rising demand for comprehensive, scalable security solutions that protect sensitive financial data.
Op-Ed Insight:
In a digital-first world, robust cybersecurity isn’t optional—it’s fundamental. The recognition of companies like Nucleus Security signals the growing importance of protecting fintech infrastructure as the industry scales globally.
Source: PR Newswire.
OpenYield Secures Funding to Transform the Bond Market
OpenYield has announced a successful funding round, aiming to revolutionize the bond market through innovative technology. The platform promises greater transparency, efficiency, and accessibility in fixed-income investments.
This funding underscores the growing appetite for digitizing traditionally opaque financial markets. By leveraging cutting-edge technology, OpenYield seeks to democratize bond investments, making them accessible to a broader audience.
Op-Ed Insight:
The bond market, long viewed as complex and inaccessible, is ripe for disruption. OpenYield’s efforts to modernize this space highlight fintech’s transformative potential to democratize finance and empower individual investors.
Source: PR Newswire.
Key Takeaways: Shaping the Future of Fintech
Today’s developments underscore several critical themes in the fintech landscape:
- Personalization and Inclusion: Products like Beacon’s wallet highlight the importance of understanding and addressing specific user needs.
- Collaborative Ecosystems: Partnerships, like that of MeaWallet and Integrated Finance, emphasize the power of collaboration in solving industry challenges.
- Emerging Technologies: Juniper Research’s predictions affirm the continued influence of blockchain, embedded finance, and instant payment networks.
- Security at the Core: The recognition of Nucleus Security underscores the essential role of cybersecurity in fintech.
- Market Transformation: OpenYield’s funding signifies the ongoing disruption of traditional financial markets, paving the way for broader accessibility.
The post Fintech Pulse: Daily Industry Brief – A Dive into Today’s Emerging Trends and Innovations appeared first on News, Events, Advertising Options.
TEL AVIV, Israel, Nov. 21, 2024 /PRNewswire/ — Israel Corporation Ltd. (TASE: ILCO) (“ILCO”) announced today its third quarter results for the period ending September 30, 2024.
|
Selected Financial Figures for the Third Quarter 2024: |
||
|
$m |
Q3/24 |
Q3/23 |
|
ILCO share in ICL profit1 |
49 |
59 |
|
Financing income, G&A and other expenses at ILCO headquarter level |
– |
(1) |
|
Tax income of ILCO Headquarters |
– |
– |
|
Net profit to company’s shareholders |
49 |
58 |
Liquidity at the ILCO Headquarters Level2
As of September 30, 2024, total financial liabilities were $722 million, and investments in liquid assets amounted to $843 million of which $313 million are pledged deposits.
Net cash1 as of September 30, 2024, totaled $84 million. The net cash includes the fair value of derivatives transactions, which increases the economic value of the financial liabilities by $37 million. As of June 30, 2024, the net cash was $64 million.
Additional updates
On March 27, 2024, ILCO Board of Directors decided on distribution of dividend at the sum of $37m, this in accordance with the company’s dividend policy announced in January 2023. The payment date was April 17, 2024.
On July 17, 2024, S&P Maalot, reaffirmed ILCO’s credit rating of ilA+/stable.
ILCO financial results of ILCO are mainly affected by the results of its investees. For more details see detailed financial report.
|
ILCO Total Assets, Net |
|
|
$m |
30/09/2024 |
|
Assets |
|
|
ICL (~567m shares, market value4) |
2,427 |
|
AKVA Group (~6.6m shares, market value4) |
35 |
|
Other5 |
11 |
|
Total Assets |
2,473 |
|
ILCO’s Net Cash |
84 |
|
Total Assets, net |
2,557 |
About Israel Corporation
Israel Corporation Ltd. (TASE: ILCO) (“ILCO”) is a reputable public investment company, which owns and invests in high quality companies with established managements and go-to markets.
In November 2019, ILCO announced its updated strategy, ILCO plans to expand its portfolio through new investments over the next few years. ILCO plans to focus mainly on the food (inc. tech), agriculture (inc. tech), healthcare and industry 4.0 sectors. For more details please see the following link to ILCO updated Strategy Presentation
ILCO strives to generate return on its investment through active board participations and its operational and managerial expertise.
ILCO current core holdings include c.44% stake in ICL Group (NYSE:ICL, TASE:ICL) and c.18% stake in AKVA Group (OB:AKVA). ILCO is publicly traded on the Tel Aviv Stock Exchange under the ticker ILCO and is included in the TA-35 Index.
For further information on ILCO, see ILCO’s publicly available filings, which can be found on the Tel Aviv Stock Exchange website at http://maya.tase.co.il.
Please also see ILCO company website http://www.israelcorp.com for additional information.
Convenience Translation
The financial information found in this press release is an English summary based on the original Hebrew financial statements and is solely for the convenience of the reader. The binding version is the original in Hebrew.
Forward Looking Statements
This press release may contain forward-looking statements, which may not materialize and are subject to risks and uncertainties that are not under the control of ILCO, which may cause actual results to differ materially from those contained in the disclosures.
Investor Relations Contact
Idan Hizki
Vice President, Business Development & Investor Relations
Tel: +972 3 684 4500
[email protected]
1. Amortization of excess cost
2. Israel Corp and its wholly owned and controlled headquarter companies.
3. Following the end of the quarter, $6m were np longer pledged
4. As of September 30, 2024
5. Includes 1.508m shares in Nordic Aqua Partners (OB:NOAP), after the end of the quarter NOAP successfully completed a financing round of ~NOK 366m, in which ILCO participated slightly above its pro-rata share ending with total shares of 1.98m.
View original content:https://www.prnewswire.co.uk/news-releases/israel-corp-reports-results-for-third-quarter-of-2024-302313398.html
-
Fintech7 days agoDoo Financial Now in Indonesia: Offering Local Investors A Gateway to Global Markets
-
Fintech PR6 days agoSustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
-
Fintech1 day agoFintech Pulse: Industry Updates, Innovations, and Strategic Moves
-
Fintech PR6 days agoHealthcare leaders gather at House of Commons to discuss productivity-boosting tech with MyStaff app
-
Fintech6 days agoPlug and Play and GIFT City Launch “IFIH,” a Global Fintech Incubator and Accelerator
-
Fintech PR6 days agoThunderSoft Partners with HERE Technologies to Enhance Intelligent Navigation Solutions
-
Fintech PR5 days agoLaunch of Al Faisal Al Baladi Holding
-
Fintech PR6 days agoBybit Crypto Titans: November Arena Boasts 55,000 USDT in Rewards