Fintech PR

LGBTQ+ businesses contribute over £106 billion to the UK economy despite huge challenges, report finds

Published

4 weeks ago

October 28, 2024

lgbtq+-businesses-contribute-over-106-billion-to-the-uk-economy-despite-huge-challenges,-report-finds

Based on largest-ever survey of UK LGBTQ+ entrepreneurs
Sector focus on tech, fintech, biotech and sustainability
Challenges include disclosure issues, discrimination and doubt

LONDON, Oct. 28, 2024 /PRNewswire/ — In partnership with OutBritain, the UK’s first LGBTQ+ chamber of commerce, Open Political Economy Network (OPEN), a leading think tank focusing on diversity and tech, has today launched its LGBTQ+ Businesses Count report, which examines the contribution, challenges and characteristics of LGBTQ+ entrepreneurs across the UK. In the absence of official UK data on LGBTQ+ businesses, this pioneering report presents the results of the largest-ever survey of LGBTQ+ entrepreneurs in the UK.

The report, sponsored by Accenture, Dow and Goldman Sachs, estimates that there are at least 250,000 LGBTQ+ businesses in the UK, which employ at least 750,000 people, many of them LGBTQ+, and have a combined turnover of at least £106 billion. The largest business founded by an LGBTQ+ entrepreneur that the report identifies is Global Media and Entertainment, which owns Heart, Capital, LBC and many other radio stations, whose founder and CEO Ashley Tabor-King is openly gay.

Most LGBTQ+ entrepreneurs in the report’s survey pointed to particular challenges that they have faced in business because of being LGBTQ+. The most prevalent was doubt, followed by disclosure issues, notably invasive or inappropriate questions and a lack of role models. Next were discrimination and disconnection from mainstream business networks.

At the same time, most entrepreneurs mentioned benefits to their business from being LGBTQ+. Some 68% said it made them more determined to succeed and overcome adversity and 67% that their diverse perspectives and experience yielded business benefits, while 42% gained from an LGBTQ+ customer base.

To mitigate some of the challenges faced by LGBTQ+ entrepreneurs, OPEN proposes three recommendations on collecting better data, providing distinct support and developing supplier diversity:

Better data. Good public policy, sound business decisions and broader public understanding all require solid data. Companies House therefore ought to ask (but not require) company directors to disclose their sexual orientation and gender identity.
Distinct support. To ensure that LGBTQ+ businesses have a voice in government, an LGBTQ+ business envoy should be appointed. Mainstream business networks should also be more pro-active in attracting, including and representing LGBTQ+ businesses. OutBritain also has a crucial role to play.
Supplier diversity. Both large corporates and public authorities ought to do more to enhance equality of opportunity for diverse businesses, notably LGBTQ+ ones, in their procurement decisions. This would help LGBTQ+ businesses overcome the entrenched disadvantages they face, while providing corporates with more diverse and resilient supply chains.

Philippe Legrain, Founder of OPEN and lead author of the report, said: “While the UK has made huge progress in tackling legal injustices and social prejudices against LGBTQ+ people, the past leaves scars. Moreover, business tends to lag behind society as a whole in its acceptance of LGBTQ+ people; among the chief executives of the FTSE 100 leading companies, only one is openly gay. So, it is hugely important to document both the contribution and the challenges of LGBTQ+ entrepreneurs in the UK, which is why we have produced this report as a call to action to the government, mainstream business organisations and large corporations.”

Matt Dabrowski, Founder of OutBritain, said: “OutBritain has become a beacon in the UK’s business landscape, demonstrating how diversity is not merely a tagline but a potent catalyst for unprecedented change. Supporting LGBTQ+ businesses and seamlessly integrating them into the global economic ecosystem is at the heart of our organisation. This report not only celebrates the vibrant and dynamic contributions our community make to the UK’s economy, but more importantly, it will allow us to focus and align our efforts in driving a fairer, more diverse UK economy where LGBTQ+ entrepreneurs and businesses are given fair representation and the opportunity to thrive.”

NOTES TO EDITORS

ABOUT THE REPORT #LGBTQBusinessesCount

The report is based on an online survey of 1,517 self-identified LGBTQ+ business founders and owners conducted between January and May 2024.

ABOUT OUTBRITAIN

OutBritain, the UK’s first LGBTQ+ chamber of commerce, connects, supports and grows the UK LGBTQ+ business community, while connecting it with the rest of the world.

ABOUT OPEN @open2progress

OPEN is an international think tank that focuses on diversity and other openness issues. Its previous reports include Minority Businesses Matter: The Contribution and Challenges of Ethnic Minority Businesses in the UK.

DISCLAIMER

OPEN gratefully acknowledges the financial support of the sponsors of this report, Accenture, Dow and Goldman Sachs. At the same time, the content, words, opinions and views are solely its own and do not necessarily reflect the institutional views of said sponsors or any of their affiliates.

PRESS CONTACTS
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Fintech PR

China’s AIMA brand electric motorbike is now in Bangladesh

Published

56 minutes ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

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Fintech PR

China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

2 hours ago

November 23, 2024

CISION (PR Newswire)

china-telecom-gulf-officially-launches-in-saudi-arabia-for-business

HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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Fintech PR

Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

Published

17 hours ago

November 23, 2024

CISION (PR Newswire)

redefining-financial-frontiers:-nucleus-software-celebrates-30-years-with-synapse-2024-in-singapore

SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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