This line-up of stories will help you discover the latest happenings around the tech world, today.
1. Interswitch partners Opay to enhance payment experience
A player in Africa’s digital payment and commerce sector, Interswitch, has announced a partnership with OPay, facilitated through the Interswitch Payment Gateway (IPG).
Muyiwa Asagba, Head of Digital Commerce & Merchant Acquiring (Paymate) at Interswitch, confirmed the collaboration in a statement obtained by Ripples Nigeria on Tuesday, January 23, 2024.
This alliance claims to streamline the payment process for OPay users, allowing users to make direct payments for goods and services on merchants’ sites through the OPay Wallet.
The integration of OPay into the Interswitch Payment Gateway (IPG) introduces an additional layer of user convenience, complementing other payment alternatives, including Card, Quickteller, Transfer, QR, and USSD.
Muyiwa Asagba explained that the partnership is expected to foster the growth of digital payments in the country, expressing optimism about its potential impact on the payment ecosystem.
Trivia: Which of the following combines artificial intelligence and robotic processes?
A. Hyperscaler
B. Hypervisor
C. Hyperautomation
D. Hyperconvergence
See Answer Below
2. Hong Kong-based FundPark closes $500m Credit Boost
FundPark, a Hong Kong-based capital financing provider catering to global exporters and importers, has doubled its asset-backed securitisation (ABS) facility to $500 million through an extended collaboration with Goldman Sachs.
Anson Suen, CEO and co-founder of FundPark confirmed this in a statement seen by Ripples Nigeria on Tuesday January 23, 2024.
This expansion follows a previous $250 million ABS facility secured by the fintech in April 2022, where Goldman Sachs led the deal as the senior facility provider followed by Integrated Alternative Credit Fund and Cypress Capital Hong Kong as mezzanine investors.
Demonstrating the success of the initial facility, Goldman Sachs has returned to the partnership, delivering an additional $250 million to FundPark this week in the form of a three-year private loan.
Since its establishment in 2016, FundPark claims to have disbursed over $2 billion in financing to approximately 16,500 SMEs.
Commenting on the latest collaboration with Goldman Sachs via LinkedIn, FundPark stated, “This funding injection will enable us to reach even more underserved digital SMEs and expand into new markets.”
3. Alviere, Onafriq join forces to enhance US-Africa payments and remittances
Alviere, a global integrated finance platform provider, has announced a strategic partnership with Onafriq, a leading African digital payments network.
The collaboration aims to streamline payments and remittances between the United States and Africa.
The confirmation of this partnership was made by Dare Okoudjou, CEO and founder of Onafriq, in a statement seen by Ripples Nigeria on Tuesday, January 23, 2024.
Onafriq highlighted Alviere’s expansive range of solutions, technical expertise, and robust regulatory and compliance approach as key factors influencing their choice of partner.
As a licensed money transmitter in the United States and its territories, Alviere plays a pivotal role among embedded finance providers facilitating cross-border payments from the US, according to Onafriq.
Dare Okoudjou, Onafriq’s CEO and founder, expressed confidence that the combination of Alviere’s technology and regulatory coverage, coupled with Onafriq’s continental footprint, will enable fast and secure remittances.
Pedro Silva, co-founder and CEO of Alviere, echoed this sentiment, stating, “Our shared focus is to enhance financial access for individuals worldwide, transcending borders and resources.”
Trivia Answer: Hyperautomation
Hyperautomation combines artificial intelligence (AI), machine learning (ML), and robotic process automation to automate routine business tasks.
It allows computer systems to perform simple, repetitive tasks that would otherwise take up a lot of time, freeing up human employees to give them more time for higher-value work.
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