WadzPay’s Dubai entity receives Virtual Asset Service Provider (VASP) Licence from Dubai’s Virtual Assets Regulatory Authority

Issuance of licence is subject to meeting pre-operating requirements and qualifications for operational approval

WadzPay’s Dubai Entity Receives VASP Licence from VARA

WadzPay’s Dubai Entity Granted VASP Licence. Poised to Revolutionize Virtual Asset Transactions in Middle East.

DUBAI, United Arab Emirates, Feb. 28, 2024 (GLOBE NEWSWIRE) — WPME Technology, the Dubai-based entity of WadzPay, a leading fintech company specialising in blockchain based technology for virtual assets announced that it has been granted a Virtual Assets Service Provider (VASP) Licence for Virtual Asset Broker-Dealer service activities by Dubai’s Virtual Assets Regulatory Authority (VARA). The licence remains non-operational until the company fully satisfies all remaining conditions and select localisation requirements defined by VARA, following which it will be able to commence operations, subject to regulatory reverification and approval.

As one of the pioneers in blockchain based virtual assets technology, WadzPay is excited to deliver its innovative and industry-leading solutions to customers across Middle East while working closely with regulators in contributing to build a compliant and robust fintech ecosystem.

Mr. Anish Jain, Founder & CEO, WadzPay stated, “This licence showcases WadzPay’s dedication in promoting innovation in the field of virtual assets domain and blockchain technology bringing us a step closer to delivering world class solutions to businesses in Middle East.”

WadzPay aims to revolutionize the way people in the Middle East transact and manage virtual assets. WadzPay’s commitment to compliance ensures that financial institutions and their customers can confidently embrace the benefits of blockchain technology while adhering to regulatory standards, ultimately contributing to the growth and sustainability of the fintech ecosystem in the Middle East.

Mr. Ram Chari, Board Member and Group Director, WadzPay quoted, “This will further solidify WadzPay’s position as a trusted and reliable blockchain technology based financial service provider in the region. With the broker-dealer services, WadzPay will provide the technology to its clients to enhance the experience of their customers by enabling virtual assets transactions in a seamless and secure manner.”

To which Mr. Khaled Moharem, President – MENA & Europe at WadzPay, emphasized, “This cements our hard work and sets the stage for transformative blockchain solutions, promoting compliance and customer confidence in the Virtual Assets Industry.”

About WadzPay:

WadzPay was founded in 2018 in Singapore with a commitment to drive financial inclusion and revolutionise the virtual asset landscape. It is a leading global blockchain-based technology provider for virtual assets. The company’s innovative platform available as a SaaS offering provides secure, efficient, and transparent technology solutions, catering to businesses (B2B) and consumers (B2B2C). WadzPay works with large international companies, banks, and fintechs to enable virtual asset-based transaction processing, custody, and settlement. It operates across geographies spanning Asia Pacific, the Middle East, Africa, Europe, and the Americas.

For more information, visit www.wadzpay.com

About VARA:

Established in March 2022, following the effect of Law No.4 of 2022, VARA is the competent entity in charge of regulating, supervising, and overseeing VAs and VA Activities in all zones across the Emirate of Dubai, including Special Development Zones and Free Zones but excluding the Dubai International Financial Centre. VARA plays a central role in creating Dubai’s advanced legal framework to protect investors and establish international standards for Virtual Asset industry governance, while supporting the vision for a borderless economy.

For more information visit: www.vara.ae

For any media enquiries please contact:

Arijit Das

PR and Communications Manager

[email protected]

+91 9654930523

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/58f14eb8-1029-4e43-988c-02833036e716

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Home Affairs introduces one-stop shop for business applications


The Department of Home Affairs (DHA) has created a one-stop shop to streamline business applications and give effect to the recommendations of its visa reform initiative.

The one-stop shop, which is known as the Trusted Employer Scheme (TES), was created with the view to efficiently run the visa regime and to speedily process applications.

The Trusted Employer Scheme was launched on 11 October 2023.

To qualify for membership, an employer, investor or business needs to demonstrate that it has the financial strength to employ a foreign national; that it runs training programmes for South African citizens, and that it is adheres to good corporate practices.

The TES is one of the latest developments in the review and streamlining of South Africa’s visa regime to attract skills to the South African economy and promote tourism.

‘With the Trusted Employer Scheme, the 22 weeks average visa process will be reduced to an average of 20 days, thereby making it easier for employers to plan their recruitment and onboa
rd expats into local operations within a shorter time,’ Home Affairs Minister, Dr Aaron Motsoaledi, said in a statement on Tuesday.

‘This is one scheme that will allow South Africa to attract skills easier and manage immigration, particularly in the processing of applications for senior executives, technical personnel, corporate employees and investors.

‘This will happen while we continue to observe and respect existing immigration laws,’ the Minister said.

The TES brings the Departments of Trade, Industry and Competition, Employment and Labour and Home Affairs under a single system to finalise applications for companies that apply for critical skills through the TES.

Within the new scheme, business will qualify for priority processing of their visa applications due to the reduced requirements and supporting documents, in contrast to the previous process.

A total of 108 qualifying companies have submitted to the TES, representing a diverse set of sectors, including commerce and finance, consultancy, ener
gy (power generation and renewable energy), services and advisory, automotive, advanced manufacturing, resourced based industries, food and beverages.

Thus far, the department has approved 68 applications.

All local applications will be processed through the Corporate Accounts Unit, which was established in February 2010 to facilitate work visa applications for large companies and corporations.

Applications submitted abroad will also be expedited due to the reduced requirements.

Improving operations

The Trusted Employer Scheme is one of the eight recommendations that were initiated by the DHA, in partnership with the Operation Vulindlela team as part of the work visa review that was conducted to identify inefficiencies in the visa application process.

Operation Vulindlela is a joint initiative of the Presidency and National Treasury to accelerate the implementation of structural reforms and support economic recovery. It aims to modernise and transform network industries, including electricity, water, tr
ansport and digital communications.

Since the review, Home Affairs has implemented the following:

The introduction of TES, which was introduced in October 2023.

Streamlining documentation requirements and adjudication processes; radiology report requirements have been removed; requirement for professional body registration for lecturers have also been removed, and police clearance is only required for 12 months where an applicant has stayed.

Modernising IT systems and introducing automation. The department has signed a Memorandum of Understanding with the Council for Scientific and Industrial Research (CSIR), and a secure IT system will be provided for the Trusted Employer Scheme.

Expanding human resources capacity in the Immigration Services Branch. The department has submitted a revised business case to National Treasury and is working on a partnership with the private sector to expand capacity for Immigration Services. Details of this partnership will be announced soon.

Upgrading the Employment Servi
ces of South Africa (ESSA) database.

Updating the Critical Skills List more frequently, with the updated Critical Skills list published on 3 October 2023. This was after it was revised in February and August 2021, and will be regularly updated to consider new emerging skills.

The points-based system on the awarding of certain types of visas was included in the published Draft Second Amendment of the Immigration Regulations, 2014, on 8 February 2024 for public comments.

The introduction of new visa categories to cater for remote workers and start-ups. These visa categories are in the gazette published in the Draft Second Amendment of the Immigration Regulations, 2014, on 8 February 2024 for public comment.

‘We have prioritised implementation of the recommendations of the Operation Vulindlela Report, including introducing the Trusted Employer Scheme, fully convinced that [we] will usher in a new and improved way of dealing with visas.

‘Interventions in this regard include the Remote Working Visa and the po
int-based system on the awarding of certain types of visas,’ Motsoaledi said.

Members of the public and stakeholders are encouraged to submit written comments on the Draft Second Amendment of the Immigration Regulations, 2014. The closing date for submission of public comments is 29 March 2024.

Interested persons can access the gazette on the following link: Department of Home Affairs – Immigration Act, 2002: Draft Second Amendment of the Immigration Regulations, 2014 (dha.gov.za).

Source: South African Government News Agency

Capricorn Foundation brings about positive change in educationSARS takes legal action against Sasfin Bank

WINDHOEK: The Capricorn Foundation has dedicated almost N.dollars 1.8 million in the last three months to various education and training initiatives, addressing infrastructure, providing study materials, personnel training and addressing rural-urban education gaps in Namibia.

In a press release issued on Wednesday, Marlize Horn, Executive Officer of the Capricorn Foundation stated that as a ‘Connector of Positive Change’, the foundation is proud of its track record since it was launched in 2020 to bring about positive change through a portfolio of more than 40 projects and programmes across Namibia.

One of these, the Amos Meerkat Syllabus, enhances existing non-governmental preschools in Namibian farms and rural and informal communities without proper curricula. Aligned with Ministry of Education, Arts and Culture standards, AMS provides an updated Christian curriculum, preparing learners for Grade 1.

‘The programme empowers teachers to build their self-esteem, values and character. This initiative uplifts
and empowers women, helping them discover their worth and realise their role in communities, providing an income opportunity. AMS reaches over 4 000 children nationwide, with the Capricorn Foundation committing N.dollars 420 000 to support the initiative,’ Horn said.

EduVision Online Learning addresses rural-urban education gaps, enhancing mathematics, physics, chemistry, economics and biology education for remote marginalised schools through e-learning and modern technology. For 2024, Capricorn Foundation committed to adopting two schools, Pioneer Secondary School in Schlip and C ||Oaseb Senior Secondary School in Gibeon, with a total contribution of N.dollars 670 000 (N.dollars 335 000 per school) to improve online learning access.

Horn stated that DRC Women’s Community Trust ECD was founded in October 2018 as a non-profit initiative empowering unemployed Namibian women through arts and crafts. Fifteen to 20 women create and sell items using beads and recycled materials, providing income and cultural expr
ession. The foundation also committed N.dollars 75 000 for food support and stationery.

She added that Promiseland Trust drives positive community change, specifically for vulnerable children, addressing academic, social, economic and environmental challenges through education and feeding initiatives. The foundation, she said has allocated N.dollars 200 000 to support the Walvis Bay-based trust’s feeding programme, covering increased running costs for 2024.

Meanwhile, Karstveld Academy was established in Grootfontein in January 2021 and is committed to elevating Namibia’s educational standards through academic and cultural excellence. Capricorn Foundation committed N.dollars 409 200 to Karstveld Academy towards bursaries for six Grade 10 learners covering school and hostel fees, Horn noted.

Source: The Namibia Press Agency

The Commissioner for the South African Revenue Service (SARS), Edward Kieswetter, has confirmed that the revenue service has instituted legal proceedings against Sasfin Bank.

SARS has conducted a thorough investigation into various South African taxpayers who had not made true and accurate tax disclosures to it.

‘The investigation revealed that the taxpayers had colluded to expatriate funds offshore in a manner that obscured tracing the expatriated payments and jeopardises the recovery of tax in South Africa.

‘The Commissioner’s position is that it is inappropriate to comment on the question of liability and compensation for the fiscus’ loss, as these are legal issues that are now before the South African judicial system. Given this development, SARS will not be making any further comment,’ SARS said on Tuesday.

The Commissioner affirmed his commitment to pursue the enforcement and recovery of taxes without fear, favour or prejudice in the interest of upholding the fiscal integrity of the South African ta
x system.

Meanwhile in an announcement on Tuesday, shareholders of Sasfin Holdings Limited were advised that Sasfin Bank, a wholly owned subsidiary of Sasfin Holdings, was served a civil summons for a total amount of R4,872,327,649.27 plus interest and costs in the form of a damages claim, instituted by SARS.

‘This summons, which was received on 9 January 2024, arises from SARS’ purported inability to collect income tax, value added tax and penalties allegedly owed by former foreign exchange clients of the bank.

‘Former foreign exchange clients of the Bank operated as a syndicate that ran an unlawful scheme to facilitate the expatriation of money out of South Africa and colluded with former employees of the bank who operated outside the scope of their employment.’

Sasfin Holdings Limited also added that the bank took decisive action when it became aware of this unlawful scheme, including instituting an expanded investigation led by an independent forensic consultancy.

This resulted in the termination of
relationships with the implicated clients and employees and the opening of criminal cases against them.

‘Subsequent to receiving the summons, Sasfin Bank engaged transparently with the relevant regulators on the matter and obtained a legal opinion from ENS, authored by Professor Dale Hutchinson, Professor Michael Katz and Aslam Moosajee and endorsed by Adv. Wim Trengove S.C.’

‘The legal opinion is unequivocal that the claim falls outside of the recognised parameters of applicable law and has a very remote likelihood of success. On the basis of this legal opinion, Sasfin Holdings concluded that the claim will not result in the recognition of any liability.’

In the SENS announcement, the board of directors of Sasfin Holdings ‘remains of the view that SARS’ claim has no merit and has little chance of success.’

‘The Bank will therefore defend the claim, and given that this involves a defended trial action, the matter is only likely to come to trial in several years’ time,’ said Sasfin Holdings.

Source: Sout
h African Government News Agency

Capricorn Foundation brings about positive change in education

WINDHOEK: The Capricorn Foundation has dedicated almost N.dollars 1.8 million in the last three months to various education and training initiatives, addressing infrastructure, providing study materials, personnel training and addressing rural-urban education gaps in Namibia.

In a press release issued on Wednesday, Marlize Horn, Executive Officer of the Capricorn Foundation stated that as a ‘Connector of Positive Change’, the foundation is proud of its track record since it was launched in 2020 to bring about positive change through a portfolio of more than 40 projects and programmes across Namibia.

One of these, the Amos Meerkat Syllabus, enhances existing non-governmental preschools in Namibian farms and rural and informal communities without proper curricula. Aligned with Ministry of Education, Arts and Culture standards, AMS provides an updated Christian curriculum, preparing learners for Grade 1.

‘The programme empowers teachers to build their self-esteem, values and character. This initiative uplifts
and empowers women, helping them discover their worth and realise their role in communities, providing an income opportunity. AMS reaches over 4 000 children nationwide, with the Capricorn Foundation committing N.dollars 420 000 to support the initiative,’ Horn said.

EduVision Online Learning addresses rural-urban education gaps, enhancing mathematics, physics, chemistry, economics and biology education for remote marginalised schools through e-learning and modern technology. For 2024, Capricorn Foundation committed to adopting two schools, Pioneer Secondary School in Schlip and C ||Oaseb Senior Secondary School in Gibeon, with a total contribution of N.dollars 670 000 (N.dollars 335 000 per school) to improve online learning access.

Horn stated that DRC Women’s Community Trust ECD was founded in October 2018 as a non-profit initiative empowering unemployed Namibian women through arts and crafts. Fifteen to 20 women create and sell items using beads and recycled materials, providing income and cultural expr
ession. The foundation also committed N.dollars 75 000 for food support and stationery.

She added that Promiseland Trust drives positive community change, specifically for vulnerable children, addressing academic, social, economic and environmental challenges through education and feeding initiatives. The foundation, she said has allocated N.dollars 200 000 to support the Walvis Bay-based trust’s feeding programme, covering increased running costs for 2024.

Meanwhile, Karstveld Academy was established in Grootfontein in January 2021 and is committed to elevating Namibia’s educational standards through academic and cultural excellence. Capricorn Foundation committed N.dollars 409 200 to Karstveld Academy towards bursaries for six Grade 10 learners covering school and hostel fees, Horn noted.

Source: The Namibia Press Agency

Vehicle Mass BILL to address critical road issues

SWAKOPMUND: Deputy Prime Minister and Minister of Works and Transport, John Mutorwa, stated that the proposed Vehicle Mass Bill and the Roads Bill have been revised to address critical issues such as overloading and road safety.

According to Mutorwa, this is to ensure that Namibia’s roads and infrastructure are used responsibly to guarantee the safety of all road users.

The Vehicle Mass Bill aims to regulate overloading cases, among other issues, which not only endanger the lives of road users through accidents but also harm the roads.

‘It has been proven that overloading, especially by trucks, may reduce a road’s lifespan from between five to 20 years.

Namibia, as a preferred cross-border route for its road transporters, has invested billions in infrastructure. With the proposed law, we aim for overloading fines and penalty fees to be reinvested in road infrastructure maintenance,’ the minister noted.

Mutorwa made these remarks on Wednesday during the opening ceremony of the 31st Intermodal African Conf
erence held in Swakopmund.

He emphasised that logistics and transportation management are crucial for international trade, adding that Namibia has ensured the upholding of these sectors for the smooth and efficient transportation of goods and services across the country and beyond.

‘The government is working hard to ensure that our infrastructure is safeguarded and maintained for the sustainable efficiency of the transportation and logistics sector,’ Mutorwa added.

Namibia Ports Authority (Namport) Chief Executive Officer, Andrew Kanime, explained that African ports have long been plagued by delays in turnaround times for both ships and cargo, limitations in cargo handling capacity and infrastructure, and high charges for port users.

‘This unfortunately negatively impacts the economic development of our economies as working capital is unnecessarily tied up in goods and commodities, lying in port warehouses, and the competitiveness of our products on the world markets is eroded by, among other factors, the
high logistics charges.

Namibia has thus set herself a goal to be a logistics hub for the Southern African region, in support of its national drive towards economic development and poverty alleviation,’ he added.

The intermodal conference serves as a platform for all stakeholders in the transport and logistics industry to converge, exchange knowledge, share experience and explore opportunities for collaboration and cooperation.

Source: The Namibia Press Agency

Educational campaign needed to address food poisoning: Maghambayi

RUNDU: Chairperson of the Kavango East Regional Council, Damian Maghambayi said the incident in which two girls died and six other children were hospitalised from suspected food poisoning at Livayi village, needs to be addressed holistically.

Maghambayi told Nampa in an interview on Wednesday that an educational campaign is needed in the region.

Last year, 16 people died at Kayova village, also in the Ndiyona Constituency where Livayi is situated, from suspected food poisoning.

It was alleged that a family of 24 people became severely ill after eating porridge made from flour with an additive of dried pounded fermented sediment from a homemade beverage known locally as mundevere.

‘I just realised that we need to conduct more education around this issue. I remember when the Kayova incident took place, as Government we only focused on the affected family household and forgot to actually address the issue holistically in the region. We made sure the family received counselling and humanitarian aid,’ Maghamba
yi said.

Regional and Central Government forgot to view the issue as a societal one and the issue therefore became sensitised, he added.

Maghambayi said he learnt from the Livayi incident that a 12-year-old child reportedly prepared the food the family consumed.

‘Where were the elders when this was happening?’ he asked.

He said he understands that parents or elders could be in the field working, however, children that age should cook under an older person’s supervision.

He noted that in the Kayova incident, it was also a young child who had cooked food for the family, before stating that it is a common occurrence in the region.

‘We just need to look at this matter holistically to get to the bottom of it,’ he said.

The chairperson said the regional leadership is still in touch with the Office of the Prime Minister, looking at how best to continue assisting the affected family at Kayova.

Currently for the Livayi incident, he said the Ministry of Health and Social Services had a meeting with the governor
of the region to give him an update on what transpired.

Meanwhile on the topic of drought relief, Maghambayi said distribution started in October last year and is ongoing until July this year.

‘Currently distribution is taking place in the Ndiyona Constituency where Livayi is and beneficiaries are expected to receive food every month,’ he indicated.

Per household, beneficiaries get a 20kg bag of maize meal, four tins of fish, four bottles of cooking oil and five kilogrammes of soya beans, he said.

Source: The Namibia Press Agency