GMEX named as one of the leading Financial Services technology companies in UK blockchain economy

Hirander Misra, Chairman and CEO named key business influencer

London, 17 July 2018. GMEX Group (GMEX), a provider of innovative exchange, post-trade and digital technology solutions, is pleased to have been identified as one of the leaders in the implementation of blockchain technology in the Financial Services industry in a first-of-its-kind, report on the state of the Blockchain Industry in the United Kingdom. The report was launched at a Reception in London at the Houses of Parliament on Monday 16 July.

The 960-page report was created by Big Innovation Centre, DAG Global and Deep Knowledge Analytics who have worked together to conduct the most comprehensive analysis of the UK-based Blockchain and Crypto Economy Industries to date, in coordination with the All Party Parliamentary Group on Blockchain (APPG Blockchain).

The report recognises GMEX as amongst the top 10 leading UK Blockchain companies and a successful example of a Blockchain FinTech company. It highlights Fusion, GMEX’s hybrid centralised & Blockchain based global exchange trading, market surveillance, post trade infrastructure and digital solutions suite to tokenise multiple asset classes and two GMEX-backed initiatives illustrating how blockchain is being implemented to support the crypto economy in emerging markets.

The first, FinComEco – a fully integrated financial & commodities ecosystem
launched by GMEX Group – delivers high impact projects facilitating agricultural value chain efficiencies through provision of strategic value-added services including electronic warehouse receipt systems; physical exchanges and trading platforms; commodities and input finance; and digital banking, training and capacity building. This includes the establishment of commodities exchanges underpinned by Blockchain technology.

The second, MINDEX – the Mauritius-based International Derivatives and Commodities Exchange – will enable sourcing, trading and financing of ethically sourced gold from bona fide sources by using Blockchain for provenance verification and creation of digital gold asset based on it.

The report also named Hirander Misra, Chairman and CEO of GMEX Group, as one of the Top 10 Business sector UK Blockchain Influencers and part of the Top 40 influencers overall, with an additional 10 selected from each of Parliament & Government, Academia and Think Tanks & Hubs.

Hirander Misra commented, “I am delighted, both personally and for the team at GMEX, to have been included in this comprehensive report into such an important and growing part of the UK economy and technology space.” Adding, “This is an exciting stage in the development of blockchain technology and with our GMEX Fusion solutions, we at GMEX are committed to making best use of the benefits it brings globally, where it is most appropriate.”

Sean Kiernan, CEO at DAG Global commented, “We are very pleased to have collaborated with several leading UK blockchain partners and firms to create this landmark report, which we hope will invite further discussion about the future of the industry in this country. This has been a wonderful opportunity to deepen our ongoing partnership with GMEX, by establishing a dialogue through this and anticipated future reports with key decision-makers.”

The report outlines the current state of the Blockchain and Crypto Economy industries, summarises the history of its development, and offers concrete projections relating to its evolution over the course of the next several years, detailing why the UK has significant potential to become a major world leader of the Digital & Crypto Economy ecosystem.

“GMEX is a notable practical case profiled in the report providing clear example of the progressive UK FinTech company merging traditional legacy economy with the new rising Digital Crypto economy. One of the main conclusions of the analytical report is that UK will become major global Hub for this new economy. I would envision that GMEX in particular will be one the crucial elements to make that opportunity for the UK to become reality.” – said Dmitry Kaminskiy, founder of Deep Knowledge Analytics, one of the main entities standing behind creation of the report.

The report offers in-depth profiles of identified major companies, investors, influencers, R&D centres, and other industry and governmental entities and players. It also includes coverage of relevant government initiatives, regulatory frameworks and guidelines, and industry roadblocks both today and anticipated in the next several years.

The 960-page report and Executive Summary can be downloaded from www.appg-blockchain.org/blockchain-industry-in-uk-landscape-overview-q2-2018/ or dkv.global/blockchain-in-uk/

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Media Contact

GMEX Group
Melanie Budden
The Realization Group
melanie.budden@therealizationgroup.com
pr@gmex-group.com

About GMEX Group

GMEX Group is a set of companies that offer sustainable and innovative solutions for a new era of global financial markets. Providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach. We use our extensive market infrastructure experience and expertise to create an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.

Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives, commodities, cryptocurrencies and digital assets. We operate in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.

GMEX was founded by Hirander Misra, co-founder of the Chi-X Europe exchange, a successful competitor to the LSE. It represents Mr Misra’s ongoing commitment to exploring new markets and new technical solutions, substantiated many times over with his efforts to expand access to capital markets through fast-emerging digital asset classes and emerging economies like India, Vietnam, Lebanon, Tajikistan and more.

GMEX Group ensures a cohesive strategic direction is maintained and comprises of:

  • GMEX Technologies: is a provider of multi-asset exchange trading and post trade technology through a unique partnership driven approach
  • GMEX Innovation: conducts R&D of technologically advanced new product solutions for exchange trading, clearing and settlement
  • GMEX Services: provides strategic consultancy, implementing services & support for exchanges and market infrastructure providers
  • GMEX Investments: enables selective seed and early stage strategic investments into market infrastructure and related FinTech companies.

For more information visit www.gmex-group.com or @GMEX_Group

About Big Innovation Centre:

Big Innovation Centre exists to help businesses, public agencies and universities put their open innovation principles into practice. Acting as an open innovation hub, Big Innovation Centre convenes a network of representative global companies in every sector, plus national public agencies and some of the best universities. Through this coalition we are building world-class innovation ecosystems and co-creating global innovation and investment hubs. Our aim is to help rebalance and grow national and regional economies. Our partners pool and share resources – technology, IP, data, skills, space, entrepreneurial finance – so our people can work together as co-catalysts to solve the grand challenges. Big Innovation Centre enlarges the innovative capability of its partner organizations, and itself becomes a ‘go-to’ place where commercial and public sector ideas are shared, tested and realized. We create a trusted space for people from cutting edge companies, universities and public agencies to meet and co-create a better world.

For more information visit: www.biginnovationcentre.com

About DAG Global:

DAG’s mission is to bridge traditional financial services with emerging digital assets to provide the premier trusted platform to access the digital and crypto economy. DAG aims to bring together the tradition of regulated banking and exchange with emerging innovation and blockchain technology. We will provide traditional banking services and solutions for digital asset businesses, as well as facilitate an entry into the emerging blockchain economy for existing regulated financial services firms. The DAG team has significant and proven expertise in building successful digital enterprises, putting us in pole position to become the first internationally-regulated Crypto Bank. We will service client requirements for lending and funding through our own bank, as well as a peer-to-peer platform, curating independently valued deals, with the objective to build an investment ecosystem. Our core team comes from the traditional regulated banking world combined with DeepTech expertise, to uniquely operate within the next industrial revolution at the convergence of AI, data science, blockchain, and the evolution of the crypto economy and financial industry.

For more information visit: www.dag.global

About Deep Knowledge Analytics:

Deep Knowledge Analytics is the analytical department of Deep Knowledge Ventures, a VC firm focusing on early-stage investments in disruptive DeepTech technologies and regularly producing advanced industry analytical reports on the subjects of FinTech, Artificial Intelligence, Longevity, Crypto Economy and Convergence of Technological MegaTrends.

For more information visit: www.analytics.dkv.global

Block Commodities and FinComEco Joint Collaboration Agreement with OST

Block Commodities and FinComEco Joint Collaboration Agreement with OST to unlock consumer goods, education and healthcare for African farmers utilising the Blockchain

Block Commodities Limited and Financial & Commodities Ecosystem (FinComEco), a subsidiary of GMEX Group Ltd, are pleased to announce a strategic partnership with OST, the complete blockchain toolkit for business.

The collaboration facilitates the launch of a token-based ecosystem which will enable sub-Saharan farmers to deploy the profits from the sale of their surplus crops in the wider economy by being rewarded in FACES (Feed Africa Commodities Eco-System) tokens powered by OST technology and the OST token. Block Commodities Limited and FinComEco are endeavouring to build an ecosystem of ecommerce partners featuring local vendors and service providers as well as medical and educational institutions, where the FACES tokens can be redeemed. The OST utility token enables any website, app, or marketplace to easily launch a branded token and integrate it into their business.

Block Commodities’ Executive Chairman Chris Cleverly said: “The sub-Saharan region tends to have fewer fungible currencies but higher interest rates, which outside agencies base on perceptions of Africa rather than its realities. This, with the region’s need for secure relationships to thrive, as well as its recent history of rapid technology take-up, means that Africa is likely to see the fastest blockchain growth.”

Chairman of GMEX Group and CEO of FinComEco, Hirander Misra commented: “The utility OST tokens enable consumer transactions to become part of the FinComEco and Block Commodities supply to demand value chain, which helps facilitate a sustainable and increasing improvement in the sophistication and living standards of smallholder farmers and their families across Sub-Saharan Africa”. He added, “This enables the ‘unbanked’ not only to gain access to these services but also facilitates increasing consumer demand as incomes rise across a whole range of goods and services. This, in turn, leads to financial inclusivity and has a positive social impact.”

OST Founder and CEO, Jason Goldberg, commented: “OST enables any company or project to deploy branded cryptocurrency tokens backed by the market value of OST, on scalable utility block chains. We are thrilled to partner with GMEX Group, Block Commodities, and FincomEco to blockchain enable the African agricultural market.”

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About Block Commodities

Block Commodities’ strategy is to maximise the value of African agricultural and other commodities through the deployment of blockchain technology. The resources will be linked through the vertical integration of primary industries down to consumers via blockchain platforms. Using blockchain’s ability to dynamically incorporate all market participants into an efficient ecosystem, Block Commodities aims to facilitate the commercial operation of such ecosystems in the context of the agricultural production cycle.

In reclaiming the value lost in African agricultural and extractive industries through inefficient supply and distribution systems, Block Commodities aims to help sub-Saharan African farmers raise productivity and secure better returns for their produce. This is an important step in establishing African communities as significant future global agricultural producers.

About FincomEco

FinComEco, a fully integrated Financial & Commodities Ecosystem, is a corporate venture to provide an ecosystem of services, financing, capacity building and enablement solutions underpinned by technology, to drive an improvement in food security and economic diversity through socially responsible commercial means (as opposed to charity), to foster financial inclusion.

FinComEco is the joint venture partner of Block Commodities for developing and operating a range of platforms/projects and initiatives in the agricultural commodity markets sector in sub-Saharan Africa.

For more information visit www.FinComEco.com

FinComEco is a subsidiary of GMEX Group, an innovative provider of exchange and post-trade business services and technology.
For more information visit www.gmex-group.com

About OST

OST is building “the complete blockchain toolkit for business”. The Berlin start-up strives to be the blockchain technology partner of choice for businesses of all sizes and levels of technical sophistication, enabling any business to create, launch, and manage their own branded digital token economy powered by OpenST protocols and OST blockchain management software. The OpenST protocol enables companies to launch branded token economies on highly scalable, open, cryptographically auditable side blockchains.

Strategic Investor and Launch of FarmCoin Venture

Block Commodities Limited and Financial & Commodities Ecosystem Limited (FinComEco) a subsidiary of GMEX Group Ltd, are pleased to announce a strategic alliance with Swarm Fund (Swarm). Swarm is a fully decentralised capital marketplace platform built on blockchain technology for private equity. Under the alliance, the parties will provide a unique investment opportunity via the listing of FarmCoin Venture, an asset-backed investment coin, to help develop a pan-African financial and commodities ecosystem.

Under the terms of the agreement, investors will be able to participate in the FarmCoin via Swarm’s fully regulated marketplace. This investment will help supply African farmers with the financing of the infrastructure needed to help them raise yields and sell crop surpluses.

The FarmCoin Venture has been created as a Joint Venture between FinComEco and Block Commodities (the “Joint Venture”) to support the anticipated rapid growth of its agriculture-focussed ecosystem and the requirement to deploy a hybrid centralised and decentralised commodity exchange platform. This includes wireless data communication, farmers’ KYC data support, data analysis, smart warehousing for fertilizer distribution and crop storage as well as transport.

The initial investment ceiling will be US$45 million in value of FarmCoin tokens. The investment will be deployed by the Joint Venture parties to develop commodity ecosystems on a per-country basis across sub-Saharan Africa. This will include commodity finance and micro-lending to farmers for fertilizer and seed as well as the development of local and regional warehousing linked to commodity exchanges, making it easier for farmers to sell surplus agricultural produce.

FarmCoin’s primary aim is to provide a fully regulated financial infrustracture to Block Commodities and FinComEco’s commodity ecosystem. This ecosystem intends to provide financial opportunities for those parts of African farming community who is either ineligible for loans or are forced to take on borrowings via moneylenders at uneconomic rates. FinComEco is already in discussions with over twenty countries across Africa with four countries already contracted to take up its model.

In the FarmCoin model, farmers will be able to bring surplus crops to a warehouse.The surplus crops are aggregated and sold via a FinComEco-facilitated commodities exchange. Once the crops are sold, the warehouse fees and loan interest are paid and the net profit credited to the farmer in FarmCoins. The interest rates on FarmCoins will be at a mutually agreed, decentralised interest rate, expected to be up to 50 percent lower than prevailing bank lending rates and 75 percent less than the commercial rate.

Investors who participate in Swarm’s marketplace will purchase FARM tokens, representing fractional ownership in the FarmCoin infrastructure, making this a true asset-backed token. FARM token holders will benefit from a share in the fees and interest paid by the farmers.

Block Commodities Executive Chairman, Chris Cleverly said: “FarmCoin will give investors not only a unique investment opportunity in one of the prime “unbanked” global markets, but also the chance to lend a helping hand to improve the lives and opportunities of Africa’s poorest farmers. Support from Swarm Fund allows Block Commodities and FinComEco to make real progress on these goals, enabled by blockchain technology, ”

Chairman of GMEX Group and CEO of FinComEco, Hirander Misra commented: “Our primary concern is providing well-needed infrastructure and resources to unbanked farmers in sub-Saharan Africa, enabling them to feed their families by providing transaction security, eliminating corruption, reducing borrowing costs, and ensuring the liquidity for the purchase of inputs by guaranteeing the sale of produce,”

CEO and Co-Founder of Swarm, Philipp Pieper commented: “This puts Swarm in one of the most exciting places for crypto: ground zero for much of the world’s unbanked. Our strategy is based on using our unique ecosystem to create real value for hundreds of millions of people, enabling them to trade responsibly with an objective of increasing income for farmers, to deliver economic security across Africa. By 2030, the population of Africa will have doubled to 2.5 billion, creating a profound need for a supportive and educational ecosystem that gives farmers a route towards improve their situations, lifting their families out of repetitive cycles of poverty, starvation and dependency. Blockchain and smart contract investments like FarmCoin enable market inefficiencies such as corruption, market access and perception-based debt costs to be removed,”

The Directors of the Company accept responsibility for the content of this announcement.

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About Block Commodities

Block Commodities’ strategy is to maximise the value of African agricultural and other commodities through the deployment of blockchain technology. The resources will be linked through the vertical integration of primary industries down to consumers via blockchain platforms. Using blockchain’s ability to dynamically incorporate all market participants into an efficient ecosystem, Block Commodities aims to facilitate the commercial operation of such ecosystems in the context of the agricultural production cycle.

In reclaiming the value lost in African agricultural and extractive industries through inefficient supply and distribution systems, Block Commodities will help African farmers raise productivity and secure better returns for produce. This is an important step in establishing African communities as significant future global agricultural producers.

About FinComEco

About FincomEco
FinComEco, a fully integrated Financial & Commodities Ecosystem, is a corporate venture to provide an ecosystem of services, financing, capacity building and enablement solutions underpinned by technology, to drive an improvement in food security and economic diversity through socially responsible commercial means (as opposed to charity), to foster financial inclusion.

For more information visit www.FinComEco.com

FinComEco is a subsidiary of GMEX Group, an innovative provider of exchange and post-trade business services and technology. For more information visit

FinComEco and Block Commodities Limited announce blockchain crypto token collaboration agreement with Wala and the Dala Foundation

Maximising the value of African agricultural commodities inputs, financing and market access

London, Mauritius, Uganda, 26 March 2018. FinComEco Limited (FinComEco), the fully integrated Financial and Commodities Ecosystem fostering financial inclusion with social responsibility throughout the agricultural value chain and Block Commodities Limited (BLCC), the innovative commodity trader operating in Africa, previously known as African Potash, are pleased to announce they have entered into a strategic partnership with Wala, a blockchain-powered financial services platform, and Dala, a cryptocurrency token issuer that will support the operation and further development of scalable, blockchain-enabled financial platforms for developing markets.

The agreement complements the BLCC’s Joint Venture with FinComEco, a subsidiary of GMEX Group Limited, announced last November, whereby Block Commodities, FinComEco, Wala and Dala, will be working together to develop and operate a web-enabled platform using the blockchain ledger for its agricultural commodity trading initiative in sub-Saharan Africa. In particular, this collaboration agreement establishes a relationship whereby Wala will support the use of the Dala utility token as the functional token for the food commodities cycle trading ecosystem which is currently being established by BLCC and its partner, FinComEco.

Under the agreement terms, the BLCC and FinComEco Joint Venture will provide the equivalent of $10M (US) in Dala token loans to approximately 50,000 smallholder farmers to purchase fertilizer across Sub-Saharan Africa, starting in Uganda and then extending to Malawi, Zambia, Zimbabwe, South Africa and Republic of Congo (ROC). Wala will support BLCC and FinComEco with software solutions and integration into Wala’s financial platform and the Dala ecosystem.

The collaboration aims to integrate the BLCC trading business and the FinComEco agricultural commodities ecosystem through the deployment of blockchain to maximise the value of African agricultural commodities to smallholder farmers.

Chairman of GMEX Group and CEO of FinComEco, Hirander Misra commented, “This partnership will drive financial inclusion across Sub-Saharan African countries by providing smallholder farmers with cheaper access to finance and inputs (pesticides, fertilisers and seeds), which will result in an increase in agricultural output. He added, “This combined with electronic warehouse receipts financing and easier access to markets through the FinComEco commodity exchanges will ensure better price transparency enabled by Blockchain technology therefore increasing individual incomes and national GDP.”

Block Commodities Executive Chairman, Chris Cleverly, said “This collaboration represents a potentially significant reset for finance and commodities market development in Africa, a problem that is being addressed by bold and innovative technologies and partnerships.” He added, “We are helping to empower African farmers through loans to purchase fertilizer and have better access to markets”.

Wala Founder and CEO and Dala Director, Tricia Martinez, said “This is an industry changing partnership that will drive much needed economic growth and financial inclusion in African markets. Blockchain technology and cryptocurrency have the potential to start financial innovation in these markets and Dala is at the forefront.” Adding, “We are very pleased to work with Block Commodities and FinComEco to provide the necessary tools and resources for these farmers and markets.”

The Block Commodities and Wala/Dala joint venture will be initially piloted in Uganda before being rolled out across Sub-Saharan Africa. The local Ugandan community has been instrumental in testing Wala prototypes and demonstrating that digital technology can be used to effectively remove key barriers to the adoption of financial services by the underbanked and underserved: access, cost and embedded economic incentives.

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For further information, please contact:

FinComEco
Melanie Budden
The Realization Group
+44 (0)7974 937 970
melanie.budden@therealizationgroup.com

Block Commodities Limited
Chris Cleverly
+44 (0) 20 7408 9200

About FinComEco

FinComEco, the financial and commodities ecosystem is fostering financial inclusion with social responsibility in collaboration with local stake-holders, development organisations, governments and the private sector with the aim of improving food security and economic diversity.

FinComEco has developed a business model, which will, where the ecosystem warrants, be deployed together with financing models designed by its African partners and approved by requisite Central Banks, to solve credit and financing issues that affect small-scale farmers throughout Africa. The linkage of the trading platform to a financing mechanism is a very important part of the FinComEco offering. The initiative looks beyond the typical exchange objectives of reducing costs and increasing transparency as well as focusing on a desperately needed, effective electronic warehouse receipt system. As part of the wider FinComEco model, enabled by scalable technology supported by its partner GMEX Group, FinComEco will work with, local and international partners to facilitate private and development finance funding for the Agri finance initiatives, as appropriate.

The new electronic commodities exchange solution is establishing and reinvigorating local spot exchanges and enabling trade across multiple regions with a focus on the agricultural sector to create a holistic secure financial system.

It includes:

  • Price discovery and transparency
  • Electronic warehouse receipts
  • Trade finance and micro lending facilitation as a distribution hub
  • Risk management and hedging
  • Integrated Electronic banking and payments platform
  • Standards framework
  • Traceability and tracking enablement
  • Capacity building and education
  • Operational and technology consultancy
  • Working with trusted local partners

Operational objectives include:

  • Maximising the earnings potential for smallholder farmers
  • Supporting smallholder farmers to thrive enabled with best of breed-of-technology and inputs (including seeds, fertilisers and pesticides), coupled with a unique Agri-finance business model to solve credit and financing issues.
  • Leveraging as well as enhancing current logistics, warehousing and standards to establish a fully vitalised agricultural ecosystem efficiently linking supply to demand.

FinComEco has proven its concept in Malawi at the Agricultural Commodity Exchange for Africa (ACE) through GMEX Group and is establishing fully regulated market places in other African countries and South-East Asia.

Current shareholders include GMEX Group Limited, Saescada Limited and Houghton Street Capital Limited as well as individuals.

For more information visit www.FinComEco.com

FinComEco is a subsidiary of GMEX Group, an innovative provder of exchange and post trade business services and technology.

For more information visit www.gmex-group.com

About Block Commodities

Maximising commodities ecosystem with blockchain technology

Block Commodities’ strategy is to maximise the value of African agricultural and other commodities through the deployment of blockchain technology. The resources will be linked through the vertical integration of primary industries down to consumers via blockchain platforms. Using blockchain’s ability to dynamically incorporate all market participants into an efficient ecosystem, Block Commodities aims to facilitate the commercial operation of such ecosystems in the context of the agricultural production cycle.

In reclaiming the value lost in African agricultural and extractive industries through inefficient supply and distribution systems, Block Commodities will help African farmers raise productivity and secure better returns for produce. This is an important step in establishing African communities as significant future global agricultural producers.

About Dala

To enable a zero-fee and borderless financial system for emerging market consumers, a new cryptographic token, Dala, was issued by the Dala Foundation. Dala is a general-purpose ERC-20 token that will support the operationalization and further development of scalable, blockchain-enabled financial platforms for developing markets around a common unit of account and microeconomic incentive structure to create strong network effects. Dala already has utility, through its launch partner Wala, within the Wala Financial Platform. The Dala ecosystem expands through partnerships across borders and financial services, enabling consumers and enterprises to transact, save, lend, and invest with Dala.

For additional information please visit: www.dala.org

About Wala

Wala, the launch partner of Dala, is a mobile financial services platform built on the Ethereum blockchain. Tackling financial exclusion, their mission is to close the gap between consumers and financial service providers in emerging markets. Wala works with specialist providers in each market they’re operational in, including banks, to offer a full suite of financial services like transactional banking, remittances, loans and insurance. Partners benefit from the reach and low-cost access to previously unserviceable customers enabled by the Wala platform. The Wala Financial Platform provides access to transactional banking, remittances, loans and insurance for the unbanked and underbanked. Wala works with best-of-breed specialist providers in each market they operation in, including banks, to offer a full suite of financial services. Wala will support this collaboration with software solutions and integrations into the Wala Financial Platform and the Dala ecosystem.

For additional information, please visit: www.getwala.com

Zimbabwe Government signs MoU with FinComEco to deliver FinTech enabled Economic and Social reform in Agriculture

Multi-faceted mandate will support agricultural commodity markets development and financing

Zimbabwe, Mauritius, UK, 21th March 2018. The Government of Zimbabwe, under the aegises of the Ministry of Foreign Affairs and International Trade (MoFAIT) and Ministry of Lands, Agriculture and Rural Resettlement (MLARR) and FinComEco, the fully integrated Financial & Commodities Ecosystem (FinComEco) providing services, financing, capacity building and enablement solutions from supply to demand, have signed a Memorandum of Understanding (MoU) to jointly develop a range of platforms, projects and initiatives in the agricultural commodity markets sector in Zimbabwe.

This is expected to be extended into a Memorandum of Agreement (MoA) subject to approval under the new Joint Ventures Act which came into force in January 2018. FinComEco with local partners and MLARR will then establish a joint venture company to develop high impact initiatives to facilitate agricultural value chain efficiencies through provision of strategic value-added services including an electronic Warehouse Receipt System (eWRS), Exchanges, Trading Platforms, Commodities and Input Finance and Electronic Banking, training and capacity building including the establishment of a commodities exchange underpinned by Blockchain technology.

The mandate will also deliver marketing information and other value-added services, such as market access and policy change interventions, identifying project opportunities in high growth segments of the agricultural industry working together and with appropriate partners including International Development Agencies and Development Finance Institutions as well as the private sector. There will also be investment in existing and new warehouses with related infrastructure and logistics.

Based on estimates, the value-added by FinComEco to the agricultural sector in Zimbabwe will be in excess of US$1.5Bn over a 5 year period in terms of GDP growth resulting in considerable economic and social impact for the population with the GDP per capita of Zimbabwe estimated to increase by 1.5 times between 2018 to 2022 as a result of this and wider initiatives. This is expected to create 90,000 direct jobs in the agricultural sector. According to the Farmers Unions every job created in the farming sector creates 7 more jobs in other related sectors. The FinComEco ecosystem will, therefore, have additional benefits and spill-on effect on other sectors such as construction and creation of new direct and indirect jobs with the creation of additional indirect jobs across all related sectors estimated at 630,000 over a 5 year period.

The Rt Hon Major-General (Rtd) Dr Sibusiso Moyo, Minister of Foreign Affairs and International Trade said, “This collaboration marks the beginning of Zimbabwe’s participation in international trade, which is the backbone of Zimbabwe’s economy.”

The Rt Hon. Perence Shiri, Minister of Lands, Agriculture and Rural Resettlement, Zimbabwe commented, “This collaboration sets Zimbabwe on track to becoming the bread basket of Africa and beyond with access to international markets.” He added, “The FinComEco initiative will promote a viable sustainable agricultural and horticultural sector, by optimising productivity in addition to ensuring ongoing food security and job creation for our country.”

Hirander Misra, Co-Chairman of FinComEco and CEO of GMEX Group added, “We are delighted to be working with the Government of Zimbabwe to facilitate positive economic and social impact for farming communities and related sectors. The whole FinComEco ecosystem will be based on the set-up of the Zimbabwe Commodities Exchange, optimising agricultural inputs, facilitating access to finance and credit facilities, provision of warehousing and logistic facilities to enable GDP growth and job creation.”

FinComEco is enabled by scalable, centralised, de-centralised & Hybrid technology solutions delivered by its partner GMEX Group including the use of Blockchain technology.

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Media contact
GMEX and FinComEco:
Melanie Budden
The Realization Group
+44 (0)7974 937 970
melanie.budden@therealizationgroup.com

Office of the President of the Cabinet (O.P.C.)
Dr. Mutambudzi
+263 (0) 712867335
info@opc.gov.zw

About the Ministry of Foreign Affairs and International Trade (MoFAIT)

The mission of the Ministry of Foreign Affairs is to promote the political and economic interests, image and influence of the Republic of Zimbabwe in the international community and to protect the interests and safety of Zimbabwean nationals abroad through our Diplomatic and Consular Missions abroad, interface with foreign Diplomatic Missions accredited to Zimbabwe and coordination of Zimbabwe’s responses to regional and international development.

The strategic objectives of the Ministry are to promote and enhance Zimbabwe’s national interests and influence in the international community to protect a positive image of Zimbabwe abroad; to protect and secure the interests and safety of Zimbabwe’s nationals abroad; and to coordinate with other Ministries in the formulation and implementation of Zimbabwe’s foreign policy.

About the Ministry of Lands, Agriculture and Rural Resettlement (MLARR)

Ministry of Lands, Agriculture and Rural Resettlement (MLARR) has the responsibility to promote and sustain a viable agricultural sector and to develop and manage land resources through the provision of appropriate technical, administrative and advisory services in order to optimise, technical, administrative and to contribute to equitable and sustainable social and economic development in Zimbabwe.

About FinComEco

FinComEco, the financial and commodities ecosystem is fostering financial inclusion with social responsibility in collaboration with local stake-holders, development organisations, governments and the private sector with the aim of improving food security and economic diversity.
FinComEco has developed a business model, which will, where the ecosystem warrants, be deployed together with financing models designed by its African partners and approved by requisite Central Banks, to solve credit and financing issues that affect small-scale farmers throughout Africa. The linkage of the trading platform to a financing mechanism is a very important part of the FinComEco offering. The initiative looks beyond the typical exchange objectives of reducing costs and increasing transparency as well as focusing on a desperately needed, effective electronic warehouse receipt system. As part of the wider FinComEco model, enabled by scalable technology supported by its partner GMEX Group, FinComEco will work with, local and international partners to facilitate private and development finance funding for the Agri finance initiatives, as appropriate.

The new electronic commodities exchange solution is establishing and reinvigorating local spot exchanges and enabling trade across multiple regions with a focus on the agricultural sector to create a holistic secure financial system.
It includes:

  • Price discovery and transparency
  • Electronic warehouse receipts
  • Trade finance and micro lending facilitation as a distribution hub
  • Risk management and hedging
  • Integrated Electronic banking and payments platform
  • Standards framework
  • Traceability and tracking enablement
  • Capacity building and education
  • Operational and technology consultancy
  • Working with trusted local partners

Operational objectives include:

  • Maximising the earnings potential for smallholder farmers
  • Supporting smallholder farmers to thrive enabled with best of breed-of-technology and inputs (including seeds, fertilisers and pesticides), coupled with a unique Agri-finance business model to solve credit and financing issues.
  • Leveraging as well as enhancing current logistics, warehousing and standards to establish a fully vitalised agricultural ecosystem efficiently linking supply to demand.

FinComEco has proven its concept in Malawi at the Agricultural Commodity Exchange for Africa (ACE) through GMEX Group and is establishing fully regulated market places in other African countries and South-East Asia.

Current shareholders include GMEX Group Limited, Saescada Limited and Houghton Street Capital Limited as well as individuals.

For more information visit www.FinComEco.com

Notes to Editors

Benefits to farmers, farming communities and the wider economy in Zimbabwe:

  • The whole FinComEco ecosystem will be based on the set-up of a Commodities Exchange, optimising agricultural inputs, facilitating access to finance and credit facilities, provision of warehousing and logistic facilities.
  • Registration of land owners/farmers by using enhanced blockchain technology. This will gradually eliminate frauds and encourage efficiency of Government programmes related to agriculture.
  • Full use of technology for land management and yield improvement which farmers can use through mobile applications. Purchase and supply of agricultural inputs such as irrigation, fertilizers, soil testing results and seed quality can be optimised.
  • Removal of certain non value adding intermediaries which means higher margins on price of commodities sold.
  • Lower cost of finance and credit facilities can be approved quickly through electronic warehouse receipts. This will allow farmers to plan crop plantation/rotation early and effectively which will boost crop yields over the long term.
  • Provision of warehousing and logistics facilities will allow farmers to focus on growing crops and enhancing yields instead of worrying about storage, finding clients and wastage.
  • Working with Government and partners to build or facilitate construction of warehouses and road-related infrastructures and transportation.
  • Expenditures related to irrigation projects and flood control measures will also need to be incurred through help of DFIs and International Agencies
  • Adequate credit facility facilitation from local, regional and international banks through use of electronic warehouse receipts. This can start from recognition by regional trade blocs such as SADC, COMESA and recognised and adopted by regional banking groups.
  • Improvement of marketing facilities through consolidation into co-operatives/major companies or associations to benefit from economies of scale. Logistics and transport services to be linked between warehouse and co-operatives/associations/companies.
  • Over the long-term, consolidated operations can seek vertical integration into processing, packaging and transformation into value-addded products.
  • Opening the market to suppliers of inputs from friendly nations in joint ventures between Zimbabwe Government/ private businesses who will recognise the electronic warehouse receipts, provide revolving credits to duly registered farmers. This will ensure good supply of agricultural inputs which will be available at appropriate time and through controlled prices.
  • The FinComEco ecosystem will gradually built its own database related to agricultural inputs, financing trends, commodity prices, demand and supply which will be important parameters for future reference. Education related to agriculture will also benefit from this programme.
  • On the long-term, the ecosystem will allow proper allocation of labour. Surplus labour can be absorbed in value-added agricultural processing, organic agriculture.
  • Land reform programme can be monitored, administration set-up can be streamlined and necessary measures can be taken by the Government.

Democratised Disruptive Innovation- What could it mean for the individual?

By Hirander Misra, CEO of GMEX Group and Deputy Chairman of FinComEco.

To learn lessons for the future we have to look at the past.

A few thousand years ago, when money never existed, a transaction happened only by exchanging agreed commodities by barter. E.g. Panchgani in Maharashtra where I recently held a TEDx talk on the subject I am writing about now is famous for strawberries – if you had strawberries and someone had cows to produce cream you could exchange a given amount of milk for a given amount of strawberries based on a discussion to determine the value of each and you both now could happily eat strawberries and cream. Life was simple and easy to understand.

A few centuries ago, with an inception of globalisation and increase in population the trade happened by exchanging commodities with rare materials like gold and silver.

Moneylenders in the past filled the gaps left by banks and still exist today. The Venetians were key players in the 1300s. For example moneylenders keep your gold and lend you money and charge you interest but if you did not pay it back they keep your gold.

Around 16th century, the current banking system started evolving. Banks started to print paper currency. They were printed on the basis of gold reserve but from 1973 this backing by gold was removed as part of the Breton Woods Agreement as backing by gold was expensive. From then on faith in currency is based on trust. This is not different to Bitcoin, a virtual currency today, whose value is based on expectations and hence trust.

At the time of the 16th century exchanges also came into being. An exchange is a central meeting place for buyers and sellers and came because in era before computers more buying and selling could be conducted in a concentrated location. This was really the start of the evolution of an exchange and money as we understand it. In 1602 a central place for buyers and sellers to trade with each other was established in Amsterdam which became known as Amsterdam Stock Exchange albeit the Belgians claim the first exchange since 1531.

From the 1990’s stock markets become more electronic gradually in the most part replacing trading that was done on the open outcry floor of a stock exchange to computer based trading. Then the financial crisis happened in 2018 and many individuals and companies were impacted by the reckless greed of a few.

This financial system has made individuals reliant on middlemen be it a bank or a broker and even in cases, exchanges with dominant position. Financial markets have became complex to understand and expensive in many cases with a never ending era of products available to the unassuming consumer. The system the rough the centuries has become unfairly priced and complex. For example you may only receive 50% of the value of your gold as a loan and 20 percent interest may be paid for it. Is it fair?

Banks do the same with assets but one can argue in this era of technology the value of the services provided is too expensive relative to the overhead to deliver those services. Greed has led to a complex financial system that few understand with lots of vested interest. Every day people are exploited by the system and I am not saying the system is not needed but it needs to change. How can we bring fair level playing field to eradicate disparity – but also with social reform, which is impactful and sustainable? This niggling thought really hit home to me in 2008 when I was COO of an innovative electronic stock exchange called Chi-X Europe, which I had co-founded. Lehman one of our clients went bust in front of my very eyes and Fortis Bank our clearing bank nearly went the same way until the Dutch Government bailed it out. Global financial meltdown ensued. I realised that the system was flawed and there must be a better way. Yes the system had to exist with better controls but it had to reach back to grass roots level as it had become so far removed from reality.

We at GMEX Group have personal experience of this as a company. In 2015 we started working with the Agricultural Commodity Exchange for Africa (ACE) in Malawi after a fortuitous meeting with Kristian Shach Moller in a hotel bar at a conference in Switzerland. This exchange, which deals with grains and pulses but was struggling to reach the end smallholder farmer that it was set up to facilitate in a meaningful way as only 5% of its activity was farmers selling their crop direct to market. Middleman which at the time added no value were giving smallholder farmers 10% of what their commodity was worth and the banks despite having the commodity as security much like a money lender keeps gold still lent at 30-40% interest rates and that too to only 60% of the value. The farmer took all the risk but was left struggling to feed his or her family. By introducing prices on their mobile phones to farmers and educating them as well as making the banks compete online to lend in addition to brining in cheaper finance through mobile/ electronic banking coupled with making the exchange more accessible for them to sell their produce directly, in one year in 2016 the incomes of 47,000 smallholder farmers went up 31%. $10mn worth of finance was provided and that would have been $110mn if there had been better access to finance. This would have then benefitted nearly 500,000 smallholder farmers.

This lead us to realise that technology instead of being exclusive could become more inclusive and transparent. More income leads to social welfare, women’s empowerment, children’s nutrition as we saw in Malawi. Value add now can move from being farmers growing tomatoes to produce tomato paste (add value) and then have demand for financial services personally like mortgages and loans that are priced right. The unbanked start to become banked.

We further realised that this issue was prevalent across all other parts of Sub-Saharan Africa as well as Latin America and South East Asia. Take coffee as an example, we in a fancy coffee shop were paying £2.50 a cup yet the end farmer was lucky if he got £0.10. As such positive change in a sustainable manner where we made people reliant on commercial enterprise not charity hand outs could lead to a massive positive impact on a global scale.

This led to the creation in 2017 of a dedicated initiative by us to facilitate this called FinComEco (Financial and Commodities Ecosystem). This has led to engagement in 21 African countries as well as 3 outside the continent but with lots of work to be done to fully convince governments and stakeholders in many of these to not only do this but also do it in a proper fashion involving all key areas fully linking farming to the end value chain of demand. A middleman for agriculture still has a role to play much like they do in financial services but it was those who could add value be it by making the smallholder farmer bigger and influential by grouping/ aggregating production or offering convenience such as transport to get it from the farm gate to the warehouse were the ones which would now prevail in this new world. The farmers in the case of ACE can now choose how they sell, when and how they got a fair loan to buy fertiliser and seeds when they needed it at the outset. The exchange now enabled by technology is at the heart of that to ensure that technology is used for good. This is applicable to many different sectors and we are also now starting to do the same through a separate India based initiative we announced in December 2017 for rag pickers and others who generate waste to creating an exchange for waste such as cow dung, etc to bring valuable incomes to those who need them most. Not to also mention the positive environmental impact this will have. This also supports the Indian Government’s Clean Ganga and Swach Bharat initiatives but is not just an India problem it is a global one as rich and poor countries all produce waste and most of it ends up in our oceans destroying marine life.

Ultimately billions people can benefit if these types of initiatives are rolled out more widely leading to positive change by other organisations be they public or private. Corporate Social Responsibility is not just about meeting targets for CSR budget spend any which way as it has to be more than that. Equally executives at development finance institutions have to galvanise their organisation as many are acting like private equity houses and not looking at a 10 year view for sustainable socio economic reform no matter what the PR ad rhetoric lends us to believe. The number of times we have knocked on such doors and been told that we should come back when we have a track record and profitable on such ventures for funding so we can scale further and that we should be three years old as an enterprise. If that was the case why would we need them at that stage? We are not the only ones that face this predicament.

We as the individual are the ones that have to drive this change. So it’s no surprise that we find ourselves in an era “Democratised Disruptive Innovation” (DDI as I term it) enabled by technology, where 1 month is like living 10 months in terms of opportunity and development and it is not inconceivable that in 5 years time organisations not only such as Google could be a bank and banks as we know it would be different as even we individuals could lend and borrow more and more from each other as we have seen with some tech initiatives with peer to peer lending emerging. In the last few weeks two large company CEOs have approached me that are successful as they reflected over the holiday period and said we make lots of money now but we can see that either we change or someone eats our lunch. Look at what digital cameras did to Kodak which is a shadow of its former self.

Now we can trade with each other direct by technology whereas in the past you had to be in local area and Now national and international. Anyone will be able to trade with anyone with transparent in an open manner with more consideration to just financial services. We are in an era of “Anyone to Anyone trading .“ The intermediary (middleman) is now technology and this means massive opportunities not only for companies like Google who can from nothing in 20 years to become a giant worth about $700bn USD but also for us as the individual as anything is possible. I am not saying that there is not a need for a middleman, but this match making is needed at a better price and continually needs to evolve.

We have come back full circle to the new age of barter between all of us but with online convenience to coexist with the current exchange and financial services ecosystem but technological enabled change is making it more practical, more efficient and more accessible. So we can now all embrace change and use it to empower ourselves in any manner we choose, when we choose. Whether change is the only constant (the overall theme of TEDx Panchgani) or there needs to be constant change in the way you do things is now for you to decide how best to democratise.

FinComEco and Ghana Grains Council collaborate to improve agricultural commodity markets

Creating a Commodities Ecosystem to deliver efficiencies across the grain and legume crops value chain in Ghana supported by strategic partner GMEX Group

Accra, Mauritius, London, 22nd November 2017. Ghana Grains Council (GGC) and FinComEco, the fully integrated Financial & Commodities Ecosystem providing services, financing, capacity building and enablement solutions from supply to demand, have signed a Master Collaboration Agreement to jointly develop a range of platforms, projects and initiatives in the agricultural commodity markets sector, especially for grains and legumes in Ghana.

By linking agriculture to the latest financial technology, the joint venture will facilitate grain and legume crop value chain efficiencies through provision of strategic services including electronic warehouse receipts enablement, financing, standards, training and capacity building and the provision of marketing information.

GGC is a private sector-led initiative formed with initial funding from USAID’s ATP and ADVANCE projects. It is a body formed by leaders in the grains business with the aim of positively intervening in the grains and legume value chain to achieve improvement in productivity, quality and greater commercialisation of the industry. GGC oversees 28 certified warehouses across the country, with 99 members including Ecobank Ghana, Agdevco Ghana, Wienco Ghana Ltd, Premium Foods Ltd, CCH Finance House, Agrimat, Glico General Insurance, Inter-Grow Co Ltd, NTHC, ADB Bank, various farmer-based organizations, etc.

Additionally, its advocacy relationship with government and public institutions will enable the collaboration to help facilitate extended market access and influence policy change. GGC and FinComEco will also aim to work with development organisations such as World Bank Group, research bodies and local private sector partners to ensure the success of the collaboration for the benefit of the Ghanaian agricultural sector and associated trading with related agri-financing facilitation. The aim is to develop an effective strategic alignment with the Ministry of Trade & Industry to operationalise the Ghana Commodity Exchange (GCX).

FinComEco will look to provide global best practices in managing robust warehouse receipt systems and other solutions as part of the wider FinComEco model. This includes distribution of third party agri-finance and electronic banking facilitation enabled by scalable technology supported by its partner GMEX Group, which aims be integrated into the commodity exchange ecosystem in due course.

Gideon Aboagye, Chairman of Ghana Grains Council commented, “As a local giant in the promotion of WRS in Ghana, collaborating with FinComEco, a company with an international reputation in the ecosystem, is the right decision to move WRS to a different level, as we move towards the operationalising the emerging commodities exchange.”

Hirander Misra, Founder and Deputy Chairman of FinComEco and CEO of GMEX Group commented, “We are delighted to be working with GGC to bring the FinComEco initiative to Ghana. Our unique collaborative approach is delivering best-of- breed technology, standards and inputs (including seeds, fertilisers and pesticides) to link the supply to demand agricultural value chain.”

–Ends–

–Ends–

Media Contact:
Francis Ameyibor
Ghana News Agency
Phone: +233277438688
Email: Francis Ameyibor

GMEX Group:
Melanie Budden
The Realization Group
Phone: +44 (0)7974 937 970
Email: melanie.budden@therealizationgroup.com

GGC
Gideon Aboagye
Phone: +233 244 171217

About Ghana Grains Council (GGC)
GCC’s objectives include the responsibility to facilitating grain and legume value chain efficiency in Ghana through the provision of strategic value-added services including regulated warehouse receipting, financing, training and capacity building, provision of marketing information and other value-added services including market linkages, as well as policy change interventions for the agricultural industry.

GGC is a private sector-led initiative formed with initial funding from USAID’s ATP and ADVANCE projects.

It is a body formed by leaders in the grains business with the aim of intervening in the grains value chain to achieve improvement in productivity, quality and greater commercialisation of the industry.

Its core objectives are as follows:

  • Develop advocacy capacity – specifically lobby for favourable government policiestowards the grain industry.
  • Initiate and develop a new Warehouse Receipt System (WRS). The WRS is responsible for certifying and enforcing agreed standards for the grains industry.
  • Increased quality, productivity and profitability by positive interventions within the grains value chain.
  • Facilitate workshops and conferences for stakeholders with the goal of improving the current standards within the value chain.
  • Facilitate the wide distribution of current market prices.
  • Facilitate institutional sales for quality grain that meets agreed industry standards.
  • Facilitate an arbitration panel in case of stakeholder disputes.

For more information visit www.ghanagrainscouncil.org

About FincomEco
FinComEco, the financial and commodities ecosystem is fostering financial inclusion with social responsibility in collaboration with local stake-holders, development organisations, governments and the private sector with the aim of improving food security and economic diversity.

The new electronic commodities exchange solution is establishing and reinvigorating local spot exchanges and enabling trade across multiple regions with a focus on the agricultural sector to create a holistic secure financial system.

It includes:

  • Price discovery and transparency
  • Electronic warehouse receipts
  • Trade finance and micro lending facilitation as a distribution hub
  • Risk management and hedging
  • Integrated Electronic banking and payments platform
  • Standards framework
  • Traceability and tracking enablement
  • Capacity building and education
  • Operational and technology consultancy
  • Working with trusted local partners

Operational objectives include:

  • Maximising the earnings potential for smallholder farmers
  • Supporting smallholder farmers to thrive enabled with best of breed-of-technology and inputs (including seeds, fertilisers and pesticides), coupled with a unique Agri-finance business model to solve credit and financing issues.
  • Leveraging as well as enhancing current logistics, warehousing and standards to establish a fully vitalised agricultural ecosystem efficiently linking supply to demand.

FinComEco has proven its concept in Malawi at the Agricultural Commodity Exchange for Africa (ACE) through GMEX Group and is establishing fully regulated market places in other African countries and South-East Asia.

Current shareholders include GMEX Group Limited, Saescada Limited and Houghton Street Capital Limited as well as individuals.

For more information visit www.FinComEco.com

About GMEX Group
GMEX Group is a set of companies that offer sustainable and innovative solutions for a new era of global financial markets. Providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach. We use our extensive market infrastructure experience and expertise to create an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.

Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives and commodities. We operate in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.

For more information visit www.gmex-group.com or follow us on Twitter @GMEX_Group

Institute of Cereals of Mozambique partners with FinComEco to improve food security supported by the Republic of Mozambique Government

Delivering an integrated Financial & Commodities Ecosystem efficiently linking supply to demand

Maputo, London, Mauritius 12th July 2017. Institute of Cereals of Mozambique (ICM), responsible for regulating and promoting agricultural production and commercialisation in Mozambique under the remit of the Ministry of Industry and Trade, announced the signing of a collaboration agreement with FinComEco, the fully integrated Financial & Commodities Ecosystem providing services, financing, capacity building and enablement solutions through a venture, linking agriculture to the latest financial technology.

The agreement was signed in the presence of Rt. Hon Mr Ernesto Max Elias Tonela, Mozambique Minister of Industry and Trade by Mr. João Macaringue, Director General of ICM and Mr. Hirander Misra, Deputy Chairman of FinComEco.

The collaboration will develop a range of projects and high impact initiatives in the agricultural commodity markets sector. ICM, with its Mozambique domain knowledge, country wide network of warehouses facilitating smallholder farmers, traders and buyers, will deliver commercialisation and operational capabilities. FinComEco will provide the commodity trading platform and electronic warehouse receipts capabilities, as part of the wider FinComEco model. This includes distribution of third party agri-finance and electronic banking facilitation enabled by scalable technology supported by its partner GMEX Group.

The joint venture, supported by the Republic of Mozambique Government, will implement the programme as part of a coordinated effort to create a food reserve capable of filling the national deficit. Through collaborative efforts, both parties will work to drive improvements in food security, economic diversity and financial inclusion through a socially responsible commercial delivery partnership. To support the programme, FinComEco has established FinComEco Mozambique SA as a majority owned Special Purpose Vehicle with local partners. GMEX Group has also acquired a 10% stake in the venture.

The parties will also work with development organisations, governments, research bodies and the private sector to strengthen the legal and regulatory framework, apply effective standards, and provide technical assistance and capacity building.

João Macaringue, Director General of ICM, commented, “The implementation of the Operational Plan for Agricultural Marketing (POCA) will deliver on the Presidential initiative to increase production and productivity, for the benefit of our population, achieving a sustainable agricultural sector.” He added, “The signing of this agreement provides a solid response to supporting POCA and solving the problem of abstraction, transport, storage and distribution. The involved industries will also record all production, whether domestically consumed, exported or stored in reserve for national food security.”

Hirander Misra, Founder and Deputy Chairman of FinComEco and CEO of GMEX Group commented, “This high impact initiative in Mozambique will facilitate the effective linking of the supply to demand agricultural value chain enabled by best-of-breed technology, standards and inputs (including seeds, fertilisers and pesticides).” He added, “This, coupled with a unique agri-finance business model to solve credit and financing issues underpinned by improvements in logistics and warehousing, will help improve food security and encourage value added agricultural industries and wider trade.”

–Ends–

Media Contact:
FinComEco
Melanie Budden
The Realization Group
Phone: +44 (0)7974 937 970
Email: melanie.budden@therealizationgroup.com

ICM
Jorge Foquiço
+25 8823096760
Email: jfoquisso@gmail.com

Institute of Cereals of Mozambique
Institute of Cereals of Mozambique (ICM) has the responsibility for regulating and promoting agricultural production and commercialization in Mozambique through a coordinated effort to create a food reserve capable of filling the national deficit. It acts as an agricultural commecialization agent and must monitor the production chain from the purchase, storage and conservation to the sale of agricultural products inclusive of its country wide network of primarily leased warehouses.

About FincomEco
FinComEco, the financial and commodities ecosystem is fostering financial inclusion with social responsibility in collaboration with local stake-holders, development organisations, governments and the private sector with the aim of improving food security and economic diversity.

The new electronic commodities exchange solution is establishing and reinvigorating local spot exchanges and enabling trade across multiple regions with a focus on the agricultural sector to create a holistic secure financial system.

It includes:

  • Price discovery and transparency
  • Electronic warehouse receipts
  • Trade finance and micro lending facilitation as a distribution hub
  • Risk management and hedging
  • Integrated Electronic banking and payments platform
  • Standards framework
  • Traceability and tracking enablement
  • Capacity building and education
  • Operational and technology consultancy
  • Working with trusted local partners

Operational objectives include:

  • Maximising the earnings potential for smallholder farmers
  • Supporting smallholder farmers to thrive enabled with best of breed-of-technology and inputs (including seeds, fertilisers and pesticides), coupled with a unique Agri-finance business model to solve credit and financing issues.
  • Leveraging as well as enhancing current logistics, warehousing and standards to establish a fully vitalised agricultural ecosystem efficiently linking supply to demand.

FinComEco has proven its concept in Malawi at the Agricultural Commodity Exchange for Africa (ACE) through GMEX Group and is establishing fully regulated market places in other African countries and South-East Asia.

Current shareholders include GMEX Group Limited, Saescada Limited and Houghton Street Capital Limited as well as individuals.

For more information visit www.FinComEco.com

About GMEX Group
GMEX Group is a set of companies that offer sustainable and innovative solutions for a new era of global financial markets. Providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach. We use our extensive market infrastructure experience and expertise to create an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.

Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives and commodities. We operate in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.

For more information visit www.gmex-group.com or follow us on Twitter @GMEX_Group

GMEX Group places Mauritius IFC at heart of global expansion plan

Providing global support and services for expanding group of partner organisations

London, Mauritius 7th June 2017.. GMEX Group, a global provider of multi-asset exchange trading, post trade business solutions and technology today announced the opening of its regional headquarters in the Mauritius International Financial Centre (IFC). Additionally, its newly launched initiative with partners, FinComEco, the integrated Financial & Commodities Ecosystem, providing technology, services, financing, capacity building and enablement solutions across multiple regions in Sub-Saharan Africa and beyond with a focus on the agricultural sector, will also establish its global headquarters in Mauritius.

Both companies, GMEX Holdings Ltd and FinComEco, have obtained regulatory approval from the Financial Services Commission (FSC) to operate as global business companies. The plan over the coming months, subject to satisfying requisite criteria and additional regulatory approvals, is to extend this to be a global headquarters administration license to benefit from significant advantages the country offers as a globally trusted IFC of substance.

GMEX Holdings Limited will provide business and technical services under the GMEX Services banner with global support for GMEX Group entities and the growing list of international partners, stake-holders and technology vendors in the GMEX ecosystem. GMEX Group will also manage its expanding portfolio of market infrastructure and FinTech investments from Mauritius under the GMEX Investments banner.

This move is supported by the Financial Services Promotion Agency (FSPA), which operates under the aegis of the Ministry of Finance and Economic Development and is mandated to develop and promote Mauritius as an International Financial Centre (IFC) of excellence.

Hirander Misra, CEO of GMEX Group & Deputy Chairman of FinComEco commented, “The rapid development of Mauritius as an International Financial Centre and FinTech hub coupled with a skilled multilingual labour pool is making it very attractive for global business and technology focused companies, like us, to establish a major presence. The FSPA, as a government agency, has been instrumental in supporting our establishment in the Mauritius IFC.”

Harvesh Seegolam, Chief Executive of the FSPA, “As a sophisticated and trusted IFC, Mauritius is open to global companies looking at establishing their operations locally to target emerging markets. At the level of the FSPA, our focus is on promoting and attracting activities which are substance based, meet and adhere to international standards and lead to high value job creation for our professionals. In this regard, we are pleased to welcome the GMEX and FinComEco projects in the Mauritius IFC.”

Rt. Honourable Mark Simmonds, former U.K. Minister of The Foreign & Commonwealth office for Africa and Chairman of FinComEco commented, “Mauritius has developed into an excellent international financial centre in which to base a multi jurisdictional African investment platform such as FinComEco.” Adding, “Along with our partners, we look forward to facilitating the full agricultural value chain improving lives, creating jobs and alleviating poverty.”

Mauritius has a strong regulatory framework and is recognized as having implemented the highest internationally agreed standards. The country is one of the first jurisdictions to be included in the Organisation for Economic Cooperation and Development (OECD) White List. A strategically important location for GMEX Group and FinComEco, Mauritius is conveniently located and connected for the various ventures currently being undertaken not only across the African continent but also in the Middle East, Europe and Asia.

In addition to its ecosystem and proven track record in global investments, the Mauritius IFC has a number of bilateral treaties for double taxation and investment protection in place across Africa and the Rest of the World; and is currently growing to include firms delivering a range of bespoke financial products for Africa. Mauritius is a member of a number of regional and global organisations including Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA), the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC), and the African Union (AU). As a reputable IFC, the country also adheres to best norms as set by organisations like IOSCO, IAIS, Financial Action Task Force (FATF) and the IFSB.

–Ends–

Media Contact:
GMEX Group & FinComEco
Melanie Budden
The Realization Group
Phone: +44 (0)7974 937 970
Email: melanie.budden@therealizationgroup.com

The Mauritius IFC
The Mauritius IFC
Financial Services Promotion Agency (FSPA)
PR & Communication Department
12th Floor, SICOM Tower,
Wall Street, Ebène, Réduit, 72201
Republic of Mauritius
Phone: +230 401 1200
Email: prcom@fspa.com

About Financial Services Promotion Agency (FSPA)

The Financial Services Promotion Agency (FSPA) is a dedicated parastatal organisation operating under the aegis of the Ministry of Finance and Economic Development. It is mandated by the Financial Services Act 2007 (as amended) for the development and promotion of Mauritius as an International Financial Centre (IFC) of excellence.

The Financial Services Promotion Agency works in line with the vision of the Government to offer the international business community a sophisticated and reputable International Financial Centre of substance for cross border investments into the region and other emerging markets.

The FSPA is the first point of contact for advice and support relating to all matters concerning the financial services sector of Mauritius. The mandate for promoting Mauritius as an investment platform for Africa also rests with the FSPA.

About GMEX Group Limited

GMEX has its registered office at 18 King William Street London, EC4N 7BP with company registration number 08090095. GMEX provides technology and services and has equity stakes in trading venues that are both U.S. CFTC and U.K. FCA approved.

GMEX Group represents a set of companies that offer sustainable and innovative solutions for a new era of global financial markets providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach.

GMEX Group has operations in ten countries and is actively engaged in developing the capital markets in these countries across multiple asset classes including equities, debt, FX, derivatives and commodities. GMEX Investments enables selective seed and early stage strategic investments into market infrastructure and related FinTech companies.

GMEX Group is a set of companies that offer sustainable and innovative solutions for a new era of global financial markets. Providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach. GMEX uses its extensive market infrastructure experience and expertise to create an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.

GMEX’s key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives and commodities. GMEX operates in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.

GMEX comprises
GMEX Group: ensures a cohesive strategic direction is maintained
GMEX Technologies: provides a single point of contact, incorporating account management and commercial & contractual services for all client and partner activities
GMEX Innovation: delivers technologically advanced product solutions for exchange trading and clearing & settlement.
GMEX Services: supplies strategic consultancy, implementation services and global support. This includes exchange business, product and technology strategy, project management and pre- and post- implementation support.
GMEX Investments: enables selective seed and early stage strategic investments into market infrastructure and related FinTech companies.

group structure

For more information visit www.gmex-group.com or follow us on Twitter @GMEX_Group

About FincomEco

FinComEco, the financial and commodities ecosystem is fostering financial inclusion with social responsibility in collaboration with local stake-holders, development organisations, governments and the private sector with the aim of improving food security and economic diversity.

The new electronic commodities exchange solution is establishing and reinvigorating local spot exchanges and enabling trade across multiple regions with a focus on the agricultural sector to create a holistic secure financial system.

It includes:

  • Price discovery and transparency
  • Electronic warehouse receipts
  • Risk management and hedging
  • Integrated Electronic banking and payments platform
  • Capacity building and education
  • Operational and technology consultancy
  • Working with trusted local partners

Operational objectives include:

  • Maximising the earnings potential for smallholder farmers
  • Supporting smallholder farmers to thrive enabled with best of breed-of-technology and inputs (including seeds, fertilisers and pesticides), coupled with a unique Agri-finance business model to solve credit and financing issues.
  • Leveraging as well as enhancing current logistics, warehousing and standards to establish a fully vitalised agricultural ecosystem efficiently linking supply to demand.

FinComEco has proven its concept in Malawi at the Agricultural Commodity Exchange for Africa (ACE) through GMEX Group and is establishing fully regulated market places in other African countries and South-East Asia. Current shareholders include GMEX Group Limited, Saescada Limited and Houghton Street Capital Limited as well as individuals.

For more information visit www.FinComEco.com

Codel partners with GMEX to create a new hybrid paradigm for commodities

Codel Board of Directors strengthened with key appointments

London, May 22 2017. Codel, the digital notary service provider, today announced a partnership with GMEX Technologies, a wholly owned subsidiary of GMEX Group, and provider of multi-asset exchange trading and post trade technology solutions. The companies will collaborate in areas where it is critical to prove digital data integrity throughout the value chain as well as connecting physical commodities with their digital equivalents.

“Our service makes both structured and unstructured data immutable allowing recipients of digital information to verify and trust it as completely as if it has been physically handed to them by the originator,” says James Zorab, founder and CEO of Codel. He added, “What we provide is real-world assurance in the virtual world we all now inhabit.”

Codel creates unique digital fingerprints called Codelmarks and stores them in an easy to find, centralised, immutable on-line ledger. Copies of the centralised ledger are then mirrored to multiple locations to minimise the risk of the data being lost or destroyed.

Users of digital data, that is Codelmarked, can prove its integrity continuously by checking the unique fingerprint in the data against the equivalent entry in the centralised on-line database. When the Codelmarked data changes, so does the digital fingerprint, thus it always remains up-to-date. Codelmarking of data is gaining significant traction with banks, stock exchanges and technology providers.

Codel is transformative because it provides trust for both digital and physical artefacts, using digital fingerprinting and physical marking technology and published audit trails that are immutable, printed in both digital ledgers and physically published reputable journals of record. Codelmarked data can be verified as it proliferates no matter how many times the document, physical item or data has been exchanged or processed. Codel’s patented core technology and innovative and enabling applications incorporate cutting-edge, peer reviewed cryptography for robust plug-and-play trust.

Commenting on the new partnership, Hirander Misra, Chairman of GMEX Group and CEO of GMEX Technologies says, “We are delighted to be collaborating with Codel in areas that can transform the digital security of trading commodities globally.” He continued, “With Codel’s tracking and document control capability, it is the only technology available that links the digital to the physical asset which for commodity trading provides state of the art governance. This integrated with GMEX advanced exchange trading, clearing, settlement and electronic warehouse receipts technology ensures that the current world of centralised systems and new world of hybrid centralised and distributed enablement can coexist as part of a unique game changing hybrid paradigm.”

As part of the company’s development strategy, Codel has strengthened the Board of Directors with the appointment of Mike Smith, CEO at ANZ until 2016. Mike takes over as Chairman from Peter Davis, formerly Director General of the National Lottery, who remains on the Board. Mike will also be joined by Mark Kerns, until recently Head of Investor Services at Standard Bank and Markus Ruetimann, formerly Group COO of Schroders.

Mike Smith commented, “I’m delighted to be joining Codel as we expand our innovative product capability. Codel is building an impressive profile within financial services, and has significant traction in other sectors, including health-care, supply chain and intellectual property protection.”

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About Codel
The Codel Group develops applications for its digital notary, a technology for proving the authenticity and validity of data in real time, spanning multiple sectors including financial services, product/asset tracking, intellectual property, media and health. Codel’s core solution delivers a practical solution to establishing the provenance of data, providing services that protect data and making it verifiable as accurate, current, permanent, persistent and immutable in real time.

Codel can publish trusted audit trails underpinning digital services through distributed ledgers or physically printed journals of record proving transaction security and compliance with regulation.

Codel provides a suite of enabling applications that incorporate this trust for identity enrolment, document control, information publication and data analytics.

For more information please contact:
Matthew Barnett
Public Relations Director
james.zorab@codelmark.com
07703 026966
Matthew.barnett@codelmark.com

About GMEX Group
GMEX Group is a set of companies that offer sustainable and innovative solutions for a new era of global financial markets. Providing business expertise, the latest technology, connectivity & operational excellence delivered through an aligned partnership driven approach. We use our extensive market infrastructure experience and expertise to create an appropriate strategic master plan with exchanges, clearing houses, depositories, registries and warehouse receipt platforms.
Our key business solutions enable the creation and operation of cost effective electronic exchanges and post trade infrastructure in multiple asset classes including equities, debt, FX, derivatives and commodities. We operate in both developing and developed markets through the establishment of cohesive business and technology ecosystems. GMEX offers the added benefit of interconnection to multiple partner exchanges, to create global networks of liquidity.

About GMEX Technologies Limited
GMEX Technologies Limited (GMEX TECH) is a wholly-owned subsidiary of GMEX Group. GMEX TECH is provider of multi-asset exchange and post trade technology, which includes an FCA vetted high performance exchange trading system, through to a leading edge matching engine, market surveillance system, several front end trading platform options as well as clearing house, depository and electronic warehouse receipts systems.
For more information visit www.gmex-group.com or follow us on Twitter @GMEX_Group

Media Contact for GMEX:
Melanie Budden
The Realization Group
+44 (0)7974 937 970
melanie.budden@therealizationgroup.com