Africa investor RegTech Investors Summit Calls for Acceleration of eTrade Negotiations on the African Continental Free Trade Area due to COVID-19
Africa investor (Ai) today confirmed it successfully hosted the Africa investor RegTech Investors Consultative Summit, which convened leading RegTech investors from across the continent and globe. The Summit overwhelmingly call called on African Union Heads of State as a consequence of COVID-19 and to protect African economic growth and the digitzation of SME’s, to accelerate the eTrade Negotiations on the African Continental Free Trade Area from 2022 to 2021.
The Africa investor (Ai) RegTech Investors Consultative Summit was held in partnership with AfricaPLC (Ai’s eTrade and eTrade Finance and Logistics Marketplace Platform), and the Africa Fintech Summit.
The Summit which was Chaired by Hubert Danso, CEO and Chairman Africa investor Group and Chairman, African Union Development Agency (AUDA) Continental Business Network (CBN), builds on the recent Africa investor (Ai) African eTrade Leaders Consultative Summit, held with the Secretary Generals of the International Chamber of Commerce (ICC), Berne Union International Union of Credit & Investment Insurers, the African Continental Free Trade Area (AfCFTA), the World Customs Organization (WCO) and the World Trade Organization (WTO), following which, the CBN requested a follow up RegTech Investors Consultative Summit, to generate concrete recommendations from leading global RegTech stakeholders as part of its Policy Recommendations Statement (PRS), to be submitted by the CBN on eTrade and the AfCFTA to African Union Heads of State in light of COVD-19.
With a 103% increase in year on year (YoY) investment during the first 3 quarters of 2019, RegTech is one of the fastest growing tech categories for global investors. As African governments accelerate the adoption of technology and pursue an ambitious regional eTrade and eCommerce agenda through the USD $3.2 trillion African Continental Free Trade Area (AfCFTA), a unique opportunity exists for African governments to employ RegTech solutions to greatly reduce the administrative burden and costs of ensuring firms and individuals are compliant when doing business both within and between African borders. The RegTech investment community has been tasked to table solutions and proposals that allow African governments, regulators and companies, to take a more proactive tech driven approach to tackling regulatory challenges before they occur.
The Summit comprised two roundtables, Panel 1 focused on Setting the Stage for RegTech Development in Africa: identifying key trends, problems, and opportunities driving the need for RegTech solutions and the second Panel 2, addressed Bringing RegTech Investment Models to Market: building for adoption, investability and the unique considerations in RegTech.
Summit discussion leaders included Hubert Danso, CEO and Chairman, Africa investor Group, Chairman, African Union Development Agency-Continental Business Network, Ashley Smith, Head of Partnerships, Africa Fintech Summit , CBO, Dedalus Global, Alastair Tempest, CEO, ECommerce Forum of Africa , Devraj Basu, Senior Lecturer in Finance, Strathclyde Business School, Mark Henderson, Founding Partner, Agile Process Innovation , Michelle Chivunga N, Founder, CEO, and Investor, Global Policy House UK , Paul Smith, Former President and CEO, CFA Institute, Alan Jeftha, Partner, Dentons , Jason Blackman, Senior Director, Customs, Trade Compliance and Regulatory Affairs, DHL Express, Kenneth A. Goodwin, Senior Managing Principal and Founder, Remonda Kirketerp-Møller, CEO and Founder, muinmos, Chris Southworth, Secretary General, ICC United Kingdom.
3 global polls were conducted during Summit that were participated in by stakeholders from across the continent and globally through Facebook, where the Summit was being live streamed to the international investment community and Africans in the Diaspora, which produced the following results:
- GLOBAL POLL 1: Should the African Continental Free Trade Area Heads of State accelerate the negotiations on E-Commerce and E-Trade from 2022 to 2021, because of the urgent needs to digitize driven by Trade Distancing’ and COVID-19?
ü Yes – 98%
ü No – 2%
- GLOBAL POLL 2: What are your top 5 Trade Regulatory Ecosystem problems you feel RegTech could solve (list in order of priority)?:
* Access to Trade Finance – 64%
* Buyer and seller vetting data – 61%
* Logistics – 57%
* Customs – 48%
* Import-Export Licensing – 30%
- GLOBAL POLL 3: Should there be closer partnerships between Market Participants, RegTech Investors, Developers, Regulators and African Policy Makers?
* ü Yes – 96%
* ü No – 4%
The Summit concluded with the African Union’s Continental Business Network (CBN) and AfricaPLC as the principal eTrade platform, to advance the policy recommendations resulting from the Consultative process and to present the Recommendations to the African Continental Free Trade Area Secretariat and the AfricaPLC eTrade platform undertaking to run RegTech pilot projects with technology partners on the 5 priority areas resulting from the poll (Trade Finance, Buyer and Seller Vetting Data, Logistics, Customs and Import-Export Licensing RegTech solutions.
View the Discussion: Africa investor RegTech Investors Consultative Summit
For more information contact:
CEO and Chairman, Africa investor Group, Chairman, African Continental Business Network (CBN)