CAPE TOWN – Diversified investment group Sekunjalo Investment Holdings and Chinese public blockchain leader Ultrain Technology are set to develop a robust new generation of financial infrastructure in Africa that is commercially sustainable, and responsible – The African Chain 3.0.
Sekunjalo, when announcing its partnership with Ultrain, said The African Chain 3.0 would be run in unification with Sekunjalo’s pan-African eCommerce platform. The African Chain 3.0 provides an innovative general-purpose tech-infrastructure.
The foundation will be built on the public access for commercial use blockchain model developed by Ultrain, to handle payments, clearing and potentially, lending, among other key financial services, all of which is aimed at providing African people and businesses with convenience and accountability.
Ultrain co-Founder Emma Liao said it was crucial to build a convenient, secure and reliable financial infrastructure for African people. “We are honoured to work with Sekunjalo and to build such a tool together, and to promote it with the help of Sekunjalo’s matrix of businesses.
“We will also provide training and solutions to other African enterprises or ventures who wish to use blockchain features to get on board. We believe this has huge potential to benefit the end-users and businesses.”
Typical businesses that are set benefit from The African Chain 3.0 include the likes of the travel, luxury goods, supply chain, sharing economy, health care, retail, media entertainment, new energy sectors and many other industries, trading in the 4th Industrial Revolution and beyond.
Sekunjalo chairperson Dr Iqbal Survé said he was excited about this partnership and investment with Ultrain as its potential to radically change and enhance how the continent does business was unlimited.
“Sekunjalo is delighted that the advances China has made in technology are now going to be made available for an African payment infrastructure. The opportunities for collaboration with Ultrain are immense and we are therefore looking forward to growing our joint footprint on the African continent, and positively contributing to Africa’s digital evolution,” said Survé.
Survé, the immediate past chairperson of the BRICS Business Council, commented on how Ultrain and Sekunjalo through various networks, including the Belt and Road Networks and the Belt and Road African Fund, were looking forward to expanding the vision of President Xi Jinping for the Belt and Road to have a positive impact for all of the people living and working on the African continent.
Ultrain and Sekunjalo have jointly committed to directing a substantial part of the profitability of their partnership, to philanthropic initiatives on the African continent that will include the training young Africans – with an emphasis on women – in blockchain technologies and payment systems.
Through the offices of Survé Philanthropies, an additional foundation will now be established for blockchain technology training in Africa to be co-chaired by Dr Survé and Emma Liao.
A further announcement regarding the partnership’s investment will be made at the African Union meeting in Addis Ababa in 2020, with the Belt and Road Africa Council and Belt and Road Africa Fund.