TechPression

Tag: Crypto

  • Ripple to acquire crypto broker Hidden Road in $1.25 billion deal

    Ripple to acquire crypto broker Hidden Road in $1.25 billion deal

    On Tuesday, Ripple, the blockchain-based payments network, announced its decision to acquire the crypto-friendly prime broker, Hidden Road.

    The deal, valued at $1.25 billion, reflects Ripple’s goal to draw in big financial institutions by integrating a wider range of services.

    Strategic expansion in a maturing market

    According to the announcement, the acquisition agreement involves a combination of mostly cash, an allocation of XRP tokens, and stock. Ripple’s CEO, Brad Garlinghouse, emphasised the rationale behind the acquisition, stating to Fortune, “Ripple needs to make sure we have the infrastructure in place to appeal and expand to a larger segment of the biggest bulge bracket institutions.”

    Read also: Kenya moves to regulate cryptocurrency with new virtual assets bill

    The acquisition of Hidden Road is anticipated to close in the coming months, pending the necessary regulatory approvals. As part of the agreement, Ripple has agreed to inject billions of dollars of capital to provide immediate scale and satisfy the demand for Hidden Road’s prime brokerage.

    Garlinghouse further noted the opportune timing of the acquisition, stating the shifting regulatory environment in the U.S. He stated, “We are at an inflection point for the next phase of digital asset adoption — the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance.”

    However, Hidden Road’s primary offerings encompass cryptocurrencies and foreign exchange, placing it in a competitive space alongside platforms like Coinbase Prime and FalconX. The company reportedly facilitated the transfer of $3 trillion worth of funds in 2024 and completed a $50 million Series A funding round in 2022 with backing from notable investors such as Castle Island Ventures, Coinbase Ventures, and Citadel Securities.

    Leveraging synergies and future plans

    Meanwhile, Ripple’s president, Monica Long, speaking earlier at the Paris Blockchain Week 2025, indicated that the company’s current focus leans towards mergers and acquisitions rather than an immediate initial public offering (IPO).

    Read also: Ripple launches blockchain-based drought relief program in Kenya

    She explained, “I think an IPO makes more sense for a company where you’re looking for more liquidity, and that’s not our constraint to growth right now. We are more focused on growing the business as a private company and M&As organically.”

    Lastly, Hidden Road’s founder and CEO, Marc Asch, expressed optimism about the company’s future growth under Ripple’s ownership.

    He stated, “With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes.”

  • Hong Kong approves staking services for licensed crypto platforms and ETFs

    Hong Kong approves staking services for licensed crypto platforms and ETFs

    Hong Kong’s Securities and Futures Commission (SFC) has introduced new regulations permitting licensed crypto exchanges and exchange-traded funds (ETFs) to offer staking services.

    The move, which was announced on April 7, aims to enhance the city’s position as a digital asset hub while ensuring investor protection and confidence.

    Read also: RedotPay raises $40 million to expand crypto payment ecosystem

    Strict controls and transparency are required

    Staking allows crypto holders to earn passive income by locking up their assets to support blockchain networks, particularly those using Proof-of-Stake (PoS) systems like Ethereum. The SFC emphasized that staking provides yield opportunities and enhances network security.

    Under the new rules, Virtual Asset Trading Platforms (VATPs) must maintain complete control over clients’ staked assets and cannot outsource staking to third parties without regulatory approval. Also, they must disclose risks, including potential hacking, validator failures, and lock-up periods.

    SFC CEO Julia Leung stated, “Broadening the suite of regulated services and products is crucial to sustain the healthy advancement of Hong Kong’s virtual asset ecosystem. But the broadening must be done in a regulated environment where the safety of client virtual assets continues to be front and center.”

    For ETFs, staking is permitted only through licensed platforms or authorised institutions with strict liquidity risk controls. Fund managers must further disclose staking-related risks and returns to investors.

    Read also: Hong Kong attracts tech talents from Nigeria, other countries with new visa scheme

    A contrast to global approaches

    Hong Kong’s approach differs from rivals like Singapore, which banned retail staking in 2023, and the U.S., where regulators have taken a restrictive approach. The SFC’s move aligns with its “Asset and Wealth Management, Sustainable Finance, Private Markets, and Real Economy (ASPIRe)” roadmap, which seeks to expand regulated crypto services while maintaining robust oversight.

    The decision comes as global competition for crypto dominance heats up, with Hong Kong positioning itself as a leader in institutional-grade digital asset services.

    “We have noted investors’ demand for staking services and the potential for staking activities to contribute to the security of the blockchain network,” the SFC added.

    The new rules take immediate effect, marking another step in Hong Kong’s push to become a crypto-friendly financial hub.

  • Binance taps Apple Pay, Google Pay for easier crypto purchases

    Binance taps Apple Pay, Google Pay for easier crypto purchases

    On Monday, Binance, the world’s largest cryptocurrency exchange, announced an expansion of its fiat gateway, which will enable users to seamlessly purchase cryptocurrencies using widely adopted mobile payment solutions like Apple Pay and Google Pay.

    The integration is made possible through a strategic collaboration with the global payments processing giant, Worldpay.

    Read also: Binance Wallet to host 8th exclusive token generation event with StakeStone

    Binance reveals in latest press release

    According to a statement issued by Binance, the incorporation of Apple Pay and Google Pay for cryptocurrency purchases through credit and debit cards signifies more than just a technological advancement. It embodies their dedication to meeting users where they are, bringing web3 to them on their own terms.

    The exchange noted the importance of this integration in regions where traditional credit card usage may be limited, yet mobile phone penetration remains high. Binance stated, “By supporting the most widely adopted digital wallets, Binance enables new users to explore digital assets using tools they already trust.”

    Recall that in 2022, the company attempted to integrate Apple Pay and Google Pay. However, that earlier endeavor encountered certain technological and geographical constraints.

    Meanwhile, the partnership will represent a further step for Worldpay in solidifying its presence within the growing cryptocurrency sector.

    Sanchit Mohl, Head of Web3 and Crypto for Worldpay in the Asia-Pacific region, articulated the company’s vision to “be part of the ecosystem from the ground up.” Notably, in 2024, Worldpay processed $1.3 billion in stablecoin transactions, although this still constitutes a relatively small fraction of its overall annual transaction volume, which reached $2.3 trillion.

    Read also: Binance suspends employee for insider trading, awards whistleblowers $100,000

    Fiat as a crucial on-ramp

    The integration of these popular digital wallets aligns with the increasing global preference for such payment methods, which, in many regions, serve as the primary point of access to financial services. Nabil Manji, Head of Fintech Growth at Worldpay, emphasized this point, stating, “That’s what makes Binance’s integration so powerful — it enables users to explore crypto with the same ease and confidence they associate with trusted e-commerce experiences.”

    Furthermore, Binance has been actively expanding its fiat capabilities, launching 18 new fiat channels in 2024 for retail and institutional clients. These channels encompass various options, including traditional bank transfers, card networks, mobile wallets, and regional payment providers.

    This focus on expanding fiat options has yielded positive results for Binance, attracting new users and fostering user retention. The exchange reported that over 60 percent of active fiat and P2P users in 2024 completed repeat transactions, indicating a positive and effective user experience. By the end of the previous year, Binance users could access cryptocurrencies using over 1,000 different payment methods spanning more than 125 fiat currencies.

    Furthermore, Binance has focused on geographic expansion, launching services in over 20 new countries, including nine countries across West and Central Africa.

  • How Web3 transcends crypto to solve real-world problems – Vincent Li

    How Web3 transcends crypto to solve real-world problems – Vincent Li

    Web3 is transforming both global systems and local realities, enabling new ways to own, trade, and build trust through decentralised technologies. From tokenized real estate to inclusive digital finance, it is a tool for real-world change. 

    Vincent Li, a Founding Partner at Adaverse, is at the forefront of this shift. An investor, builder, and former NASDAQ-listed media entrepreneur, Li has backed over 60 Web3 startups across 13 countries, including 40 in Africa. In this interview with Techpression, he unpacks how Web3 is reshaping industries and why Africa is poised to lead its next evolution.

    What is Web3, and why does it matter?

    Web3 is fundamentally about creating a more decentralised internet where users have greater ownership and control. Having grown up with Web1 and started my career in Web2 as a product manager, I’ve witnessed the internet’s evolution firsthand. Web3 leverages blockchain technology to build trust and transparency into digital interactions, allowing for direct peer-to-peer transactions without intermediaries. It matters because it addresses many limitations of our current internet infrastructure, particularly in areas requiring trust, transparency, and user ownership.

    One of the most exciting parts of Web3 is how it’s bringing real-world asset tokenization onto the blockchain. What kind of impact is this having on industries globally?

    Real-world asset tokenization is revolutionising how we represent, transfer, and manage value. It’s essentially bringing physical assets onto the blockchain, making them more accessible, divisible, and liquid. In Saudi Arabia, for example, we’re seeing promising applications in sectors like real estate and finance. 

    Read Also: Bridging gaps and driving innovation: Highlights from Tech Unite Africa 2025

    At Adaverse, we’ve invested in companies like House Africa, which is transforming land registration in Nigeria by implementing Web3 technology, moving directly from paper records to digital on-chain verification. This demonstrates how tokenization can solve real problems like property verification and ownership disputes.

    We often hear about blockchain and crypto, but what are some real, tangible use cases of Web3 you’ve seen so far?

    Beyond cryptocurrencies, we’re seeing meaningful applications across multiple sectors. In the Middle East, we recently invested in Takadao, which uses blockchain to provide secure and efficient halal insurance and financial services globally. Another example is Grintafy, a sports tech company we’re supporting in its Web3 transformation to enhance user experiences through blockchain technology. These companies are solving tangible problems rather than simply riding the blockchain hype.

    There’s a lot of noise in the Web3 space. In your view, how can we tell the difference between projects that are truly innovative and those that are hyped? 

    I believe the key is focusing on solutions that address real-world problems. At Adaverse, we prioritise founders who leverage blockchain and Web3 technologies to tackle genuine challenges. It’s important to distinguish between blockchain technology with its problem-solving applications and potential misuses like cryptocurrency speculation. As Chris Dixon explains perfectly, it’s the difference between “the computer and the casino.” The most promising projects are those creating actual utility rather than just speculative value.

    Let’s shift to Africa now. There’s so much potential here. How can Web3 really make a difference for unbanked and underbanked communities across the continent?

    Africa presents unique leapfrogging opportunities, similar to how the continent bypassed laptops for widespread smartphone adoption. Web3 can provide financial services to those excluded from traditional banking through digital wallets, microloans, and peer-to-peer transactions. For example, Mithu App addresses challenges in the loyalty program market, where customers struggle to manage multiple programs, leading to billions in expired points annually. Similarly, UmrahCash simplifies currency exchange and money transfers for migrant workers and religious visitors, providing a secure and transparent platform that bypasses costly informal networks.

    You’ve backed over 40 African Web3 startups. Can you share some success stories of African startups integrating Web3?

    House Africa stands out as a prime example, revolutionising land registration in Nigeria by implementing Web3 technology. They’re moving directly from paper records to digital on-chain verification, solving the persistent problem of land disputes and ownership verification. Through Adaverse, we’ve invested in approximately 40 African Web3 startups across the continent, many of which are creating innovative solutions in sectors like finance, agriculture, and identity verification. These startups are demonstrating how blockchain can address uniquely African challenges.

    But even with all this innovation, digital literacy and internet access remain a challenge. How are you and your team helping address this gap? 

    This remains a significant challenge, but we’re tackling it through education, community building, and strategic investments.

    In the past, we made many efforts as Adaverse – we launched Startup School, a program designed for African entrepreneurs, featuring weekly educational webinars led by industry experts. We also created the BuildUp Africa podcast to spotlight innovative Web3 solutions and bridge the knowledge gap for young entrepreneurs. 

    Read Also: Binance Wallet to host 8th exclusive token generation event with StakeStone

    Eventually we decided it was more strategic to focus our resources on venture building, so we paused the podcasts, for example; however, our commitment to education remains strong. Today, we actively support dozens of startups in growing their communities and are investors in  Nodo a key player driving digital education forward.

    Bridging this gap requires a collective effort, and we’re dedicated to playing our part in shaping a more inclusive digital future.

    Looking ahead, what’s your vision for Africa if it fully embraces Web3 in the next few years?

    I envision Africa becoming a global leader in practical Web3 applications. The continent has already demonstrated its ability to leapfrog outdated technologies, and I believe we’ll see similar patterns with Web3 adoption. In the next three to five years, I anticipate significant progress in mass adoption of Web3 technologies across finance, payments, retail, and entertainment. With the right support and regulatory frameworks, Africa could develop unique blockchain-based solutions that address its specific challenges while creating new economic opportunities.

  • Crypto prices and stocks slump over Trump’s new trade taxes

    Crypto prices and stocks slump over Trump’s new trade taxes

    On Thursday, cryptocurrency prices and related stocks fell sharply after U.S. President Donald Trump announced new taxes on imports, sparking concern in global markets.

    Fearing a potential trade war, investors sold off risky assets, including Bitcoin and tech stocks.

    Read also: Elon Musk denies U.S. government plans to adopt Dogecoin

    Major declines across the crypto market

    Coinbase, a popular crypto exchange, dropped nearly eight percent, while MicroStrategy, a big Bitcoin investor, fell over five percent. Bitcoin mining companies like Marathon Digital and Riot Platforms also saw losses between five percent and nine percent. Bitcoin itself fell almost four percent, and Ethereum dropped more than five percent.

    Experts say the drop shows that crypto is now reacting more to big economic changes. “Crypto moves with global markets, just like stocks,” said David Hernandez from 21Shares. “When investors get nervous, they sell risky assets like Bitcoin.”

    Despite the drop, some believe crypto could recover faster than stocks. “Bitcoin is still holding strong at key price levels,” Hernandez added. Others think trade wars might actually help crypto in the long run.

    “Higher taxes on trade could weaken the U.S. dollar,” said Marcin Kazmierczak of RedStone. “If people lose trust in traditional money, they may turn to Bitcoin as an alternative.”

    For now, markets remain shaky. But if things calm down, crypto could see a quick rebound as investors look for bargains.

    Read also: Trump pledges to make U.S. the world’s crypto capital

    Key facts about the stock market

    The stock market is where investors buy and sell publicly traded company shares. It plays a key role in the economy, allowing businesses to raise capital and individuals to invest for potential profit.

    Stock prices change based on company performance, economic conditions, and investor sentiment. Major markets include the New York Stock Exchange (NYSE) and Nasdaq. Factors like interest rates, inflation, and global events can impact stock movements.

    While investing in stocks offers growth opportunities, it also carries risks. Many investors diversify their portfolios to manage risk and maximise returns over time.

  • Coinbase in talks to acquire crypto derivatives giant Deribit in $4 billion deal

    Coinbase in talks to acquire crypto derivatives giant Deribit in $4 billion deal

    Coinbase Global Inc. is reportedly negotiating to acquire Deribit, one of the world’s leading cryptocurrency derivatives exchanges, in a deal that could reshape the crypto trading system.

    According to Bloomberg, the companies have informed regulators in Dubai, where Deribit holds a licence, about the ongoing discussions. No final agreement has been reached for now, but a potential acquisition could value Deribit between $4 billion and $5 billion, as Bloomberg reported in January.

    Read also: Coinbase, Onboard Global expand crypto in Nigeria

    Expanding derivatives market presence

    Deribit, founded in 2016 in the Netherlands, dominates the Bitcoin and Ether options market, with total trading volumes reaching nearly $1.2 trillion in 2024. The exchange offers options, futures, and spot trading, making it a major player in the derivatives sector.

    The U.S.-based crypto exchange, known primarily for its spot trading platform, has expanded its derivatives offerings, including the launch of international derivatives trading in 2023 through its Bermuda-based entity. Thus, acquiring Deribit will be a strategic push into the company’s highly lucrative derivatives market.

    As a result, the crypto derivatives market is witnessing a surge in activity, with competitors making strategic moves. Earlier this week, Kraken, another major U.S. exchange, announced its acquisition of NinjaTrader for $1.5 billion, allowing it to offer crypto futures and derivatives to U.S. customers for the first time.

    As interest in the derivatives market grows, securing a dominant position in this sector has become a priority for exchanges and investors. Coinbase’s potential acquisition of Deribit could enhance its ability to compete with platforms like Kraken and CME Group, which reported a 300 percent year-over-year increase in daily crypto derivatives trading volume in early 2024.

    While Bloomberg reports that discussions are advanced, the deal is not specific to be finalised.

    Read also: African women in crypto: Binance champions financial inclusion

    Derivatives in cryptocurrency

    Derivatives in crypto are financial contracts whose value is derived from the price of an underlying cryptocurrency, such as Bitcoin (BTC) or Ethereum (ETH).

    These instruments allow traders to speculate on cryptocurrencies’ future price movements or hedge against potential risks without owning the actual asset.

    The most common types of crypto derivatives include futures, options, and perpetual swaps.

  • Malaysian authorities warn against crypto investment scams

    Malaysian authorities warn against crypto investment scams

    Malaysian authorities have raised concerns over the growing rate of cryptocurrency investment scams targeting professionals and senior citizens in the country and beyond.

    On Monday, the Bukit Aman Commercial Crime Investigation Department (CCID) urged the public to exercise caution when dealing with digital currency-related investments. Datuk Seri Ramli Mohamed Yoosuf, who is the director of the CCID, noted that scammers are preying on individuals manipulated by promises of high returns.

    “Some victims believe that purchasing multiple cryptocurrency coins, each valued at hundreds of thousands of ringgit, will guarantee profits. However, in reality, no investment takes place—it is purely a scam,” he warned.

    Read also: Swiss-based Centi partners with Yellow Card for seamless, low-cost transfers to 20 African nations

    Financial institutions and senior citizens are at high risk

    According to Ramli, senior citizens, especially those over 60, are particularly vulnerable. Many victims use their life savings or take out loans in hopes of lucrative returns, only to end up losing substantial amounts. He cited a recent case where a 74-year-old individual lost tens of millions of ringgit after falling for a fraudulent scheme.

    The government officials further noted increased scammers impersonating financial institutions, regulators, and law enforcement to gain victims’ trust. Ramli emphasised that legitimate agencies do not engage in multi-step phone calls that claim to connect victims to various departments.

    “There’s no such thing as a call that starts with a courier company, then connects to the police, the bank, and an audit department—all in one conversation,” he clarified.

    Read also: Moroccan government warns citizens as fraudsters impersonate Prime Minister to promote fake crypto

    Rising tech-enabled scams

    The rise in digital currency fraud is attributed to rapid technological advancements, with scammers leveraging artificial intelligence (AI) and deepfake technology to appear more convincing. These crimes are most prevalent in highly populated regions such as Selangor, Kuala Lumpur, and Penang, where fraudulent operations often take place from rented luxury apartments.

    Despite these challenges, Malaysian authorities have made notable strides in combating financial fraud. “Last year, we carried out 23,000 arrests linked to scam syndicates, which is a major achievement in our fight against financial crime,” Ramli stated.

    Authorities continue to urge Malaysians to remain vigilant and verify all investment opportunities before committing funds. “As law-abiding citizens, we must stay alert and not fall for these scams. The consequences can be devastating,” Ramli added.

  • Gold surpasses $3,000 as U.S. trade tensions, global instability fuel surge

    Gold surpasses $3,000 as U.S. trade tensions, global instability fuel surge

    Gold, an age-old store of value, soared past $3,000 per ounce for the first time on Friday, fuelled by investor concerns over escalating trade tensions and global economic uncertainty.

    The precious metal reached an all-time high of $3,005 before settling slightly lower at $2,994 as of 9:04 a.m. ET. The surge was attributed to various factors, including the latest tariff war between the United States and its trading partners, geopolitical instability, and central bank demand.

    Read also: Could a Trump mention ignite Pi Coin? Experts predict a potential 200% price surge

    Trade war fears drive demand

    Investors have flocked to gold as a safe-haven asset amid concerns over U.S. President Donald Trump‘s aggressive trade policies. The administration recently imposed a 25 percent tariff on all imported steel and aluminum, prompting swift retaliatory measures from Canada and the European Union.

    Trump further escalated tensions by threatening a 200 percent tariff on European alcoholic beverages unless the EU reversed its 50 percent tariff on U.S. spirits.

    “Gold remains the panic asset of choice,” said Jason Hollands, managing director at Evelyn Partners. “The uncertainty surrounding global trade is forcing investors to seek stability in tangible assets.”

    This has led to speculation about a potential economic slowdown, which is adding to the rush toward gold.

    Beyond trade disputes, geopolitical concerns have also contributed to gold’s surge. Russia’s rejection of a U.S.-proposed ceasefire in Ukraine has heightened tensions, further reinforcing gold’s status as a protective investment.

    “Russia’s refusal to agree to a truce underscores the deepening instability in global affairs,” said Viktoria Kuszak, a research analyst at Sucden Financial. “Investors are responding by seeking out reliable stores of value.”

    Read also: Stablecoin-powered Nilos expands into West Africa, offers faster and secure crypto payments

    Central banks and market trends

    Another key factor in gold’s rally is the sustained demand from central banks. Countries like China have been increasing their gold reserves, aiming to diversify from the U.S. dollar.

    “Gold is being used as a hedge against currency volatility,” said Trevor Greetham of Royal London Asset Management. “Central banks are playing a major role in this prolonged price increase.”

    With ongoing market instability and global tensions, experts believe gold’s momentum may persist in the months ahead.

    Will Africa benefit from the gold price surge?

    Africa, a major gold producer, may benefit from higher prices through increased export revenues and mining investments. However, rising gold prices could also signal global economic instability, potentially reducing foreign aid and investment.

    For local economies, the surge may stimulate job creation but could exacerbate inflation, impacting consumers and small businesses.

  • UAE grants Ripple full licence for cross-border crypto payments

    UAE grants Ripple full licence for cross-border crypto payments

    United Arab Emirates (UAE) is now home to Ripple’s latest regulatory milestone, as the blockchain payment provider secures full approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services.

    Ripple will operate within the Dubai International Financial Centre (DIFC), a leading free-economic zone with its own tax and regulatory framework, according to an announcement on Thursday.

    Read also: SteadyXchange launches in Nigeria, promises transparency and speed to restore trust in crypto trading

    Ripple becomes first licensed blockchain payments provider in DIFC

    This approval marks the U.S.-based digital payments company as the first blockchain-enabled payments provider licensed in the DIFC, according to DIFC CEO Arif Amiri.

    “We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license,” Amiri said, noting the significance of this move for the region’s financial ecosystem.

    Ripple’s CEO, Brad Garlinghouse, emphasised the UAE’s leadership in promoting tech and crypto innovation, calling it “exceptionally well-placed to benefit” from the growing crypto industry.

    “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity and increasing institutional adoption,” Garlinghouse added.

    The licence means Ripple will provide blockchain-based global payment solutions to UAE businesses catering to crypto-native firms and traditional financial institutions.

    The company has reported rising demand for cross-border payments in the Middle East, with around 20 percent of its global customer base already located in the region.

    Read also: Trump vows to make U.S. global cryptocurrency leader at first-ever White House Crypto Summit

    Ripple prepares for UAE regulations

    Also, Ripple is preparing for upcoming stablecoin regulations in the UAE. A spokesperson told Cointelegraph that the company is closely monitoring the Central Bank of the UAE’s (CBUAE) moves and working to ensure compliance.

    “We are making it a priority to ensure the worldwide availability of RLUSD,” the spokesperson noted, referring to Ripple’s stablecoin, which is already accessible in the UAE through the crypto exchange CoinMENA.

    This achievement follows Ripple’s in-principle approval from the DFSA in October 2024 and builds on its 2020 establishment of a Middle East headquarters in the DIFC.

    With over 60 regulatory licenses globally, Ripple continues expanding its footprint, solidifying its role as a key player in crypto payments.

  • Murat Cagri Suzer becomes GCEO of Network International

    Murat Cagri Suzer becomes GCEO of Network International

    Murat Cagri Suzer was named Network International’s Group Chief Executive Officer (GCEO) on Monday. He will be based in Dubai, location of Network International head office to drive the company’s expansion plan.

    Under his direction, Network International will keep opening up new doors by providing customer-focused fintech solutions that are scalable, safe, and seamless, enabling both businesses and consumers to prosper.

    Murat has a wealth of leadership expertise in the fintech and international payments industries. He formerly worked for BBVA in Turkey and the USA, where he oversaw the Payments, Crypto, Consumer and Digital Banking, and Corporate and Investment Banking groups.

    Read also: SABC appoints Lungile Binza as New COO

    “We are pleased to welcome Murat on board. He brings extensive experience and expertise to this role and his passion for embracing new age technologies, and dedication to fostering a culture of innovation will steer Network International towards continued growth,” said the Board of Directors, Network International.

    Murat expresses optimism 

    “I am delighted to join the exceptional team at Network International and continue to build on its strong foundation. We are serving our clients in more than 50 countries as the largest payments company in the Middle East and Africa. Leveraging our scale, technology, talent, and partner ecosystem, we will continue to deliver value to businesses while pursuing growth opportunities and expanding our product offerings further into fintech services,” said Murat Cagri Suzer, GCEO, Network International.

    In 2024, Network International was acquired by a consortium led by Brookfield, which is dedicated to supporting Network International’s long-term growth and success as a strategic partner.

    With over 30 years of experience, Network International has been offering customers innovative solutions through streamlined payment processes and a full range of payment products and services.

    Read also: Old Mutual CEO Iain Williamson announces early retirement at 54

    About Network International 

    For more than 30 years, Network International has provided its clients with cutting-edge solutions that increase revenue and profitability while facilitating payments and commerce to support the growth of economies and businesses.

    It has developed into the biggest acquirer in the United Arab Emirates and the primary facilitator of digital commerce in the Middle East and Africa (MEA) region. It offers a comprehensive range of payment services and solutions that are at the forefront of technological advancement.

    It handled more than 1.6 billion transactions on more than 18 million payment credentials for more than 250 financial institutions in 2023, and processed more than $59 billion in payment volumes for over 130k merchants.

    With a demonstrated track record of success in top regional and global organisations, its executive team has an average of 20 years of industry expertise in the financial services, payments, and technology sectors.

    It has two business segments: Africa and the Middle East. The Middle East, which includes the important markets of Jordan, Saudi Arabia and the United Arab Emirates, is its largest revenue segment.

    It offers services in over 40 African nations, including South Africa, Nigeria, and Egypt, which are key markets. It has its head office in Dubai.