TechPression

Author: Staff Writer

  • Boston IT Solutions, others to deploy Azure Stack infrastructure in Africa

    Boston IT Solutions, others to deploy Azure Stack infrastructure in Africa

    Boston Limited’s (Boston) subsidiary, Boston IT Solutions South Africa, has partnered with Liquid C2, a division of Liquid Intelligent Technologies (Liquid), to provide the latter a “turnkey solution” for establishing a hybrid cloud infrastructure on the African continent. 

    The first establishment of these centers will start in Zambia, thus enabling the accessibility of cloud-based solutions for enterprises within the region. These solutions shall duly comply with the necessary regulatory requirements while concurrently ensuring the seamless operation of latency-sensitive business applications.

    As per the statement made by Winston Ritson, the esteemed Chief Operations Officer of Liquid C2, the introduction of Azure Stack within the nation holds significant implications. Through our strategic collaboration with Boston, we are able to guarantee that enterprises adhere to the data sovereignty and compliance regulations set forth by their respective countries. Furthermore, by effectively addressing the ever-growing demand for cloud-based solutions, we are now confident that our customers will experience the same consistent services across the continent”.

    Read also: Liquid intelligent tech empowers Botswana businesses 

    Liquid C2 fosters the setup of Azure clusters

    Boston is well positioned to provide value to clients as the world’s longest-standing provider of Supermicro. Boston’s contributions to the enhancement of Liquid C2 encompassed the design of the solution alongside the seamless integration of both hardware and software components. 

    Additionally, the formation of this partnership will guarantee the direct shipment of units to the designated country, the on-site installation of the kit, and the completion of final testing procedures prior to its operational commencement. Foremost, it is of utmost significance to acknowledge that Liquid C2, together with their esteemed clientele, will also take advantage of the 24/7 next-business-day onsite support.

    The unparalleled service provided by Boston is unrivaled by any other distribution corporation in the region. The solution’s reference architecture makes it simple to reproduce and roll out across multiple locations in Africa.

    Through the implementation of a turnkey solution, Liquid C2 adeptly fosters the setup of Azure clusters for its clientele, thereby ensuring optimal efficiency in the installation process. This cluster solution provides them with a decreased total cost of ownership (TCO) while at the same time expediting their return on investment (ROI) timeframe. This leads to cost reductions for their clients.

    Expediting the process of digital transformation 

    “We don’t drop boxes. Chris Coetzee, the Business Director of Boston IT Solutions South Africa, remarked, “We are passionate about the value we add to customers. We are excited about bringing offerings like these to new territories where there previously was no public cloud available to this scale. This is an incredibly exciting opportunity for every party involved.”

    “By aiding Liquid C2 in establishing connections across a whole continent, Boston will demonstrate its technological prowess in the modeling and deployment of big and complex systems. We are eagerly anticipating the unveiling of the many potentials that will unfold as a result of the improved connectivity transcending borders. Today, we live in the information age, and we want the flow of information to be fast, consistent, and high quality across the world.”

    The investment made by Liquid C2 and Boston exemplifies the unwavering dedication of both entities to expedite the process of digital transformation within the continent through empowering businesses by providing them with a cloud solution that conforms to the regulatory requirements of the respective countries. Significantly, it additionally provides a commendable level of security, lowered latency, and real-time business continuity with flexible adoption models.

  • Iveda, AOI to support smart city developments in Egypt

    Iveda, AOI to support smart city developments in Egypt

    Iveda, a global pioneer in cloud-based Artificial Intelligence (AI) video and sensor technology, has formed a partnership with the Arab Organisation for Industrialization (AOI) to promote and expand smart city initiatives in Egypt.

    The Egyptian Military Intelligence has issued Iveda a security clearance, allowing it to take part in any projects within the country. By working together, Iveda and AOI will be able to more efficiently introduce cutting-edge technology to the EMEA area, where they can be used to meet the needs of governments and industrial contracts.

    Together, AOI’s massive regional need for innovation and Iveda’s worldwide experience in IoT and AI technology and application will be put to use on project prospects in Egypt and throughout the larger EMEA areas.

    According to a Deloitte whitepaper about 5G in smart cities, urbanization is gaining speed around the world, with many countries turning to smart city technologies to cope with the challenges in population and resources and as a new concept in city development for practical futures.

    As part of the Sisi administration’s long-term vision for infrastructure development, Egypt’s government declared last year that they planned to create 38 new smart cities around the nation. Iveda and AOI will work together to help build 13 smart cities across the region and outfit Egypt’s future administrative capital with smart city technology.

    Read also: Apple explores Artificial Intelligence, Introduces Ajax and “Apple GPT”

    Leveraging AI-backed technology 

    A new kind of smart city, known as the 5th Generation Smart City, has emerged as a result of significant technical developments and the advent of 5G networks. 5G is an emerging worldwide wireless standard that will allow for a more powerful network to link nearly anything (machines, objects, and devices) more quickly than ever before. In particular, 5G could foster urban transitions by enhancing residents’ access to services and infrastructure, enhancing cities’ operations and security, and contributing to the closing of digital divides.

    David Ly, CEO and the founder of Iveda stated that “5G is the key to the future of smart cities. At Iveda, we know the best way to support the multitude of devices and sensors needed to achieve true smart city status is through 5G networks. Through our partnership with AOI, we’re able to provide AI-backed technology that has the power to improve services and the overall quality of life for Egypt’s residents.”

    “We look forward to the potential to scale with AOI across the Europe, the Middle East and Africa (EMEA) region, making 5G smart city technology available and accessible to residents throughout these countries.”

    NITDA to initiate Code of Practice on Artificial Intelligence (AI)

    Develop Egypt’s 5th generation smart city sectors.

    By capitalising on AOI’s experience in electronic manufacturing, assembly, logistics, shipping, and regional reach, the partnership will aid in localizing Iveda’s technology for more efficient production and delivery across the area. Iveda and AOI will work together to promote and develop Egypt’s 5G smart cities’ digital transformation, safety and security, infrastructure, smart manufacturing, contracts, technology transfer, smart mobility and transportation, and other 5th generation smart city sectors.

    According to Major General Ahmed Abdel Aziz, on behalf of Major General Mukhtar Abdel Latif, Chairman of AOI, “we are seeing a rapidly increasing demand for innovation that may be applied directly to the development of smart cities and other government initiatives” in the EMEA region. “While AOI has the regional reach and expertise, we require a trusted partner to provide the technological prowess and are honoured to have Iveda take on that role. The company’s expertise in digital transformation and city infrastructure aligns perfectly with our goals and plans to scale 5th generation smart cities in Egypt and beyond.”

    As Iveda expands both domestically and globally, it is making cutting-edge AI and IoT technology more accessible to local governments and affiliate organizations on every continent. This partnership with AOI follows on the heels of Iveda’s recent partner announcements, which include collaborations with Valor Healthcare, Movement Interactive, Evergreen Aviation, and NetGain Systems.

  • Fawry plans to launch digital bank

    Fawry plans to launch digital bank

    The leading supplier of e-payment solutions in Egypt, Fawry, has publicly announced plans to transform its myFawry online payment platform into a full-fledged digital bank by 2023.

    A recent bourse announcement disclosed this game-changing development, marking the beginning of a new era for Egypt’s financial industry.

    Fawry’s innovative digital bank will provide customers with a full suite of banking services, from bill pay and consumer loans to savings accounts and investing opportunities. Fawry’s strategic reorientation has the potential to significantly alter Egypt’s financial system.

    The phenomenal growth in the number of downloads of the myFawry app is evidence of the broad acceptance of Fawry’s digital platforms. A staggering 10.5 million downloads of the app were recorded in the first half of 2023, representing a year-over-year growth rate of 64.5%. In addition, the app-enabled transactions totaled EGP 5.3 billion in the first half of the year, an incredible 89.1 percent increase over EGP 2.8 billion in the same time the previous year.

    The path that Fawry took to achieve financial success mirrors his journey to the forefront of the digital space. According to the company’s financial statements, from January to June of 2023, sales amounted to EGP 1.4 billion, an increase of 42.4 percent year over year.

    Read also: Fawry, Tamatem Plus partner to Improve E-payments in Egypt

    Huge impact on Egypt’s emerging digital financial sector

    Fawry, which launched in 2008, is now Egypt’s go-to online payment platform, serving both the banked and unbanked population segments. In 2021, the company’s market value hit $1 billion, making it a “unicorn.” Fawry’s excellent achievements match the country’s progress towards digital transformation, culminating in its bold plan to turn myFawry into a digital bank.

    Fawry stands as a prominent digital transaction and e-payment platform in Egypt, boasting substantial scale. Its primary focus lies in facilitating bill payments and extending a range of financial services. Notably, Fawry offers payment gateways, e-commerce solutions, and microfinance solutions to both individual consumers and enterprises. This expansive network is supported by a vast agent base exceeding 250,000, operating through diverse channels.

    The Bank of Egypt has been instrumental in advancing Egypt’s move towards a fully digital economy. The nation’s dedication to the digital future is shown by the July issuing of laws for the licensing, registration, control, and supervision of digital banks. 

    Companies like Fawry that operate in the e-payment space have taken notice of the new regulations introduced by the Financial Regulatory Authority on the use of financial technology (fintech) in the non-banking financial sector.

    With this new venture, Fawry will be at the forefront of influencing Egypt’s emerging digital financial sector. Driven by the guiding principle of innovation, Fawry’s visionary outlook resonates as a symbol of advancement and the promotion of financial inclusiveness.

    Fawry partners with Smart Schools for secure tuition payments

    What to know about Fawry 

    Fawry Plus, being the first banking agent duly authorised by the Central Bank of Egypt, offers customers a range of numerous banking and financial services, replete with a plethora of advantageous features. Our foremost objective lies in the optimization of efficiency and convenience, which we diligently accomplish through the establishment and maintenance of an extensive network comprising over 200 branches strategically dispersed across Egypt.

    Aligned with the strategic agenda of the Egyptian government pertaining to the promotion of financial inclusivity, Fawry offers an extensive range of Microfinance solutions tailored specifically for Merchants and Small and Medium Enterprises (SMEs), particularly those who have no access to financial institutions.

    Fawry Consumer Finance goals to provide consumers with top-of-the-line “buy now, pay later” opportunities, which allows for a seamless shopping experience, leveraging innovative technology to empower customers to purchase desired goods and services at their preferred pace and convenience.

    As a licensed insurance brokerage, Fawry Insurance Brokerage (FIB) provides its services to millions of Egyptians lacking proper insurance coverage, allowing them to capitalize on our huge network of retailers. FIB provides broad insurance solutions catering to the needs of SMEs as well as individuals.

  • Microsoft Excel gets Python Integration to boost features

    Microsoft Excel gets Python Integration to boost features

    Microsoft has released a public preview of Python integration into Excel in an effort to improve the program’s data analysis and visualization features. 

    Excel power users may now seamlessly include Python scripts into their spreadsheets without having to rewrite their existing formulae. The news was broken through an official business press release.

    This feature, dubbed “Python in Excel,” will first be made available to Microsoft 365 Insiders via the Excel for Windows beta. Users may combine Excel and Python analytics in one worksheet without any further configuration. When you input Python code into a column, Microsoft’s cloud service handles all of the computations and returns the results to your spreadsheet, complete with plots and visualizations.

    This functionality is the result of a partnership between Microsoft and the Anaconda data science platform. Microsoft has integrated popular Python libraries like Matplotlib and Seaborn for efficient data visualization by using the Anaconda Python distribution hosted on Azure.

    “I am thrilled to announce the integration of Anaconda Distribution for Python into Microsoft Excel – a major breakthrough that will transform the workflow of millions of Excel users around the world.” according to Peter Wang, CEO & co-founder of Anaconda.

    Individuals may try out this feature by signing up for the Microsoft 365 Insider Programme and then switching to the beta channel to get access to the most recent releases of Excel. The procedure may be started by clicking the “insert Python” button on the Formulas tab.

    Read also: Meta, Microsoft, Amazon launches open-source mapping project

    Python in Excel keeps your data private

    The importance of this innovation lies in the fact that it renders unnecessary the use of other programmes like Python for automating tasks in Excel. With Python, users may easily automate Excel processes owing to the language’s natural integration, making it a versatile and useful tool for a wide range of endeavours. Python users had previously been able to interact with Excel files through third-party libraries and pricey Excel add-ons, but this official integration represents a more direct and user-friendly solution.

    Python provides Excel users with access to advanced analytics for data visualization, data cleansing, machine learning, predictive analytics, and more. Within Excel itself, users may now design whole solutions combining Excel and Python. Users may simply use Python in Excel operations by connecting to external data sources using Excel’s built-in connectors and Power Query. All the familiar Excel features may be used with Python in Excel, including formulae, PivotTables, and Excel charts. 

    Using Azure Container Instances and Anaconda’s secure source-built packages sent through a reliable software supply chain, the Python code runs in an isolated container insulated from the hypervisor. Python in Excel protects your data by hiding your identity from the Python code and by opening web-based workbooks in their own isolated containers. Only the built-in xl() Python method can provide data from your workbooks, and only the =PY() Excel function can retrieve the output of the Python code.

    Microsoft, Flutterwave partner on Azure payments platform

    Python in Excel is built for teams

    Python in Excel documents may be safely shared between users. Without the need for extra tools, Python runtimes, or the management of libraries and dependencies, team members may easily interact with and update Excel-based analytics written in Python. Excel allows users to easily work together with others via the use of comments, @ mentions, and co-authoring without changing their workflow or switching to a new application. Workbooks written in Python that have been marked as sensitive will remain in line with your company’s privacy regulations.

    Python in Excel reflects Microsoft’s deep commitment to Python

    Python in Excel was developed via a collaborative effort between many Microsoft groups, including the Excel team, Developer Division, Security team, Azure team, and Research team. Microsoft’s dedication to working with the Python community and improving and expanding access to Python can be seen in this endeavour.

    Python’s founder, BDFL emeritus, and current Microsoft Distinguished Engineer, Guido van Rossum, has contributed to the design of Python in Excel. His thoughts on the Public Preview are as follows:

    “I’m excited that this excellent, tight integration of Python and Excel is now seeing the light of day. I expect that both communities will find interesting new uses in this collaboration, amplifying each partner’s abilities. When I joined Microsoft three years ago, I would not have dreamed this would be possible. The Excel team excels!”

  • TikTok app ban trends on global scene

    TikTok app ban trends on global scene

    TikTok, the renowned application for short video content, which is under the ownership of the Chinese enterprise ByteDance, is currently encountering escalating bans and restrictions on a global scene. In recent months, legislators in the United States, Europe, Canada, and certain parts of Africa have intensified the effort to curtail the accessibility of TikTok, citing concerns pertaining to security.

    In the United States, the imminent prohibition and the recent congressional hearing with the esteemed TikTok CEO, Shou Zi Chew, have garnered significant attention in the media. Across the vast regions of North America, Europe, and Asia, numerous nations have undertaken the implementation of varying degrees of limitations upon the application, primarily driven by apprehensions pertaining to privacy and cybersecurity. These concerns are intricately linked to the parent company of said application, namely ByteDance, which maintains ties with the government of China.

    Prominent international governmental entities, such as the European Commission and NATO, have enacted stringent measures to prohibit their personnel from utilizing the popular social media platform, TikTok, on their official mobile devices. This prohibition has also been adopted by numerous federal administrations worldwide, underscoring the global scale of this restriction.

    Read also: Somalia bans TikTok, Telegram, and 1XBet to maintain morality

    Countries that have invoked partial or total bans on the app includes

    Afghanistan

    According to Bloomberg, in April 2022, the Taliban banned TikTok in Afghanistan on the grounds that its content “was not consistent with Islamic laws.”

    Australia

    The Department of Home Affairs voiced security concerns, and on April 4 Australia barred the software from all federal government-owned smartphones. Mark Dreyfus, the Attorney General, stated that the prohibition would be implemented “as soon as practicable.”

    Belgium

    Government employees in Belgium are no longer allowed to use TikTok on their official smartphones. In an interview with Politico, Prime Minister Alexander De Croo remarked, “We can’t be naive: TikTok is a Chinese company that is currently mandated to cooperate with Chinese intelligence services.”

    Canada

    In February of this year, Canada joined the list of nations that have banned TikTok from all government-issued mobile devices. Treasury Board President Mona Fortier justified the partial prohibition by saying the app posed “an unacceptable level of risk to privacy and security.”

    In her own words, she said “As a precaution, and in keeping with the attitude of our foreign partners, the government has decided to delete and disable TikTok from all government-issued mobile devices. This decision is especially important in light of recent concerns regarding the legislative environment that regulates the information acquired from mobile devices.”

    India

    As of 2020, India has taken action against TikTok, banning it along with 58 other Chinese applications for “[engaging in activities which is prejudicial to sovereignty and integrity of India, defence of India, security of state, and public order.” After a violent border skirmish between Indian and Chinese armed personnel, the government instituted the embargo. India has banned the app more severely than any other nation.

    The Netherlands

    TikTok has not been banned in the Netherlands, but government employees have been instructed not to use the app. A representative for the general affairs ministry told Politico that the proposal is consistent with that of numerous other government service agencies, but that it is being examined less closely in the Netherlands.

    New Zealand

    Parliament in New Zealand has banned the use of TikTok on all government-owned devices, following the lead of numerous European nations who have made similar decisions.

    A government statement said, “This decision has been made based on our own experts’ analysis and following discussion with our colleagues across government and internationally.” This was said by Rafael Gonzalez-Montero, the chief executive of the parliamentary service. In light of this data, the Service has concluded that “the risks are not acceptable in the current environment of the New Zealand Parliament.”

    Senegal bans TikTok for “threatening national stability.”

    Norway

    TikTok was prohibited by the Norwegian Parliament in March, although government employees were allowed to keep using it on their personal devices for corporate use. According to a statement made by Justice Minister Emilie Enger Mehl, “The Norwegian intelligence services single out Russia and China as the main risk factors for Norway’s security interests.” Even before the restriction, Mehl faced criticism for using TikTok on her work phone.

    Somalia

    Concerned about the spread of terrorist propaganda, Somalia banned TikTok on August 2023. The government has claimed that terrorist organizations are using social media sites like TikTok and Telegram to disseminate “horrific images and misinformation to the public.”

  • Kenya authorities approve Moniepoint’s acquisition of Kopo Kopo

    Kenya authorities approve Moniepoint’s acquisition of Kopo Kopo

    The Competition Authority of Kenya (CA) has approved the acquisition of Kopo Kopo, a Kenyan firm that offers payment services and business lending, by Moniepoint Inc., a fintech company that focuses on providing financial solutions for businesses.

    This recent development signifies a momentous advancement for Moniepoint, known as TeamApt, as it tactically extends its presence into the Kenyan market while effectively implementing its overarching continental expansion strategy. 

    Through the integration of Kopo Kopo’s profound expertise and robust infrastructure, Moniepoint possesses the unique opportunity to harness its pre-existing technological platforms, thereby facilitating the provision of elevated business payment solutions to enterprises in Kenya.

    The strategic move to penetrate the Kenyan market is in perfect harmony with Moniepoint’s overarching aspiration to establish itself as a preeminent financial technology enterprise across the African continent.

    The decision made by the CA is predicated upon a meticulous evaluation and analysis of the prospective ramifications that the acquisition shall engender upon the competitive landscape within the Kenyan market.

    The regulatory authority diligently ensures that the proposed merger does not engender any anti-competitive behaviours or impede the principles of fair competition. Upon the attainment of the requisite approval, both Moniepoint and Kopo Kopo shall be enabled to advance their objectives of integration and market expansion.

    Read also: Moniepoint expands frontiers to retail banking

    A formidable synergy capable of propelling innovation 

    According to the announcement from the Competition Authority of Kenya (CA), “the proposed deal entails the purchase of 100% shares of Kopo Kopo Inc by Moniepoint Inc, unconditionally. The regulatory authority placed significant emphasis on the thorough evaluation of the transaction, ensuring that it does not have any detrimental impact on competition within the digital credit market. Furthermore, the regulatory authority expresses unwavering confidence that the acquisition in question shall not engender any adverse implications for the public interest.”

    The expansion of Moniepoint into Kenya will be advantageous for both the firm and the surrounding business community. Moniepoint’s cutting-edge banking innovations will remove barriers to entry for contemporary payment systems for small and medium-sized enterprises (SMEs) in Kenya. This, in its essence, shall make a substantial contribution towards the growth and advancement of indigenous enterprises, thereby cultivating an ecosystem of economic affluence within the region.

    According to Tosin Eniolorunda, Group CEO, Moniepoint Inc., on the approval, “We have a publicly stated interest in Kenya as part of our mission to provide financial happiness for people across Africa. We are elated to announce that we have successfully attained regulatory approval for our strategic endeavours aimed at bestowing financial contentment upon the citizens of Kenya. We eagerly anticipate advancing this transaction with great enthusiasm and determination. “A further update will be given when appropriate.”

    Providing all-encompassing financial services 

    Once the transaction is complete, Moniepoint and Kopo Kopo will concentrate on merging their separate business processes and technological platforms. The integration of Moniepoint’s proficiency in financial technology solutions and Kopo Kopo’s astute understanding of the local market will engender a formidable synergy capable of propelling innovation and fostering customer-centric services in the Kenyan landscape.

    Moniepoint plans to allocate resources towards fortifying the preexisting infrastructure of Kopo Kopo, with the aim of achieving a seamless integration of their respective platforms. This investment will entail an enhancement of the payment and credit facilities provided by Kopo Kopo, capitalizing on the technological expertise of Moniepoint. The integration of the collective resources and expertise possessed by both entities will enable the provision of all-encompassing and highly proficient financial services to enterprises throughout the nation of Kenya.

    Moniepoint launches loans to help African businesses grow

    What to know about the firms

    Tosin Eniolorunda and Felix Ike launched their Nigeria-based payments, banking, and operations platform, Moniepoint Inc., in 2015. To further its expansion into the personal banking industry in Nigeria, it has just lately released a Consumer app and debit cards.

    Kopo Kopo was founded in 2010 by Ben Lyon and Dylan Higgins, and since then, it has secured over USD 5 M from prominent investors in order to establish a foothold in the mobile money-dominated digital payments market of Kenya. Small businesses may accept payments from their clientele using the company’s mobile money services.

  • Patricia converts customers balances to native tokens

    Patricia converts customers balances to native tokens

    The renowned Nigerian cryptocurrency exchange, Patricia, has made a momentous declaration regarding the introduction of its very own indigenous token, aptly named the Patricia token (PTK). The indigenous token, purportedly a stablecoin with a fixed value tied to the US dollar ($1 = 1PTK), will replace the existing bitcoin (BTC) and naira balances of customers.

    Within the corporate declaration shared on X (previously known as Twitter), it was expounded that the exchange’s operational activities shall be transitioned to a novel platform named Patricia Plus application.

    This statement follows the company’s declaration of being subjected to a breach, resulting in the tragic depletion of financial resources. Although it has been explicitly stated that no customer funds have been impacted, users of the platform have actually encountered an inability to access their funds since the month of April.

    The pronouncement made by Patricia has elicited speculation that insinuate the possibility of the organisation orchestrating an exit scam, thereby abandoning clients who find themselves in a predicament where their funds are ensnared within the confines of the platform, rendering them stranded.

    Read also: Patricia partners with Deimos to strengthen asset protections

    Discussing about Native tokens

    Native tokens are digital assets that possess an inherent connection to a specific cryptocurrency exchange. Illustrative instances encompass Binance’s BNB, Quidax’s QDX, Bundle’s BDX, and FTX’s FTT.

    What could be the rationale behind Patricia’s decision to initiate the launch of a native token?

    Cryptocurrency exchanges have initiated the introduction of native tokens for a multitude of purposes, including the provision of incentives to users as a means to stimulate trading activities, a boost of liquidity levels, the promotion of communal ownership of the exchange, and the utilization of such tokens as a strategic approach for fundraising plans, among various other rationales.

    Based on Patricia’s recent financial predicaments, one can deduce that the inception of the native token was orchestrated as a strategic measure for raising funds.

    As per the Founder of Hyperspace Technologies, Oluseyi Akindeinde, the strategic deployment of native tokens serves as a viable mechanism for procuring financial resources for numerous exchanges. Upon the initiation of these tokens, the exchange duly retains a substantial portion of said tokens, thereby signifying that in the event of a surge in token value, the company stands to accrue a greater monetary gain.

    Tradefada’s CEO invests in controversial crypto, Patricia

    What to watch out for with the token launch

    The token is not yet listed on any cryptocurrency exchanges.

    No major cryptocurrency databases like CoinMarketCap or Coingecko list the token. These aggregators compile data on a token, including its market price, the total amount of tokens in circulation, the contract address, and the blockchain on which it was first issued.

    Akindeinde, however, noted that it would take some time for freshly released coins to be included on aggregators.

    It’s not on any public blockchain at this time.

    PTK is not supported by major blockchains where trading platforms are releasing their own coins. For example, PayPal’s freshly released stablecoin, PYUSD, may be found on the Ethereum blockchain, where it was introduced.

    According to a person with knowledge of the situation, Patricia’s token has not yet been released and will only be used to record debt on her books.

    Balance conversion without user permission

    Patricia said on X that it would transfer all outstanding funds to PTK. Customers weren’t consulted beforehand, and now they’re worried they won’t be able to convert their tokens into dollars or other cryptocurrencies.

    If consumers are able to withdraw funds, a spike in withdrawals will prompt PTK to de-peg, leaving customers who were unable to withdraw funds stuck.

  • AIIM, others invest $90 million in new Pan-African data center

    AIIM, others invest $90 million in new Pan-African data center

    N+ONE DATACENTERS (N+ONE), an African data center owner and operator, and African infrastructure private equity manager, African Infrastructure Investment Managers (AIIM), are partnering up to build a new Pan-African data center and cloud services platform with an initial target capacity of 40 MW.

    African Infrastructure Investment Managers (AIIM) is providing an initial USD 90 million of growth equity via its newest pan-African infrastructure fund, African Infrastructure Investment Fund 4. N+ONE will provide its current market-leading portfolio of digital infrastructure assets and extended products in Morocco.

    The platform will cater to business, government, and hyperscale clients all across the continent by concentrating on the construction of carrier-neutral hyperscale and wholesale facilities. The collaboration with AIIM allows N+ONE to extend its current campuses in Morocco and Senegal while also building new hyperscale sites in response to client demand.

    Key factors in the formation of the alliance included AIIM’s extensive infrastructure investment track record in Africa, with multiple digital infrastructure investments across the telecommunications towers, data centre, and fibre sub-sectors, and an active asset management strategy to support high-performing management teams. 

    Read also: Africa Data Centre constructs largest Data facility in West Africa

    Strengthens its role as a key driving force

    The rollout of the platform and the building of greenfield data centre infrastructure throughout West Africa will be supported by the $90 million growth equity commitment via AIIM’s next generation infrastructure fund, AIIF4. The investment will be used to expand AIIM’s existing digital infrastructure assets and hasten the continent’s digitalization.

    Currently, South Africa accounts for the vast bulk of Africa’s more than 300MW of IT installed load. The onshoring of data into the continent is inevitable given the exponential expansion in data output and consumption, as well as the rising emphasis on data sovereignty. A substantial investment will be required to meet the rising need for data centers, which is predicted to exceed 1GW by 2030, thereby supporting the continent’s digital economy’s growth potential.

    N+ONE acknowledges the critical importance of digital infrastructure in facilitating digital transformation, encouraging innovation, and fueling economic expansion. N+ONE’s goal is to strengthen its role as the key driving force in shaping Africa’s digital future by leveraging its in-depth knowledge of the African market.

    2Africa lands first African undersea cable in Mozambique

    Bolstering the growth of indigenous enterprises

    Amine Kandil, CEO and Founder of N+ONE, said, “We are thrilled to introduce our collaboration to the African market.” “Our vison is to deliver regionally interconnected hyperscale data centers, built and operated to highest industry standards. This launch is a big step towards fulfilling that dream.

    Investment Director at AIIM Moritz Breickmann said, “N+ONE is an exciting success story having built market-leading facilities in Morocco and demonstrating its ability to meet customer needs with its comprehensive portfolio of products and services.” “With this partnership, we are seeking to replicate N+ONE’s success in new markets by building a pan-African data center platform that provides customers with trusted solutions across several countries and addresses the increasing demand for data storage and processing on the continent.”

    The goal of the combined platform is to close the digital infrastructure gap in Africa by bolstering the growth of indigenous enterprises and facilitating the spread of multinational corporations throughout the continent. The efforts of AIIM and N+ONE to close Africa’s digital divide are indicative of their determination to help Africa realize its full digital economic potential.

    This is the sixth investment from AIIM’s AIIF4 fund, which is a theme investor looking for development prospects in the areas of digital infrastructure, energy transformation, and mobility and logistics.

  • VitruvianMD secures $1.25 million for biomedical engineering

    VitruvianMD secures $1.25 million for biomedical engineering

    VitruvianMD, a pioneering MedTech startup, has recently secured a substantial amount of $1.25 million (equivalent to approximately R23 million) in their Seed Extension II funding round. 

    The allocation of funds was led by 27four’s influential venture capital fund, The Nebula Fund, symbolizing a significant milestone for the company as it propels its groundbreaking technology forward. 

    By merging the disciplines of biomedical engineering and cutting-edge artificial intelligence (AI), VitruvianMD is effectuating a transformative impact on the domain of medical laboratories, thereby enhancing their accessibility.

    VitruvianMD’s revolutionary technology centers around a sophisticated modular camera that seamlessly affixes to a wide array of microscopes, all while being propelled by cutting-edge artificial intelligence algorithms. This innovative technology facilitates the seamless transition of laboratories into a digital pathology framework. 

    In a global landscape plagued by a shortage of diagnosticians, particularly in regions like Sub-Saharan Africa where the ratio of pathologists to the population is concerning, the solutions offered by VitruvianMD possess the capacity to establish novel standards.

    The pioneering methodology employed by VitruvianMD effectively tackles a significant quandary: the dearth of medical practitioners. The innovative solutions offered by the company possess the capacity to enhance accessibility to laboratories and their life-preserving capabilities in Sub-Saharan Africa. 

    Read also: Yunga, FlexiGyn win 2023 Africa prize for Engineering

    Unlocking Collaborative Potential

    This region currently suffers from a woefully inadequate pathologist-to-population ratio, standing at a mere one pathologist for every one million individuals, which is a mere fraction of the recommended threshold set forth by the esteemed World Health Organisation.

    VitruvianMD eliminates geographical boundaries and reduces potentially life-threatening delays in diagnosis by merging their camera technology with user-friendly software in a way never before seen in the medical field. In addition, its AI platform allows doctors of varied levels of experience to analyse samples with more accuracy, speed up tests with greater consistency, and reduce mistakes.

    A Revolutionary Effect

    Significant inroads have been made by VitruvianMD’s AI technology in vital areas of medical. Haematologists use it to identify and categorise subsets of white blood cells. Screening for cervical cancer has become easier and more accurate with this advancement in histopathology. VitruvianMD is the first company to develop an AI-driven tool for assessing sperm quality for assisted reproduction, demonstrating the technology’s far-reaching impact on many facets of life. This new method not only determines whether sperm are viable, but also helps doctors choose the best ones to use when fertilising eggs.

    “Tishanya Naidoo, Venture Capital Principal at 27four Investment Managers, emphasised how this groundbreaking technology seamlessly aligns with the Nebula Fund’s investment principles and standards,” Naidoo stated. The Nebula Fund, which was established in May 2023, has quickly acquired popularity due to its policy of giving top priority to investments in firms with rapid revenue growth and solid financial footing. The fund works in tandem with the Department of Science and Innovation to fill financing shortages for innovations and speed up the process of commercialising new technologies.

    Fostering Disruptive Capability

    Naidoo elaborated on the Nebula Fund’s strict investment criteria, which centre around identifying ventures showcasing disruptive potential, business-to-business solutions, proprietary intellectual property, rapid scalability across extensive markets, and resilient founding teams with industry-specific expertise. The fund puts a premium on making a noticeable difference in people’s lives.

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    Alternative Viewpoints

    Naidoo emphasised the Nebula Fund’s ultimate objective of broadening its portfolio, despite the first investments’ focus on the healthcare sector. The fund will invest in SMEs providing revolutionary technology with the potential to significantly enhance people’s daily lives. The Nebula Fund is poised to make an impact on the landscape of impact-oriented businesses thanks to Naidoo’s leadership and the knowledge of 27four’s seasoned private markets team. Nebula Fund invests in early-stage companies that employ technology and creativity to solve societal concerns across industries, building on 27four’s record of strong returns and investments with a social impact.

  • Kaspersky provides threat intelligence to INTERPOL to curb cybercrime

    Kaspersky provides threat intelligence to INTERPOL to curb cybercrime

    In its Africa Cyber Surge II operation, Kaspersky provided threat intelligence data to INTERPOL, helping authorities find cybercrime hotspots and secure evidence against those responsible for online crimes throughout the continent. 

    More than $40 million in damages were traced to the underlying network infrastructure, and 14 suspects were apprehended as a result of the investigation.

    Multi-stakeholder operation Africa Cyber Surge is ongoing with the goal of protecting communities from cybercrime. From July to November 2022, Kaspersky participated in the first phase of the Africa Cyber Surge operation, which included a number of operational and investigative actions directed against the threat actors responsible for cybercrimes in the African area.

    The Africa Cyber Surge II operation began in April 2023 and lasted for a total of four months across 25 different African nations. Under the guidance of the INTERPOL Africa Cybercrime Operations desk and the INTERPOL Support Programme for the African Union (ISPA), the action was taken in connection to AFRIPOL. The German Federal Foreign Office, the Council of Europe, and the United Kingdom’s Foreign Commonwealth and Development Office also provided assistance.

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    Contributing to minimizing the effect of cybercrime 

    Kaspersky is one of INTERPOL’s commercial sector partners that has shared indications of compromise (IoCs) with the organisation. These IoCs include malicious command and control servers, phishing URLs and domains, and scam IPs. Since then, INTERPOL has facilitated communication and coordination between law enforcement agencies throughout Africa, making it easier to track down and apprehend those responsible for cyber extortion, phishing, corporate email compromise, and other forms of online fraud.

    As a result of the Africa Cyber Surge II operation, member nations’ cybercrime departments have been fortified, and cooperation with key stakeholders including Computer Emergency Response teams (CERTs) and Internet Service Providers (ISPs) has been bolstered. Secretary General of INTERPOL Jürgen Stock said that this will “further contribute” to minimizing the global effect of cybercrime and safeguarding local communities.

    Kaspersky’s Public Affairs Director, Yuliya Shlychkova, said, “In its mission to build a safer digital world, Kaspersky has been giving due credit to the importance of multilateral cooperation, involving the private sector, international law enforcement, and national authorities.” To guarantee African nations may reach its great potential without interference and respect for cybercrimes, “only by harnessing the power of effective private-public partnership can we give an impetus to the further strengthening of the cybersecurity industry in the African region.”

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    Operations like the Cyber Surge are vital 

    “As digital systems, ICTs, and AI become more pervasive, it is critical that public and commercial actors collaborate to safeguard these innovations against abuse by cybercriminals. According to Ambassador Jalel Chelba, the Acting Executive Director of AFRIPOL, “coordinated operations like Cyber Surge are necessary to disrupt criminal networks and build individual, organisational, and societal levels of protection.”

    Kaspersky and INTERPOL have an agreement in place to share data and work together for the next five years. The deal also calls for Kaspersky to assist INTERPOL with human resources support and training. Since the agreement was signed, Kaspersky and INTERPOL have maintained a good pace of collaborative operations targeted at combatting cybercrime and awareness-raising campaigns to assist people become more aware of modern-day cyber threats.