Welcome to this week’s edition of the RoundUp. This week, Ekiti State led the way away again with a Mortgage policy and a partnership to digitize its motorcycles in its transportation segment of its economy.
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- Triller, a Tiktok look alike and preferred option has gone into a strategic partnership with India’s JioSaava, a music app. Recall that few months ago, Tiktok was banned in India alongside 58 other apps. Link
Why this is Important: This could be a prove that India has no plans to allow Tiktok resume operations in India in the foreseeable future. It is also a subtle acceptance that Indian developers do not have a ready replacement, for now, to Tiktok.
For Tiktok, even in the event it is allowed back into India, it would take concerted efforts to win back lost users.
- The US Security and Exchange Commission in a press release 191 of 2020 modernized the definition of accredited investor. This new definition now accepts individuals with experience, professional knowledge or certification. This is in addition to the earlier exclusionary prerequisites based on income and network. Link
Why this is Important: This is an effort ‘to improve the ‘exempt offering’ framework, thereby, expanding investment opportunities while maintaining appropriate investor protections and protecting capital formation’ according to the release.
It now allows family offices with at least $5m in assets to become investors and spousal equivalents to pool resources to invest.
- Tiktok’s CEO Kevin Mayer has resigned amidst acquisition and takeover rows of the company he was hired from Disney to run. Mayer said he had a ‘deep reflection’ on the political environment before taking decision. Link
Why this is Important: This highlights the mood amongst the employees at Tiktok. The uncertainty surrounding the ownership status of the company and what follows after a successful or unsuccessful acquisition is enough to sap creativity and talents out of it.
It could also mean an acquisition deal yet to be made public, has been reached and Kevin not comfortable with the new owner decides to take a bow.
- Ekiti State leads the way again by partnering with Max.ng, a bike-hailing startup. The partnership entails the use of Max’s Metrogov technology to solve problems around ‘identity management, remote monitoring, crime prevention, digital payments and financial audit solutions’ In addition, the platform is to provide data to the state government to ‘support revenue collection’. Ekiti State led the way earlier in the year by crashing its Right of Way(RoW) charges for broadband internet infrastructure. Link
Why this is Important: Ekiti is here showing how to accept the unique economic reality within its domains by not abolishing or banning these bikes but rather, bringing them into the regulatory net and provide them rules to play by.
This is also a good encouragement to start-ups with valuable technologies relevant to the local market to do more.
However, a concern is the abuse of data captured. Like expressed here, data is a sensitive issue in (Nigeria’s) technology industry. Ekiti would have to invest in technology education as it rolls out this technology.
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Ekiti Passes the Model Mortgage Foreclosure Bill: Link
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FIRS, Nigerian Customs to Go Financially Independent: Link