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Jabbar Announces the Launch of New Fintech Company Kambio Ventures

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Jabbar Announces the Launch of New Fintech Company Kambio Ventures

Kambio’s blockchain-enabled, fully-regulated platform will be a next-generation exchange dedicated to start-ups.

Jabbar, the renowned investor and prolific innovator is set to disrupt the financial services sector with the launch of Kambio Ventures, announced today.

Kambio Ventures is building a next-generation, blockchain-enabled and fully regulated marketplace for tokenised asset-backed securities. The launch follows the recent and successful sale of Jabbar’s portfolio company Souq.com to Amazon in late 2017 for more than USD 600 million.

Kambio Ventures will make the whole start-up investment journey simple, secure and instant. It will provide an attractive, friendly environment for investors, entrepreneurs and institutions. Members will be able to leverage expertise, access local know-how and have the ability to dial up or down risk by region, sector and even venture capital firm. It will be an ecosystem that advances exchange members forward through active participation, knowledge-sharing and access to dedicated local research and resources.

Ambitious goals

London-based Kambio Ventures, supported by an elite advisory team, plans to become one of the first blockchain-enabled and fully-regulated financial exchanges for digital assets. It will build a marketplace to support start-up liquidity that will empower investors and start-ups equally. Key platform features will include:

• Tokenized start-up investments with a proprietary Proof-of-Asset token
• Dedicated primary market for start-ups with multiple finance rounds
• Dedicated secondary market for start-ups providing liquidity
• Access to exceptional start-ups with rigorous due diligence and full lifecycle curation
• Transparent, immutable and fair transactions with instant execution
• Secure personal accounts with segregated custody

A unique capital markets platform will be created, delivering primary capital funding and secondary exchange liquidity for investors, entrepreneurs and institutions. Each start-up will be listed on a private regulated exchange with built-in liquidity management. The platform will deliver exclusive co-investment opportunities, with end-to-end institutional-led curation and a dedicated community ecosystem.

Samih Toukan, Jabbar partner and Kambio Ventures founder, comments: “The current venture capital operating model is complicated and appears outdated – arguably underwhelming both entrepreneurs and investors alike. Both are facing a continuous struggle to secure liquidity, with very long exit cycles. Kambio will be an intuitive, secure, fast, efficient and a regulated ecosystem which will transform the way start-ups operate.”

Hussam Khoury, Jabbar partner and Kambio Ventures founder, comments: “Application of blockchain technologies will help redefine many industries as we know them today, in particular financial services. Kambio will look to lead and collaborate in developing distributed ledger solutions that facilitate investments, trades and custody effortlessly – we see this as gamechanger, that will benefit all stakeholders.”

LouayAldoory, Jabbar partner and Kambio Ventures founder, comments: “The current security token space is nascent, with fundamental jigsaw pieces still missing, including liquidity management; custody; legal framework; and ownership structure. Kambio plans to fill those gaps and remove unnecessary middle men, all within a secure and regulated environment – revolutionising both venture capital and capital markets.”

The Kambio platform will launch following regulatory approvals, which is targeted for the summer 2019.

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Sunak to use budget to expand apprenticeships in England

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Sunak to use budget to expand apprenticeships in England 1

LONDON (Reuters) – British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.

Employers taking part in the Apprenticeship Initiative Scheme will from April 1 receive 3,000 pounds ($4,179) for each apprentice hired, regardless of age – an increase on current grants of between 1,500 and 2,000 pounds depending on age.

The scheme will extended by six months until the end of September, the finance ministry said.

Sunak will also announce an extra 126 million pounds for traineeships for up to 43,000 placements.

Sunak’s March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances.

Sunak is also expected to announce a “flexi-job” apprenticeship scheme, whereby apprentices can join an agency and work for multiple employers in one sector, the finance ministry said.

“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping jobseekers and employers alike,” Sunak said in a statement.

(Reporting by Andy Bruce, editing by David Milliken)

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UK seeks G7 consensus on digital competition after Facebook blackout

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UK seeks G7 consensus on digital competition after Facebook blackout 2

LONDON (Reuters) – Britain is seeking to build a consensus among G7 nations on how to stop large technology companies exploiting their dominance, warning that there can be no repeat of Facebook’s one-week media blackout in Australia.

Facebook’s row with the Australian government over payment for local news, although now resolved, has increased international focus on the power wielded by tech corporations.

“We will hold these companies to account and bridge the gap between what they say they do and what happens in practice,” Britain’s digital minister Oliver Dowden said on Friday.

“We will prevent these firms from exploiting their dominance to the detriment of people and the businesses that rely on them.”

Dowden said recent events had strengthened his view that digital markets did not currently function properly.

He spoke after a meeting with Facebook’s Vice-President for Global Affairs, Nick Clegg, a former British deputy prime minister.

“I put these concerns to Facebook and set out our interest in levelling the playing field to enable proper commercial relationships to be formed. We must avoid such nuclear options being taken again,” Dowden said in a statement.

Facebook said in a statement that the call had been constructive, and that it had already struck commercial deals with most major publishers in Britain.

“Nick strongly agreed with the Secretary of State’s (Dowden’s) assertion that the government’s general preference is for companies to enter freely into proper commercial relationships with each other,” a Facebook spokesman said.

Britain will host a meeting of G7 leaders in June.

It is seeking to build consensus there for coordinated action toward “promoting competitive, innovative digital markets while protecting the free speech and journalism that underpin our democracy and precious liberties,” Dowden said.

The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada, but Australia has also been invited.

Britain is working on a new competition regime aimed at giving consumers more control over their data, and introducing legislation that could regulate social media platforms to prevent the spread of illegal or extremist content and bullying.

(Reporting by William James; Editing by Gareth Jones and John Stonestreet)

 

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Britain to offer fast-track visas to bolster fintechs after Brexit

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Britain to offer fast-track visas to bolster fintechs after Brexit 3

By Huw Jones

LONDON (Reuters) – Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.

Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.

“This new fast-track scale-up stream will make it easier for fintech firms to recruit innovators and job creators, who will help them grow,” Sunak said in a statement.

Over 40% of fintech staff in Britain come from overseas, and the new visa scheme, open to migrants with job offers at high-growth firms that are scaling up, will start in March 2022.

Brexit cut fintechs’ access to the EU single market and made it far harder to employ staff from the bloc, leaving Britain less attractive for the industry.

The review published on Friday and headed by Ron Kalifa, former CEO of payments fintech Worldpay, set out a “strategy and delivery model” that also includes a new 1 billion pound ($1.39 billion) start-up fund.

“It’s about underpinning financial services and our place in the world, and bringing innovation into mainstream banking,” Kalifa told Reuters.

Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.

The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector’s future in Britain is not assured.

It also recommends more flexible listing rules for fintechs to catch up with New York.

“We recognise the need to make the UK attractive a more attractive location for IPOs,” said Britain’s financial services minister John Glen, adding that a separate review on listings rules would be published shortly.

“Those findings, along with Ron’s report today, should provide an excellent evidence base for further reform.”

SCALING UP

Britain pioneered “sandboxes” to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up “scale-boxes” to help fintechs navigate red tape to grow.

“It’s a question of knowing who to call when there’s a problem,” said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.

A UK fintech wanting to serve EU clients would have to open a hub in the bloc, an expensive undertaking for a start-up.

“Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here,” Swinburne said.

The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).

“There is no framework but bits of individual policies, and nowhere does it come together,” said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.

($1 = 0.7064 pounds)

(Reporting by Huw Jones; editing by Jane Merriman and John Stonestreet)

 

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