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
In today’s Fintech Pulse, we delve into some of the most significant developments reshaping the industry, with a spotlight on new partnerships, regulatory advancements, and the importance of cybersecurity compliance.
Anadolubank Nederland Teams Up with Worldline
In a strategic move aimed at enhancing its payments infrastructure, Anadolubank Nederland has signed a five-year deal with Worldline to implement a cloud-based instant payments solution. This collaboration aligns with the European Union’s regulations on instant payments and emphasizes the need for financial institutions to remain agile in the face of regulatory demands. Worldline’s solution will ensure Anadolubank is equipped with a secure, scalable platform that enhances customer experience while meeting compliance requirements. Notably, Worldline has been consolidating its position in the payments landscape, recently announcing plans to reduce its global workforce by 8% in a cost-cutting initiative, aiming for significant savings. (Source: FinTech Futures)
IN Groupe Acquires IDEMIA’s Smart Identity Business
In a critical development within the identity management sector, IN Groupe has completed the acquisition of IDEMIA’s Smart Identity business. This acquisition positions IN Groupe as a stronger player in the identity management space, integrating IDEMIA’s portfolio of cutting-edge digital identity solutions with its offerings. The acquisition comes at a time when digital identity and secure authentication are becoming increasingly critical across the fintech and government sectors, driven by the growth of digital financial services and the need for enhanced KYC (Know Your Customer) protocols. This move is expected to bolster IN Groupe’s capabilities in addressing identity challenges for both private and public sector clients. (Source: Fintech News)
Nubank Leverages Nasdaq Technology for Compliance in Colombia
In a strategic step to streamline its regulatory compliance, Nubank has adopted regulatory reporting technology provided by Nasdaq to ensure seamless operations in Colombia. Nubank, which has rapidly expanded its footprint in Latin America, continues to prioritize regulatory compliance as it scales its operations. Nasdaq’s technology will enable the digital bank to manage its reporting requirements more efficiently while adapting to the evolving regulatory landscape in Colombia. This development underscores the growing importance of regtech solutions in supporting fintech companies’ compliance obligations, particularly as they navigate diverse regulatory environments across multiple jurisdictions. (Source: The Fintech Times)
Experian Launches New KYC Tool for Enhanced Ownership Tracking
As regulatory scrutiny continues to mount globally, Experian has launched a new tool designed to help businesses track ownership structures more effectively, simplifying the KYC (Know Your Customer) process. This tool aims to improve transparency and reduce the risk of money laundering by offering businesses better insights into their customers’ organizational structures. The new solution is especially relevant as regulators continue to push for stricter compliance measures across the fintech ecosystem, with emphasis on customer verification and anti-money laundering (AML) protocols. (Source: Fintech News Malaysia)
Openmarkets Gains ISO 27001 Certification
Australian-based wealth fintech, Openmarkets, has achieved ISO 27001 certification, highlighting its commitment to information security. In an era where data breaches and cybersecurity threats are escalating, this certification serves as a benchmark of Openmarkets’ dedication to safeguarding customer data and adhering to the highest global standards for information security management. Achieving ISO 27001 also positions Openmarkets more competitively in the fintech space, as cybersecurity compliance becomes increasingly crucial for customer trust and regulatory approval. (Source: CRN Australia)
M2P Fintech Secures Over $100 Million in Funding
In one of the largest funding rounds this quarter, M2P Fintech has raised over $100 million in a combination of primary and secondary funding. This round will fuel M2P’s ambitious growth plans, which include expanding its financial infrastructure offerings across the Asia-Pacific region. The fintech firm, which provides API-based solutions to banks and financial institutions, has been instrumental in enabling digital financial services in emerging markets. With this new funding, M2P is well-positioned to drive further innovation in payments and financial infrastructure solutions. (Source: Entrackr)
Final Thoughts
These latest developments highlight the fast-paced evolution of the fintech industry, driven by technological innovation, regulatory compliance, and strategic partnerships. From digital identity management to instant payments and robust cybersecurity frameworks, the fintech landscape is rapidly transforming, with companies investing heavily in scalable solutions to meet both customer and regulatory demands.
Stay tuned for more updates as we continue to track these exciting trends in the fintech world.
The post Fintech Pulse: Your Daily Industry Brief (24 September, 2024) appeared first on HIPTHER Alerts.
Fintech PR
Lucinity and Resistant AI Partner to Deliver Advanced AI-Powered FinCrime Prevention Solutions
NEW YORK, Sept. 24, 2024 /PRNewswire/ — Lucinity, an AI-powered FinCrime investigation platform, and Resistant AI, specialists in fraud and money laundering detection, have partnered to enhance financial crime detection. In 2023, $3.1 trillion in illegal transactions occurred globally, including more than $800 billion tied to drug trafficking, $350 billion to human trafficking, and $500 billion lost to fraud. This collaboration addresses limitations in current technology, providing enhanced detection and investigation capabilities in response to increasingly sophisticated financial crimes.
Resistant AI’s behavioral detection technology complements Lucinity’s scenario-based monitoring, tackling both current and emerging financial crime threats. Lucinity’s Case Manager, powered by the Generative AI copilot Luci, delivers real-time investigative support and actionable insights, while Resistant AI focuses on advanced threats like synthetic identities and AI-driven fraud tactics. Together, they offer a robust, end-to-end solution that ensures regulatory compliance and improves speed and precision in detecting and preventing financial crimes.
Key benefits of the partnership include:
- Improved Detection: Resistant AI’s library of behavioral models identifies complex criminal activity, while its alert triage system prioritizes high-risk alerts and reduces false positives.
- Faster Investigations with Intuitive Tools: Luci, Lucinity’s generative AI copilot, streamlines the investigation process by analyzing large datasets, extracting key insights, and guiding investigators through next steps with an advanced workflow engine.
- Seamless Integration: The integration of Luci and Resistant AI’s solutions allows users to benefit from class-leading case management and AI-based detection. Lucinity’s system-agnostic platform integrates with various data sources and systems, eliminating the need for major overhauls when implementing the joint solution.
This partnership has the potential to save financial institutions millions of dollars through reduced fraud and improved operational efficiency. Resistant AI has already helped UK financial institutions reduce potential Authorized Push Payment (APP) fraud reimbursement liabilities by millions, while enabling the detection of sophisticated fraud rings, sleeper accounts, and money mules—both human- and AI-based. Lucinity’s system reduces investigation times from three hours to just 30 minutes, generating productivity savings of up to $25 million for large banks.
Udi Nessimyan, President and Chief Revenue Officer of Lucinity, commented, “This partnership represents a perfect synergy of capabilities. By integrating advanced behavioral detection, transaction forensics, scenario-based monitoring, AI-driven triaging, and AI-powered investigations, we’re delivering the most robust financial crime prevention system the market has ever seen.”
Martin Rehak, CEO of Resistant AI, added, “Resistant AI delivers a highly efficient solution for combating financial crime by leveraging AI to uncover hidden threats. Our solution works in real-time via seamless integration with existing transaction monitoring systems. Through our collaboration with Lucinity, financial institutions can better protect themselves from APP fraud and other criminal threats, significantly reducing false positives and enabling faster, more effective case resolutions.”
Together, Lucinity and Resistant AI deliver secure, explainable, and auditable FinCrime compliance. Resistant AI employs an ensemble of models to detect activities overlooked by traditional systems, enhancing accuracy and transparency. Lucinity’s configurable platform allows users to tailor data sources and outputs for a secure, custom-built FinCrime solution.
View original content:https://www.prnewswire.co.uk/news-releases/lucinity-and-resistant-ai-partner-to-deliver-advanced-ai-powered-fincrime-prevention-solutions-302257579.html
ADELAIDE, South Australia, Sept. 24, 2024 /PRNewswire/ — BioCina Pty Ltd., a global end-to-end biologics Contract Development and Manufacturing Organization (CDMO), announced a new partnership with drug developer EnGeneIC Pty Ltd., for a project including technology transfer, process scale-up and GMP batch manufacture of EnGeneIC’s proprietary ‘EnGeneIC Dream Vector’ (EDV™) nanocells.
EnGeneIC’s mission is to transform cancer treatment through targeted cyto-immunotherapy by developing Antibody-Nanocell Drug Conjugates (ANDCs) using its EDV™ platform, which employs antibody-targeted, non-living ‘nanocells’ to deliver cytotoxic payloads directly into tumor cells. ANDCs enable the use of highly potent chemotherapeutic drugs encapsulated by nanocells, thereby reducing systemic toxicity, while also offering a new means for treating drug-resistant cancers and stimulating a potent anti-cancer immune response. This dual approach aims at safer, more targeted treatments with fewer side effects, for patients with nowhere else to turn. BioCina will deliver an end-to-end package of services in preparation for clinical and commercial manufacture of EDVs.
BioCina’s Chief Executive Officer, Mark W. Womack stated, “I’m so very proud for BioCina to be entrusted to advance EnGeneIC’s transformative therapeutic, which has the potential to make a profound impact on previously untreatable cancers.”
EnGeneIC’s Co-Founder and CEO, Dr. Himanshu Brahmbhatt stated, “For several years, EnGeneIC has been searching for a contract cGMP manufacturer for its EDV cancer therapeutics. It has been a difficult road so we couldn’t be more pleased to be able to entrust our technology to the professional team at BioCina. Mark Womack and his colleagues are remarkable in that they are genuinely concerned about the plight of cancer patients. This gives great confidence to EnGeneIC that the partnership will succeed in getting cGMP quality EDV therapeutics to cancer patients in a timely manner.”
About BioCina
BioCina is a global end-to-end biologics Contract Development and Manufacturing Organisation (CDMO), offering highest-quality, cost-effective cell line, process, analytical and formulation development, and cGMP clinical & commercial manufacturing for the microbial, pDNA and mRNA modalities. BioCina’s first facility in Adelaide, South Australia has a rich history of developing and manufacturing both clinical and commercial drug substance, backed by most critical SME’s having an average tenure of 15+ years at the site. BioCina boasts an elite quality record having successfully passed regulatory inspections by the US FDA, EMA, TGA and Health Canada. Through a partnership with NovaCina, BioCina offers clients a highest-quality fill-and-finish solution. BioCina is proud to have clients globally, including the U.S., Europe, and the Asia Pacific. Australia offers one of the most attractive tax incentives available globally (up to 48.5% cash refund), and one of the world’s premier trial networks, making it an ideal destination for biologics companies looking to invest in scaling-up and manufacturing products. Learn more at https://biocina.com.
About EnGeneIC
EnGeneIC is a clinical-stage biopharmaceutical company focused on advancing its proprietary EDV™ (EnGeneIC Dream Vector) nanocell technology for oncology and infectious disease applications. The EDV™ nanocell is the foundation of a first-in-class antibody nanocell drug conjugate platform for delivering a range of therapeutic payloads – drugs, siRNAs, miRNAs, adjuvants – via antibody-targeting a cancer cell’s surface, with minimal toxicity. For cancer applications, the EDV technology enables delivery of the most potent chemotherapeutic agents, effectively overcoming drug-resistance and killing tumor cells, while simultaneously stimulating the patient’s immune system, allowing a potent anti-tumor response. EnGeneIC is now entering Phase IIa clinical trials in Australia and the USA in patients with intractable, low survival cancers, including patients with metastatic pancreatic cancer.
Media Contact
[email protected]
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View original content:https://www.prnewswire.co.uk/news-releases/engeneic-selects-global-cdmo-biocina-to-advance-their-ground-breaking-cancer-treatment-302256321.html
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