The Emirates Capital Limited (TECL), a boutique corporate finance firm with offices located in the DIFC, Dubai, has been retained to assist with sourcing capital funding of more than $21 million by a Norwegian based company (client), a statement said.

The client owns technology with potential to disrupt the monopolistic world of cross-border payments within the banking system, it said. The statement did not reveal the name of the client.

The client`s system is designed to save banks money but also allows banks to make instantaneous transfers with 100 per cent accounting accuracy.

“At $20 per wire transaction, bank costs for wire transfers are approximately $260 million on a daily basis. The disruptive technology owned by the client firm could save bank costs more than $130 million a day. The company is currently negotiating with three partner banks that have a combined presence in over 50 countries around the world and additional 5-7 banks may follow, bringing the represented presence up to 100+ countries,” the statement said.

“This client system is fully licensed and believes it enjoys at least a two-year advantage over any new competitor,” it said.

The company utilises the latest in IT communication and IT security standards, and has built in new and advanced functionality to enhance the experience and options available to banks. The company’s goal is to swiftly become the preferred solution for cross-border payments, said the TECL statement.

The Emirates Capital Limited will focus its fund raising activities on European institutional investors who have demonstrated know-how in the fintech industry.

Erik Essiger, chairman and chief executive officer of TECL said: “The Emirates Capital Limited has seen numerous start up companies in the payment systems space across the last two years. However, many of them were focusing on a B-to-C solutions providing just a different interface to the client with very little innovative solutions of payment processes. Additionally, a lot of them were, by and large, unregulated. The client, on the other hand, has a completely developed and fully five-year-tested payment system in the cross boarder inter-bank payment arena and is negotiating with various partner banks that will give it global reach within a short period of time.

“The client is regulated by the Norwegian Financial Services Authority. We have been impressed by their highly experienced and talented management team and we are delighted to have been retained to introduce this investment opportunity to qualified institutional investors. We are confident that we will succeed in bringing this round of investment to a successful conclusion in the near future. We look forward to working with the client’s management team during this initial capital raise and also the possibility of assisting the client with an IPO on a public stock exchange at a later date,” he said. – (TradeArabia News Service)

Bringing people and business enterprises together, taking bilateral economic cooperation to a higher level and seeking new possibilities, new markets and new projects are the goals of the Serbian-Norwegian Business Forum (SNBF), which began in Belgrade Thursday.

At the promotion of SNBF at the Chamber of Commerce and Industry of Serbia (PKS), Norway’s Ambassador Arne Sannes Bjornstad stressed that he sees huge potential in enhancing the economic cooperation between Serbia and Norway.

PKS Vice President Mihailo Vesovic said that the Serbian-Norwegian economic cooperation is far below its potential and that he believes that the activity of the SNBF will strengthen bilateral economic and trade relations, promote Norway as an export market for Serbian goods, as well as promote Serbia as an attractive destination for Norwegian investors.

Norway’s Prime Minister Erna Solberg (R) shakes hands with President of Singapore Tony Tan Keng Yam, in Oslo, on October 11, 2016. / AFP PHOTO / NTB Scanpix / Heiko JUNGE / Norway OUT

Ten collaborative agreements between Singapore and Norway were signed at the Research Council of Norway on Tuesday (Oct 11), covering areas such as educational exchanges, renewable energy and urban solutions.

The agreements enable Singapore to tap on Norway’s expertise to develop new technology and solutions.

The signings were witnessed by Singapore President Tony Tan Keng Yam during his six-day state visit to Norway.

One such collaboration is between the National University of Singapore (NUS), the Foundation for Scientific and Industrial Research (SINTEF) and the Norwegian Maritime Technology Research Institute (MARINTEK). The three will embark on a research project to develop large floating structures that could be used as a storage facility or even as housing.

The project will be supported by the Land and Liveability National Innovation Challenge Grant awarded to NUS by the National Research Foundation. It will be co-funded by JTC Corporation.

One expert said the use of such technology could be implemented within the next decade.

“Their technology in terms of being able to create structures that are able to withstand very high sea waves, as well as be very durable, will be a bonus to us as we collaborate together,” said Professor C M Wang, director of the faculty of engineering at NUS. “So we hope to surprise Singaporeans in due course with exciting projects for storing all kinds of materials in the sea as well as even creating habitual settlements and houses on a sea space.”

On the third day of his state visit in Norway, Dr Tan also met with Norway’s Prime Minister Erna Solberg, who was recently in Singapore for the Norway-Asia Business Forum.

They spoke about deepening bilateral ties and forging fruitful economic collaboration.

“These agreements will pave the way for greater educational exchanges between our youths and enhance the collaborations between our scientists and researchers, including partnerships in the environmental sector in areas such as Research and Development in water technologies and carbon mitigation measures,” said Dr Tan.

The Singapore President also spoke about learning from Norway in other areas such as their early childhood programmes, as well as their marriage and parenthood policies.

Dr Tan will be in to Tromso, the Arctic capital of Norway, on Wednesday. He will meet with researchers from the Norwegian Polar Institute where Singapore hopes to reaffirm its position as an observer in the Arctic Council.

Despite Singapore’s geographical distance, it still has a vested interest in developments in the Arctic region. As a low-lying coastal nation, the city-state is especially vulnerable to rising sea levels.

(CNA/ek)

Norway may be over 10,000km away from Singapore, but it is also a place some Singaporeans call home.

Yesterday evening, 140 of them, together with their family members, gathered at Grand Hotel Oslo for a reception hosted by President Tony Tan Keng Yam.

Dr Tan, who is in Norway on a six-day state visit, told them that Singapore and Norway are “old friends and strong partners”.

“All of you play an important role in bridging the large physical separation between Singapore and Norway with the warmth of people-to- people ties,” he said at the event on the first day of his trip.

He had landed earlier at Oslo’s Gardermoen airport for the first state visit by a Singapore head of state to Norway. During the trip, he will meet King Harald V and Queen Sonja of Norway, as well as Prime Minister Erna Solberg.

Dr Tan said Singaporeans based overseas play a key role in nation building. “We need to build on what we have achieved as a nation. Overseas Singaporeans like all of you play a very important role in our journey as ambassadors of Singapore.”

He also encouraged those living in Norway to maintain close ties with friends and family back home.

“Against the majestic landforms, glaciers and fjords of Norway, a small tropical island such as Singapore may not immediately come to mind,” he acknowledged, but added that home is just “one tap away” with tech devices such as smartphones.

Those at yesterday’s gathering had been invited by informal word of mouth and via social media.

Some, such as Ms Lisa Salim Male, drove hours from other parts of the country to attend the reception.

The 39-year-old social worker, who lives in Molde with her Norwegian husband and three sons, said: “I’m the only Singaporean in Molde. It’s important for my children to meet other Singaporeans so that they know where they come from.”

Dr Tan said he hoped the reception – which was also attended by a business delegation from Singapore – would be the start of more regular meet-ups. During his trip, both countries are expected to ink 12 agreements in areas such as education and research. Dr Tan said he is confident that the agreements will pave the way for more exchanges between the peoples of both countries.

(straitstimes)

‘Norway is a long-term partner for Afghanistan. We intend to maintain our current level of aid to the country, approximately NOK 700 million a year, in the period 2017 to 2020,’ said Minister of Foreign Affairs Børge Brende. Mr Brende announced Norway’s contribution at the Brussels Conference on Afghanistan today.

Representatives of over 100 countries and international organisations met in Brussels today to plan joint international and Afghan development efforts in the years ahead.

‘Afghanistan is one of the poorest countries in the world and has been the scene of armed conflict for several decades. If it is to become self-sustaining, the country will continue to need international support for many years to come. Our aim is for Afghanistan to be stabilised and to gradually become less dependent on aid. This will take time, and it will require clear and united leadership on the part of the Afghan Government,’ Mr Brende said.

The support provided by Norway goes towards both long-term development and humanitarian aid efforts.
‘Norway has increased its support for education for girls, and this will continue to be a priority in the time ahead,’ the Minister said.

Maintaining the current level of aid is conditional on the Afghan Government delivering on its commitments.
‘A political solution to the conflicts in the country is essential for achieving sustainable development and lasting stability,’ Mr Brende said.

At the conference in Brussels, the Afghan Government presented the results of development cooperation so far and an ambitious national framework for promoting peace and development. The donor countries and Afghanistan agreed on a set of mutual commitments. The Afghan Government committed itself to implement reforms and development measures considered necessary to make the country less dependent on international aid in the long term. Afghanistan also undertook to strengthen democracy, governance and the position of women, and to reduce corruption.

(mfa)