Finance

Masa Finance Partners with African Fintech Pngme to Provide DeFi Services to Emerging Markets

Published

2 years ago

June 8, 2022

Masa Finance Partners with African Fintech Pngme to Provide DeFi Services to Emerging Markets

SAN FRANCISCO–(BUSINESS WIRE)–Jun 8, 2022–

Silicon Valley DeFi protocol Masa Finance introduced in the present day it’s partnering with African monetary information firm Pngme to drive the adoption of DeFi credit score companies within the area. The partnership will give DeFi lenders throughout Nigeria and Kenya with entry to greater than 250 off-chain monetary information sources–together with credit score bureau information–to automate credit score selections via sensible contracts whereas maintaining information confidential..

Pngme is a credit score and lending API that caters to the sub-Saharan market, enabling digital banks and fintechs to gather and mixture monetary information on credit-invisible and thin-file customers. Its cellular SDK, Credit score Bureau API, and information processing pipelines make it straightforward to gather various monetary information and unify it off-chain to create a holistic image of a person’s funds. In doing so, Pngme powers new insights on credit-invisible and underserved clients beforehand inaccessible via conventional credit score merchandise.

This partnership marks the primary occasion of bringing DeFi lending merchandise and off-chain credit score scoring capabilities to rising markets. Masa and Pngme’s objectives heart on constructing essential infrastructure to drive monetary inclusion. It is a enormous step in offering entry to credit score for individuals who want it most.” mentioned Brendan Playford, Masa’s founder.

Masa is crucial for on-chain lending to succeed as demand for DeFi and cryptocurrency companies in Africa surge. Chainanalysis ranks Nigeria and Kenya among the many high 10 international locations for cryptocurrency use with 33.4 million Nigerians proudly owning a cryptocurrency. Masa faucets into this market by permitting DeFi lenders to construct decentralized lending merchandise corresponding to SME loans, mortgages, and micro-loans. As well as, partnerships with platforms like Goldfinch open up entry to beforehand unavailable swimming pools of capital to fund a DeFi lenders mortgage ebook.

Masa will launch on Celo, its first DeFi credit score product in partnership with the Celo Basis’s DeFi for the Folks Initiative, which lately led a novel employer-based lending pilot in Kenya with Mercy Corps Ventures, Moola Market, and Kotani Pay.

“Our objective is to make DeFi accessible to the 6 billion cell phone customers all over the world. We see Kenya and Nigeria as key markets, given crypto’s rising adoption in the present day, the place DeFi can supply monetary instruments that empower individuals who have been traditionally excluded from conventional monetary merchandise,” mentioned Nikhil Raguveera, Technique & Innovation Companion, Celo Basis

Masa’s enlargement into the African market follows the profitable completion of a $3.5 million pre-seed funding spherical via this partnership. Masa is now elevating a Seed Spherical to extend the engineering group’s dimension and launch the protocol’s manufacturing launch, conduct a public token sale, scale customers and node operators, and convey builders and lenders to the platform. People and liquidity suppliers can join a beta account for cellular and internet, whereas builders and node operators can get began within the developer paperwork right here.

About Masa Finance:

Masa Finance seeks to disrupt conventional centralized credit score infrastructure by offering people, companies, and builders with the instruments to entry credit score and allow untapped wealth creation for 4.95B folks globally. Masa is a hybrid credit score protocol that hyperlinks conventional monetary accounts and property (credit score bureau data and financial institution information) to crypto holdings to find out an all-encompassing non-fungible credit score report, enabling entry to numerous monetary instruments and devices. The Masa platform empowers people and companies to create a decentralized credit score report, growing their investing and buying energy and unlocking entry to markets and capital that conventional finance doesn’t.

About Pngme:

Pngme is a credit score and lending information API for banks and fintechs in Sub-Saharan Africa. Pngme offers complete information, scalable API structure, and developer instruments that allow monetary establishments to decrease defaults and construct enhanced credit score reviews. Pngme’s clients in Nigeria and Kenya have seen reductions in mortgage defaults by as much as 21%.

www.pngme.com

About Celo:

Celo is a carbon-negative, layer-1 protocol with a wealthy ecosystem of worldwide companions constructing revolutionary Web3 functions throughout the DeFi, ReFi, and NFT sectors in assist of the Celo group’s mission to create a extra inclusive world monetary system. Accessible to anybody with a cell phone, the Celo ecosystem consists of a decentralized, proof-of-stake blockchain expertise stack (the Celo Protocol), the CELO token, and several other native stablecoins (cUSD, cEUR, and cREAL) that make it straightforward for anybody to make use of crypto like money—day by day. Launched on Earth Day in 2020, the open-source Celo community now helps 1000+ tasks created by builders and creators positioned all over the world. For extra data, please go to celo.org.

About DeFi for the Folks:

DeFi for the Folks is a world initiative serving to to make decentralized monetary (DeFi) apps and companies accessible to anybody with a cell phone and an web connection. Spearheaded by the Celo Basis and cLabs,in partnership with among the largest tasks within the DeFi area, together with Curve, Uniswap, and Sushi, DeFi for the Folks offers partner-funded grants and different assist to builders utilizing mobile-first expertise to create the circumstances of prosperity for all. To be taught extra concerning the rising ecosystem of decentralized functions (dapps) bringing DeFi to everybody, go to DeFi for the Folks.

View supply model on businesswire.com:https://www.businesswire.com/information/dwelling/20220608005194/en/

CONTACT: Rachel Saulpaugh

masa@wachsman.com

KEYWORD: CALIFORNIA AFRICA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES TECHNOLOGY OTHER TECHNOLOGY FINANCE CONSULTING BANKING

SOURCE: Masa Finance

PUB: 06/08/2022 09:05 AM/DISC: 06/08/2022 09:06 AM

http://www.businesswire.com/information/dwelling/20220608005194/en

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Finance

Bengaluru Woman Turns Apartment Hunt Into Comic Gold Using 'Man In Finance' Trend

Published

3 hours ago

June 15, 2024

Press Room

Bengaluru Woman Turns Apartment Hunt Into Comic Gold Using 'Man In Finance' Trend

The video has garnered over 140,000 views.

A Bengaluru resident named Neha has found a unique way to find a new apartment: by using a viral TikTok trend. Neha created a video using the music from the song “Man In Finance” by TikTok creator Megan Boni. Boni’s song lists qualities she wants in a partner, but Neha changed the lyrics to reflect what she wanted in an apartment, including features like being furnished, having two rooms, and having a balcony.

The caption shared along with the video read, “Desperate times call for desperate measures. So here’s my take on the trend.”

Watch the viral video here:

Neha’s creative reinterpretation of the original song lyrics has generated significant buzz on social media. The video has amassed over 140,000 views and garnered a wide range of reactions in the comment section.
“This is tougher than finding “finance, trust fund, 6’5, blue eyes,” commented a user.
“I might as well buy one in Mysore. It’s almost the same time to commute if you have one in Electronic City,” wrote another user.
“Bengaluru is like a galaxy. You have to mention which part of the galaxy you are looking at; prices fluctuate accordingly,” commented a third user.

Finance

Presidential elections influencing financial strategies, economic forecasts for US – Times of India

Published

11 hours ago

June 15, 2024

Press Room

NEW DELHI: The main focus of the US economy has shifted to the 2024 presidential election, as central banks are cutting rates and politicians are spending more, creating optimism for the election year.
According to a report by Saxo, an investment bank, on the Quarterly Outlook for Q2 2024 of the US economy, the economic data is strong in the first quarter but signs of weakness are emerging.
“US economic data has been strong in the first quarter, but signs of weakness are emerging, potentially marking a turning point for the US economy,” the report notes.
A recurring theme in the report is the significant impact of the 2024 US election on investor sentiment and market behaviour. The election is not only dominating headlines but also influencing financial strategies and economic forecasts.
The report points out that the US government’s substantial debt issuance since 2022, amounting to USD 3 trillion, has resulted in only USD 2.4 trillion in nominal GDP growth. While this strategy has prevented an official recession, it has not led to sustainable economic growth, raising concerns about the long-term health of the economy.
The report emphasizes the importance of developments in central bank policies, commodity markets, and currency dynamics, which are expected to impact investment strategies in the coming months. As central banks consider rate cuts and adjustments to their balance sheets, the report urges investors to navigate the evolving market conditions strategically.
“A slowdown in economic growth and a gradual decrease in inflation will give central banks the opportunity to dial back on their tight monetary policies and implement rate cuts as soon as in the second quarter of the year, building the case for a portfolio’s extension in duration,” the report states.
The report identifies opportunities in sectors like energy, healthcare, and financials but also warns of risks in the technology and real estate sectors.
According to the report, the convergence of generative AI and innovative obesity drugs has sparked significant interest, leading to speculative investments and driving companies like Nvidia and Novo Nordisk to new heights.
Despite this, the report advises investors to remain cautious as the inflated equity valuations could result in lower returns moving forward.
The election remains a crucial factor, with central banks ready to cut rates at any sign of weakness and politicians eager to spend, creating an environment ripe for “better-than-expected” economic data, which fuels election-year optimism.
Despite the government’s significant debt issuance, which has maintained a perception of positive economic data, the report states that the lack of long-term economic expansion is a concern.
The report also highlights the need for prudent decision-making to effectively navigate the complexities of the Q2 2024 market environment.

Finance

Marshall Wace sells Rs 394-crore worth Shriram Finance shares

Published

18 hours ago

June 14, 2024

Press Room

Marshall Wace sells Rs 394-crore worth Shriram Finance shares

MUMBAI: Marshall Wace Investment Strategies-Eureka Fund sold shares of Shriram Finance worth 394 crore in a bulk deal on NSE on Friday. The hedge fund sold 1.4 million shares at 2684.3 apiece. BNP Paribas Financial Markets was a buyer in the deal. Shares of Shriram Finance gained 1.75% to close at 2,731.3 on Friday and are up 17.8% in the last one month.