Author: Gugu Lourie
The global startup economy is worth nearly $3 trillion, a rise of 20% in two years. That’s the size of a not-so-small economy, larger than the GDP of the UK, France, or Brazil. Technology-driven startups aren’t just contributing to economic growth, in many ways, they are economic growth. The 2019 Global Startup Ecosystem Report (GSER) has just been published by Startup Genome in partnership with the Global Entrepreneurship Network. It is the world’s most comprehensive and widely-read research on startups. South Africa’s finance minister Tito Mboweni wants to see a flourishing startup industry tapping into that $3 trillion markets. “Start-ups will ignite the economy,” Mboweni said during his South Africa’s…
South Africa seems to be headed to a thriving FinTech industry to bring financial inclusion, finance minister Tito Mboweni surprisingly announced FinTech plans on Wednesday. “South Africa is moving with the fourth industrial revolution,” said Mboweni. “We are determined not to be left behind. We are relaxing regulations to help our flourishing FinTech sector.” What is FinTech? FinTech (Financial technology) is used to describe new tech that seeks to improve and automate the delivery and use of financial services, according to Investopedia. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial…
The Department of Communications and Digital Technologies (DCDT) will focus on rolling out SA Connect, implementing digital migration and submitting new Bills to Parliament, over the medium-term. This was disclosed in the Estimates of National Expenditure (ENE) document, which highlights plans and projected spending in national government over the medium-term expenditure framework period. The DCDT says the new model for the implementation of broadcasting digital migration over the medium term includes the provision of vouchers to indigent households for devices that will allow analogue televisions to receive digital signals, and compensation to the South African Post Office for the costs…
The new digital bank Discovery Bank has proudly stated on Thursday that deposits had grown strongly to R1.2 billion; total credit card spend was R2.6 billion and total credit limits granted was R2.5 billion – with over R1 billion in credit facility used. But the bank, which is powered by the country’s largest medical aid provider Discovery Health, is not enticing enough customers as compared to its rival TymeBank. Discovery disclosed on Thursday that as at 18 February 2020, Discovery Bank had 78 000 clients with 180 000 accounts, nearly half of which had never held a Discovery Card before. “Early…
By now you’ve probably heard about MoMo, a mobile money service. MoMo is back in the limelight that’s because MTN has relaunched the service in South Africa. The service enables customers to use their mobile phones, and other devices, to send and receive money. MoMo also allows users to purchase airtime, prepaid electricity, and pay for their municipal bills and DSTV subscriptions. In September 2016, MTN revealed it was withdrawing the MoMo offering in the country due to a lack of commercial viability. The service was first launched in 2012 when MTN partnered with the South African Bank of Athens,…
President Cyril Ramaphosa revealed plans for a new smart city in Gauteng that he promised in his maiden 2019 state of the nation address. The new democratic South Africa’s city is to be driven solely by technology. During the State of the Nation Address (SONA), Ramaphosa said a new smart-city is taking shape in Lanseria, which 350,000 to 500,000 people will call home within the next decade. This city that is referred to as a truly post-Apartheid city will be situated in Lanseria, which has Lanseria International Airport, a privately owned international airport that is situated north of Randburg and Sandton…
US allegations of Huawei using lawful interception are nothing but a smokescreen – they don’t adhere to any form of accepted logic in the cybersecurity domain, the Chinese telco giant hit back in a statement. The company said it has never and will never covertly access telecom networks, nor do “we have the capability to do so”. U.S. officials say Huawei can covertly access mobile-phone networks around the world through “back doors” designed for use by law enforcement, as Washington tries to persuade allies to exclude the Chinese company from their networks, according to the Wall Street Journal. Intelligence shows…
Herotel, which brought free Wi-FI to the city of Tshwane, is now targeting to bring affordable internet to all South Africans. To fast track its vision of Everyone Connected, the company founded by Alan Knott-Craig Jr is consolidating its fibre assets and wireless internet service provider brands under the Herotel name, with a fresh national trademark. Founded in 2014 with the stated goal of providing a single national fibre and wireless broadband provider that can better service South Africa’s growing internet connectivity needs, Herotel currently services around 83 000 home and business internet users. Operating in over 400 towns, Herotel claims…
The New Development Bank (NDB), which is partly owned by South Africa, is fully committed to supporting China’s fight against coronavirus. The coronavirus, which was first detected in Wuhan, has killed thousand of people. There have now been more than 40,000 cases of the new coronavirus worldwide, which has been declared a global health emergency. The death toll in China stands at 1,016. The NDB said in a cautious statement appreciated China’s ‘great efforts and effective measures’ aimed at curbing the spread of the novel coronavirus. “We are confident in China’s epidemic prevention and control ability as well as measures taken…
An all-female team of South African young architects has been selected to design the 2020 Serpentine Pavilion. The team consist of Sumayya Vally, Sarah de Villiers and Amina Kaskar of Counterspace, a Johannesburg-based architect firm. All three will be 30 years old in 2020. The trio has just become the youngest ever to be commissioned to build the Serpentine Pavilion in Kensington Gardens, London. The pavilion is scheduled to be open from June to October. The trio wrote in a statement that using both innovative and traditional building techniques, Counterspace’s design will be based on gathering spaces and community places around the city, folding…