Labuan IBFC to be Asia’s Leading Digital-Based Financial Gateway with Islamic Finance Capabilities


Labuan International Business and Financial Centre (Labuan IBFC) is rapidly revolutionising its digital offerings, entrenching its commitment to become a facilitator of Asia’s digital revolution, a key driver of the centre’s success in recent years.

Labuan Financial Services Authority (Labuan FSA) – the jurisdiction’s regulator – provides an innovative licensing regime to support this evolving digital financial landscape. Allowing digital financial services (DFS) firms to operate within a live market environment, anchored on innovation, intermediation and financial inclusion.

“The DFS in Labuan IBFC is continually growing in recognition of the progressive approach that the centre has taken in embracing the digital revolution, by being as facilitative as possible to enable innovative digital business to take root in Labuan IBFC,” said Labuan FSA Director General, Nik Mohamed Din Nik Musa during his Welcome Address at the third Connecting Digital Ecosystems Asia (CoDE Asia 2021) today.

He added: “Labuan IBFC is envisioned to become a digital-based gateway with Islamic finance capabilities for all global investors and players as the future of Islamic finance looks ever promising. The digital transformation in Islamic finance positively contributes to the evolution and innovation of Islamic financial products and services in a rapid tone.”

“As we continue to strengthen Islamic finance footing in the region, our focus now is to realise the full potential of digital opportunities by offering an all-inclusive solution of a shariah based digital regime leveraging on Islamic finance and social-based finance instruments. This could further expand Islamic finance development across emerging markets while building connectivity with wider Islamic finance industry.”

“As digitisation for the financial sector evolves, regulatory bodies globally will be posed with the balancing act of determining appropriate ways of regulating these changes vis-a-vis promoting market breakthrough and innovations. Ensuring stability will remain of paramount importance as financial transactions become more seamless, intangible and borderless. Therefore, Labuan FSA is committed to adopting a facilitative approach by developing ‘fit-for-purpose’ requirements to cater for emerging business technologies,” said Nik Mohamed Din.

This year, Labuan FSA launched two key policy documents – the Guiding Principles on Business Continuity Management to enhance the Labuan financial institutions’ operational resilience; as well as a digital governance and cyber resilience framework which aims to protect DFS providers from cyber threats.

Farah Jaafar, CEO of Labuan IBFC Inc, said, “Being home to one of the fastest growing digital families in Asia, our ethos of constant engagement with industry coupled with innovation and facilitation, puts us in good stead to embrace the next digital evolution, governed by sound regulatory parameters. This curates a regulated digital ecosystem, providing synergy between wholesale financial intermediation and digitalisation allowing our licensees to operate in a facilitative borderless environment.”

As at September 2021, the number of DFS providers that have been approved to operate in the Labuan IBFC digital space has grown to 85 licensees, having licensed 25 intermediaries as of September 2021. The key licensees include 2 digital banks, 1 insurtech and 1 digital securities exchange, 16 payment systems providers, 18 credit token issuers and 33 money brokers (digital currency exchanges). Out of the total number of DFS providers in Labuan IBFC, the majority were licensed to provide digital currency trading platform, issuance of digital token and e-payment system or e-wallet.

Labuan IBFC’s debut as a digital friendly jurisdiction began in 2017 with just one licence and has since expanded with a wide range of digital businesses and players, from digital banking and insurtech to intermediaries such as robo-advisory, digital asset exchanges, crypto trading platforms, tokenisation licences and e-payment systems.

Having celebrated its 30th year of establishment in 2020, Labuan IBFC is now home to more than 5,000 active entities which include 70 banks, 232 insurance and insurance-related entities, 65 trust companies and other business sectors, with an ecosystem creating a robust environment promoting the growth of digital business.

The 3rd edition (virtual) of Connecting Digital Ecosystems Asia 2021 (CoDE Asia 2021) themed “Future Forward: Next Gen Digital Ecosystems” was attended by more than 400 regional delegates and featured a line-up of industry players and subject matter experts, discussing the current and emerging developments in the digital financial industry.

In conjunction with the conference, a joint white paper entitled ‘Curating a Regulated Digital Ecosystem’ was launched. The paper produced with Deloitte, examines the challenges faced by regulators in an ever-evolving digital landscape, and how jurisdictions can support and facilitate a well-balanced regulatory and business conducive environment.


IBM teams with Acclivis to extend IBM Cloud Satellite throughout Asia and accelerate digital transformation for regulated industries


Acclivis Technologies and Solutions (“Acclivis”), a wholly-owned subsidiary of Hong Kong listed CITIC Telecom International Holdings (1883:HK), and IBM (NYSE: IBM) today announced a collaboration to deploy IBM Cloud Satellite across Asia. Together, Acclivis and IBM will leverage hybrid cloud capabilities to help enterprises – including those in highly regulated industries – accelerate digital innovation while assisting the client with maintaining data sovereignty and achieving regulatory compliance.

As financial institutions expand their offerings to support customers and overcome the disruption caused by COVID-19 in Southeast Asia, regulatory scrutiny has increased to protect consumer data and adhere to data sovereignty regulations. The need to process sensitive data at its source without data crossing borders while delivering consistent global processes is more critical than ever. Acclivis will be able to use IBM Cloud Satellite to extend services such as IBM Watson to its client’s data centres, bringing analytics closer to where the data resides. For example, retailers could use IBM Watson services via IBM Cloud Satellite at the edge in stores to analyse data gathered on the shop floor for stock inventory and achieving “just in time” logistics to fulfil customer demands.

The collaboration will see IBM leveraging the regional data centre coverage of Acclivis in Hong KongSingaporeMalaysiaIndonesia and Thailand to host and manage data.

IBM Cloud Satellite helps to unify a management portal and process tools for a fintech company in Indonesia. This environment serves as a sandbox for the regional fintech industry to move workloads at the edge and deliver a more frictionless user experience. This has enabled the start up to deliver cost effective services to customers at speed and avoid expensive non-compliance issues.

The partnership will combine IBM’s strength in delivering security-rich and open hybrid cloud capabilities for enterprise with Acclivis’ network of data centres and Internet connectivity across the region. Together, they will be able to deliver security-rich and open cloud services to the region, leveraging IBM Cloud Satellite and Acclivis’ extensive data centre footprint.

IBM Cloud Satellite brings IBM Cloud services to any environment where data resides – whether at the edge, on premises, or on multiple public clouds. It is designed to enable clients to access cloud services with speed across any environment.

Acclivis is part of IBM’s partner ecosystem fueling hybrid cloud environments by helping clients manage and modernize workloads from the mainframe to the edge and everything in between with Red Hat OpenShift, the industry’s renowned enterprise Kubernetes platform. IBM Cloud Satellite is engineered to give clients the flexibility to run where their data resides while leveraging the technology of IBM Cloud.

Mr. Marcus Cheng, CEO of Acclivis, said: “Being a long-time collaborator with IBM and a company that has broad regional reach in Southeast Asia and Hong Kong, this partnership allows us to tap IBM Cloud Satellite to strengthen our portfolio of services in the cloud and data centre hosting segment. Coupled with seamless connectivity powered by our subsidiary, Pacific Internet, and our automated Managed Services Platform that digitizes and streamlines workflows, enterprise customers experience reduced latency and superior customer experience when they build and manage their cloud with us.

“IBM is collaborating with more than 65 ecosystem partners to build security-rich cloud services to help clients run workloads in any environment via IBM Cloud Satellite. As a technology partner to enterprises and government agencies, many in highly regulated industries, Acclivis has a broad regional data centre footprint which we can tap on to accelerate customer deployment. We look forward to elevating our relationship with Acclivis to enjoy the performance that they deserve, said Mr. Raymond Wong, IBM Cloud Platform Leader, ASEAN.

With the common goal of supporting our joint customers’ needs, IBM and Acclivis continue to collaborate in delivering integrated cloud solutions and accelerate digital innovation across Asia Pacific.


EQT Private Equity and Vitruvian Partners announce significant investment in CFC


EQT Private Equity has agreed to make a significant investment together with Vitruvian Partners in CFC, a leading technology-driven global insurance business CFC is a specialist insurance provider, pioneer in emerging risk and market leader in cyber, serving more than 100,000 businesses in over 90 countries.

EQT Private Equity and Vitruvian Partners will support CFC’s investments in innovative and market-leading technology and in continuing to deliver best-in-class products and services to its customers

EQT is pleased to announce that the EQT IX fund (“EQT Private Equity”) has agreed to invest in CFC (the “Company”) alongside management and Vitruvian Partners (“Vitruvian”).

Founded in 1999, CFC was one of the pioneers in the cyber insurance market. Today, it is a technology-driven business that has established itself as a global leader in cyber and provider of cover for a diverse range of emerging risks that sit at the intersection of technology and business. CFC writes 50 products across 20 different classes of specialist insurance focused primarily on SME businesses.

The company has significantly grown its employee count over the past three years and has an established global footprint with more than 500 staff located across the UK, US, Europe and Australia. Earlier in the year CFC also launched its own Lloyd’s Syndicate.

CFC’s continued growth trajectory underlines the depth and quality of its business model: it has an annual premium run rate in excess of GBP 750 million (USD 1 billion) and delivered an organic EBITDA CAGR of 35 percent over the last five years.

Upon completion, following regulatory approval, CFC will nearly double its employee shareholders from 175 to over 300. Employees will remain the largest shareholder in CFC.

Dave Walsh, CFC founder and Group CEO, said“We’re delighted to welcome EQT as an investor alongside Vitruvian. Both EQT and Vitruvian’s focus on high-growth technology companies and commitment to creating a positive impact through their portfolios is a natural fit with CFC and our ethos as an independent, employee-owned business. EQT’s investment, and Vitruvian’s reinvestment, is testament to CFC’s track record of delivering strong, profitable growth underpinned by the expertise of our people and our history of market-leading technology innovation.

“As we look ahead, we see a risk landscape that is rapidly shifting, with ever-expanding cyber threats, new insurance challenges presented by intangible assets and evolving risks in rapid growth sectors. CFC has a key role to play in helping our growing customer base address these challenges, while the pioneering technology we’ve built over the last two decades is enabling us to deliver at increasing scale. We look forward to partnering with EQT and thank Vitruvian for their continued partnership. It has never been a more exciting time to be at CFC.”

Robert Maclean, Partner within EQT Private Equity’s Advisory Team, commented, “CFC is a truly innovative insurance business with technology at its core and a track record of growth and profitability which surpasses even the most mature Fintech businesses we’ve seen. The accelerating pace of investments in its core platform aligns perfectly with EQT’s approach of future proofing companies.”

Joe O’ Mara, Partner at Vitruvian, commented, “As longstanding partners and investors in CFC, we couldn’t be more enthusiastic about the road ahead. We’ve witnessed first-hand what a remarkable business CFC is – a tribute to the leadership team, the culture they’ve created and the commitment to excellence and innovation that has kept CFC at the forefront of the insurance market.”

Sofia Ahuja, Managing Director within EQT Private Equity’s Advisory Team, added, “CFC’s unrivalled reputation in cyber insurance and focus on emerging risk areas ensures that it is well-placed to capture the significant growth expected in the classes it writes. We’re delighted to invest alongside Vitruvian at this exciting stage in CFC’s journey.”

Stephen Byrne, Partner at Vitruvian, added, “We would like to thank the whole CFC team for a great partnership over the last four years and we are excited to be able to continue to support their ambitions for the future.”

EQT was advised by Morgan Stanley, Kirkland & Ellis, KPMG and Bain & Company on the transaction.

The transaction is subject to customary conditions and approvals. With this transaction, EQT IX is expected to be 70-75 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).


Canada’s Prepaid Payments Volume Climbs to Meet Rising Demand for Digital Options


The Canadian Prepaid Providers Organization (CPPO), the collective voice of the open-loop prepaid payments industry in Canada, today released its industry forecast and market sizing in collaboration with Aite-Novarica Group. The forecast, Canadian Open Loop Prepaid Market, 2020-2025, estimates that the Canadian open-loop prepaid card market will grow to CA$8.7 billion in 2021, up 80 per cent from 2019. This value is projected to nearly double to CA$17.2 billion by 2025.

Open loop prepaid payment solutions look and function like traditional credit and debit cards without requiring a credit score or bank account, while also offering immediate access to funds. The products’ universal access for Canadians, ease of use and gateway to digital payment options has driven their popularity as a more convenient payment solution and bank account alternative.

“Prepaid is increasingly being harnessed as the platform of choice to introduce new and innovative products and services for Canadians, playing a leading role in Canada’s digital payments and banking transformation,” said Jennifer Tramontana, Co-Founder and Executive Director, CPPO. “As consumer preferences shift towards more convenient, cashless and contactless payment methods, prepaid provides both incumbents and new fintech entrants an avenue to introduce new products and services, while still adhering to stringent regulatory requirements.”

According to the Canadian Open Loop Prepaid Market, 2020-2025 analysis, there were approximately 46 million open-loop prepaid accounts in Canada by the end of 2020. It is expected that this will grow by a five-year compound annual growth rate (CAGR) of 15 per cent, reaching 93 million accounts by 2025. Prepaid solutions provided a safe and simple online payment option during the pandemic, enabling access to the benefits of ecommerce which has proven to be a critical channel for the purchase of goods when access to retail stores has been reduced or discouraged.

Prepaid has also become the core offering for most Canadian challenger banks to best support their banking models and bring accessible products to their customers. It promotes financial inclusion to the essential and growing gig economy by offering immediate wage payments daily or after every shift. For non-banks, like tech giants, big retailers, e-commerce players, prepaid has become the key to embedded payments that disappear into the background of the solution being offered to a customer.

“The prepaid payments industry is steadily growing in Canada as payments innovations continue to uncover more prepaid card uses,” said Francisco Javier Alvarez-Evangelista, Advisor, Aite-Novarica Group. “Prepaid cards have historically been perceived as a tool to reach Canada’s under- and unbanked market segments, but this is expanding. The rise in buy-now-pay-later providers, challenger banks and gig payment platforms are largely due to the availability of Canadian prepaid card rails.”

To access a summary of the findings, please visit CPPO members will have full access to Canadian Open Loop Prepaid Market, 2020-2025 analysis. Please contact [email protected] for information on membership details.


Lyra’s Last Mile Connectivity Solution Expands Financial Access to Rural India


Over the past few years, FinTech has evolved beyond developing, employing, and embedding new technologies for banking and financial services. Today, FinTech has undertaken more strategic and focused roles and one of them is to contribute to financial inclusion by serving the segments that are not core targets for traditional financial models. Government’s initiatives like The Prime Minister Jan Dhan YojanaJan Dhan, Aadhaar and Mobile trinity, and many players emerging in the digital payment solution space have directed FinTech innovations towards inclusive growth. Rural India has made a significant impact on the economic progress of the country as financial inclusion in India has seen extensive improvement in the past few years and Lyra is proud to be playing a significant role in the scenario.

Lyra’s Last Mile connectivity solution was deployed in order to involve underserved areas and customers in financial inclusion and offer them a healthy and highly secure environment to deliver online payments.

Lyra offers a connectivity platform, ‘Lyra Connect’ that uses both wired and wireless technologies. Lyra manages services for broadband and works as a managed service provider for PoS and ATMs. With the Static IP feature, Lyra enables bi-directional communication needed for terminal control and remote access. This feature helps to resolve field issues remotely. Lyra Portal isolates software, hardware, network issues and segregates sims as per locations. Lyra’s highly secure and powerful server NAC offers a secure, quick, and updated channel for digital transactions and transfers any transaction flow securely from any kind of PoS terminal, and connects it to any type of network with any existing transaction protocol and without any glitch in between. It is important to dispatch the correct telco SIM for the devices. but not all telcos work in all locations, Lyra did a feasibility study of the locations using latitude and longitude before SIM allocation and dispatch for each location.

Lyra’s Last Mile Connectivity Solution’s highlights:

  • Micro ATMs and RIG(Rural Project) – Lyra’s Last Mile connectivity solution enables the handheld device to be connected in real-time.
  • DARPAN – DARPAN or Digital Advancement of Rural Post Offices for a New India is a project to enable Last Mile banking financial services to the poorest and to the remotest. For this solution, Lyra is a managed connectivity solution provider.
  • Postal services offered – cash withdrawal, cash deposit, postal life insurance, money order, speed post-booking, etc. many other services like bill payment, recharges are WIP
  • Lyra is doing managed connectivity service for 70k locations across India, most locations are rural
  • Processing around 50 lakh transactions daily for one of the biggest projects.
  • Lyra has enabled 16,00,000 PoS/locations on its platform using various technologies.
  • 70k Mobile Handheld devices deployed by the Department of Posts using Lyra’s Last Mile connectivity solution.
  • Lyra’s Last Mile Solution has played a significant role in this COVID and lockdown situation, and are running full strength even during the lockdown, Lyra was available full time and was providing uninterrupted services to the nation
  • The winner of the ‘Best use of technology in FinTech’ award in the Payments and FinTech Awards category at the 11th edition of India Digital Awards, 2021 – a virtual award function organized by IAMAI.
  • The winner of Excellence in Payments (Acquirer) award in FinTech & Digital Payments Category at 2nd FinTech award and conclave, 2021, ASSOCHAM.

One of the key issues faced by rural India is the lack of connectivity for using digital solutions like mobile-based transactions, PoS devices, micro ATMs, etc. It creates a digital divide and lack of network, bandwidth, and reach of technology discourages this further. With the Last Mile solution, Lyra enables real-time connection to the handheld devices for the segments that are not core targets for traditional financial models. Identifying ‘connectivity’ as a critical enabler, Lyra will continue to work on many rural projects, powering connectivity and secure digital payment processing in rural India.


Amy Ferris Joins Varo® Bank as Chief Growth Officer


Varo Bank, N.A., the first all-digital nationally chartered bank in the US, today announced that it has named Amy Ferris as Chief Growth Officer.  Ferris brings over 20 years of marketing expertise from leading consumer technology companies including Apple, Spotify, and Amazon. Under Ferris’ leadership, Varo will accelerate its growth strategy and scale to earn the trust of millions of consumers.

“I am thrilled to join the team at Varo who all share a deep passion for creating opportunities for millions of people who have long been underserved by the traditional banking system,” Ferris said.  “Together with this talented team, we’re going to help tens of millions lead better financial lives.”

Prior to joining Varo, Ferris served in a number of leadership positions including Global Head of Consumer Marketing – Media Services at Apple, where she led marketing for Apple Music, Video, News, Books, and Podcasts. Prior to Apple, she was Vice President of Global Consumer Marketing at Spotify. She also worked in key marketing roles at Amazon, Chevron, and Levi Strauss & Co. Ferris received a Bachelors from the University of California, Santa Barbara and a Masters in Business Administration from the University of California, Berkeley.

“I am very excited to welcome Amy to Varo – with her leadership and expertise in driving top-tier marketing programs, we’re equipped to embark on a new phase of growth and investment in our customer experience across every touchpoint,” said Colin Walsh, CEO and founder of Varo Bank, N.A.  “Fresh off of our $510 million fundraise, Varo is accelerating our path to building a profitable, sustainable bank that delivers on our unique vision for an innovation-driven bank for all of us.”


DIFC and Start-Up Nation Central to Promote Innovation-Based Business Ties Between the UAE and Israel


Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle EastAfrica and South Asia region and Tel Aviv-based not-for-profit organization Start-Up Nation Central announced today the signing of an agreement aimed at establishing new bridges between the UAE and Israel for innovation.

During a ceremony held at DIFC, Start-Up Nation Central VP of Strategic Partnerships Eliran Elimelech and DIFC Chief Business Development Officer Salmaan Jaffery signed the agreement and pledged to work together on promoting commercial agreements to benefit both nations, particularly in the fields of FinTech and digital security.

As part of the DIFC Innovation Hub, the Centre offers the region’s most comprehensive FinTech and venture capital environments, including innovative accelerator programs at FinTech Hive, providing start-ups a bridge to UAE, regional and global markets. Over 60 per cent of all FinTech and innovation firms in the GCC are based in DIFC. Israel is a globally recognized leader in innovative FinTech solutions home to more than 530 start-ups that apply advanced technologies such as data science, biometrics, blockchain, and cyber to disrupt the traditional banking, finance and insurance sectors. As part of the agreement, the parties committed to facilitating introductions and mutual referrals of companies that are interested in scaling their operations in each other’s jurisdictions. This includes programmes such as regulatory sandboxes and accelerators to help innovative solutions’ providers with market access.

Arif Amiri, CEO of DIFC Authority, said: “Today, we have an opportunity to strengthen commercial relations between the UAE and Israel, especially in the FinTech sector. As the region’s hub for financial services, FinTech and innovation, DIFC is well regarded for promoting and nurturing innovative and disruptive enterprises that have the potential to be the next unicorns from the region. Our partnership with Start-Up Nation Central will enable us to foster a culture of collaboration among entrepreneurs and innovators in both nations and further build a vibrant ecosystem to advance the FinTech sector.”

Avi Hasson, CEO of Start-Up Nation Central, said: “DIFC is a strategic partner when it comes to innovative technologies in general and FinTech in particular. We see great importance in fostering the relationship with DIFC as a central ally in the UAE and a strategic avenue aiding the development of the two ecosystems. Following the anniversary of the Abraham Accords, we see this agreement as a manifestation of the innovation diplomacy efforts taking place in the region. We believe it will be an excellent platform for future collaborations, transforming the lofty ideas set out by the states’ leaders into on-the-ground results.”

Representatives of Start-Up Nation Central are currently in Dubai taking part in the annual GITEX technological conference and tradeshow. They are attending the event with a delegation of 30 Israeli entrepreneurs and investors that are part of the UAE-IL Tech Zone, a community of innovators from both countries that Start-Up Nation Central supports.


iFOREX to offer its clients more insight into online CFD trading


iFOREX – a leading global financial broker – announced the launch of their new Trading Rooms. This new educational channel will be available to active clients on November 1st 2021, via the company’s website.

iFOREX will offer its client base the opportunity to follow top investment experts as they open live CFD trading deals on forex, cryptocurrency, shares, indices and more.

Active iFOREX traders will be able to watch today’s most skilled traders open and close deals in real time, who will also offer live commentary on their trading strategies.

This expert hub and trading rooms is another addition to the broker’s large variety of educational offerings, aimed at giving both novice and veteran traders the opportunity to enhance their skills on both technical and fundamental analysis, and make more informed trading decisions by learning from these established, independent traders.

The two trading experts, Walid Salaheldin Mohamed, and Mohamed Abd El Khaleq, our Trading Room expert, will offer their years of market experience in English and Arabic respectively. By joining a Trading Room, clients will be able to watch and follow these real, independent traders in action, as they share; which live trades they open, what profit levels they enter, What they do to protect their trades and how they manage the trade once it is executed.

iFOREX already offers many trading tools and resources designed to assist you in maximizing trader’s potential, with market information, training and support. For over 25 years, iFOREX has remained one of the largest and most respected firms in the Fintech industry, emerging early on as an industry leader in technological innovation and with a dedication to trust and excellence.

The company’s vast educational assets include 1-on-1 training with a trading coach, an exclusive Trader Guide, curated with 25 years of knowledge and experience, video lessons to those who prefer visual explanations, detailed trading articles with insight into different CFD products, global markets, trading tactics and many more. Those who wants practical experience will be able to acquire it by utilizing the $5,000 Demo Account provided for new clients.

A spokesperson for Formula Investment House Ltd, operator of the website, said: “As a company which puts trader education at the top of its priorities, the addition of the Trading Rooms is the natural evolution we undertake, in order to give our traders real time information and strategy analysis, which will help them develop their confidence, knowledge and portfolio.”

Trading Rooms’ access will be free of charge for active traders who open an account with the broker.


VYZYO Wins Carrier Community Global Award for Best Fintech Solution


VYZYO, a rapidly growing mobile financial services technology company, today announced that the company has won the Carrier Community Global Award for Best Fintech Solution.

VYZYO has won this award recognition for its VYZYOPay™ solution. VYZYOPay is a state-of-the-art technology platform for enabling mobile network operators, financial institutions, government organizations and other service providers to offer innovative digital payment and mobile financial services.

VYZYOPay facilitates social and financial inclusion by using a smart combination of innovative and legacy technologies in order for the digital payment and mobile financial services it enables to reach all segments of a population. For example, VYZYOPay’s multichannel platform allows banking, healthcare, government and educational services to be available not only to those with access to web-based services on the Internet or mobile apps running on a smartphone, but also those with older devices or limited connectivity through SMS, USSD and interactive voice.

The Carrier Community is a global telecommunications industry networking association for wholesale telecom service providers and ecosystems partners. In addition to winning the award for Best Fintech Solution at the award ceremony held last month in Berlin, VYZYO was also recognized by the Carrier Community with the Best Fastrack Award, which acknowledges the company’s rapid growth over the past year.

“We are proud that our efforts for enabling socially and financially inclusive services in emerging and developing regions have been recognized by the Carrier Community,” said VJ Odedra, founder and Group CEO of VYZYO.

VYZYO recently announced that the company signed a commercial partnership agreement with CAMPOST, the national provider of postal and financial services in Cameroon, to deploy and operate digital payment and mobile financial services. VYZYO and CAMPOST are rolling out and will manage digital payments for government services, money transfers and international remittances as well as mobile financial services for micro-savings, micro-credit and micro-insurance. These new services will be fully socially and financially inclusive and will be available to the entire population of Cameroon, including those with limited or no access to banking services and communications infrastructure.

“We develop and fully own our technology and are one of, if not the only company, that combines fintech, including point-of-sale solutions, with VAS and engagement platforms,” continued Odedra. “The VYZYO group of companies is rapidly expanding into new markets and is now providing services to Nasdaq-listed companies, government institutions and service providers around the world.”


Klarna publishes Climate report 2020/2021 and commits over 1 million USD to climate transformation projects


Klarna, a leading global retail bank, payments, and shopping service, has announced its investment of over 1 million USD into innovators such as Heirloom and Climeworks selected from the climate transformation portfolio (CTP), using donations platform Milkywire. The company has also disclosed its Greenhouse Gas emissions for the 2020 period in its Climate report 2020/2021 released today.

The funds are invested in eleven high impact projects, including permanent carbon removal, reforestation and forest protection, and decarbonization projects among others. The portfolio focuses on selecting effective and transformative projects in all these areas, reflecting the needs for climate finance. This is in addition to Klarna’s announcement from earlier this year to pledge 1% of all future funding rounds to planet health initiatives via Give One.

Salah Said, Head of Sustainability at Klarna, says: “During the last year, our focus has been to look beyond our own operations at how we can create real, lasting change. In 2020, Klarna achieved carbon neutrality across all operations. We have since realized that this is not enough, and have shifted our focus to supporting projects which actively remove carbon emissions. We believe that this strategy will contribute to driving positive change for people and the planet.”

Unlike previous climate reports, it will not just offer a retroactive disclosure but provides the most comprehensive overview of Klarna’s approach to climate change to date. Highlights include:

  • Commitment to a target to reduce emissions by 50% by 2030 and an aim to operate at net zero by 2040.
  • $16m pledged to planet health action initiatives through Give One (1% Pledge).
  • Commitment to using 100% renewable energy sources in all locations by 2025 (latest).
  • Launch of theCO2 tracker feature in the Klarna app (Finalist in Fast Company’s 2021 Innovation by Design Awards).

A core element of the company’s climate strategy is the ways in which Klarna can enable its 4,000+ employees, 90 million+ customers across 17 markets, and 250,000+ retail partners serviced across 13 different product categories and industries to drive lasting change. 
David Sandström, Chief Marketing Officer, says: “The existing and planned pledges and initiatives documented in this report are just the beginning. We are fully committed to transparency at every step of the way, and to keeping our customers informed as we move forward to positively impact the climate crisis together”.