Exciting news for SMEs in Egypt as Ovamba Solutions, the award winning TradeTech innovator and the financial services provider, Singularity Finance, partner to offer growth capital and financial inclusion to startups companies as well as small & medium scale enterprises (SMEs) or businesses across Egypt.
Per reports available, Singularity Finance are the first to have signed a Reseller Agreement with Ovamba in the Africa region.
This TradeTech partnership as we understand and as new as it is, gives Singularity Finance the right to sell Ovamba’s digital solutions to banks in the country and also microfinancial institutions and other alternative trade finance providers to small and medium scales enterprise.
The news of this TradeTech partnership states that, enterprises who look forward to originating and investing in trade finances independently, can do so with Pamoja™. This is because Pamoja™ demonstrates the same strengths found in BankPartner™ and streamlines the work flows for investor and portfolio management and financing transactions of any kind.
The CEO & Co-Founder of Singularity Finance commenting on the new agreement said, they at Singularity Finance have been able to expand their financial eco-system offering; by adding a set of bank grade products that are tailored for their part of the world. Futhermore, they were empowered to start offering this tool to other banks and microfinancial institutions to start rolling out their own platforms which will allow for a true disruption in how Egypt can reach financial inclusion.
Mohamed Taysir added that, “Singularity’s ability to contribute to such an important national directive is enhanced by our partnership with Ovamba which will allow for even more disruption on the Pan-African level.”
On her part, the Co-Founder and President of Ovamba, Viola Llewellyn said, “we are really excited about this partnership. Ovamba has invested significantly in BankPartner™, Pamoja™ and Jasmeera™.
She revealed that by embedding Islamic finance elements into their technologies and business systems, has proven to be very effective at de-risking small business finance.
Egypt is an important market for both Ovamba and Singularity were well positioned to pioneer in an era of business growth for small businesses and digital engagement for financial institutions.
The partnering institutions of this TradeTech expect to be fully engaging banks and serving businesses in the first quarter of 2021.
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The Global Tommy Hilfiger Fashion Frontier Challenge Calls for Applicants, Chance to Win €200K
Tommy Hilfiger announces launch its third annual global Tommy Hilfiger Fashion Frontier Challenge, supporting entrepreneurial startup and scale-up stage companies developing solutions and making the fashion landscape more inclusive.
Its mission according Tommy Hilfiger, is creating a fashion that Wastes Nothing and Welcomes All. The fashion frontier challenge will support entrepreneurs who are standing up for what they believe in and are committing to driving change in their communities.
The prizes for winners of the Tommy Hilfiger Fashion Frontier Challenge aim at ﬁnancing and providing knowledge to grow their business ideas.
Launched in 2018, the third edition of the this fashion challenge endeavours to support black, indigenous and people of color entrepreneurs, especially those working to advance their communities and nurture a more inclusive future of fashion.
After the outdooring of the initiative Mr Tommy Hilger said that,
“I have been inspired by this talented group of social entrepreneurs whose innovations are making the fashion landscape more inclusive and sustainable.”
All interested fashion entrepreneurs are welcome to submit their applications which focus on creating an inclusive fashion value-chain.
Successful applicants are going to be narrowed down to six finalists and invited to virtually develop their project plans with the assistance of dedicated Tommy Hilfiger and external subject matter experts. There will be coaching from an experienced pitch coach, and the finalists will pitch their final concept to a prestigious jury panel and associate audience at the worldwide Tommy Hilfiger Fashion Frontier Challenge final event, slated for early 2022.
What does Tommy Hilfiger consider a startup and a scale-up?
The Startup: The business should be in its early stages, it’s yet to reach product-market fit, still experimenting with customer segmentation and working toward overall positive contribution margin but you are making some revenue.
The Scaleup: The company has a validated product with product-market fit with a clear and sustainable unit economics (outlook), and it is in a growth-mode. You must have made revenue for at least a year.
- After applying, successful applicants will be notified in June 2021 to progress to the second round of the Tommy Hilfiger Fashion Frontier Challenge.
- Once selected, participants provide additional information regarding their business enterprise, including a one-minute pitch video.
Note: Applications should be in English and business pitch also in English.
Progressing further will be six (6) finalists who are invited to further develop their business or project plans during a digital Design Sprint with the support of a team of dedicated internal Tommy Hilfiger associates and external specialists in October 2021.
Each finalist will pitch their concept at the global Tommy Hilfiger Fashion Frontier Challenge final event in early 2022, with a chance to win the prize package.
The Prize Package
- Win up to €200,000 and a chance at an additional €15,000 prize for winning the “Audience Favorite Vote”
- A year-long mentorship with Tommy Hilfiger’s internal experts globally and access to Tommy Hilfiger’s network brand association
- A place on the INSEAD Social Entrepreneurship Program (ISEP)
- Year-long INSEAD mentorship
The Tommy Hilfiger Fashion Frontier Challenge application closes at midnight of 8th March, 2021.
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