Multimillion-dollar boost for small business as more African countries join MultiChoice Africa Accelerator Programme

Johannesburg, Nov. 23, 2022 (GLOBE NEWSWIRE) — November 2022 – Following the success of the MultiChoice Africa Accelerator Programme, which secured $16 million (USD) of funding for six emerging businesses last year, the programme has been expanded to eight more countries across Africa.

Many more small businesses in Africa’s technology sector now have the chance to benefit from the 2023 programme, which provides the skills and opportunities needed to attract transformative business funding.

“We’re really excited to be expanding the MultiChoice Africa Accelerator Programme to more African countries,” said Calvo Mawela, MultiChoice Group CEO, announcing the launch. “It’s part of our long-term commitment to growing and multiplying Africa’s technology potential, which is critical to our future growth.”

The MultiChoice Africa Accelerator Programme, which kicked off during Global Entrepreneurship Week,  is aimed at established start-ups and small enterprises in specific technology sectors – healthtech, agritech, fintech, edutech, the circular economy and the creative industries.

“There is such incredible business talent across Africa,” said Mawela. “MultiChoice Africa Accelerator is an opportunity for investors and small enterprise to collaborate to multiply the impact of this talent and scale it across Africa.”

Having started in South Africa in 2021, the MultiChoice Africa Accelerator is expanding to Ivory Coast, Senegal, Nigeria, Ghana, Kenya, Zambia, Angola and Ethiopia. The initiative equips emerging entrepreneurs to secure funding and scale up their businesses, and also provides opportunities to pitch to international investors.

African Development Bank President Dr Akinwumi Adesina has previously noted that, “the private sector is Africa’s growth accelerator”, and several African nations have backed small-business development as part of their economic strategy. The MultiChoice Africa Accelerator dovetails with these development objectives.

The MultiChoice Africa Accelerator Programme is an initiative of the MultiChoice Innovation Fund, in collaboration with Dubai-based business incubator Companies Creating Change (C3), which gives entrepreneurs access to the tools, skills and financial support to grow their business. MultiChoice has also partnered with EOH, a tech services company who will bring their expertise to the table especially in terms of tech advisory, development sprint and technical support.

The first phase of the MultiChoice Africa Accelerator Programme sees public and private-sector partners in each country nominating businesses or entrepreneurs for the programme. From there, 29 of the start-ups embark on an intensive virtual training course. The initiative is aimed at established businesses that are already operating and looking to scale up by attracting further investment.

“Start-up founders get to learn everything from how to properly research your business sector and your market, to how to create a niche for your business,” says Boitumelo Monageng, of Swypa, one of last year’s finalists. “During the workshops we were encouraged to dig deeper and I realised that we have the potential to compete on a much larger scale.”

The virtual training course takes place over several weeks, teaching start-up owners media skills, how best to market their businesses to investors, how to create attractive business plans, and to know what investors are looking for.

Later, the entrepreneurs will come together at a finals event, where 11 start-ups will be selected for the final pitch phase. They will attend a dedicated C3 boot camp to learn how to shape their story for international investors, and to get “pitch ready” before their big presentations.

“We believe SMEs in the technology, sustainability and creative sectors will be fundamental to the next phase of Africa’s growth,” says Mawela. “The MultiChoice Africa Accelerator is geared to finding the most promising start-ups, and empowering them to play this critical role.”

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Elizabeth Ferreira
MultiChoice Group Ltd
0834825241
fourie_elizabeth@yahoo.com

GlobeNewswire Distribution ID 8702451

OKX users can now verify that their assets are backed 1:1

OKX Proof of Reserves Page

OKX has launched a Proof of Reserves web page

  • OKX is rolling out both a Proof of Reserves page on its website that shows its latest reserve ratios and a Self-audit tool that allows users to verify that their assets are backed 1:1
  • The exchange is also launching an Independent Custodial Wallet that allows institutional clients to secure their assets separately from its reserves and hold the keys to their funds

VICTORIA, Seychelles, Nov. 23, 2022 (GLOBE NEWSWIRE) — OKX, the world’s second-largest crypto exchange by trading volume, has launched three new leading offerings that are granting its retail and institutional users greater visibility into their assets, and what is backing them, as well as greater control over their funds.

OKX today launched the new Proof of Reserves (PoR) page on its website. OKX has always maintained 1:1 reserves, and this page demonstrates that fact and explains why PoR is important. In addition to providing information on how proof of reserves works, the page provides instructions including how users can verify that their assets have become a “Merkle leaf” in the Merkle tree data structure. The page also provides information on OKX’s PoR audits and its latest reserve ratios across tokens.

To take transparency and user empowerment even further, OKX will this week be launching a self-audit feature that allows users to verify that their funds are backed by reserves based on data provided by the most recent snapshot. Currently, the self-audit feature supports Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), with more assets set to be added over time. OKX will conduct regular proof of reserves audits to update its reserve balances and the status of user assets within its reserves.

OKX is also set to become the first exchange to launch an Independent Custodial Wallet service for institutional and high-net worth clients1. In the coming weeks the company will roll out an independent custodial wallet that will allow users to secure their assets separately from its reserves, view and track their wallet balances in real-time, and hold the private keys to their funds. This will give users greater visibility and control over their assets.

Lennix Lai, Director of Financial Markets, OKX, said: “Our new proof of reserves page and self-audit feature give users the ability to verify that their assets are 100% backed. Third-party audits are also being conducted to provide additional reassurance on top of this. We believe that a far greater degree of transparency needs to be brought to our industry to allow us to build back stronger after recent events.”

OKX’s number one priority is to ensure that the funds of its 20+ million customers worldwide are safe and secure at all times. It has always maintained 1:1 reserves and prides itself on its long-standing reputation for best-in-class security.

For further information, please contact:
Media@okx.com

About OKX
OKX is the second biggest global crypto exchange by trading volume and a leading web3 ecosystem. Trusted by more than 20 million global customers, OKX is known for being the fastest and most reliable crypto trading app for investors and professional traders everywhere.

As a top partner of English Premier League champions Manchester City F.C., McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new financial and engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.

Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.

To learn more about OKX, download our app or visit: okx.com

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1
Eligibility criteria apply

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7963fd20-7a8e-4558-a6ea-483b8c0c5bfc

GlobeNewswire Distribution ID 8702631

LambdaTest launches support for Samsung Galaxy Z Fold4 and Samsung Galaxy Z Flip4 phones on its continuous testing platform on the cloud

Users can now seamlessly run real-time and automation testing of the newly-launched series on real devices or emulators

San Francisco, Nov. 23, 2022 (GLOBE NEWSWIRE) — LambdaTest, the leading continuous quality testing cloud platform, has launched support for testing on Samsung Galaxy Z Fold4 and Samsung Galaxy Z Flip4 phones. Users, through real devices or emulators, can run real-time and automation testing on the latest series and ensure that they cover all bases and provide the best customer experience.

The Samsung Galaxy Z Fold4 and Samsung Galaxy Z Flip4 phones are among the latest phones out of the Samsung stable. Their unique design has already captured the minds of tech-savvy users, however, for digital enterprises, testing on these phones isn’t as straightforward as compared to the other phones.

“The Samsung Galaxy Z Fold4 and Samsung Galaxy Z Flip4 phones have become very popular among digital-savvy customers. However, for digital businesses, testing on these devices throws up unique challenges due to their design. One needs to think from a customer’s perspective and test a variety of new scenarios depending on the use case,” said Mayank Bhola, cofounder and head of product, LambdaTest. “We, at LambdaTest, are deeply committed to ensuring that we have the latest offerings— be it a new phone, OS, or browser version—ready for our customers to test on as soon as possible.”

LambdaTest has also recently launched HyperExecute, a next-gen smart test execution and orchestration platform that helps testers and developers run end-to-end automation tests at the fastest speed possible.

To know more, visit: https://www.lambdatest.com/test-on-galaxy-z-fold-4

About LambdaTest

LambdaTest is a continuous quality testing cloud platform that helps developers and testers ship code faster. Over 10,000+ customers and 1+ million users across 130+ countries rely on LambdaTest for their testing needs.

LambdaTest platform provides secure, scalable, and insightful test orchestration for customers at different points in their DevOps (CI/CD) lifecycle:-

Browser & App Testing Cloud allows users to run both manual and automated tests of web and mobile apps across 3000+ different browsers, real devices, and operating system environments.

HyperExecute helps customers run and orchestrate test grids in the cloud for any framework and programming language at blazing-fast speeds to cut down on quality test time, helping developers build software faster.

For more information, please visit, https://lambdatest.com


For further information please contact the LambdaTest press office: Bilal Mahmood on press@lambdatest.com or +44 (0) 20 3640 7759 and +44 (0) 771 400 7257.

GlobeNewswire Distribution ID 8702453

Azerbaijan proposes to increase amount of VAT refund on non-cash transactions

BAKU, Azerbaijan, Azerbaijani MP Vugar Bayramov proposed to increase the amount of VAT refund on non-cash transactions from 15 to 20 percent at the meeting of Parliament’s Committee on Economic Policy, Industry and Entrepreneurship, Trend reports on November 23.

 

According to Bayramov, in order to stimulate non-cash transactions, it’s planned to reduce the amount of VAT refund from 10 to five percent for cash transactions and increase it from 15 to 17.5 percent for non-cash transactions.

 

The MP also noted that increasing the amount of VAT refunds on non-cash transactions to 20 percent would further stimulate non-cash payments.

 

Source: TREND News Agency

Banks of Kyrgyzstan generate record high profits in 10M2022

BAKU, Azerbaijan, The Banks of Kyrgyzstan generated a record high amount of net profits from January through October 2022, Trend reports referring to the National Bank of Kyrgyzstan.

 

According to the preliminary data, the net profits of commercial banks of Kyrgyzstan in 10 months of this year amounted to 19.7 billion soms ($233.6 million), which is more than a fivefold increase over the same period in 2021 (3.5 billion soms, or $41.7 million).

 

Meanwhile, the total net profits of Kyrgyz banks in 2020 amounted to 2.3 billion soms ($27.2 million), in 2019 – 3 billion soms ($35.5 million).

 

As of November 19, 2022, the official exchange rate set by the National Bank of Kyrgyzstan is KGS 84,44/1USD.

 

Source: TREND News Agency

SMBDA shares data on volume of loans for women entrepreneurs in Azerbaijan’s agriculture

BAKU, Azerbaijan, A total of 375 women entrepreneurs received loans worth 4,262 manat ($2,507) in order to develop the agriculture sector, said the Deputy Minister of Agriculture, Ilhama Gadimova at the 5th forum, “New opportunities: ‘Green Light’ to Women Entrepreneurs,” Trend reports.

 

According to her, the loans amounted to 3,204 million manats ($1,884).

 

“During the 2021-2022 financial year, the subsidies in the amount of 56,400 manat ($33,176) were paid at the expense of the state budget in Azerbaijan,” noted Gadimova.

 

Source: TREND News Agency