Tech

South Africa’s crypto firm VALR gets licence to operate as asset service provider

Published

8 months ago

April 16, 2024

South African leading cryptocurrency exchange trading firm, VALR, has been granted both Category I and Category II licence by the Financial Sector Conduct Authority (FSCA) of South Africa to function as a Crypto Asset Service Provider (CASP).

VALR, which was established in 2018, is a digital asset platform that allows customers to buy, sell, store and transfer Bitcoin and 60 other cryptocurrencies, making it the widest selection of any platform in Africa.

Farzam Ehsani, co-founder and CEO of VALR, who made the announcement in a statement on Tuesday, said it came on the heels of recently obtained approval to offer crypto services in Europe, and another operating license in Dubai.

“VALR has now been licensed as a CASP by the FSCA, making it one of the first crypto asset platforms to receive regulatory approval in both categories in South Africa,” the statement said.

“VALR serves over 1,000 corporate and institutional clients and more than half a million traders worldwide.

“The South African regulatory authority has established a regulatory framework for CASPs, a sector encompassing crypto asset exchanges, wallet providers, custodians and other providers of financial services in respect of crypto assets.

“By licensing and regulating these entities, the country aims to foster trust, protect investors and consumers, and promote sustainable growth within the crypto industry.

“Obtaining the CASP license from the FSCA is a monumental achievement for VALR. Over the past six years, we have actively collaborated with the South African regulators who have now pioneered a regulatory regime, allowing innovation to flourish while protecting the public interest.

“Our license underscores our unwavering dedication to compliance, security, and providing a trustworthy platform for the crypto community.

“We welcome this regulatory milestone for South Africa and applaud the regulators for taking this important step for the nation,” said Ehsani.

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

13 hours ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

2 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation