Cryptocurrency users in the GCC will be able to convert digital assets into local currencies and withdraw them from ATMs, with the planned launch of a new payment platform in the region in March.
Singapore-based fintech start-up Texcent plans to roll out its Paycent payment platform in the UAE and elsewhere in the Arabian Gulf from March, following the scheme’s launch in Singapore and the Philippines last year, it said on Sunday.
“We are bringing the financial technologies of the Fourth Industrial Revolution (Industries 4.0) to today’s customers – especially the millennials who deal in both the fiat and digital currencies – and need a platform to convert them instantly without the hassles of going to an exchange and finding a buyer,” said Nitin Gupta, chief operating officer of Paycent.
“The Paycent debit card that will be available to customers in March this year will solve these issues and make it easier for consumers using both currencies. We are issuing the card globally.”
Paycent works through a debit-style card that enables users to instantly convert digital assets into local currencies. The app to facilitate conversions has been available for download since January 15.
“It is a global mobile dual e-wallet that can be funded by digital currencies, for example, Paycentos, bitcoin, Ether, Litecoin or bitcoin cash, as well as high-liquidity and fiat currencies, within the same mobile application,” the company said.
“This allows digital currency holders multiple avenues of spend, and straddles the world of fiat and digital currencies.”
Paycent’s expansion comes as the e-payments industry stands on the cusp of rapid growth, particularly in emerging markets. A total of 726 billion transactions using digital payment technologies are expected to be made by 2020, according to research last year by lender BNP Paribas and consultancy Capgemini.
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Read more:
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Trial run in UAE for Samsun Pay mobile payments
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Emerging markets are expected to grow at a rate three times that of developed economies in terms of digital transaction volumes. The number of digital payments made in developing markets grew 21.6 per cent between 2014 and 2015, compared to a 6.8 per cent rise in mature markets, the research said.
Meanwhile, digital currencies enjoyed a bull-run to a peak of $707 billion market capitalisation in January – although one of the most established cryptocurrencies, bitcoin, fell by 15 per cent on Friday to a two-month low of $7,625 on the Luxembourg-based Bitstamp exchange.
The slump brought the total market value of cryptocurrencies down to around $400bn, half the high the sector reached in January, according to industry tracker Coinmarketcap.com, and prompting warnings of a "bitcoin bubble" by analysts and investors.
Paycent aims to be the global leader in “complete” mobile and cashless transactions. It said it is in the process of issuing 20,000 debit cards globally to customers who want to remain ahead of the game and deal in both fiat currencies and digital currencies, while on the move.
The company is also building a remittance network that can be plugged into its mobile wallets so that customers can transfer funds in real time anywhere in the world.
“It’s a one-stop-shop for all financial needs of a consumer on the move,” Paycent added.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Scores
New Zealand 266 for 9 in 50 overs
Pakistan 219 all out in 47.2 overs
New Zealand win by 47 runs
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
COMPANY%20PROFILE
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
Rooney's club record
At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
The specs
Engine: 4-litre twin-turbo V8
Transmission: eight-speed PDK
Power: 630bhp
Torque: 820Nm
Price: Dh683,200
On sale: now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
India team for Sri Lanka series
Test squad: Rohit Sharma (captain), Priyank Panchal, Mayank Agarwal, Virat Kohli, Shreyas Iyer, Hanuma Vihari, Shubhman Gill, Rishabh Pant (wk), KS Bharath (wk), Ravindra Jadeja, Jayant Yadav, Ravichandran Ashwin, Kuldeep Yadav, Sourabh Kumar, Mohammed Siraj, Umesh Yadav, Mohammed Shami, Jasprit Bumrah.
T20 squad: Rohit Sharma (captain), Ruturaj Gaikwad, Shreyas Iyer, Surya Kumar Yadav, Sanju Samson, Ishan Kishan (wk), Venkatesh Iyer, Deepak Chahar, Deepak Hooda, Ravindra Jadeja, Yuzvendra Chahal, Ravi Bishnoi, Kuldeep Yadav, Mohammed Siraj, Bhuvneshwar Kumar, Harshal Patel, Jasprit Bumrah, Avesh Khan
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs: 2018 Peugeot 5008
Price, base / as tested: Dh99,900 / Dh134,900
Engine: 1.6-litre turbocharged four-cylinder
Transmission: Six-speed automatic
Power: 165hp @ 6,000rpm
Torque: 240Nm @ 1,400rpm
Fuel economy, combined: 5.8L / 100km
