Fintech PR
Powering Progress through Connectivity: GSMA’s Mobile Economy Sub-Saharan Africa Report Calls for Action to Close the Digital Divide
New report highlights opportunities in AI, 5G, and satellite connectivity to bridge a 60% usage gap and unlock $170 Billion in GDP by 2030
NAIROBI, Kenya, Nov. 7, 2024 /PRNewswire/ — The mobile industry’s $140 billion contribution to GDP in 2023 is projected to reach $170 billion by 2030 if key connectivity barriers are addressed. These are insights from the flagship Mobile Economy Sub-Saharan Africa 2024 Report unveiled by GSMA today. Mobile technology is essential in supporting development goals across key sectors like healthcare, education, and finance, driving economic growth by expanding internet access and digital services.
As digitalisation accelerates, the report highlights that 4G expansion is set to drive connectivity, projected to account for half of all connections by 2030. However, a significant coverage gap remains, with 13% of the population still unreached, and a 60% usage gap affecting those who live within coverage areas but face barriers to get online, such as unaffordable devices, limited digital skills, or online safety concerns.
In addition to these connectivity challenges, the region faces high operating costs, inflationary pressures, and energy price volatility. Despite these obstacles, emerging trends such as generative AI and satellite partnerships present innovative solutions to bridge gaps across sectors. Broader API solutions, such as GSMA Open Gateway, which recently launched security APIs in South Africa, are poised to enhance digital security and simplify services as these initiatives expand regionally. Addressing these issues is essential to unlocking the socio-economic potential of mobile connectivity in Sub-Saharan Africa.
“Our findings this year reveal both the extraordinary potential and the challenges facing Sub-Saharan Africa’s mobile ecosystem,” said Angela Wamola, Head of Sub-Saharan Africa, GSMA. “To fully realise the benefits of connectivity, it is essential for operators, policymakers, and stakeholders to address affordability barriers, support infrastructure expansion, and foster collaborations that drive digital inclusion and economic impact.”
Read the full press release here.
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View original content:https://www.prnewswire.co.uk/news-releases/powering-progress-through-connectivity-gsmas-mobile-economy-sub-saharan-africa-report-calls-for-action-to-close-the-digital-divide-302298062.html
Fintech PR
7 Debates Around Transferability Rights of Lenders in Private Credit
LONDON, Nov. 7, 2024 /PRNewswire/ — Discussions around transferability rights of lenders remains an area of focus in the leveraged loan markets and in particular in the private credit arena where the “take and hold” nature of private credit loans is one perceived attraction of that asset class.
From a documentary perspective (with the detail always being in the drafting) key debate areas include:
- The events of default which if triggered should enable an immediate lender assignment right
- Silent and voting sub participations and differences in respective treatment
- Blocks on assignment to industry competitors, sponsor competitors and loan to own investors and whether these apply at all times and for each of these
- Reasonableness requirements applying to a borrower consent to assignment, deemed borrower consent provisions and the length of time silence is to infer deemed consent
- The applicability of prior notice to a borrower/sponsor of any assignment (irrespective of borrower consent not being required)
- Pre-approved new lender lists – additions and removals of names on any such list, how and often, by whom and whether removals of lenders should trigger any replacement of lender rights for the borrower.
- Disqualified lender lists – the appropriateness of those particularly in the European leveraged loan market.
All of these are points of focus and with private credit crossing increasingly into the larger cap market and also servicing both sponsor and non-sponsor backed transactions the transferability rights of private credit providers is likely to be an area of further discussion for both lenders and borrowers as the asset class and its use continues to evolve.
Dechert & Private Credit
Dechert has advised private credit clients for over 30 years, helping them to innovate and thrive as the industry has grown into a complex and diverse US$1.7 trillion market. We create value on the full spectrum of strategies and sub-strategies, including asset-based, distressed debt, permanent capital, direct lending, subordinated debt, specialty financing, special situations and venture debt. With more than 80% of Private Debt Investor’s top 100 private credit firms as clients, we offer market-leading fund formation, financing, regulatory, M&A and tax expertise across the U.S., Europe, the Middle East and Asia.
View original content:https://www.prnewswire.co.uk/news-releases/7-debates-around-transferability-rights-of-lenders-in-private-credit-302298788.html
Fintech PR
LiuGong 2024 Global Dealer Conference Successfully Held
LIUZHOU, China, Nov. 7, 2024 /PRNewswire/ — From November 6th. to 7th., 2024 LiuGong (000528.SZ) Global Dealer Conference & 11•26 Global Customer Festival was held in Liuzhou, Guangxi, at the company’s headquarters. Nearly a thousand dealer representatives from around the world gathered together to discuss industry trends, share success stories, and explore future collaboration opportunities.
Nearly 200 machines were displayed on-site, covering 8 industries and work conditions. 50 innovative products were launched on-site, covering a wide range of equipment including mining loaders, motor graders, pipe layers, rotary drilling rigs, aerial work platforms, dual-power machines, etc. These products showcase LiuGong’s latest achievements in technological innovation and diversification. LiuGong’s mining solutions, built on years of expertise, captured attention with their impressive scale and smart technology. 50 electrified green products were displayed, including excavators, graders, and bulldozers, all performing excellently in reducing noise, cutting emissions, and improving energy efficiency. These products not only meet global environmental standards but also incorporate the latest electric drive technology, demonstrating LiuGong’s significant achievements in environmental protection and sustainable development.
At the conference, LiuGong unveiled its new T-series wheel loaders and F-series excavators, integrating smart technology and innovative design. The F-series now covers a range of equipment from 1.7 to 120 tons, with a variety of attachments and an expanded product portfolio from 12 to 70 models, showcasing LiuGong’s ongoing commitment to innovation and product diversification. The new T-series loaders have further improved comfort and control, enhanced reliability, and reduced fuel consumption and total ownership costs.
Since launching the Green Alliance initiative at the 2023 Global Dealer Conference, LiuGong has shown a strong commitment to green development through support for public welfare projects in Africa. In August this year, the first phase of the water well project was successfully completed. During this year’s conference, LiuGong further strengthened the Green Alliance by signing deepening agreements with Universitas Gadjah Mada in Indonesia, Beijing Institute of Technology, and five dealers and customers to advance sustainable development.
LiuGong is dedicated to providing comprehensive solutions. In addition to construction machinery, LiuGong has continuously expanded its product line, introducing strategic new products such as aerial work platforms, forklifts, sugarcane harvesters, tractors, cranes, etc., creating more business opportunities for dealers. Furthermore, LiuGong offers a full range of after-market services to ensure the continued, stable operation of its equipment, providing dealers and customers with peace of mind.
At the conference, LiuGong signed intent purchase orders with its partners and set targets for 2025. Customer representatives also signed strategic partnership agreements with LiuGong, further solidifying their collaboration. LiuGong also recognized outstanding dealers for their contributions to the company’s global growth, expressing gratitude for their key role in LiuGong’s success and enthusiasm for deepening future cooperation.
For the first three quarters of 2024, LiuGong reported a total revenue of 22.856 billion RMB, an 8.25% increase year-on-year. Net profit reached 1.321 billion RMB, marking a 59.82% growth compared to the previous year. In his speech, LiuGong Chairman and CEO, Zeng Guang‘an, analyzed both macro and micro economic conditions, highlighting the steady rise in LiuGong’s global sales. This reflects the strong influence of the LiuGong brand and its competitive edge in the market. Zeng emphasized that LiuGong, together with its dealers and partners, will continue to expand market opportunities and drive industry growth.
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Fintech PR
Ping An Takes Lead in Fortune Fintech Innovator Asia list, Ranked 1st in Insurtech
HONG KONG and SHANGHAI, Nov. 7, 2024 /PRNewswire/ — Ping An Insurance (Group) Company of China, Ltd. (hereafter “Ping An“, the “Company” or the “Group”, HKEX: 2318 / 82318; SSE: 601318) ranked #1 in insurtech in Fortune’s first-ever Fintech Innovators Asia list. “Ping An is one of China’s largest insurers, with about 240 million retail consumers across the country. Ping An’s ‘Smart Verification’ and ‘Smart Fast Claim’ services now make its enrolment and claims processing more efficient. AI-driven tools are also reducing diagnostic times in rural areas,” Fortune said.
Fortune’s Fintech Innovators Asia 2024 showcases the leading companies shaping the future of fintech in Asia. More than 300 companies that are active in Asia-Pacific were ranked in five categories: insurtech, blockchain and crypto, payments, digital banking and wealthtech. In its evaluation, Fortune considered factors including the company’s innovations and use of advanced technologies, financial performance, market impact, scalability, regulatory compliance, security measures and unique features that improve the lives of consumers.
Ping An has been advancing its technology-driven “integrated finance + health and senior care” strategy in recent years. Through its “one customer, multiple accounts, multiple products, and one-stop services” model, the Company ensures customers can enjoy professional financial advisory, family doctor, and senior care concierge services. Ping An strives to take care of customers by offering them a “worry-free, time-saving, and money-saving” experience.
Promoting business innovation through technology
Ping An Life launched its upgraded “1-1-1 Superfast Claim” services this year, featuring “one-sentence reporting, one-click uploading, and one-minute validation.” In the first six months of 2024, Ping An Life paid more than 2.58 million claims, accounting for over 99% of all claims, among which the fastest payment took only 10 seconds. Ping An P&C continued to enhance services for its 200 million “Ping An Auto Owner” app users, by expanding its service scope to 82 items, including emergency assistance, annual inspection and designated driver services.
In healthcare services, Ping An provides membership-based senior care services via online family doctors and senior care concierges. Ping An to guides members through its end-to-end “online, in-store and home-delivered” service network supported by artificial intelligence (AI), covering consultation, diagnosis, treatment and services. As of the end of September 2024, Ping An’s health and senior care ecosystem had more than 64,000 paying corporate clients with more than 26 million employees.
Transforming financial services with technologies for sales, efficiency and risk management
In the first three quarters of 2024, the volume of services provided by Ping An’s AI service representatives reached about 1,340 million times, accounting for 80% of Ping An’s total customer service volume in the first half of 2024. The AI service representatives responded and handled customer inquiries and complaints swiftly. Via smart underwriting and smart claim settlement, 93% of Ping An Life’s policies were underwritten within seconds, and it took an average of 7.4 minutes to close a claim with Smart Quick Claim. Ping An also uses technology for risk control, with RMB9.1 billion in fraudulent claims saved via smart fraud risk identification, a 23.7% increase year-on-year to.
Ping An has a first-class technology team of over 21,000 technology developers and more than 3,000 scientists. It is also leader among international financial institutions in patent applications, which totaled 53,521 as of the end of September 2024. It is ranked second globally overall in the number of its generative AI patent applications. In order to ensure technology will better serve users of services and products, Ping An is guided by its AI Ethics Management Committee and its “AI Ethical Governance Statement and Policies of Ping An Group” for the development and application of AI in a comprehensive and rational manner, and protecting personal data of customers with cutting-edge technologies.
Ping An will continue to advance comprehensive digital transformation to pursue high-quality business development and improve the quality and efficiency of financial businesses. It will strive for product upgrades and technological innovation, to comprehensively develop technology finance, green finance, inclusive finance, pension finance and digital finance. By doing so, Ping An will create greater value for customers, shareholders, employees and society.
View original content:https://www.prnewswire.co.uk/news-releases/ping-an-takes-lead-in-fortune-fintech-innovator-asia-list-ranked-1st-in-insurtech-302298779.html
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