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WadzPay’s Dubai entity receives Virtual Asset Service Provider (VASP) Licence from Dubai’s Virtual Assets Regulatory Authority

Issuance of licence is subject to meeting pre-operating requirements and qualifications for operational approval

WadzPay’s Dubai Entity Receives VASP Licence from VARA

WadzPay’s Dubai Entity Granted VASP Licence. Poised to Revolutionize Virtual Asset Transactions in Middle East.

DUBAI, United Arab Emirates, Feb. 28, 2024 (GLOBE NEWSWIRE) — WPME Technology, the Dubai-based entity of WadzPay, a leading fintech company specialising in blockchain based technology for virtual assets announced that it has been granted a Virtual Assets Service Provider (VASP) Licence for Virtual Asset Broker-Dealer service activities by Dubai’s Virtual Assets Regulatory Authority (VARA). The licence remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.

As one of the pioneers in blockchain based virtual assets technology, WadzPay is excited to deliver its innovative and industry-leading solutions to customers across Middle East while working closely with regulators in contributing to build a compliant and robust fintech ecosystem.

Mr. Anish Jain, Founder & CEO, WadzPay stated, “This licence showcases WadzPay’s dedication in promoting innovation in the field of virtual assets domain and blockchain technology bringing us a step closer to delivering world class solutions to businesses in Middle East.”

WadzPay aims to revolutionize the way people in the Middle East transact and manage virtual assets. WadzPay’s commitment to compliance ensures that financial institutions and their customers can confidently embrace the benefits of blockchain technology while adhering to regulatory standards, ultimately contributing to the growth and sustainability of the fintech ecosystem in the Middle East.

Mr. Ram Chari, Board Member and Group Director, WadzPay quoted, “This will further solidify WadzPay’s position as a trusted and reliable blockchain technology based financial service provider in the region. With the broker-dealer services, WadzPay will provide the technology to its clients to enhance the experience of their customers by enabling virtual assets transactions in a seamless and secure manner.”

To which Mr. Khaled Moharem, President – MENA & Europe at WadzPay, emphasized, “This cements our hard work and sets the stage for transformative blockchain solutions, promoting compliance and customer confidence in the Virtual Assets Industry.”

About WadzPay:

WadzPay was founded in 2018 in Singapore with a commitment to drive financial inclusion and revolutionise the virtual asset landscape. It is a leading global blockchain-based technology provider for virtual assets. The company’s innovative platform available as a SaaS offering provides secure, efficient, and transparent technology solutions, catering to businesses (B2B) and consumers (B2B2C). WadzPay works with large international companies, banks, and fintechs to enable virtual asset-based transaction processing, custody, and settlement. It operates across geographies spanning Asia Pacific, the Middle East, Africa, Europe, and the Americas.

For more information, visit www.wadzpay.com

About VARA:

Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

For more information visit: www.vara.ae

For any media enquiries please contact:

Arijit Das

PR and Communications Manager

arijit.das@wadzpay.com

+91 9654930523

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/58f14eb8-1029-4e43-988c-02833036e716

GlobeNewswire Distribution ID 9053953

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General

South Korean Based Tour Agency Seeking to Send Tourists to Ethiopia

Yellow Balloon Tour Agency, one of the top tour Agencies in South Korea is keen to send tourists to Ethiopia. Ethiopian Ambassador to South Korea, Dessie Dalkie conferred with CEO of Yellow balloon Tour Agency, Kim, Jin kook, according to Embassy of Ethiopia in Seoul, South Korea. During the discussion, Ambassador Dessie Dalkie briefed that Ethiopia is the perfect place for tourists with breathtaking tourist destinations such as the magnificent 4th-century AD Obelisks of Axumand the 11th Century medieval rock-hewn churches of Lalibela. In addition, the 17th Century castles of Gondar and the world's fourth-holiest Islamic city-Harar, National Parks and other UNESCO registered heritages makes the country ideal place for tourists. Ambassador Dessie stated that new tourism attractions like Unity Park, Entoto Park, Adwa Memory Museum, and others are enjoyable to visit in addition to Ethiopia's historical sites. Hence, Ethiopia would be a huge market for the Yellow Balloon Tour Agency, the ambassador reaffirme d. Additionally, Ambassador Dessie requested them to have familiarization trips to Ethiopia and include Ethiopia in their tour packages. CEO of Yellow Balloon Tour Agency, Kim Jin kook on his part, said that he is fascinated by Ethiopia tourist destinations and will work with the Ethiopian Embassy to send tourists to Ethiopia. He emphasized that they will consider visiting Ethiopian tourist destinations and including Ethiopia in their tour packages. Source: Ethiopian News Agency

Categories
General

Ethiopia, Netherlands Sign 10.6 Million Euros Grant

Ethiopia has signed a 10.6-million-Euros grant with the Netherlands for the Cool Port Addis project Phase I today, according to Ministry of Finance. The grant was signed by Finance State Minister Semereta Sewasew and Netherlands Ambassador to Ethiopia Henk Jan Bakker. The Cool Port Addis Project I is designed to alleviate bottlenecks hindering Ethiopia's realization of its horticultural potential. Situated within the Modjo Green Logistics, the Cool Port Addis represents an end-to-end solution by streamlining logistical processes for the entire avocado value chain and other fruits and vegetables. Recall that the Netherlands is one of the leading trading and investment partners to Ethiopia and among the top ten Foreign Direct Investment (FDI) contributors and export destinations for Ethiopian products. Source: Ethiopian News Agency

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General

Ethiopia, Ghana Should Intensify Role For Advancement of Pan-Africanism: Ghanaian Legal Advisor

The relationship between Ethiopia and Ghana, which has tremendously contributed to the advancement of pan-Africanism, should be reinforced in the areas of economic integration, Ghanaian Senior Legal Advisor at the African Union, Dr. Ahmed Zanya Bugre remarked. In an exclusive interview with ENA, Bugre stated that Ghana and Ethiopia have a long history together and have been close ever since Kwame Nkrumah and Haile Selassie. 'I always tell people that Ethiopia is like Ghana or Ghanaians are like Ethiopians. They are very, very welcoming people, but it must go deeper,' he elaborated. Moreover, he described that Ethiopia is not only the origin of the black race, but it is the cradle of human civilization and the beginning of humankind. 'We are lucky, we are very fortunate to be in Ethiopia. Ethiopia is a symbol of freedom, because Ethiopians have never symbolically been colonized. That is very, very important for Africa, especially like Ghana, where Ghana was one of the first countries that obtained independ ence as a shining black star.' Ethiopia is a very significant country when it comes to pan-Africanism, he said stressing that Ethiopians should use this opportunity for generation building and strengthening its center for Africans. 'Ethiopians have played a pivotal role against colonialism and they looked for the emancipation of the black people from colonialism.' Noting the great contribution of the two countries to flourishing Pan-Africanism, Bugre underscored that Ethiopia and Ghana should expedite economic integration apart from deepening their political ties. The countries have to take advantage of the African Continental Free Trade Area (AfCFTA) and increase the mobility of young people. 'Ethiopians must be able to go to Ghana to study and work as well as Ghanaians must be able to come to Ethiopia to work. Ethiopia is now a hub of Africa as Ethiopian Airlines has been linking all of Africa. When you live in Addis you are living in Africa, the millions of Africans who transit Ethiopia to Africa is v ery significant.' Pan-Africanism is an aspiration which is yet to be realized by the younger generation, he said "Our forefathers like Kwame Nkrumah, Emperor Haile Selassie and the rest believed in one Africa. All Africans belong to Africa." Bugre quoted the Kwame Nkrumah famous saying that 'I am not African because I was born in Africa, but because African was born in me.' He said that after 60 years, the younger generation will be able to revive the concept of Pan-Africanism as the concept aspires for a peaceful, prosperous and integrated Africa suitable for its people urging Africans to go back to the roots of pan-Africanism. Bugre has also mentioned about the importance of teaching the young Africans about their culture and history. 'We have to go back to our roots of Pan Africanism where we talk about not only liberation, the liberation of the African continent from slavery and colonization, but also to teach our history as many African young people in schools read European textbooks, but we don't w rite about our own culture.' He stressed the need to follow the footsteps of the founding fathers of Africa who advocated integration and unity in order to change the lives of people in the continent. Source: Ethiopian News Agency

Categories
General

MINTP terminates contract with company Bofas for work abandonmentEthiopian, OVID Group Sign MoU to Provide 5,000 Houses for Employees

The Minister of Public Works (Mintp), Emmanuel Nganou Djoumessi, has terminated the contract of the company Bofas Sarl, as part of the rehabilitation work on the Babadjou-Bamenda road between the West and the North West region. The company specializing in road construction is accused of abandoning work and non-compliance with contractual clauses. The decision to pathways with Bofas Sarl is contained in a release made public this week by the Ministry of Public Works. According to MINTP, the company was expected to complete the road stretch on October 17, 2023. But in July 2023, during the last site visit carried out by Minister Djoumessi, there was a risk of postponement of the delivery date of work on the road. This is the second deal that the Bofas company is reported to have lost in the space of three months. Last November 2023, its contract for the construction of the 49KM Esse-Soa road was terminated for the same reason with the project valued at about CFA 29 billion. However, the project to rehabilit ate the Babadjou-Bamenda axis (nearly 52 km) on the Yaoundé-Enugu corridor is financed by the World Bank to the tune of CFA 110 billion. In its configuration, the Babadjou-Bamenda road axis has four sections: section 1 Babadjou-Matazem (with a distance of 17km), section 2 Matazem and Welcome to Bamenda (18KM), section 3 Bamenda up to Hill station bypass (near of 5 KM) and the last batch consists of the construction of the urban crossing of the city of Bamenda (nearly 12 km). Only the works along the first section of the road have been completed to over 92%. Source: Cameroon News Agency Ethiopian Airlines Group and OVID Group have signed a Memorandum of Understanding (MoU) that could provide 5,000 houses for employees of the airline today. Signing the agreement, Ethiopian Group CEO Mesfin Tasew said the airline has about 17,000 permanent employees. The airline has been trying its best to respond to the housing demand of the employees, he said, adding that the agreement signed with OVID will provide 5,000 houses for workers. Reiterating the commitment of the group for the realization of the agreement, Mesfin stated that the cost of the houses will be covered by the employees. OVID Group CEO Yonas Tadesse said for his part that the group has been playing its part to contribute to the effort to ease the shortage of houses. He affirmed that his company will deliver the houses for the employees as per the agreement. OVID Group plans to develop 60,000 housing units in Addis Ababa, it was learned. Source: Ethiopian News Agency

Categories
Government Politics

Ethiopia, Uganda Ink Agreement to Cooperate in Military Field

Ethiopia and Uganda have signed an agreement today that would help the two east African nations to work together in the military field. The Defense Minister of Uganda, Vincent Bamulangaki Ssempijja and the country's defense forces Chief of Staff, General Wilson Mbasu Mbadi is in Addis Ababa for an official visit. The Uganda military officials were warmly welcomed by Minister of Defense, Abraham Belay and Chief of Staff of the Ethiopian National Defense Forces (ENDF), Field Marshal Birhanu Jula at the headquarters of ENDF. Consequently, the defense ministers of the two countries signed a bilateral Memorandum of Understanding. Similarly, the chiefs of staff of the two countries signed a document that comprises a detailed plan to implement the Memorandum of Understanding, according the Ethiopian National Defense Forces. Speaking at the occasion, Minister of Defense Abraham Belay said that the agreement will further consolidate the relationship between Ethiopia and Uganda. The minister indicated that the tw o countries have signed this agreement in order to ensure their mutual benefits in terms of information exchange, military capacity building, peacekeeping, regional and other related issues. The Defense Minister of Uganda, Vincent Bamulangaki Ssempijja said on his part that Uganda is determined for the execution of the agreement. Uganda is a friendly country to Ethiopia and the two countries have also been working together on Pan-Africanism, said Chief of Staff of the Ethiopian National Defense Forces, Field Marshal Birhanu Jula. He also affirmed his country's commitment to implement the military agreements. Source: Ethiopian News Agency

Categories
Government Politics

Adwa Was Not Only Victory for Ethiopia, but for Africa: South Sudan Foreign Affairs Minister

The Victory of Adwa was not only for Ethiopia, but it was a victory for Africa. It was a wakeup call for all Africans to stand up and fight for their rights,' South Sudan Foreign Affairs Minister James P. Morgan said. In an exclusive interview with ENA, the foreign minister noted that Adwa was a victory for Africa and 'we are all proud as Africans.' According to him, 'Adwa victory was a wakeup call for all Africans to stand up and fight for their rights.' So, Morgan reiterated that Africans will continue to celebrate the Victory of Adwa with Ethiopian brothers and sisters. 'Ethiopians represented the African people in the Battle of Adwa. (Therefore) we will join Ethiopians in their celebration, whether physically with those of our people who are here in Ethiopia or we will celebrate spiritually when we are far away from you people of Ethiopia.' The foreign minister said that Victory of Adwa will remain a memory that continues to be celebrated by generations to generations because it was the 'victory of d ignity of African people.' He also congratulated Ethiopians in advance and said wants to remind them the spirit of Adwa, was the 'unity of Ethiopian people that brought that victory.' The unity of the Ethiopian people remains a key to the success of Ethiopia since then as it is the same now; and it will be the same forever, Morgan noted. Ethiopians across the nation will celebrate the 128th anniversary of the Victory of Adwa with various ceremonies this coming Saturday. This year's celebration of the victory is special as the recently Adwa Victory Memorial Museum was inaugurated after 128 years of the battle. The memorial museum depicts and memorializes the sacrifices Ethiopians paid for their sovereignty and set examples for Africans to fight against colonialism. On March 1, 1896, Ethiopians from all walks of life marched to the town of Adwa and defeated the Italian colonial army in the Battle of Adwa. The Ethiopians fought against the fascist Italian army and won the most historic and decisive victor y. The significance of the battle of Adwa is that it was the first successful African campaign against European colonial aspirations. Source: Ethiopian News Agency

Categories
Government Politics

PM Abiy Extends Gratitude to President William Ruto of Kenya for Gracious Welcome to Nairobi

Prime Minister Abiy Ahmed extended his heartfelt gratitude to President William Ruto, for his gracious welcome to Nairobi, Kenya. During the state visit to the Republic of Kenya, Prime Minister Abiy Ahmed was officially welcomed by President William Ruto at the State House Kenya. "Our comprehensive discussions today have not only strengthened our existing ties but also highlighted key areas for future collaboration," Prime Minister Abiy shared on his social media page. The ceremony marked the beginning of a significant engagement where both leaders, along with their delegations, delved into extensive discussions on various subjects, including bilateral, regional, and multilateral issues, according to the Office of the Prime Minister. The two leaders also acknowledged the deep historical relations and economic connections between their nations, committing to strengthen their cooperation further. This meeting signifies a pivotal moment in enhancing diplomatic and economic ties, promising a future of increa sed collaboration between Ethiopia and Kenya, it was indicated. As neighbors sharing a unified vision and destiny, our commitment to working together remains steadfast, the prime minister stated. Source: Ethiopian News Agency