Category: Production

NEW YORK–(BUSINESS WIRE)–Taptap Send, a community focused cross-border financial platform, today announced a $65M Series B funding round led by Spark Capital, with participation from Unbound and previous leads Reid Hoffman and Canaan Partners, along with Slow Ventures, Breyer Capital, Wamda Capital, Flourish Ventures, and additional investors from the Middle East, Africa, Asia and Latin America. Taptap Send’s total funding now exceeds $80 million.

Taptap Send provides individuals with a simple, convenient platform to send cross-border payments instantly and without fee1. The company enables remittances for some of the most underserved markets globally. The new capital will allow the team to expand to additional diaspora communities, invest in product development and hire new talent to further improve the quality of service.

The formal $540B remittance market is the largest source of capital for low and middle income countries, surpassing foreign direct investment and official development assistance, combined. Informal remittances are estimated to be almost as large as those through formal channels: more than 7x since 2002.

The mobile money revolution has also changed the limit’s of what is possible with cross border flows, particularly in frontier markets. Connecting more than a billion people to the financial grid for the first time, mobile money allows more people to be reached more quickly, securely and efficiently than ever before. Taptap Send is building products to capture this opportunity, providing senders peace of mind with a secure, affordable solution, and recipients with an accessible, convenient way to receive this capital.

The importance has never been greater: COVID has not only had a devastating impact on many recipient communities, but also made traditional box-store solutions even more difficult to access. “With the pandemic pushing more than a hundred million people into extreme poverty and countless others into economic hardship, the importance of capital and the ease of moving it where it’s most needed has rarely been greater,” said Michael Faye, co-founder and CEO of Taptap Send. “We’re committed to reducing global inequality by providing accessible, usable financial tools to individuals who need them most.”

Reflecting this need, there has been an acceleration of the shift to simple, digital, mobile solutions. Whereas the World Bank predicted a 25% decline in remittances since the onset of COVID, Taptap has seen more than 8x growth; during this time, the team has more than doubled to 100+ with an additional 13 receive markets launched including Bangladesh, Cameroon, DRC, Ethiopia, Kenya, Madagascar, Morocco, Nepal, Nigeria, Pakistan, Republic of the Congo, Sri Lanka, and Vietnam beyond those previously offered: Côte d’Ivoire, Ghana, Guinea, Mali, Senegal and Zambia.

“We’ve looked at a lot of fintech companies in the space, and think Taptap’s team and community-led approach are best in class. We couldn’t be more excited to be joining them on our mission to bring low-cost, accessible, cross-border financial products to underserved diaspora populations around the world.” said investor James Kuklinski of Spark Capital.

“I left Ghana 17 years ago as an economic migrant. The plan was to make money to send home and eventually go back to help build the economy of Ghana,” said Mawutor Abraham, who leads Taptap Send Africa. “When I found Taptap, I realized I had the opportunity to do that now and to build something to improve the lives of my people: my little family, my wider family, my village of Peki, my country of Ghana, my continent of Africa and my world. Taptap is the fastest, easiest, safest, and lowest-cost solution I’ve used and I am proud to be spending my time to make the product even better and bring it to others who also want to send money to their loved ones.”

In the words of Reid Hoffman, who led Taptap Send’s initial round and participated in the Series B: “I invest for scaled global impact and team, and Taptap is among the best combinations I’ve seen.”

About Taptap Send

We are Taptap Send, a borderless team focused on supporting communities on their most important cross-border financial needs, getting capital into the hands of those that most need it. Our no-fee, instant remittance products help users send money to family and loved ones in the most convenient, reliable and fairly priced way possible. Founded by the founders of the non-profit GiveDirectly (philanthropic cash transfers; fastest growing non-profit of last 30 years), and Segovia (B2B mobile payment gateway acquired by Crown Agents Bank), Taptap Send is an extension of this mission to make it as cheap, fast and convenient to transfer money into the frontier markets as possible. For more information, visit: https://www.taptapsend.com/.

About Spark Capital

We are Spark Capital, investors in products we love by creators we admire, including Affirm, Carta, Cruise, Discord, Oculus, Plaid, Postmates, Slack, Twitter, and Wayfair. We know there are no playbooks or formulas for success and are here to help founders win their own way. We invest across all sectors and stages, and work out of San Francisco, Boston, and New York City.

Source: Business Wire

PARIS–(BUSINESS WIRE)–This public-private partnership (PPP) is a state-of-the-art infrastructure which meets international standards of excellence and will make Madagascar an airport and tourism hub in the Indian Ocean. The commissioning of the terminal is a strong signal for the tourism sector and demonstrates Meridiam’s commitment to support the government’s actions for a sustained economic recovery. This project contributes concretely to the UN Sustainable Development Goals.

A modernization that contributes to Madagascar’s development

The official opening of the new terminal at Ivato International Airport, a main gateway to the country, takes place the day after the signing of the new concession agreement between the Malagasy authorities. This modernization of one of the pillars of Madagascar’s economic development is part of the government’s strategy to revive the economy and accelerate tourism activity on the island. Before the health crisis began, tourism contributed 16% of the country’s GDP and provided employment for more than 800,000 people (3% of the population)1. These new facilities will improve the user experience and will focus on increasing Madagascar’s attractiveness as a tourist destination. It is estimated to allow the airport to welcome more than 1.5 million passengers per year, compared to 850,000 in 20162.

The concession contract, which provides for a 28-year operating period, has been the subject of an amendment between the various parties. The agreement between the government and the members of the consortium provides for a significant upward revaluation of the fiscal benefits for the State to nearly 400 million euros over the duration of the concession.

International expertise in the construction of state-of-the-art infrastructure

With its international experience in the management of sustainable mobility infrastructures, Meridiam will contribute and share its expertise in addition to the investments of more than €200 million made during the construction phase.

The commissioning of the new 17,500 sqm terminal will allow for smoother airport traffic and the welcoming of new international airlines to Madagascar, which is becoming an increasingly popular destination for tourists3. Waiting time will be considerably reduced thanks to the presence of multiple new counters, thus facilitating transit formalities at Ivato. The new international terminal has also received health accreditation from the Airport Council International (ACI)4.

The airport’s new capacity will allow it to increase the number of weekly services while providing a welcoming environment that meets international standards for the more than 1.5 million travellers it will be able to accommodate annually. The unique architecture of the international terminal will also make it a pleasant living environment, a showcase of Malagasy flora and culture, serving Madagascar’s economic and tourism development. This project is expected to create more than 300 new jobs in addition to the more than 1,000 direct and indirect local jobs already created.

“With this new international terminal, Madagascar will have a state-of-the-art infrastructure that meets the best international airport standards. It is also a pleasant living environment, a showcase for Malagasy flora and culture. At the service of economic development, it will allow to accompany the effective recovery of the tourist activity on the island” said Thierry Déau, Founder and CEO of Meridiam.

Source: Business Wire

For the first time since its inception over 25 years ago, the Ocean Youth and Sport Commission Games – in French, La Commission de la Jeunesse et des Sports e l’Ocean Indien (CJSOI) — will feature an academic component alongside the traditional cultural exchanges and sporting events.

Seychelles’ minister for Youth, Sports and Family, Marie Celine Zialor, who is the current president of the CJSOI, proposed the idea. It was endorsed during a working mission to Mauritius from December 8-13, where the secretariat of the CJSOI is based and where the 12th edition of the games is to be held in December 2022.

Zialor told SNA she and her counterpart in Mauritiius, Minister Stephan Toussaint, discussed the Blue Economy concept together.

“Blue economy is crucial and important for both island nations and its huge potentials must be understood by young people of our islands,” said Zialor. The two ministers agreed that as island nations the Blue Economy should be a strong component of the 12th edition of the games.

Training and conference will be part of activities earmarked for the youth component of the games which brings together young people aged 14 to 17.

The academic component will consist of leadership training, exchanges involving young professionals within the sector as well as conferences on opportunities and potentials for professional development, careers and entrepreneurship amongst other topics within the blue economy.

These will be held during the games or leading up to the games, as the modality is yet to be decided.

The CJSOI Games which are held every two years were introduced in 1994 by the Ministerial Committee of the Commission de la Jeunesse et des Sports de l’Ocean Indien. Its objectives are to promote friendship ties between young people from member States and foster regional cooperation, sporting culture and development of young people.

The member states of CJSOI include the Comoros, Djibouti, Madagascar, Mauritius, Mayotte, Reunion Island and Seychelles, a group of 115 islands in the western Indian Ocean.

Zialor said that young people being future leaders should be included in discussions on the Blue Economy, something she said is needed as Indian Ocean nations can be the leaders in this sector, adding that both islands have huge exclusive economic zones (EEZ).

Toussaint on his part welcomed what he described as an excellent proposition as he said the two nations have big economic exclusive zones, adding that already Seychelles and Mauritius have joint management of the Mascarene Plateau.

“The potential for cooperation is there, especially when we share a common maritime area. We are going to set up a structure to work on this project,” added Toussaint.

The Mauritian Minister explained that it is time for young people to move away from traditional fields for career development and see what exists for professions within the Blue Economy.

The two ministers also talked about other ways to renew and increase areas of cooperation in sports – especially water sports – but also in other fields that affect youth such as youth development in entrepreneurship, health and the Blue Economy.

Source: Seychelles News Agency

U.S. health authorities on Wednesday authorized the use of synthetic antibodies developed by AstraZeneca to prevent COVID-19 infections in people who react badly to vaccines.

It was the first time the Food and Drug Administration has given emergency authorization for such a purely preventative treatment.

The FDA warned the drug Evusheld is “not a substitute for vaccination in individuals for whom COVID-19 vaccination is recommended” and can only be authorized for people with weakened immune systems or those who cannot be vaccinated for medical reasons, such a strong allergic reaction.

In those cases, the drug can be administered to people 12 and older.

Evusheld combines two types of synthetic antibodies (tixagevimab and cilgavimab), and is given as two intramuscular injections, one right after the other. These antibodies help the immune system fight off the virus by targeting its spike protein, which allows it to enter cells and infect them.

The FDA said that the treatment “may be effective for pre-exposure prevention for six months.”

It cannot be administered to someone who is already infected with the virus, the FDA said, although AstraZeneca is testing it for such treatment.

Side effects may include an allergic reaction, bleeding from the injection site, headache, and fatigue.

The FDA authorization was based on a clinical trial carried out on unvaccinated people older than 59, or with a chronic disease, or at high risk of infection.

The drug was given to 3,500 people while 1,700 received a placebo. The trial showed that the treatment cut the risk of developing COVID-19 by 77%.

Two cocktails of antibodies, made by Regeneron and Eli Lilly, are currently authorized for prevention of infection in the United States, but only in people who have been exposed to the virus shortly before, or who have a strong chance of being exposed, such as employees of retirement homes or prisons.

In addition to being immunocompromised or unvaccinated, these people must also be at high risk of developing a severe case of the disease.

Source: Voice of America

Rohingya refugees from Myanmar are suing Meta Platforms Inc, formerly known as Facebook, for $150 billion over allegations that the social media company did not take action against anti-Rohingya hate speech that contributed to violence.

A U.S. class-action complaint, filed in California on Monday by law firms Edelson PC and Fields PLLC, argues that the company’s failures to police content and its platform’s design contributed to real-world violence faced by the Rohingya community. In a coordinated action, British lawyers also submitted a letter of notice to Facebook’s London office.

Facebook did not immediately respond to a Reuters request for comment about the lawsuit. The company has said it was “too slow to prevent misinformation and hate” in Myanmar and has said it has since taken steps to crack down on platform abuses in the region, including banning the military from Facebook and Instagram after the February 1 coup.

Facebook has said it is protected from liability over content posted by users by a U.S. internet law known as Section 230, which holds that online platforms are not liable for content posted by third parties. The complaint says it seeks to apply Burmese law to the claims if Section 230 is raised as a defense.

Although U.S. courts can apply foreign law to cases where the alleged harms and activity by companies took place in other countries, two legal experts interviewed by Reuters said they did not know of a successful precedent for foreign law being invoked in lawsuits against social media companies where Section 230 protections could apply.

Anupam Chander, a professor at Georgetown University Law Center, said that invoking Burmese law wasn’t “inappropriate.” But he predicted that “It’s unlikely to be successful,” saying that “It would be odd for Congress to have foreclosed actions under U.S. law but permitted them to proceed under foreign law.”

More than 730,000 Rohingya Muslims fled Myanmar’s Rakhine state in August 2017 after a military crackdown that refugees said included mass killings and rape. Rights groups documented killings of civilians and burning of villages.

Myanmar authorities say they were battling an insurgency and deny carrying out systematic atrocities.

In 2018, U.N. human rights investigators said the use of Facebook had played a key role in spreading hate speech that fueled the violence. A Reuters investigation hat year, cited in the U.S. complaint, found more than 1,000 examples of posts, comments and images attacking the Rohingya and other Muslims on Facebook.

The International Criminal Court has opened a case into the accusations of crimes in the region. In September, a U.S. federal judge ordered Facebook to release records of accounts connected to anti-Rohingya violence in Myanmar that the social media giant had shut down.

The new class-action lawsuit references claims by Facebook whistleblower Frances Haugen, who leaked a cache of internal documents this year, that the company does not police abusive content in countries where such speech is likely to cause the most harm.

The complaint also cites recent media reports, including a Reuters report last month, that Myanmar’s military was using fake social media accounts to engage in what is widely referred to in the military as “information combat.”

Source: Voice of America

The White House says about 10% of eligible kids aged 5 to 11 have received a dose of the Pfizer COVID-19 vaccine since its approval for their age group two weeks ago.

At least 2.6 million kids have received a shot, White House COVID-19 coordinator Jeff Zients said Wednesday, with 1.7 million doses administered in the last week alone, roughly double the pace of the first week after approval. It’s more than three times faster than the rate adults were vaccinated at the start of the nation’s vaccination campaign 11 months ago.

Zients said there are now 30,000 locations across the country for kids to get a shot, up from 20,000 last week, and that the administration expects the pace of pediatric shots to pick up in the coming days.

Kids who get their first vaccine dose by the end of this week will be fully vaccinated by Christmas, assuming they get their second shot three weeks after the first one.

Pace varies among states

State-by-state breakdowns of doses given to the age group haven’t been released by the White House or the Centers for Disease Control and Prevention, but figures shared by states show the pace varies. About 11% to 12% of children in that age group have received their first doses in Colorado, Utah and Illinois, but the pace is much slower in places like Idaho (5%), Tennessee (5%) and Wyoming (4%), three states that have some of the lowest rates of vaccination for older groups.

The White House was stepping up its efforts to promote kid vaccination, with first lady Jill Biden and the singer Ciara taping a video Wednesday encouraging shots for kids.

The first lady also visited a Washington pediatric care facility along with Surgeon General Dr. Vivek Murthy, the Washington Mystics’ Alysha Clark and the Washington Wizards’ Thomas Bryant.

“You’re the real heroes,” Biden told newly vaccinated kids. “You have your superpower and now you’re protected against COVID.”

Biden also warned parents against misinformation around the vaccines and emphasized their safety.

“I want you to remember and share with other parents: The vaccine protects your children against COVID-19,” she said. “It’s been thoroughly reviewed and rigorously tested. It’s safe. It’s free, and it’s available for every single child in this country 5 and up.”

Source: Voice of America

U.S. pharmaceutical company Pfizer announced Friday its new COVID-19 pill showed an 89% reduction in risk of COVID-19-related hospitalization or death in clinical trials and they plan to submit the drug to U.S. regulators for emergency use approval.

In a release Friday, Pfizer said the latest clinical trials of its pill, Paxlovid, featured a randomized, double-blind study of non-hospitalized adult patients with COVID-19 who are at high risk of progressing to severe illness.

The company said interim analysis of the oral antiviral showed an 89% reduction in risk compared to a placebo in patients treated within three days of symptom onset.

Pfizer said it has received an independent data monitoring committee recommendation to pause enrollment in the Phase 3 trial due to the overwhelming efficacy demonstrated in the latest results.

The company plans to submit the data as part of its ongoing application to the FDA for Emergency Use Authorization as soon as possible.

Pfizer is now the second drug manufacturer to develop an oral treatment for COVID-19. U.S. company Merck last month introduced its COVID-19 pill, which clinical studies showed to provide a 50% reduction in hospitalizations and deaths due to COVID-19. It has been submitted to the FDA, and the federal agency is scheduled to rule on it late this month.

Currently, all COVID-19 treatments approved in the United States require injection or intravenous drip. Pills have the advantage of being distributed by pharmacies and taken at home.

Britain’s Medicines and Healthcare products Regulatory Agency approved Merck’s pill, known as Molnupiravir, Thursday. The European Union’s drug regulator, the European Medicines Agency (EMA), said it would speed up its review of the Merck pill, and is prepared to give advice to individual EU member states so they can make the pill available for emergency use ahead of the EMA authorization.

When Merck’s pill was submitted for approval last month, White House Coronavirus Response Coordinator Jeff Zients said the U.S. government had already arranged to buy 1.7 million doses of the pill, with an option to acquire more if needed.

Source: Voice of America