South Africa's DMA on the acquisition trail. (Image source: Adobe Stock)

South Africa-headquartered DMA has agreed to acquire a majority stake in Saxo Australia from Saxo Bank, a leading online trading and investment specialist

DMA is a global leader in all-in-one software solutions for financial advisers and wealth managers.

As part of the acquisition and partnership, DMA will leverage Saxo Bank's platform and trading technology for clients for the Australian market.

The Johannesburg-based group will assume 80.1% ownership of Saxo's Australian business, subject to regulatory approval, with Saxo Bank retaining 19.9%.

With the transaction, Saxo's award-winning platforms, product range, competitive prices and interest rates will be complemented and strengthened by DMA's business-to-business knowhow, world-class adviser offering and track record of growth.

“We believe DMA’s platform offering will bring tangible benefits to Australian financial advisers and wealth managers, while the business will continue to focus on delivering high-touch, high-quality service for self-directed retail clients," said DMA's CEO, Richard North.

"It'll be the best of Saxo and the best of DMA and we think that adds up to the marketplace's best choice for investors and partners across the entire lifecycle.”

This transition represents an expansion of an existing partnership between DMA and Saxo in South Africa, the Netherlands and the UK.

In these regions, DMA already leverages Saxo's capabilities, outsourcing the brokerage business model, managing all aspects of trade orders, execution, settlement and post-trade operations.

Saxo's open architecture means that DMA can build additional interfaces, digital services and trading experiences for Australian clients.

Currently, more than 160 wealth managers and adviser networks across Africa, Europe, and the United Kingdom use DMA to access global markets.

Specifically for the Australian market, Saxo's banking as a service (BaaS) solutions paired with DMA's software solutions will enable Australian institutional partners, such as financial advisers and asset and fund managers, to connect front, middle, and back-office functions under one solution.

Saxo will deliver the best-in-class digital investing and trading platforms, and will also provide the back-office infrastructure, from clearing and settlement to execution and custody.

This will support financial services firms to reduce back-office cost and complexity and enhance client-facing services.

The new business will retain Saxo Australia's staff, led by its CEO, Adam Smith, while looking to bolster its Australia-based workforce to ensure clients get the best investing and trading experience.

The name and brand of the new business will be determined after a transitional period, with the business to continue operating as Saxo Australia in the meantime.

The sale comes after Saxo Bank in June 2024 announced a review of strategic opportunities in the Asia-Pacific, seeking to accelerate its growth in the region.

"We will ensure a smooth transition and aim to enhance the offerings and services provided,” said Smith. “The clients of Saxo Australia will notice absolutely no disruption in service, product range, or platform access. We are very pleased to partner up with DMA and believe that this will be a game changer for Australian clients.”

This partnership with Afreximbank offers a unique opportunity for Libya to expand its trade ties across the continent and drive economic growth. (Image source: Adobe Stock)

The State of Libya has officially joined the African Export-Import Bank (Afreximbank), becoming the 53rd member, marking an important step toward enhancing continental trade and economic integration

This accession reflects Libya’s commitment to advancing Africa’s integration agenda through trade and investments, particularly in North Africa.

This partnership opens the door for Libya and Afreximbank to collaborate on several key development projects, with a focus on trade facilitation, infrastructure, and financial support. Notable projects include financing the development of the Misurata Free Zone and the construction of a road linking Libya, Chad, and Niger, which is expected to boost intra-African trade. Afreximbank will also provide technical and financial support to the Sahel-Saharan Bank for Investment and Trade (BSIC) to expand its operations in East Africa and assist Libyan exporters in gaining access to trade finance and African markets.

Minister Al-Mabrouk Abdullah highlighted the strategic importance of this partnership for Libya’s economic reconstruction and diversification, stated, “This partnership will not only provide vital financial and technical support to Libya but will also enhance the country’s role in intra-African trade.”

Benedict Oramah, president and chairman of Afreximbank, welcomed Libya’s membership, emphasizing the country’s historical significance within the continent:
“We are excited to warmly welcome the State of Libya to the Afreximbank Global Africa family. Libya’s historical connections with the rest of the continent positions it as a crucial player in advancing continental trade and economic integration. By joining, Libya’s Public and Private Sector entities will gain access to our extensive range of funded and unfunded products and services, particularly those geared towards deepening Libya-Africa trade and investment relations, investing in trade-enabling infrastructure, as well as transforming the structure of the Libyan economy.”

Libya’s GDP reached US$50.49bn in 2023, ranking it as Africa’s 12th largest economy. However, less than 10% of its trade is with other African nations. This partnership with Afreximbank offers a unique opportunity for Libya to expand its trade ties across the continent and drive economic growth.

The ACV Fund is projected to reduce approximately 17mn tons of CO2 emissions. (Image source: AfDB)

The Persistent Africa Climate Venture Builder Fund (ACV Fund) has received a US$10mn boost from the African Development Bank in order to propel climate technology entrepreneurship across sub-Saharan Africa

The US$10mn investment has been provided through the Sustainable Energy Fund for Africa (SEFA) and will help ACV Fund address the critical financing needs for early-stage climate technology entrepreneurs. Focusing on high-potential ventures in key sectors (such as solar, electric mobility, agriculture, circular economy, and energy efficiency), the initiative seeks to support African entrepreneurship and will utilise the investment in order to unlock US$70mn in funding for African climate-focused ventures.

“This commitment reflects the African Development Bank's confidence in our climate investing and in-depth Venture Building model in sub-Saharan Africa,” remarked Wairimu Karanja, partner and chief legal officer at Persistent. “The ACV Fund invests financial and human capital in early-stage companies led by outstanding entrepreneurs and gender-aligned teams that can drive meaningful climate impact while achieving commercial scalability.”

SEFA's strategic investment is expected to attract additional private capital while mitigating the risks associated with early-stage climate technology businesses. This blended finance approach addresses the shortage of equity financing that often hinders the growth of climate ventures.

The ACV Fund is projected to deliver transformative impacts, including the addition of 200MW of renewable energy capacity, expanded energy access for 420,000 households and 31,000 businesses, as well as the creation of over 66,000 jobs.

“Africa is at the forefront of both the climate crisis and the climate opportunity,” commented João Duarte Cunha, manager of the bank group’s renewable energy funds division, which oversees SEFA. “We are keen to catalyse more risk and venture capital to support promising African technology start-ups developing commercial solutions to complex climate and development issues. We look forward to our partnership with Persistent as one of the more seasoned early-stage investors in the continent, with a strong track record in energy access and clean energy transition.”

The facility is expected to support around US$1.8bn of trade over the next three years. (Image source: TBD)

The African Development Bank (AfDB) and the Eastern and Southern African Trade and Development Bank (TDB) has signed a Trade Finance Unfunded Risk Participation Agreement (RPA) in order to bolster intra-Africa trade, promote regional integration and contribute to the reduction of the trade finance gap

Agreed on the sidelines of the African Investment Forum in Rabat, Morocco, the US$150mn RPA facility is expected to provide guarantee cover of 50% and up to 75% for transactions in low-income countries (LICs) and transition states.

“TDB Group is delighted to strengthen its strategic partnership with the African Development Bank Group through tailored risk-sharing facilities aimed at scaling up trade finance,” remarked Wegoki Mugeni, TDB group chief operating officer in Nairobi. “This crucial support will help bridge the significant gaps in trade finance access as major international banks continue retreating from the continent.”

The facility is expected to support around US$1.8bn of trade over the next three years.

“We are delighted to work with TDB Group, a strong partner with extensive knowledge and network in Africa, on a shared ambition to support the region’s Trade,” commented AfDB director of the financial sector development department Attout Ahmed. “Supporting Trade in Africa is a key priority at the African Development Bank. Trade finance is an important driver of economic growth and is critical for cross-border trade particularly in emerging markets.”