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News About Africa and SEA

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Space start-up raises US$1.05m to build satellites in Malawi

27 Feb | by NTU- SBF Centre for African Studies

Singapore-based start-up, Galamad Aerospace, founded by Malawian-born Christopher Luwanga, says it has secured US$1.05m in pre-seed financing to design and build satellites. Luwanga, who did his PhD research in space weather modelling at Nanyang Technological University (NTU), plans to engineer the satellites in Singapore and manufacture them in Malawi.


In Rwanda, a Singaporean company selling electric motorcycles woos bikers fed-up with high pump prices

21 Aug | By Channel News Asia

KIGALI, Rwanda: In the late afternoon of Jun 27, Singaporean Simon Ting wound down his day in a nondescript warehouse at the foot of a dusty slope in Kigali, Rwanda, an east African nation more than 8,000km away.

A big part of the warehouse was filled with neat rows of metal racks, lined with dozens of batteries being charged. A smaller and more haphazard section contained motorcycle spare parts. Mr Ting's desk, spartan with only a laptop, is tucked away in a corner.


Singapore and Africa: A South-South Story

Sep | International Finance Corporation

Jamil Idris Abubakar, a 41-year-old farmer from Jigawa State in northern Nigeria, has been in the sesame-seed business for more than three decades. His four farms span 50 hectares that yield up to 600 metric tons of sesame each year. Five years ago, he started selling crops to Robust International, a Singapore-based agricultural company that deals in specialty crops such as cashews, sesame, and ginger, primarily in Africa and Asia. Robust also gives Idris Abubakar access to a storage warehouse that helps keep his crops from spoiling, a major issue in Nigeria that accounts for roughly five percent of its greenhouse-gas emissions.


Malaysian Firm To Invest In Locomotive Assembly Plant in Tanzania

18 Nov 21 |  By The Citizen

Tanzania will start producing locomotives and wagons within a year if a foot plan by Malaysia’s railway engineering service provider to invest between $40 million (about Sh92 billion) and $100 million (about Sh230 billion)  comes to fruition.

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Commonwealth Day: celebrating global friends, partners

15 Mar 22 | By The Business Times

ON Mar 14, the 2.5 billion people who make up the Commonwealth family, across 54 countries, come together to celebrate Commonwealth Day. This annual observation, which takes place on the second Monday of March every year, is a chance to convene to recognise the friendship and partnership among a family of nations that spans across the globe.

This year, the theme of Commonwealth Day, and of the upcoming Commonwealth Heads of Government Meeting (CHOGM) is "Delivering a common future".

PT Perkebunan Nusantara III (Persero) rating raised to “idBBB+”

14 Mar | By Pefindo


PEFINDO has raised its ratings for PT Perkebunan Nusantara III (Persero) (PTPN) and its Medium-Term Notes (MTN) IV PTPN III Year 2019, MTN III PTPN III Year 2019, MTN II PTPN III Year 2018 to “idBBB+” from “idBBB”, and its ratings for PTPN’s Sukuk Ijarah II Year 2019 and MTN Syariah Ijarah I PTPN III Year 2018 to “idBBB+(sy)” from “idBBB(sy)”.


The corporate rating’s outlook is “Stable”. The rating action reflects Pefindo's expectation that PTPN will maintain its improved financial profile, particularly its capital structure and cash flow protection measures, driven by strong growth in its revenue and EBITDA triggered by improved productivity and high commodity price, and no additional debt except for the remaining disbursement of loan facility from national economic recovery (PEN) program.


Singtel unit monetises 1.6% stake in Airtel Africa, raises S$150m in net proceeds

25 Mar | By The Business Times

SINGTEL'S Singtel : Z74 -0.38% wholly-owned subsidiary Singapore Telecom International has monetised a 1.6 per cent stake in telecommunications company Airtel Africa through a market placement.

The telco raised net proceeds of about S$150 million from the placement exercise, which was "well oversubscribed", it said in a bourse filing on Friday (Mar 25).


Tolaram-led Funding Raises over US$700,000

6 Oct 2021 |  By The Business Times

Singapore-based food-tech startup Shandi has raised more than US$700,000 in a second-seed funding round led by Tolaram Group, one of Africa's largest packaged food conglomerates. The fresh capital will be used to set up a manufacturing facility in Singapore to commercialise and scale Shandi's proprietary plant-based chicken products, including expanding partnerships in the food sector.


Rwanda, Singapore enter financial services deal: what it means

03 September 2021 |  By Collins Mwai, The New Times

Rwanda and Singapore last week formally entered into a partnership dubbed Financial Trust Corridor initiative, which seeks to facilitate transactions and create greater trust between financial institutions and businesses in Rwanda and Singapore.

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Africa on different growth trajectory: Tharman

24 August 2021 |  By Mindy Tan, The Business Times

AFRICA is on a trajectory that is different and on a higher incline compared to most regions in the next 20 years, providing opportunities for Singapore businesses, said Senior Minister Tharman Shanmugaratnam on Monday.

Cape Town City Center

23 August 2021 |  By Mindy Tan, The Business Times

FOR education technology firm ACKTEC Technologies, the mobile micro-learning app they created for onboarding truck drivers in Cameroon, might just be one of the most interesting projects they have ever embarked on.


Tolaram's free zone invites S'pore firms to invest in Africa

May 27, 2021 | The Straits Times

If not for the fact that it is building West Africa's largest deep water port and free trade zone, Tolaram Group would be best known as the company which taught Africans how to savour instant noodles.

Today, the Singapore-based group, whose annual turnover tops US$1.2 billion (S$1.6 billion), is one of Africa's largest conglomerates.


China-Africa trade increases 26.9% in first quarter

May 17, 2021 | SeaNews

TRADE between China and Africa rose by 26.9 per cent in the first quarter year on year, reports Hong Kong's South China Morning Post.


Two-way China-Africa trade totalled US$52.1 billion in the first three months of the year as most economies eased trade and travel restrictions that had been imposed to curb the spread of the virus


Singapore, Thailand link real-time payment rails for faster, cheaper cross-border transfers

Apr 29, 2021 | The Business Times 

The Monetary Authority of Singapore (MAS) and the Bank of Thailand (BOT) on Thursday announced the first cross-border payments infrastructure to be established globally with the linkage of Singapore's PayNow and Thailand's PromptPay.

Monetary Authority of Singapore (MAS) and Bank of Ghana (BOG) adopt the Business sans Borders (BSB) and the Financial Trust Corridor (FTC)


Dec 8, 2020 | Monetary Authority of Singapore

The MAS and the BOG have commenced discussions to adopt the BSB open hub of platforms between Singapore and Ghana. These discussions on close cooperation will benefit the small and medium-sized enterprises (SMEs) and micro-SMEs (MSMEs) in both countries by expanding their connectivity with their counterpart economy, while introducing innovative FinTech and digital tools to help each SME seamlessly complete its regular business needs. 


Business opportunities aplenty in Africa: SBF

Jan 12 , 2021 | The Business Times 

Singapore Business Federation's (SBF) African Business Group encourages Singapore companies to do business in Africa. Ranveer Chauhan, Chairman of SBF, mentioned that "(Africa) is a big market - 54 countries, a population of more than one billion, a more than US$3 trillion economy. (There is) a multitude of opportunities."

Currently, there are more than 60 Singapore-headquartered companies, such as Pacific International Lines (PTE) Ltd and Olam International, doing business in more than 40 markets in Africa.


SM Tharman Shanmugaratnam to visit Côte d'Ivoire and Ghana from 3 to 7 November 2019

Nov 9, 2019 | From The Prime Minister's Office

Senior Minister (SM) Tharman Shanmugaratnam will make working visits to Côte d’Ivoire from 3 to 5 November and Ghana from 5 to 7 November. He will meet government leaders in both countries to promote bilateral cooperation, and will be accompanied by a business delegation.


Naspers-Backed Crypto Platform Luno Starts African Hiring Spree

June 22, 2019 | By Roxanne Henderson, Bloomberg

Naspers Ltd -backed cryptocurrency platform Luno is planning to increase its workforce by almost 60% to expand its South African headquarters as Bitcoin once again breaches $10,000.


1.2 billion reasons Singapore tech firms think Africa is next big thing

Jun 7, 2019 | By Cybil Huichen Chou, SCMP

Africa has become the new frontier for Singapore’s start-up movement as more technology and venture capitalist firms eye the continent’s largely untapped market for the next wave of growth, despite the challenges it presents, experts say.


Three Charts That Explain Boom in Southeast Asia's Net Economy

Nov 19, 2018 | By Yoolim Lee, Bloomberg

Southeast Asia’s internet economy is on pace to expand 37 percent this year to $72 billion and is projected to exceed $240 billion by 2025, according to a joint research report by Google and Temasek Holdings Pte.


What is China' contribution to the industrialisation of the Mediterranean and Africa?

Nov 1, 2018

Interview with Mr Paulo Gomes, Chairman of Advisory Board Africa Southeast Asia Chamber of Commerce, by The Mediterranean world Economic Foresight Institute (L’Institut de Prospective Economique du Monde Méditerranéen – IPEMED)



Singtel to invest US$250m in Airtel Africa; funding round includes Temasek, Warburg Pincus, Softbank

Oct 24, 2018 |By Wong Kai Yi, The Business Times

SINGTEL will invest US$250 million in Airtel Africa Ltd in an effort to tap the continent’s burgeoning use of mobile money and mobile wallets.


Singapore fintech firms joining the dots in Africa's digital frontier

Aug 17, 2018 | By Annabeth Leow, The Business Times

One of the world’s leading mobile-money markets is farther afield than many might venture – but Kenya, on Africa’s east coast, is fertile ground for Singapore firms tapping the digital economy. And other countries on the continent are no slouch, either.


Petronas makes an entry into Senegal

Aug 13, 2018 | By New Straits Times

Petronas said the farm-in is aligned with Petronas’ upstream strategy to grow its exploration portfolio in West Africa, where it is operator of an ultra-deep water block in Gabon and currently looking to explore further in the region.


Malaysia – Africa’s Silent Partner

Aug 6, 2018 | By Tim Steinecke, The Diplomat

Talk about Africa’s international investors and partners and Malaysia’s name rarely comes up. Yet in the shadow of China’s African engagement (and the attention paid to Sino-African relations), Malaysian companies and policymakers have built a sizeable presence across Africa over the past two decades.


Singapore firms should add Africa’s e-commerce opportunity to their carts

Jun 19, 2018 | By Faridah Mohd Saad, TODAY Online

Valued at US$300 billion (S$400 billion), Africa’s digital economy is growing quickly.

Its huge potential has lured international digital players to the continent over the last five years. Jumia Group, backed by Germany’s Rocket Internet, has e-marketplaces in 23 African countries; Naspers, the world’s 7th largest internet company, has invested in South Africa’s top e-marketplace Take-A-Lot.


Singapore's DPM Tharman visited Kenya, Rwanda to deepen engagements in Sub-Saharan Africa region

Jun 16, 2018 | By The Straits Times

Deputy Prime Minister Tharman Shanmugaratnam this week met government leaders in Kenya and Rwanda, as part of Singapore’s deepening engagements in the growing Sub-Saharan Africa region.


Olusegun Obasanjo, Akinwunmi Adesina, Paul Kagame and over 20 other influencers to speak at the 24th Afrexim Bank AGM.

Jun 20, 2017 | By Fumnanya Agbugah, Ventures Africa

The 24th African Export-Import Bank Annual General Meeting of Shareholders will be held in Kigali Rwanda on the 28th of June to the 1st of July. The theme this year is “Boosting intra-African trade and integration” where more than 20 high-profile political and business leaders will be attending the event.


Africa's Singapore: Finding Singapore

Feb 11, 2017 | From Channel News Asia

Rwanda has shed its violent past, transforming into what some call “the Singapore of Africa” – with a teeny bit of help from a Singaporean or two.

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S'pore inks three deals with African nations

Aug 25, 2016 | By Lee U-Wen, The Business Times

Singapore government on Wednesday put pen to paper on three major deals with African countries, which will go a long way towards boosting greater trade and investment between Singapore and Africa.


Local firms drawn to vast potential

Aug 25, 2016 | By The Straits Times

Singapore’s local businesses are keen to capitalise on Africa’s vast potential, despite the difficulties of doing business there. Bosses, many from small and medium-sized enterprises (SMEs), told The Straits Times they are excited about Africa’s momentum and potential, and plan to expand operations there.


Africa is on the ascent and S'pore must ride this wave, says Tharman

Aug 25, 2016 | By Lee U-Wen, The Business Times

Globalisation has earned itself a “bad reputation” because of policy failures in the advanced world, and Deputy Prime Minister Tharman Shanmugaratnam believes this sort of negative narrative around globalisation should have no place in either Asia or Africa.


Malaysia, African continent bilateral trade to grow by 10%

Feb 26, 2016 | By Bernama, New Straits Times

Bilateral trade between Malaysia and the African continent is expected grow by 10 per cent this year from RM30.1 billion recorded in 2015, Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said today.


Rwanda's "Madame Poulet" From Singapore: CNA Insider

Oct 11, 2015

In Rwanda, they call her “Madame Poulet du Singapour” (Chicken Madam from Singapore). How does Lam Shumei, a young Singaporean lady with zero farming experience, make chicken meat more accessible and affordable for the small African nation still remembered for the genocide of 1994?


Malaysia Ramping up in Africa

Sep 30, 2015 | By Robert MacPherson

Malaysia is building partnerships in Africa as part of its vision to achieve greater resiliency on the global stage through political and economic diversification.


Lianhe Zaobao African Art Premiering in Singapore

Jul 30, 2015

The OKINKA African Art Exhibition displays more than 50 precious African art pieces, including bronze and wooden scluptures. With over 20 rare and exquisite masterpieces, the exhibition is premiering in Singapore.

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