WELCOME NOTE FROM Managing Director Shashank M Co-Founder & CEO Shankar VS Chief Editor Pragnesh Shah Editor Ujal Nair Assistant Editor Medhaj Nair Head of Operations Kevin Harris Head of Production Shank Mendez Head of Research Laura Edwards Head of Media Sales Charles Grey Media Sales Manager Chris Young Advertising contact chris@intlbm.com Content Managers: Daniel Edwards, Sumana Shankar Business Development Paul Cooper, Alisha Taylor, Jane Sanders, James Smith, Jason Graphic Designer R Ravi Kumar Account Manager Agnes Wong
EDITOR
Lets start considering our Health before we count our Wealth
With the world venturing into the endgame of the deadly COVID-19 pandemic, economists around the world are exploring several alternatives to rejuvenate the economy back to the pre-pandemic period. The Central Banks of governments are liquidating the markets again and the credit policies are loosening up to new ventures. The one sector that is seeing the most amount of attention right now is the healthcare sector. In the healthcare sector, it is not just the pharma and the medical enterprises that are being bolstered. It is the interest shown by the tech fraternity that is really making the whole sector enticing. Apps that are built with the purpose of health monitoring and fitness promotion are getting new fundings and support from the investors. A healthy lifestyle is turning out to be the new fad at home and at work. In this latest issue, you will learn about Glooko acquiring xbird to extend its technology for supporting patients and caretakers in managing and predicting diabetes. The healthy lifestyle-conscious investors are not just focussing on the core healthcare and medical solution innovators. They are also focussing on building an infrastructure that supports the entire community in living the most healthy way possible. As part of it, Derq and Parametrix signed an MoU to make smart technology solutions for livable communities. ImpactMarket is leveraging blockchain technology to provide vulnerable communities the financial support they deserve.
Offies:
The issue also follows up with some insightful perspectives on the latest happenings across the world. From predicting the consumer credit scenario to the impact of the new tax policies in the UAE, this February issue will give you some fresh outlook into what could be expected in the times to come.
Offie Address:
Pragnesh Shah Chief Editor
Registered Adddress: Sharjah Media City (Shams), Al Messaned City, Al Bataeh, Sharjah, United Arab Emirates, P.O. Box: 515000 Suite No 502, Al Tawhidi 1 Building, Floor 5, Khalid Bin Al Waleed Road, Bur Dubai, Dubai, United Arab Emirates. Email: info@intlbm.com Phone: +971 55 686 6713
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www.intlbm.com
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Is Bitcoin Secure? Liana Technologies acquires Evermade for enhanced WordPress solutions
BUSINESS 06. Consumer credit in US is expected to rise in 2022 08. Glooko acquired xbird for enhanced tech in predicting and managing diabetes 10. 5 Tips for Hiring the Best Talent for Your Business 12. Derq and Parametrix sign MoU to deliver smart and livable community solutions 14. Liana Technologies acquires Evermade for enhanced WordPress solutions 16. Why the UAE is unbeatable in terms of ease of doing business 18. Three key priorities that will shape CIO decision making over the coming year FINANCE 20. Benefits of Funding Your Own Campaign 22. How will MasterCard’s Partnership with Coinbase Impact NFT Marketplaces?
FINANCE 26. impactMarket raises $2.1 million and launches $PACT Token 28. Is Bitcoin Secure? 30. How To Financially Avoid Covid Curbs MANUFACTURING 32. Ola announces Future foundry
TECHNOLOGY 33. How Two Way Radios Can Help You Manage Communications In Your Business 36. X-Ray Screening & Biometric Systems Cater to Nearly 50% of Security Screening Demand, Globally: Future Market Insights Study 38. MYRO International onboards world-class directors to bolster construction industry
Business
The numbers on consumer debt have been somewhat skewed in the past two years. Home-based workers spend differently than employees commuting to work. Many remote workers with lower expenses used savings to pay off debt, causing a $40 billion reduction in total credit card debt in the U.S. For a brief period, we were going in the right direction. As we enter 2022, home prices have been skyrocketing, but interest rates have remained low, leading to increased home sales. Mortgage debt hit $17.6 trillion in 2021, by far the highest number of all types of debt. That escalation is expected to continue, even with projected interest rate hikes from the Federal Reserve Bank later this year.
06
Credit-Hungry Lenders are Adjusting Their Strategies Increased home values create more equity for borrowers looking for secured home equity loans and HELOCs. That further drives down the numbers for personal unsecured loans and credit card debt, a boon for consumers, but a setback for lenders who are hungry for new customers. The trend has resulted in more programs to attract subprime borrowers. Auto loans, credit cards, and unsecured personal loans are easier to get now than they’ve been in years. It’s a simple matter of supply and demand. Cost-conscious Americans responded to the economic crisis of the pandemic by reducing their unsecured debt. Lenders want those numbers to go back
Business
up, so they’re making it easier to borrow. Despite the temporary setback of the omicron variant and rising inflation, there was a surge in credit card applications at the end of last year. October’s numbers exceeded pre-pandemic levels, another indicator that consumer debt will increase in 2022. TransUnion is forecasting 116 million new unsecured credit accounts in 2022. There were 92 million in 2020. BNPL Won’t Slow Down Credit Card Spending Retailers increased their usage of buy now pay later (BNPL) programs during the pandemic because they had a captive audience dependent upon online buying. The system was successful in capturing Millennial and Gen-Z consumers, but it didn’t slow down credit card usage for long. As the reopening continues, credit card spending is going up again. Millennials represent 32.7% of all credit card holders. Gen-Z adds
another 14%, so nearly 50% of all credit card spending comes from the generations with the greatest affinity for BNPL. Offering 0% interest helps, but it appears that the inconvenience of budgeting for multiple payments doesn’t overcome the familiar behavior of using a credit card. Auto Lenders are Challenged by Supply Chain Issues Auto loans are the one segment of consumer credit that have remained flat. TransUnion is forecasting 28.8 million new auto loans in 2022, up just 2% from last year. That’s due in part to supply chain issues, namely a shortage of semi-conductor chips needed for auto manufacturing. Consumers don’t want to buy automobiles that aren’t on the lot yet. Though the number of loans isn’t going up significantly, the amounts of those loans are. According to Kelly Blue Book, the average price for a new car topped $46,000 last year, and many consumers are paying above sticker price because vehicles are on
back-order. With the manufacturing delays, used car prices remain high also. Final Note: Inflation Will Make These Numbers Go Up It’s difficult to compare consumer debt from year to year when inflation is rising. The numbers in this article are based on the Fed’s prediction that there will be three interest rate hikes this year of a quarter point each and that inflation projections are accurate. The consumer price index hit 7% in December. Take that into account when you do the math on debt. Increased credit usage can be a sign of a healthy economy that is emerging from one of the toughest economic periods in recent history. Lenders need to be careful though. Targeting sub-prime borrowers could backfire, particularly if there’s a major stock market correction or new shutdowns due to Omicron. Keep an eye out for both in the upcoming months.
Article by Saad Shafiq 07
Business
Glooko, Inc., a leading provider of
advanced analytics capabilities
stated, “xbird and Glooko are a
remote patient monitoring and
and tools, further broadening
great fit. We share a commitment
digital health solutions for diabe-
Glooko’s platform offerings.
to providing solutions that ad-
tes and other chronic conditions
dress multiple chronic conditions,
today announced it has acquired
delivering measurable outcomes,
xbird, a Berlin-based health AI
“We are thrilled to welcome the
company developing JITAI (Just
xbird team to the Glooko family.
In Time Adaptive Intervention)
Our investment in xbird repre-
technologies to support patients
sents Glooko’s strategic commit-
and their providers in predicting
ment to machine learning and
behavior and managing diabetes.
customized digital coaching for patients with chronic conditions,”
to broadly serve all patients in need. Our goal is to continue the design of digital health solutions for those living with these conditions and to make our capabilities accessible to as many patients
Using the latest AI and machine
said Russ Johannesson, Glooko’s
learning, xbird’s technology has
Chief Executive Officer. “Among
the capability of identifying health
the many JITAI companies in the
risks for people with diabetes by
digital health landscape, xbird
interpreting medical and behavio-
clearly has a superior solution,
ral data in a targeted manner and
and has built successful partner-
providing
recom-
ships throughout diabetes de-
mendations and behavioral nudg-
vice manufacturers and clinical
es. Sensors via smartphones and
institutions. The combination of
wearables record a user’s move-
Glooko’s established global foot-
ments and analyze the data to
print and xbird’s exciting JITAI ca-
create individualized behavioral
pabilities will allow us to improve
profiles and personalized nudg-
patient outcomes.”
users of their platform globally
and lifestyle decisions. The ad-
Sebastian Sujka, Chief Executive
better manage their diabetes and
dition of xbird expands Glooko’s
Officer and Co-Founder of xbird
related chronic conditions.
customized
es to change patient behavior
08
and we have a common mission
as possible.” Mr. Sujka will join Glooko as the Managing Director of Glooko GmbH, along with all of the xbird staff. Glooko will integrate the xbird JITAI digital coaching software with its established platform which is used daily by more than 7500 clinics globally and over 1M users. Glooko plans to enable to utilize these solutions to
Business
09
Business
10
Business
When it comes down to growing
focuses on the values and traits
applicant before getting them on
your business, you need peo-
your company seeks, the job
board. There are various tools
ple who have the right skills and
description should outline the
you can use for this. Apart from
mindset. Your success starts
competencies required for the
websites that can run an instant
with the quality of talents you
vacant role. It pays to be specific
background check on a person,
hire, so it’s crucial that you invest
and realistic if you require certain
you can also run an ID scan using
time and effort in finding workers
skills and levels of experience.
the right apps to verify the appli-
who align with your core values.
When it comes to drafting a job
cant’s identity.
description, you need to lay down Make the most of your interview
However, considering the state of
the specific tasks involved in the
the job market, it may take some
role. That way, applicants will
time before you can find the best
know exactly what to expect and
To make sure you are hiring the
people for your team. Here’s an
find out if they have the needed
right person for your needs and
easy guide for recruiting the best
experience.
come up with an enticing compensation package, you must
talent who can help position your business as a global leader.
Reach
out
through
multiple
platforms
ask the right questions during their final interview. This phase in the recruitment process gives
Create an ideal candidate profile When recruiting valuable talents
you a deeper insight into an appli-
Before you get started on your re-
to your business, you will need to
cant’s emotional and intellectual
cruitment campaign, you have to
use as many platforms as possi-
capabilities.
know what your ideal employees
ble. Applicants are looking past
look like. For this, you will need
social media sites like LinkedIn
Consider giving them a worst-
to come up with an ideal profile
and Facebook to find their pros-
case scenario and ask how they
for the type of person you want
pects, so you must go beyond
are going to approach it. Hiring
your business to recruit. This pro-
these platforms and advertise
the best talents is crucial to the
file should include preferred traits
your job openings in other plac-
growth of your business. It takes
and skills that are relevant to the
es. Look towards platforms like
time, but going through it careful-
vacant position you are offering.
Indeed or seek out websites that
ly will enable you to find the right
With an ideal candidate profile,
attract job seekers within your
person for the job.
it will be easier for you to zero
industry.
in on applicants who best fit the organization.
Do a background check
Come up with a detailed job
Integrity is just as important
description
as competence and efficiency, so consider running a thor-
While
your
candidate
profile
ough background check on an
Article received on mail
11
Business
12
Business
Derq, a Detroit- and Dubai-based
with Derq, we provide our clients
powers connected and auton-
artificial intelligence (AI) technol-
with unique AI technologies for
omous vehicle solutions which
ogy company, and Parametrix, an
advanced predictive analytics,
will benefit Parametrix’s clients
established planning, engineering,
connected and autonomous ve-
who are looking to plan, design,
technology, and management con-
hicle (CAV), road safety, and tran-
and implement safer and smart-
sultancy company, have signed a
sit applications. This partnership
er connected and autonomous
Memorandum of Understanding
represents another step toward
corridors.
(MoU) to deliver smart technology
our vision for the future of trans-
solutions for more livable COM-
portation and the future of the pro-
“Derq is powering the global tran-
MUNITIES based on Derq’s plat-
fession,” said Hicham Chatila, the
sition to safer, more efficient and
form and Parametrix’s innovative
National Director of Smart and Liv-
sustainable transportation. Our
solutions.
able Communities at Parametrix.
strategic partnership with Parametrix, who has a bold vision to
As a strategic partner, Parametrix
Derq has built an award-winning
plan and deploy smart city initia-
will focus on smart and livable
platform powered by patented AI
tives, will help us accelerate this
community solutions that lever-
technologies and predictive ana-
transition.” Dr. Georges Aoude,
ages Derq’s technology platform.
lytics, helping to eliminate crash-
CEO and Co-Founder of Derq, said.
For opportunities spearheaded by
es, save lives, and create safer
“Combing our award-winning re-
Parametrix, Derq will provide sup-
and smarter roadways. Derq will
al-time AI and CAV platform with
port and training for its technology
provide Parametrix’s existing and
Parametrix’s experience in deliv-
platform to Parametrix’s staff and
new clients with its technology
ering large-scale infrastructure
clients and ensure seamless data
platform that is disrupting tradi-
projects is a unique opportunity
integration with Parametrix devel-
tional traffic and safety analyses
to achieve our societal impact at
oped solutions.
by generating, in real-time, cost-ef-
scale.”
fectively, a full suite of traffic and “A key objective at Parametrix is
safety insights that proactively ad-
to help communities enhance
dress the road safety and efficien-
mobility, safety, and sustainability.
cy priorities of their customers. As
Through our strategic partnership
per reports, Derq’s platform also
As per Press Release received over mail
13
Business
Liana Technologies acquires Evermade for enhanced WordPress solutions Liana Technologies, the Finland-based marketing
Evermade is a digital agency founded in 2011 and
and communications software company, became
as per reports, became Finland’s largest WordPress
the majority stakeholder of Evermade, a Finland-
agency in 2020 with a turnover of three million
based web design and development company.
euros. Evermade is led by CEO and partner Julius
The acquisition implements Liana Technologies’
Haukkasalo and the company has 45 employees in
strategy to become the largest provider of cloud-
Finland. The founders of the company will continue
based digital marketing and communications
as shareholders and Evermade will continue as an
services in the Nordic countries. With this
independent company and with its own brand also
transaction, Liana Technologies will strengthen its
after the acquisition.
expertise in WordPress technology. In cooperation
14
with Evermade, Liana’s automation solutions will be
Liana Technologies has 17 years of experience in
integrated into the WordPress ecosystem.
providing digital marketing and communications
Business
Samuli Tursas, CEO of Liana Technologies with Julius Haukkasalo, CEO of Evermade
software, and one of the com-
meet and there is so much in
internationalization possibilities,
pany’s main products is the mar-
common in the team spirit. On
and at the same time, we can
keting automation system Lia-
the technical side, Evermade’s
build a product and service
naAutomation. Through the new
highly skilled developers are able
together that combines our two
partnership with Evermade, Liana
to implement the most sophis-
passions: marketing automation
Technologies aims to provide
ticated and customer-oriented
and WordPress.
marketing automation integrated
WordPress projects. Sharing the
into WordPress websites to make
know-how of our companies will
We clearly have common interests
the website experience more per-
definitely benefit us both in the fu-
regarding the future with Liana,
sonalized for users, on the open-
ture. Liana’s international growth
and when the corporate cultures
source side as well. The elimina-
story is just beginning and gain-
seemed to match so well, we
tion of third-party cookies drives
ing momentum,” says Samuli Tur-
decided to seize this opportunity,”
this need and development, as
sas, CEO of Liana Technologies.
describes
Julius
Haukkasalo,
CEO of Evermade.
companies increasingly need to be in charge of the data collected
“In ten years, Evermade has grown
with the consent of users instead
to its current size with its current
of third parties.
ownership
and
management
team. We have been thinking “Joining forces with Evermade
for a long time now about ways
feels a bit like marrying your soul-
to continue strengthening our
mate. Our corporate cultures are
company to better serve our
very similar. The values of Ever-
customers. Working with Liana
made’s people and LianaCrew
brings new growth opportunities,
Source
15
Business
Why the UAE is unbeatable in terms of ease of doing business The authorities in the UAE are currently in the longterm plan of changing the economic focus of the country from the oil and gas industry. As a result, they are making the markets in the country easily accessible to investors and entrepreneurs from all over the world. They are doing this by making it easy to start a business in the UAE, as well as providing various incentives to attract foreign investment. Benefits such as 100% exemption from corporate and personal taxes, 100% repatriation of capital and profits, 100% exemption from tariffs on export and import, etc. play a huge part in the success of their 16
plan. However, these benefits would not matter if the ease of doing business in the country was not up to the mark. Although the UAE authorities have announced 9% corporate tax starting June 2023, it does not affect Freezones therefore expats can still benefit from 0% tax and enjoy all the current benefits. One of the main reasons it is so easy to start a business in the UAE is due to the availability of business consultancies in the UAE. These firms consist of experienced experts who help both locals and foreigners to start their businesses. Due to the networks and connections these consultants have
Business made, they can often start your business cheaper than if you started it without their service. The UAE has three types of economic jurisdictions, each of which caters to different types of businesses and their needs. The three economic jurisdictions are the mainland, the free zones, and offshore companies. Each of them has its own advantages and benefits. However, the free zones are what makes the UAE so attractive to entrepreneurs. Availability of free zones The free zones in the UAE incorporate the policies of free trade so that all the participants in the market have a fair playing field. As a result, there is no discrimination between the locals and foreigners in terms of doing business here. Besides the free zones, other economic jurisdictions do not allow 100% ownership of businesses in certain sectors to foreigners. However, no such restrictions exist in the free zones. Each of the free zones has its own regulatory body that is independent of the government of the UAE. This makes business formation easier and faster in the free zones compared to the mainland. Since the goal of the free zones is to encourage trade, they facilitate the growth of businesses located within their respective borders. The ease of
doing business in the free zones is further facilitated by the lenient regulatory laws. Businesses within the free zones can freely trade within the respective free zone and outside the UAE. Different free zones in the UAE cater to businesses in different industries. For example, Dubai Healthcare City Free Zone caters to the needs of businesses in the healthcare industry. Since all the healthcare-related services can be found in this free zone, people with healthcare issues will look for solutions here. This means that individual free zones attract consumers related to the industry that they specialize in. Easy and fast business setup The factors that determine the ease of doing business in a country include the ease of setting up a business in a country. The UAE ranked first in the world in terms of getting electricity. Other factors like availability of business consultancies, corporate PRO services, easy visa, and recruitment processes make it very easy to set up and run a business here in the UAE. The steps included in the business setup processes in the UAE will depend on where you are setting up your business. Since the main objective of a free zone is to make it easy to conduct business within its borders. It is always easier and faster to start a business in one
of the free zones here. However, thanks to exper t business consultants, you can easily start your business on the mainland as well. All you need to do from your part is to provide the necessary information and documents, and the consultants will take care of the rest. After you have established your business in the UAE, you need to recruit workers or employees to work for you. After the formation of your company, you can sponsor some visas depending on the size of your office space. This essentially means that the entire world is your talent pool. You can also sponsor the visas of your spouse, children, parents, and one domestic worker making both your personal and business life easier. Accessible expert assistance There are a lot of options in terms of office space, company s t r u c t u re , e c o n o m i c zo n e , business activities, etc. in the UAE. Even though more options offer more versatility, they can also cause confusion and later regret. This is where the experts come in. Different kinds of businesses will need different types of office space, legal structure, etc. For example, if your business does not need a physical office space to operate from, then a virtual office will be the best option for you. Source 17
Business
As industries across the Middle
East to bring their digital road
East bounce back from the
maps forward by up to two
economic turbulence of the last
years and increasingly shift
two years, International Data
towards a digital-first strategy,”
Corporation (IDC) believes there
says Lalchandani. “This means
are three broad themes that
choosing digitalization options
will shape the tech investment
over non-digital options as a rule,
decisions of the region’s chief
while implementing or enhancing
information officers (CIOs) and
new products, services, channels,
the organizations they represent
customer/employee experiences,
through 2022 and beyond – the
and operational processes. We are
implementation of a digital-first
increasingly seeing organizations
strategy, the quest for digital
across the Middle East embrace
resiliency, and the pursuit of
this approach and expect it to
hybridity.
proliferate further over the year
That’s according to
IDC’s group vice president and
ahead.
focus on anticipating a crisis and preparing for it, digital resiliency is focused on rapidly adapting to any business disruption. It is not
regional managing director for the Middle East, Turkey, and Africa,
“Likewise,
the
uncertainty
Jyoti Lalchandani, who attributes
wrought by the pandemic had
the first of these themes to the
put the corporate focus on
rapid acceleration of digital
business resiliency. However,
transformation seen since the
in order to be successful in the
start of 2020.
future, organizations need to go beyond business resiliency and
18
Jyoti Lalchandani, IDC’s group vice president and regional managing director for the Middle East, Turkey, and Africa
“The pandemic has led many
strive instead for digital resiliency.
organizations in the Middle
While business resiliency tends to
just about recovering and going back to business as usual but also about capitalizing on the newly changed conditions. To this end, being digitally resilient requires resiliency across many parts of the organization, all working together, including in areas such as leadership, finance, workforce,
Business
operations, brand, customers and
And at the same time, digital
CIOs and influential business
ecosystems.”
transformation is enabling hybrid
leaders from across the region.
business models that create In a recent survey of large and
new non-traditional revenue
The annual IDC Middle East CIO
medium-sized
streams through ecosystem
Summit is the place to come
across
partnerships, while even digital
for thought-provoking, in-depth
the Middle East, 40% of the
innovation itself is becoming
discussions about cutting-edge
respondents said they are now
hybrid – with in-house innovation
tech solutions, emerging use
actively investing in developing
running alongside co-innovation
cases, and proven strategies for
their digital resiliency capabilities.
with partners and customers. As
driving success. For 15 straight
Lalchandani
these
such, designing for hybridity and
years, it has served as the ICT
resilience strategies must be
managing hybridity will be major
world’s premier source of learning
underpinned by “hybridity” and
priorities for CIOs in 2022 and
about
urges organizations to embrace
beyond.”
developments.
approaches and models across
These three themes will shape
This year’s edition will showcase
their business and IT processes
discussions at the upcoming
exclusive insights from His
IDC Middle East CIO Summit
Excellency Dr. Mohamed Al
2022, which will take place on
Kuwaiti, head of cybersecurity
conducted
digitally
organizations
by
IDC
believes
augmented
“Digital strategies need to enable seamless customer engagement not only through digital channels, also
through
industry’s
latest
hybrid
and functions.
but
the
digitally
augmented physical stores and branches,” says Lalchandani. “The workforce now needs to be supported with technology to flexibly deliver via a hybrid
February 22-24 under the theme ‘Accelerating the Journey to a Digital First World’. Featuring an opening keynote from His Excellency Wesam Lootah, CEO of Smart Dubai Government, Digital Dubai the summit will incorporate a two-day in-person gathering at The Ritz-Carlton Hotel, Dubai International Financial Centre,
model of working from home,
followed by a one-day virtual
in the office, or anywhere else.
event, hosting more than 500
for the UAE Government, and Dr. Peter Diamandis, a New York Times Bestselling author of three books and founder of the XPRIZE Foundation.
Meanwhile,
the
second day of the summit will feature Khalid Al Ameri, renowned Emirati
blogger,
columnist,
motivational speaker, and social media influencer, as the event’s master of ceremonies.
19
Finance
How to Fund Your Business Idea You’ve got a business idea that
needs of your business before
business yourself is by borrowing
you think about how much mon-
from friends and family. Howev-
ey you need to fund it.
er, often people like to stay away from mixing business with close
you want to turn into a reality? Funding your business is one of
How Do I Fund My Business
relations given the politics that
the key considerations for suc-
Without the Bank?
can evolve. There may be a family member who might want to join
cessfully getting the ball rolling. Whether you need to buy equip-
With all the right preparation, you
forces with you on a business
ment, buy stock, or market your
hope that any business idea will
idea.
offering, business funding is es-
succeed and take off with flying
sential. In most cases this will
colours. However, it’s not always
In general, the more self-reliant
involve external sources, such
plain sailing when it comes to
you are when it comes to funding
as banks, fast payday loans, for
business and there will be plenty
your business, the more reliable
financial assistance. This article
of trial-and-error moments in your
you will seem in the future when
takes a closer look at your op-
journey. That’s why it’s important
it comes to seeking investments.
tions.
not to load your business with
After all, how can you expect
debt before you even start trad-
others to invest in your business
How Much Money Do I Need to
ing or before you feel confident
when you haven’t done so your-
Launch My Business?
your business is stable enough.
self?
How much money you need will
Using your own funds is the most
Is It Possible to Get Business
depend on the business itself.
sensible and logical place to start
Funding from My Bank?
Some business ventures will
when you’ve got a business idea
need significant investment to
to explore. You could fund your
In short, yes, it is. After all, despite
cover equipment or offices. For
start up through savings, redun-
your best efforts to fund your
example, a manufacturing busi-
dancy payments, inheritance, or
business yourself, sometimes
ness will need expensive machin-
retirement funds. There are a few
you need to turn to commercial
ery and tools as well as a dedicat-
examples of what you could use.
lenders for financial support. It’s
ed workshop and factory site. In
If you have any valuable assets,
important to bear in mind that
comparison, other types of busi-
such as jewellery or a car, you
many external sources of funding
nesses have minimal overheads,
could consider getting an as-
will want to ensure your business
only requiring a laptop and inter-
set-based loan, or simply sell an
is a safe and reliable business to
net connection at first.
asset to fund your business idea.
invest in. It’s unlikely to get funding for an untested business idea.
It’s important to consider the
20
Another way you can fund your
It may be a good idea to create a
Finance business plan and put together a ‘pitch’, so to speak,
returns. It’s also important that you are realistic with
of your business to offer confidence and reassur-
the risks associated in your business idea and ex-
ance in those you’re seeking funding from. This
plain how you would manage such risks, rather than
should outline how much money you need exactly
being naively optimistic.
and why you need it. It should also include a plan of how the money is going to be spent and forecasted
Article by Saad Shafiq
21
Finance
How will MasterCard’s Partnership with Coinbase Impact NFT Marketplaces?
Mastercard announced its partnership with Coin-
in terms of game developers and their game
base this week. For NFTs, MasterCard’s involve-
markets?
ment could help boost the global adoption of crypto-collectibles on the blockchain. However, actual
MasterCard enables the movement of money on
use cases for real-world goods might still be some
the blockchain. Buying NFTs with MasterCard
way off.
is much easier because there are no longer any transfer limits to worry about. Along with this, it
According to their website, MasterCard has creat-
also means that you can buy NFTs without having
ed a new business to handle crypto assets. The
to worry about your digital assets being stolen.
new unit, called MasterCard Blockchain, will reportedly collaborate with Coinbase’s engineering
Mastercard’s entry into the crypto industry makes
teams in order to integrate their services into the
it easier for people to build apps on ERC-721, which
digital asset space.
is great news for developers of games built on this standard. Although not all purchases will go
Impact on Crypto Markets
through MasterCard straight away, at least there are options now that NFTs can be used in regular
With this new partnership between MasterCard
commerce.
and Coinbase, buying NFTs will be so much eas-
22
ier. However, this will have quite some impact on
As for the game marketplaces, they can expect to
the crypto marketplaces. But, what can we expect
see more people purchase NFTs on their platforms.
Finance
23
Finance
A bigger number of players will
If more social networks start im-
the industry is still new, we would
help them reach their targets
plementing games on blockchain
advise caution and research.
(which is always good), but it also
technology, there is a good chance
means that there are more play-
that they will take a longer look at
Nonetheless, We have to wait and
ers being transferred between
the blockchain. As a result of this,
keep an eye on the marketplaces
new wallets every day. So, while
we might even see them launch
to see how these new develop-
it’s great that the crypto-collecti-
their own crypto-collectibles.
ments will come into play.
in buyers, it might also mean that
On the other hand, MasterCard
Final Thoughts
there is a slight increase in fraud
might start implementing block-
cases for game marketplaces.
chain-based payment methods
It is still too early to tell how the
for social networks as well. Face-
MasterCard partnership with
Social Networks Get in the Game
book’s Libra project is just one ex-
Coinbase will play out. The cryp-
as Well
ample of this path. And if social
to-collectibles industry looks set
networks start using cryptocur-
for a boost as long as the interest
rencies directly, the crypto-collect-
from investors continues. How-
NFT Blockchain-Image Courte-
ibles industry could see a huge
ever, it’s hard to say whether NFT
sy-TheDigitalArtist-Pixabay.com
boost overnight, as these players
marketplaces will see a surge in
With more players on the block-
start buying NFTs to create their
buyers as well. What do you think
chain and buying NFTs, we can
own personalized 2D avatars.
of the MasterCard-Coinbase part-
bles industry will see an increase
nership? Do you think it will im-
expect to see more industries using them as well. After all, if Mas-
So what does this mean for the
pact NFT marketplaces positively
terCard’s involvement helps make
marketplaces? Well, as more in-
or negatively? Let us know in the
the NFT industry more popular,
vestors move into NFTs, there
comments below!
then why can’t yours?
might be an influx of buyers, and they will likely profit short-term.
Social networks are seeing game
24
developers integrating block-
And if you want to be one of the
chain-based NFTs into their
early NFT buyers, you would need
games. Meta has indicated that
to do it through a secure market-
plans are in place to integrate
place. According to the data on-
NFTs with Facebook and Insta-
line, some of the most popular
gram profiles. This means that
and safest are OpenSea, Axie, and
there will be more pressure on the
Crypto.com (the last one being a
NFT marketplaces.
hybrid marketplace). But since
Blog Received on Mail
Finance
impactMarket wants to become one of the main
countries in the world while driving Defi adoption
contributors to end extreme poverty in the world by
and access to finance among those who need it the
2030 leveraging blockchain technology to reach vul-
most. The investment counted with 12 investors,
nerable communities and people living in extreme
including Celo Foundation, Davoa Capital, Flori Ven-
poverty. Launched in late 2020, the protocol oper-
tures, Eutopia Foundation, Valora, and individual in-
ates on top of the Celo network and claims to be one
vestors such as Diogo Mónica (Anchorage), Marek
of the world’s largest blockchain-based Uncondi-
Olszewski (Celo), Albert Wenger (USV), and more.
tional Basic Income (UBI) systems, with over $1.65 million distributed to almost 25,000 beneficiaries in
The IDO (Initial DEX Offering) reached the $500,000
over 25 developing countries.
goal in just 17 minutes with the $PACT governance token, on Polkastarter in December 2021, which
impactMarket has raised a total of $2.1M ($1.6M
had 2288 participants. $PACT is currently listed
in pre-seed and seed equity rounds, and $500K
on Ubeswap and tracked on CoinMarketCap and
through an IDO), to further develop the protocol and
CoinGecko.
expand into vulnerable communities in the poorest 26
Finance
The amount raised will further ensure decentraliza-
be rewarded with $PACT tokens for supporting vul-
tion, independence, and collective decisions among
nerable communities. Every 24 hours, new $PACT
protocol participants, with the introduction of the
tokens will be available to be claimed by those who
impactMarket DAO (Decentralised Autonomous
have contributed.
Organisation) and the $PACT governance token.
Beyond UBI, impactMarket is working on providing
$PACT holders can help and influence the future di-
access to more financial services and education,
rection, growth, and impact of the protocol.
such as microcredit, collective savings with rewards, crowdlending, and more financial tools that
A way to acquire $PACT tokens is through impact
are essential to empower vulnerable communities
Farming, a mechanism that allows contributors to
out of extreme poverty.
27
Finance
Is Bitc Bitcoin is a digital currency that
•
was created in the year 2009. It is a decentralized cryptocurrency
•
Blockchain does not require
Also, if you are concerned that is
permission
bitcoin legal in India then you can
Bitcoin is decentralized.
be rest assured that transacting in Bitcoin is not illegal in India.
that relies on a peer-to-peer network known as blockchain that
How Safe is Bitcoin?
the same will be subject to tax
helps in recording transactions
payment.
rather than any other regulatory
Several elements assist in secur-
body. If you buy bitcoin in India,
ing bitcoin from stealing. Cryp-
you must understand its features
tography maintains the invention
What Are the Risks related to
and investment process. Howev-
and transfer of a cryptocurren-
Bitcoin?
er, there are no physical bitcoins,
cy, and the protocols underlying
and their value varies depending
bitcoin have been confirmed to
Like any other digital activity, the
on the market.
be substantial. Bitcoin’s use of
most significant security concern
a disseminated ledger technolo-
for many people regarding Bitcoin
It is noted that Bitcoin technolo-
gy (DLT), typically known as the
investing is the threat of hacking
gy is mostly secure as it is creat-
blockchain, gives owners a chro-
and forgery. As per the Federal
ed on safe technology called the
nology of all their trades that can-
Trade Commission’s data, Cryp-
blockchain. It is also cryptograph-
not be tampered with because
tocurrency crimes are on the rise
ic, public, permissionless and de-
there is no single point of loss.
and resulted in a median loss of $1,900 as per the report between
centralized. However, it is subject
28
However, the profits gained by
October 2020 and March 2021.
to market volatility when it comes
Bitcoin’s
to trade. The most known rea-
means all transactions are open
sons why Bitcoin is mostly safe
to the masses. Still, the individu-
According to the FTC, report-
are –
als involved remain anonymous,
ed crypto crimes often involve
•
Bitcoin is public
so there is no chance of a data
scammers demanding payment
•
Bitcoin works on secure
breach as with standard financial
in cryptocurrency or sending
cryptography
systems.
unsolicited offers to assist you
DLT
transparency
Finance
coin Secure? in making money or increasing
bank could be another option, al-
cover all its customers’ deposits
your holdings. “One sure sign of
though those are not necessarily
in its vault. As an outcome, a hack
a scam is anyone who says you
proof as objects could still be lost
won’t necessarily put Bitcoins be-
have to pay by cryptocurrency,”
or impaired. One could also add
longing to all their users at risk.
the agency mentions. It would
a layer of protection to your cold
help if you also avoided any unso-
wallet by encrypting the device.
Past, where you store your wal-
licited offers related to crypto; do
Or, in the matter of a noted pri-
let, the most prominent risk fac-
your research and buy your coins
vate key, altering a few digits so it
tor may be human. The scams
yourself using a reputed crypto
won’t be usable by others.
in cryptocurrency are rising, and fraudsters may try to get you to
exchange. Some people prefer to keep their
share your private key or account
Bitcoins in an online digital wallet,
details. Or get you to install soft-
mainly if they frequently buy and
ware that infects your devices
The most reasonable way to keep
sell the currency or want easy ac-
and steal this information.
your Bitcoins safe is to have your
cess to their digital wallets from
secret key stored in a device or an
different devices. Many online
application that is not connected
cryptocurrency platforms or ex-
to the internet or in a non-digital
changes will create a wallet for
structure, such as noted on a
you when you open an account.
How to keep Bitcoin safe?
notepad. When your private key is stored somewhere that doesn’t
Many platforms will also keep
commune to the internet, it is
much of the Bitcoins in their sys-
known as a cold wallet.
tem in cold (offline) storage, and it only has a small percentage of
Physical cold wallets can be kept
hot (internet-connected) storage.
in fireproof safes or other secure
Like how a local bank branch
places. A safe deposit box at a
does not have enough cash to
Article by Muhammad Saad Shafiq 29
Finance
How To Financially Avoid Covid Curbs
30
Finance
The COVID-19 pandemic has
Improve Your Risk Management
save you more money in the long run and means that if business-
caused widespread disruption to many people and their financ-
Even though many restrictions
es are forced to work from home
es. To try and recover from any
are lifted in certain places, you
again, you’re already prepared. By
losses made from either losing a
still want to be prepared should
reassessing your outgoings, you
job or being unable to work due
they be brought back into force.
can see where you may be able to
You’ll need to make sure that
recover any losses you’ve already
your workplace is in line with
experienced and reduce them
government recommendations.
from happening again.
to illness, people may have tried using a short term loan to see them through their crisis. Many businesses have faced a loss of revenue and been forced into unavoidable circumstances. But, as we head into a post-pandemic world, here’s how you can financially avoid the effects of covid curbs. Plan Ahead The pandemic was a new way of life to all and many were unprepared for such an event. This led to businesses scrambling to get
Such as good ventilation, regular cleaning, and proper handwash-
Don’t Go It Alone
ing stations. You may feel that your business already offers and
All businesses have gone through
meets any criteria, but it’s a good
a rather challenging time, so it’s
time to revaluate and discover
a good idea to reach out to oth-
any areas that could be improved.
ers that you work with regularly.
This will ensure that you’re able
By collaborating with others, you
to remain up and running even if
may be able to discover new in-
the restrictions change.
novative ways of working that will drastically reduce the effects
Reassess Your Finances
of any covid curbs that are re-introduced.
With all the changes made to ways of working during the pan-
It can be hard trying to work
demic, your spending will most
around
likely have changed. Now’s the
and negate the effects they have
perfect time to reassess your fi-
on your business. But by careful-
nances and make sure you’re still
ly planning and re-working your
working with an accurate budget.
finances, you should be able to
You might also find that you can
successfully weather any curbs
have on society, you should plan
lower your expenses in certain
brought it and see them through
ahead in case something similar
areas too. With more employees
right to the end and out the other
happens again. Having this plan
working from home and quite
side.
in place will ensure you’re able to
happy to do so, you may be able
reduce any potential losses and
to relocate to a smaller office, or
damage to your business.
even forego it altogether. This will
their employees working from home and many struggling to find suitable solutions other than closing their doors temporarily. But as we now know that a pandemic is a possibility and the effect it can
COVID-19
restrictions
Article by Jack Hawtin
31
Manufacturing
Ola Electric, India’s manufacturer of EVs, today an-
Bhavish Aggarwal, Founder & CEO, Ola said, “At Ola,
nounced Ola Futurefoundry, its global center for ad-
we are building the future of mobility and continue
vanced engineering and vehicle design. This center
to attract the best global talent across disciplines.
will be based in Coventry, UK, a global hub for the
Ola Futurefoundry will enable us to tap into the fan-
best automotive design and engineering talent in
tastic automotive design & engineering talent in the
the world.
UK to create the next generation of electric vehicles. Futurefoundry will work in close collaboration with
Ola Futurefoundry will work in synch with the de-
our headquarters in Bangalore, India to help us build
sign and engineering teams based at Ola Campus
the future of mobility as we make EVs affordable
in Bangalore, India. It will house global talent across
across the world.”
multiple disciplines of 2W and 4W vehicle design, advanced high-performance automotive engineer-
“We want to create a world-class design and R&D
ing, digital & physical modeling, and more. It will also
team with global sensibilities. Ola Futurefoundry is
house talent that will focus on vehicle R&D around
an important step in building a multi-disciplinary
new energy systems including cell technologies.
team that is agile, flexible, and responsive to the various needs of our consumers around the world. We
Ola will invest £100M over the next 5 years into the
are setting up in Coventry a global epicenter of au-
state-of-the-art center and staff it with over 200 de-
tomotive and technology talent. Futurefoundry will
signers and automotive engineers. The center will
supplement and collaborate with our core team in
also partner with a world-class education and re-
Bangalore, India to deliver exciting new EVs across
search institutions in the UK to collaborate on tech-
two-wheeler, 4 wheeler, and other form factors.” said
nology research and development.
Wayne Burgess, Vice President of Vehicle Design, Ola Electric.
32
Technology
How Two Way Radios Can Help You Manage Communications In Your Business Two way radios provide fast and efficient means of communication for employees no matter where they’re located on the premises. Without this instant method of communication, many issues could arrive that could have easily been prevented if there’d just been a few words spoken to the right people. Let’s explore how two way radios can help you manage your communications in your business. Safety and Security First and foremost, the safety of your employees and customers is a high priority. With two way radios, staff can alert the relevant people when an accident occurs. Without this, delays in receiving medical care could arise and cause further unnecessary issues. The radios can also help to prevent accidents from occurring. Employees can let others around them know of a potential hazard, decreasing the likelihood of someone slipping in a spillage that’s yet to be cleaned up. Many radios also have safety features that can raise an alert quicker than someone trying to get help. Two way radios can also help to reduce shoplifting and potential theft. The instant that something
not quite right is spotted, this can be communicated with security and stopped in its tracks.
productivity.
Organisation
Having a work group chat on a mobile phone may be useful, but some people might not own one. If they’re then given a work mobile phone to use, they may need training before they can even use it. Similarly, some people may prefer different kinds of phones to the ones provided. This means again they will need training on how to use it before it becomes an efficient tool for them. With two way radios, everyone will be using the same type of device, with the same technology, cutting training time down drastically. With everyone using the same communication device, you can ensure information is being relayed accurately and safely being received. Making the move to two way radios may be just the thing your business needs to take your communication skills from great to excellent.
Using two way radios within your business can be particularly helpful when organising the floor of your premises. It’s much easier to change the deployment of staff via the radio than having to locate everyone and pull them away from the task at hand. Radios are a great tool for managing the flow of customers in a shop too. If it’s a busy weekend and queues are building up, it’s a simple task of staff communication to get the customers moving again. Relaying Information Working in an ever-changing environment means that regular updates to processes can be a common occurrence. The technology of two way radios means it’s hard for the information to be missed. Emails and text messages can be forgotten which could lead to miscommunication between employees and even customers. The use of two way radios for passing on information creates a culture of open communication between the team which will in turn, lead to better teamwork and
User Friendly
Article by Alfie Jones 33
34
35
Technology
X-Ray Screening & Biometric Systems Cater to Nearly 50% of Security Screening Demand, Globally:
Future Market Insights Study The approximately US$ 7.8 billion market for security screening is highly likely to approach the revenues worth US$ 10 billion in the next two years. As indicated by a newly launched research report by ESOMAR-certified market research and consulting firm, more than half of the total demand for security screening is being accounted by the developed regional markets. East Asia however is cited as the most lucrative market for investors in security screening systems and solutions. Rapid growth in the economy, necessitating increasing expenditure on the national and infrastructural security, will continue to push deployment of reliable and advanced technology enabled security screening systems. While analysis identifies an impressive rate of adoption within emerging economies, China, India, and Russia are more likely to be at the forefront of this growth, in the security screening market. Airports Generate Maximum Demand for Security Screening, Explosive Trace Detectors Bestselling Over 2/5th of the global security screening demand is accounted by airports, which will remain the dominant application area for security screening systems manufacturers and suppliers. As government buildings are highly vulnerable owing to the voluminous sensitive information that they procure, public recreation areas such as malls are also cited as the next sensitive area for implementation of effective security screening. Border check points are also expected to emerge lucrative through coming years, in the security screening market.
36
Explosive trace detectors, currently accounting for nearly 1/4th share of the total sales of security screening systems, will reportedly witness strong growth in demand through the coming years. According to the report, X-Ray screening systems and biometric systems are also highly popular among the end-use application areas in security screening market. The collective market value share of the aforementioned security screening systems is just-under 50% and the report expects attractiveness of the latter to surge – with growing adoption of fingerprint and face recognition technologies. Smart Security Screening Trending in the Global Market Looking at the loopholes in current security screening models in terms of efficiency and sustainability, airports have been accelerating the industry’s shift to smart security screening solutions, over the recent past. A combined initiative of Airports Council International (ACI) and the International Air Transport Association (IATA), smart security is emerging as a streamlined solution for airlines, passengers, and their belongings. Recently, Australia’s first-ever smart security screening checkpoint was unveiled at the Melbourne Airport. Key Vendor Insights: Global Security Screening Market Westminster Group PLC, one of the key players competing in security screening market, recently completed the acquisition of Keyguard UK Ltd. The
Technology
latter is a leading company in the security screening space, providing the blend of manned security and the latest technology enabled security screening systems. The former will now offer packages combining technology and guarding – particularly to the infrastructure security domain. This deal is expected to benefit both the business bases, in form of multiple cross-selling opportunities. Besides Westminster, report covers detailed strategic profiles of some of the most prominent companies operating in security screening market landscape, including American Science and Engineering, Inc., Analogic Corporation, Argus TrueID, Aware Incorporation, Digital Barriers, Mangal Security Systems Ltd., OSI Systems, Inc., Smiths Group plc, LAXTON GROUP, NEXT Biometric, Aratek, NEC Corporation, and Cognitec Systems GmbH. Press Release Received over Mail 37
Technology
38
Technology
Robotics company MYRO International announces the joining of new board members. By bringing onboard world-class directors from some of the most innovative tech giants like Google, Microsoft, AOL and others, the Robotics company focuses on solving complex yet monotonous problems related to human productivity and workplace hazards, particularly bringing robotics and automation to the construction industry. The company offers distribution licenses to regional partners to supply robots and automation solutions to contractors, EPC companies and real estate developers. The new board members alongside Raul Silva, Managing Director and CEO will vanguard the company’s strategic decisions and foray into technologies of the future, therefore, bringing a positive change to the construction industry.
JOHN MCKINLEY
NEW BOARD MEMBERS: John McKinley – Founder of Great Falls Ventures & Former CTO News Corp / AOL and EVP Merryl Linch Spanning over 30 years of experience across prestigious technology and media companies, John is one of the first members to be appointed to the board of MYRO International. He has served as the Chief Technology Officer at News Corp and later as President of Technology for News Corp, Digital Media Group; as CTO (Chief Technology Officer) and President of Digital Services for AOL, and previously as EVP & Head of Global Technology and Services for Merrill Lynch. John is a successful tech investor today, with several of his portfolio companies recently selling to Google, Microsoft, Yahoo!, and Symantec among others.
joshua vivar
Dan Feld – Head of Global Enterprise Business, Devices & Services at Google Dan has over 20 years of technology experience at Technology Powerhouses such as Google and Amazon. At Google he is currently the Head of Global Enterprise Business, Devices & Services and before that Head of Startup & VC Programs for Google Launchpad. Previously he served at Amazon Web Services as Head of Business Development & Sales – Eastern Europe, Africa & Middle East. Joshua Vivar – Principal of BHYH Group & Former Chief Economist of Guatemala Central Bank Joshua during the 20 years of his career has served as Principal of BHYH Group, a multi-family office focused in strategic alternative assets portfolios, and presence in the United States, Israel
DAN FELD
39
Technology
and Latin America. He has successfully supported the structuring of built to suit assets in real estate, energy (oil & gas, renewable) and high tech. Previously Joshua served as a Consultant for prestigious consulting firms in Washington, D.C (The Conafay Group and Stern Stewart & Co) and as a financial economist to the two most recognized Guatemalan government agencies (the Supervisor of the financial system and the Central Bank of Guatemala)
MYRO International being at the forefront of devel-
Announcing the new Board Members, Raul Silva,
manage businesses with accelerated growth po-
CEO and Managing Director of Mojay Global Holding, a DIFC based company, commented, “The
the growth of this industry.” MYRO International is part of Mojay Global Holding Limited, a Private Investment Holding Company, Mojay Global Holding Limited is a value-driven diverse organization created to invest, advise, and tential as well as nurture new investment opportunities. The organization’s expertise spans across in-
newly formed board with its expertise in technology
dustries including Technology & Robotics, Mobility,
will pave the paths of progress with advanced and
FMCG, Real Estate, and Financial Assets.
innovative solutions to the construction industry.
40
oping unique solutions through robotics can nurture
