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Three Trends Currently Shaping GovTech Landscape

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Here are Three Trends Presently Shaping GovTech Landscape

The COVID-19 pandemic has challenged the majority of countries around the world. While some of the solutions proposed by governments have varied, when it comes to providing social, economic, and medical assistance, those with developed GovTech—a whole-of-government approach to public sector digitization—have generally been more efficient.

The pandemic has highlighted the importance of such systems, but as with any crisis, it has also left many pondering: how will GovTech evolve in the future?

Experts at NRD Companies, a global IT and consulting group of companies specializing in governance and economic digital infrastructure, have elaborated on how the landscape of GovTech might look like going forward.

Remote collaboration

The importance of developing e-government systems has not been overshadowed by the pandemic. In fact, the adverse conditions have only reinforced the need for GovTech solutions as countries seek to deliver their citizens an efficient way of accessing public services. With a deadly virus raging and travel restrictions in place, the crisis has opened up new opportunities for remote collaboration, which is no longer seen as an option, but rather as a necessary component for successful GovTech project implementation.

“As tools, processes, and software constantly improve, it has become possible to implement large-scale GovTech projects entirely remotely, regardless of location and time zones,” said Mindaugas Glodas, CEO at NRD Companies. “Of course, consulting and implementing projects remotely is significantly more complex than doing it the usual way, thus when choosing partners, countries should consider their experience in working with such projects. In any case, moving forward, remote work will stay with us even after the pandemic, as countries are becoming more aware of the benefits such methodology brings to the table.”

One such project involves Barbados, an island country in the Caribbean which has recently agreed, even amidst the pandemic, to take the first step toward digitizing the public sector. Working together with NRD Companies, the nation will implement a progressive e-services delivery platform entirely remotely, encouraging cooperation and data exchange between the public sector and the government by providing a Directory of Services and designated online spaces for citizens, businesses, and the government.

Shift to cloud

Multiple governments around the world still rely on physical, premise-based data centers. Such centers require careful management and are vulnerable to fire, smoke, moisture, flood, pollution, and data leakages. As governments receive more and more sensitive data, storing it in bare metal servers is becoming too risky to continue.

“The limitations of legacy systems are going to encourage a shift to cloud,” said Mr Glodas. “It is no longer safe and practical to store data on physical servers, especially when an increasing number of governments are choosing the digitization path. Going cloud is the next logical step as it provides more resilience, saves money and stimulates innovation.This has been happening for quite some time in the private sector, but the transition in the public sector is only accelerating.”

In particular, private clouds are now on the rise. In 2018, a study predicted that governments will shift to private cloud at twice the rate of public cloud through 2021. Since then, the German federal government, the French Ministry of the Interior and a few Swedish government agencies, among others, have transitioned to private cloud to ensure control and security.

Other countries choose similar cloud solutions. Partnering with NRD Companies, Anguilla, a British overseas territory in the Caribbean, will have its electronic system for the Commercial Registry implemented on a hybrid cloud—a combination of on-premises infrastructure, private and public clouds—to ensure availability in a cost-effective way.

Positive influence of electronic business registries

The private sector is crucial in the country’s fight against poverty through investment and job creation. Where an effective private sector is lacking, business registration reform has been shown to be one of the essential first steps toward improving the business environment and fostering private sector growth. The easier, faster, and cheaper the business registration process becomes, the higher number of businesses are in an economy.

“When local businesses flourish, they create jobs and generate income that can be spent and invested domestically,” said Ieva Tarailienė, Head of Registry Practice at NRD Companies. “And for the businesses to flourish, favorable conditions must be ensured by the government. This is where digitization can help tremendously—online business registries streamline the whole process of formally registering one’s business and at the same time level the playing ground. As long as governments continue developing online business registration registries, it is a no brainer that their economic segments will only improve.”

The benefits of electronic business registries are reflected in the World Bank’s Ease of Doing Business ranking, which often acts as a guiding light for foreign investors. For example, Mauritius, an island nation in the Indian Ocean, has moved up 36 places during the last three years and is now ranked first in the Sub-Saharan region and 13th overall in the latest Doing Business ranking. This is mostly thanks to its paperless e-registry system, recently developed by NRD Companies, which allows businesses and citizens to use over 30 registries completely remotely.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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From Trading to Credit: Robinhood Launches No-Fee Credit Card with Gold Membership Perks

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Robinhood Markets Inc. has announced the launch of its highly anticipated no-fee credit card and it was accompanied by exclusive perks for Gold membership subscribers.

This bold move is a step in the company’s mission to evolve into a comprehensive financial services provider.

The Robinhood Gold Card boasts an array of enticing features. Chief among them is the absence of annual costs or foreign transaction fees, positioning it as an attractive option for consumers seeking financial flexibility.

Moreover, cardholders stand to benefit from a generous 3% cash back on all categories of purchases, a competitive offer in comparison to industry rivals.

Vlad Tenev, CEO of Robinhood, emphasized the company’s commitment to innovation and industry leadership in an interview.

He expressed the intention to not merely introduce a credit card, but to revolutionize the market with a product that sets new standards for customer satisfaction and financial empowerment.

The announcement has sparked enthusiasm among investors, with Robinhood’s shares witnessing a 6.9% surge in early market trading following the news.

This surge further underscores the market’s confidence in the company’s strategic direction and its potential to disrupt traditional financial services.

Beyond the credit card venture, Robinhood has been steadily diversifying its offerings. With the introduction of retirement products and the expansion of commission-free trading services internationally, the company is positioning itself as a formidable player in the global finance landscape.

As Robinhood continues to innovate and expand its suite of services, its trajectory suggests a promising future as a leading force in democratizing access to financial tools and services.

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Telecommunications

NCC Files Copyright Infringement Charges Against MTN Nigeria and Others

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The Nigerian Copyright Commission (NCC) has taken legal action against MTN Nigeria Communications Ltd. and four individuals, including its Chief Executive Officer, Karl Toriola, over alleged copyright infringement.

The charges, filed in the Federal High Court, Abuja Division, revolve around the unauthorized use of musical works belonging to artist Maleke Idowu Moye.

According to the NCC, the defendants are accused of offering for sale, selling, and trading musical works of Maleke without his consent between 2010 and 2017. These works were allegedly used as Caller Ring Back Tunes without proper authorization.

The musical pieces in question include popular tracks such as “911,” “Minimini-wanawana,” and “Stop racism,” among others.

The commission further alleges that the defendants distributed these musical works to subscribers without authorization, infringing upon the rights of the artist.

The charges are based on provisions of the Copyright Act, Cap. C28, Laws of the Federation of Nigeria, 2004.

As the case awaits assignment to a judge and a fixed date for mention, it marks a significant development in the ongoing efforts to uphold copyright protection in Nigeria’s telecommunications sector.

This legal action underscores the NCC’s commitment to safeguarding the intellectual property rights of artists and creators within the country.

MTN Nigeria, a major player in the telecommunications industry, now faces a legal battle that could have broader implications for how intellectual property rights are respected and enforced within Nigeria’s digital landscape.

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Telecommunications

MTN’s MoMo Sees 32.2% Surge in Transaction Volumes

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MTN Group’s mobile money platform, MoMo, has experienced a 32.2% surge in transaction volumes.

With 72.5 million active users, MoMo continues to solidify its position as a leading fintech service provider in Africa, tapping into the continent’s burgeoning mobile banking sector.

The company’s success underscores the growing trend of Africa’s young and tech-savvy population embracing mobile technology to address financial needs.

Mobile phones are increasingly becoming a tool for bridging gaps in services, particularly in banking, presenting a lucrative opportunity for wireless carriers like MTN to capitalize on the burgeoning fintech market.

MTN’s achievement comes as it finalizes a deal with Mastercard Inc., valuing its fintech business at an impressive $5.2 billion.

This strategic partnership further enhances MTN’s position in the digital finance space, positioning it for continued growth and innovation.

However, MTN is not alone in its fintech endeavors. Rivals such as Airtel Africa Plc, Safaricom Plc, and Vodacom Group Ltd. are also making strides in digital transformation, with plans to separate and monetize their fintech businesses in the long term.

Airtel Africa, for instance, is reportedly considering an IPO for its mobile money unit, indicating the high stakes and intense competition within the sector.

Despite the remarkable success in its fintech ventures, MTN faced challenges in its core telecommunications business, with service revenue growth slowing to 6.8%.

Inflation and currency devaluation in key markets, particularly Nigeria, impacted profitability, highlighting the complexities of operating in diverse African markets.

As MTN continues to expand its fintech footprint and invest in infrastructure to enhance connectivity across the continent, it remains poised to capitalize on the immense potential of Africa’s digital economy.

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