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Wesley Gomez
Wesley Gomez

Ripple Partners With Africa-Focused Remittances... Fixed

Commenting on the partnership with Access Bank, MFS Africa CEO Dare Okoudjou stated that the collaboration reaffirms its commitment to helping African individuals and corporate entities care less about borders.

Ripple Partners With Africa-Focused Remittances...


Through the Africa Renewal digital magazine and social media platforms, webinars with youth groups, media relations, and other outreach and partnership efforts, we present a new narrative about Africa that showcases positive action and hope, while countering mostly negative stereotypical portrayals of Africa.

RippleNet continues to see traction around the globe. In APAC, Ripple announced its first-in-market ODL corridor in Japan, in partnership with SBI Remit, and acquired a 40% stake in Tranglo in Malaysia to expand the availability of its ODL service.

Pyypl partners with leading investors, banks and payment networks for building an unforeseen FinTech ecosystem in the Middle East, Africa and internationally in its mission to speed up financial inclusion.

These measures, which apply to transactions occurring on or after November 5, 2018, establish a key element of the comprehensive Iran sanctions framework by deterring work-around financial transactions involving NIOC or NICO that were not being captured under the sanctions previously implemented against the CBI at the time E.O. 13622 was issued. Iranian trade partners can continue to buy petroleum and petroleum products from Iran without risking sanctions under E.O. 13846if they receive a significant reduction exception under relevant provisions of the NDAA 2012 for the relevant period. However, E.O. 13846 provides authority to sanction, on or after November 5, 2018, the purchase of petroleum or petroleum products and significant dealings with NIOC or NICO by persons in jurisdictions that do not have a significant reduction exception. In addition, IFCA provides for sanctions on persons determined to be part of the energy sector of Iran, or to sell, supply, or transfer to or from Iran significant goods or services used in connection with the energy sector of Iran, provided the person is not in a jurisdiction that has received a significant reduction exception. (See FAQs 293-297 relating to IFCA.)

On October 25, 2019, the U.S. Departments of State and the Treasury announced a new humanitarian framework to assist foreign governments and foreign financial institutions in establishing payment mechanisms to facilitate humanitarian exports to Iran that are subject to enhanced due diligence. While the United States maintains broad exceptions and authorizations for the conduct of humanitarian trade with Iran, this humanitarian framework presents an additional, voluntary option for facilitating payment for exports of agricultural commodities, food, medicine, and medical devices to Iran. The SHTA is the first operational channel to be established under this humanitarian framework, in partnership with the Swiss government. Initial pilot transactions were successfully conducted in late January 2020, and the SHTA was formally established on 27 February 2020. Under the SHTA, participating financial institutions commit to conducting enhanced due diligence to ensure that humanitarian goods reach the people of Iran and are not misused by the Iranian regime.

In most instances, to export or reexport goods, services, or technology to designated individuals and entities, U.S. persons must obtain a license from both OFAC and the Bureau of Industry and Security of the Department of Commerce (BIS). A license from BIS is required to export or reexport any item subject to the Export Administration Regulations (15 CFR parts 730 through 744) (EAR) to North Korea, except food and medicine classified as EAR99. Section 510.512(b) authorizes NGOs to export or reexport from a third country to North Korea food and medicine in support of the activities listed above, provided that the food and medicine are not subject to the EAR. The exportation or reexportation by a U.S. person to North Korea from a third country of items that are not subject to the EAR and that are not food or medicine requires a specific license from OFAC.Section 510.512(d) authorizes NGOs to conduct limited transactions with the Government of North Korea that are necessary for the above-described activities, such as payment of reasonable and customary taxes and other fees. Partnerships and partnership agreements between NGOs and the Government of North Korea or other blocked persons that are necessary for NGOs to provide authorized services are not permitted without a specific license from OFAC.

Additionally, in 2021, R3 announced a partnership with the Singapore-based ASEAN Financial Innovation Network. The collaboration aims to enable financial service providers to develop central bank digital currency applications. It also partnered with OneHypernet to develop a blockchain multilateral netting solution for the pooling of funds to easily execute payments.

Raising money through venture capital is an arduous process. Entrepreneurs put together decks, sit through countless meetings with partners, and endure long negotiations over equity and valuation in the hopes of exchanging some chunk of their company for a check.

Blockchain startup Bloom has brought credit scoring to the blockchain with a protocol for managing identity, risk, and credit scoring using blockchain technology. Its 2020 partnership with credit bureau TransUnion also enabled Bloom users to check their credit score for free on the app, as well as get an overview of their loans and credit cards.

Similarly, HSBC, Deutsche Bank, and Mitsubishi UFJ Financial Group, in partnership with IBM, have tested a service to share KYC information via blockchain. They were able to eliminate the information collection duplication among different financial institutions as well as support the secure digitization and storage of all customer information.

IFAD is working closely with governments, rural communities and other partners and exploring ways to step up global support to the regions most affected, including building on its Facility for Refugees, Migrants, Forced Displacement and Rural Stability (FARMS), which supports agricultural livelihood opportunities for refugees and host communities. It is also intensifying its work to reduce post-harvest losses, improve storage and strengthen local and regional food markets.

Doha: QNB, the largest financial institution in the Middle East and Africa, unveiled its global strategy for cross-border payments with the launch of a remittance service developed in partnership with Ripple, the leading provider of enterprise blockchain solutions.

The recommendations do not spell out a grand vision for the Europe-Africa migration partnership. Instead, they suggest concrete small steps to engage in better conversations with African policymakers. Political momentum to relaunch migration negotiations seems to be lacking in both Europe and Africa. Having conversations that are both more honest and more empathetic might be the first step to an improved relationship.

Policies in big magnets for African migrants, including the Gulf countries, South Africa, and Libya, have a large impact on the routes and levels of migration within and from Africa, including to Europe (see Trend 5). The developments of the last decade have shown clearly that the political situation and stance these three magnets have toward migration has ripple effects throughout the continent. But despite this trend, Europeans sometimes tend to navel gaze and prefer to follow well-trodden administrative paths and processes on the EU-level than be up to speed with the developments that matter most for African migration, which might well happen outside of Europe and even outside of Africa.

The current EU proposal for a Talent Partnership is likely to attract African governments, but political momentum in Europe so far seems to be lackluster. This is particularly worrisome because legal pathways for students and skilled workers, if designed to reach the triple-win goal, are one of the few long-term interests shared by European and African policymakers. European policymakers should thus put more effort in developing this idea in two ways. The classic way is by creating talent and skills partnerships between European and African countries, the other is by expanding the concept within Africa. 041b061a72


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