Nigeria’s Prembly expands security offerings to new markets. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Nigeria’s Prembly expands security offerings to new markets

Prembly, a Nigerian startup known for its Y Combinator-selected Identitypass product, is making significant strides in the African startup space as it seeks to expand its offerings to new and emerging markets.

The company, which was formed in 2021, has built a strong reputation by providing security products tailored to the needs of businesses in emerging markets.

Recognizing the growing demand for enhanced digital security services, Prembly recently expanded its focus beyond KYC, biometrics, and data verification.

CEO and co-founder Lanre Ogungbe stated that this move was prompted by customer demand and the need to bridge market gaps in digital security.

Under the umbrella of Prembly, the company has built a robust infrastructure to ensure top-tier data security, product stability, and seamless integration with advanced security agency networks.

This infrastructure will be officially launched in the coming weeks, promising enhanced security measures for businesses.

Prembly describes itself as a “comprehensive compliance and security infrastructure company” dedicated to safeguarding businesses in emerging markets.

Prembly’s expansion into these products was driven by its recognition of a substantial market gap in the area of identity fraud and theft.

TECH TRIVIA: What term describes the automatic collection and transmission of diagnostic data?

A. Tunneling
B. Telemetry
C. Transcoding
D. Tabulation

Answer: see end of post

2. Ecobank Group launches 6th Ecobank Fintech Challenge

Ecobank Group, a Pan-African banking group, has announced the launch of the 2023 edition of its Ecobank Fintech Challenge.

The challenge, according to the company, aims to bring together innovative fintech entrepreneurs from across Africa to collaborate and scale their solutions within Ecobank’s extensive network.

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The Fintech Challenge offers a unique opportunity for fintechs aligned with Ecobank’s strategic objectives to partner with the bank and expand their reach across 35 African markets and international operations in France.

Participants who make it to the Grand Final will also have the chance to join the prestigious Ecobank Fintech Fellowship program.

The Grand Finale and Awards ceremony, scheduled for late September, will see the overall winner receive a grand cash prize of US$50,000.

Ecobank Fintech Fellows will also gain access to Ecobank’s Pan-African Banking Sandbox and potential product rollout within Ecobank’s ecosystem.

Jeremy Awori, CEO of Ecobank Group, emphasized the role of previous collaborations in transforming Africa’s digital landscape and driving financial inclusion.

 

3. Saudi Arabia, South Korea Collaborate on US$160 Million Joint Startup Fund

Saudi Arabia and South Korea have announced the establishment of a joint fund worth US$160 million to invest in startups from both countries.

The initiative comes as part of a Memorandum of Understanding (MOU) for investment cooperation and startup support signed between the two nations.

The joint fund, initially invested with US$10 million from an existing US$150 million fund in which Saudi Arabia is a key investor, aims to strengthen bilateral economic ties and create new opportunities for startups and entrepreneurs from Saudi Arabia and South Korea.

The MOU was signed during a visit by Crown Prince Bin Salman of Saudi Arabia to Korea in November of the previous year, highlighting the commitment of both countries to enhance cooperation in various fields.

Ripples Nigeria gathered that Saudi Arabia and South Korea have signed 26 investment contracts and memoranda of understanding through bilateral summits, fostering active exchanges in the realms of economy and culture.

The establishment of the joint fund demonstrates the shared vision of both countries to support the growth and development of startups and entrepreneurial ventures, while also promoting mutual economic benefits.

Meanwhile, both nations have established the Riyadh Global Business Center (GBC), serving as a platform to support the entry and settlement of small and medium-sized venture companies in Saudi Arabia, further facilitating bilateral collaboration and business opportunities.

Trivia Answer: Telemetry

Telemetry is an automated process that collects data from one device and transmits it to another for monitoring and analysis. Telemetry is widely used in the scientific and medical fields to gather data from remote or wireless sensors.

In IT and software development, it refers to data gathered by applications and transmitted from one computer to another to monitor performance, diagnose problems, and provide development feedback.

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