Sun. AM TNT News Articles 11-28-21



Vietnam to be fastest-growing e-commerce market in Southeast Asia by 2026: Report | Vietnam+


Vietnam is expected to be the fastest-growing e-commerce market in Southeast Asia by 2026, with e-commerce Gross Merchandise Value (GMV) reaching 56 billion USD by 2026, 4.5 times the estimated value of 2021, according to a report by Facebook and Bain & Company.

In the annual SYNC Southeast Asia report which looks at the digital economy in the region, the two big market observers said located in a vibrant part of the world, Vietnam is at the forefront of driving change and seizing opportunities to thrive based on digital transformation in a post-pandemic future.

The study surveyed about 16,700 digital consumers and more than 20 C-level employees in six Southeast Asian countries, including 3,579 survey participants from Vietnam.

The report described Southeast Asia as a leader of digital transformation in Asia-Pacific and Vietnam as one of the best performers.

In Vietnam, seven out of 10 consumers have digital access and the country will have 53 million digital consumers by the end of 2021, the report said.

The number of goods categories purchased by Vietnamese online shoppers this year went up 50 percent compared to 2020, while that of online stores in Vietnam also rose by 40 percent year-on-year, resulting a 1.5-fold increase in total online retail sales nationwide.

Some 49 percent of Vietnamese consumers switched to a new online marketplace within the last 3 months, based on considerations of price incentives (45 percent), product quality (34 percent), and availability of goods (33 percent).

For the first time, the payment using cash is at risk of being dethroned with a significant decrease from 60 percent in 2020 to only 42 percent in 2021. Safety, privacy and service fees are the three main concerns of Vietnamese consumers when considering these types of payment.

This year, Vietnamese people spent most of the time on using social networks, texting, watching videos, shopping online, and emailing. They used 72 percent of their time for regular activities at home instead of going out.

Zimbabwe – US$1 Billion SDRs to be used over three years | The Sunday Mail


The US$958 million worth of Special Drawing Rights (SDRs) allocated to Zimbabwe by the International Monetary Fund (IMF) will be used over a three-year period, with US$311 million expected to be released this year, Finance and Economic Development Minister Professor Mthuli Ncube has said.

The SDR 677,4 million — or US$958 million — wasallocated in August this year to help countries cope with the fallout from the coronavirus.

“In Zimbabwe’s context, the funds will be used prudently, with accountability and transparency to support projects in the social sectors, namely health, education and the vulnerable groups, productive sector value chains; infrastructure investment and foreign currency reserves and contingency fund,” Minister Ncube said on Thursday while presenting the 2022 National Budget in Parliament.

Some of the funds that will be released this year will be channelled towards developing the Harare-Beitbridge road, the Mbudzi Interchange and the Emergency Road Rehabilitation Programme, which have been allocated US$144 million.

Agricultural productive social protection schemes for rural and peri-urban households are set to get US$80 million, while procurement of Covid-19 vaccines would get US$71 million.

Procurement of Covid-19-related medical and testing equipment and vaccine roll-out programmes will get US$10 million and US$6 million respectively.

SDRs are not a currency, but an international reserve asset created by the IMF to supplement official reserves of member countries.

They can provide countries with liquidity.With next year’s economic growth forecast at 5,5 percent, the SDR allocation is expected to play a pivotal role.

According to Minister Ncube, the Government will release US$145 million towards sectors that are critical to economic development.

Investments in social sectors will get a disbursement of US$45 million, with US$35 million going towards the health sector while US$10 million will be reserved for education.

For the agriculture sector, US$30 will be channelled towards the Export Revolving Fund as a cash guarantee to banks, and US$20 million will be disbursed towards smallholder farmer irrigation schemes.

In terms of industry support, US$30 million is earmarked for retooling or a revolving fund for new equipment and replacement for the value chains.

This will be in the form of cash guarantee to banks.

The SDR allocations will be disbursed towards infrastructure development, with housing development getting US$10 million and gold centres US$10 million.

Treasury believes that development partners will continue to play a pivotal role in supporting the Government’s efforts towards implementing development programmes and projects across priority sectors of the economy.

During January to September period, Zimbabwe received development assistance amounting to US$647,8 million, of which US$401,9 million was from bilateral partners and US$245,9 million from multilateral partners.

“A further US$202,4 million in development assistance is projected during the fourth quarter of 2021, giving cumulative receipts of US$850,2 million for the year,” said Minister Ncube.

The Government maintains the economy will grow by 7,8 percent this year supported by a better 2020/2021 agricultural season, higher international commodity prices, stable macroeconomic environment and a well-managed Covid-19 pandemic.

Vision 30 is premised on transforming the country into an upper middle-income economy with a per capita gross national income (GNI) of over US$5 000 in real terms by 2030.

Current economic programmes are being guided by the five-year National Development Strategy 1 (NDS1), whose goal is to achieve accelerated inclusive, socio-economic growth through social transformation.

NDS1 involves graduating the economy from primary industry to one dominated by secondary and tertiary industry, in the process creating decent jobs and living wages.

Disclosure of very important details in the Al-Kazemi assassination file

Iraqi security source announced that two security leaders have been arrested in connection with the attempted assassination of Prime Minister Mustafa Al-Kazemi.

The source said, “The Director-General of Explosive Control in the Iraqi Ministry of Interior, Major General Sabah Al-Shibli, in addition to another officer, was detained by the Special Committee to investigate the assassination attempt on Al-Kazemi, headed by National Security Adviser Qassem Al-Araji.”

He added, “The reason behind their deposition is that they destroyed one of the evidence, which is a projectile that fell from a drone and was found on the roof of Al-Kazemi’s house, before the fingerprints and the rest of the smears were removed from it.”

Earlier, an Iraqi source revealed that the services identified three people as behind the attempt to assassinate Prime Minister Mustafa Al-Kazemi on the seventh of this month, and will not reveal the identity of the three people.  link

Source: Dinar Recaps

Ishtar Gate Company and Visa launch the first multi-currency platinum prepaid card in the Middle East and Africa

Ishtar Gate Company and Visa have launched their cooperation by launching the Visa Platinum prepaid card “Blue Platinum”, with services considered the first of its kind in the Middle East and Africa, at Visa’s headquarters for the Middle East and North Africa in Dubai.

Gateway company is proud Istar (Blue) being the first financial technology company (FinTech) Iraq With its distinctive product, it was able to provide a platinum card with new and unique services and make it accessible to all segments of Iraqi society as it simulates global financial progress and keeps pace with the aspirations of the Iraqi individual for a solid and sophisticated financial service that would enable him to manage his financial accounts and payment processes electronically, and exceptionally reduce his costs, as the company was able Using modern technology, commissions for transactions on websites are made free for users. 

The cardholder will also enjoy the features of multi-currency, which will enable him to transfer currencies through the “Blue Cardholder” application at competitive prices, allowing him to use the card locally in the countries of those currencies, in addition to obtaining huge discounts provided by Visa International through its giant network of merchants around the world. 

This product represents the first cooperation with the international company Visa as a strategic partner in the market Iraq.

 Mr. said Ali Al-Saeed Founder and CEO of Gateway Company Istar We are proud today to launch this product, which represents a quantum leap in the prepaid card market in the region. 

Our focus is to meet and keep pace with the development in users’ needs for payment cards using new technology, and for being the first FinTech company in Iraq; We bear a great responsibility and we must continue to develop in this field to raise the name of Iraq high in international forums.

 Soon, two more unique products will be launched in the region, the first targeting small and medium businesses within Iraq The second provides job opportunities for the unemployed.

 We also value the role of the governor Central Bank of Iraq The process of starting to push the development of electronic payment with Iraq And making the Central Bank’s vision of electronic payment at the level of global countries.

Mr. Rami Ishaq Al-Ajarmeh, Founder, Head of Information Technology and Executive Vice President of Gateway Company, said: Istar: “This unique product was the summation of the work of a creative and distinguished team of Iraqi youth, where creativity, innovation and modern technology were used, and currently the focus is on blockchain technology.

Our goal is to lay the foundation stone for digital banks in Iraq Providing banks that want to be distinguished with electronic and digital banking products and services.

Mr. Mohanish Agni, General Manager of Visa for the Levant and Pakistan region added: “Our partnership with Gateway Company Istar It will provide digital solutions and capabilities in the field of payments, while promoting financial technology innovations and digital solutions to suit the needs of the local market to provide services in line with global trends. 

We trust the role of this partnership in providing the latest services that meet the needs of customers, while providing competitive advantages that encourage electronic payment systems. For financial technology companies, the Visa network is a major factor in distinguishing their services because it helps rehabilitate the presence of their services on the scene and provide space for creativity, which helps provide flows new digital experiences.

For his part, Mr Mario McCarry General Manager of Visa in Lebanon and Iraq Expressing his pride in the fruitful cooperation with Gateway Company Istar Pointing to Visa’s constant keenness to provide its customers with the latest in credit card technology and payment technologies in general. He added, “These new cards enhance the company’s leadership in the world of payments and consolidate its presence as a reliable partner for financial institutions in the region, enabling them to serve their customers and provide them with benefits and services tailored to meet their needs.

 Recall that the gateway company Istar For Financial Systems and Services and its trademark (Blue) is an Iraqi company registered in Iraq, holds a license to conduct electronic payment business from Central Bank of Iraq No. (4) based on Central Bank of Iraq Law No. (56) for the year 2004.

The company is licensed to implement and facilitate electronic payment business throughout Iraq Its scope of work includes: issuing prepaid cards through international payment companies, owning and publishing payment points and the ATM network, as well as providing various services to banks and facilitating the process of paying and collecting bills.

The company operates from its headquarters located in Baghdad / Al-Jadriya. The company is managed by a professional cadre specialized technically, commercially and financially in the field of electronic payment and technology systems working around the clock to put the best international practices and securely in the field of payment in the hands of the Iraqi citizen and at his disposal to develop the sector like the countries of the region and the world.    link

Source: Dinar Recaps


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