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He shared these insights during a panel discussion at the Singapore FinTech Festival on Thursday, November 7, 2024.

The panel discussion, themed “Financial Network in the Fastest Growing Continent,” focused on Africa’s Digital Public Infrastructure transformation, a key driver of the continent’s economic and societal growth.

'Rwanda views digital transformation as a cornerstone of its socio-economic development strategy, recognizing digital infrastructure and innovation as critical enablers of sustainable growth,' Rwangombwa said.

He added, 'Through a robust, multi-sectoral approach, Rwanda is setting a foundation for a dynamic digital economy that directly supports financial inclusion, data-driven policymaking, and enhanced service delivery across the country.'

The session concluded by recognizing the transformative potential of digital financial services while stressing the importance of overcoming connectivity, digital literacy and security challenges for sustainable growth.

Earlier, on Wednesday, Rwangombwa chaired a roundtable session titled 'Navigating the Regulatory Maze: Balancing Innovation and Compliance for Digital Banks' at the Insights Forum in Singapore.

This discussion addressed the complex regulatory challenges digital banks face as they innovate and expand.

Governor Rwangombwa highlighted the dual mandate of the National Bank of Rwanda: promoting financial innovation while ensuring stability.

'As digital banking grows, we remain committed to fostering innovation that is both inclusive and secure,' he said.

Digital services have become central to Rwanda’s economy, with 73% of Rwandans (5.9 million people) using some form of electronic financial service by 2024—a significant rise from 30% (2.1 million) in 2020, according to a recent report by Access to Finance Rwanda.

The Singapore FinTech Festival (SFF), launched in 2016, has grown into a global gathering for policymakers, regulators, central bankers, FinTech innovators, technologists, investors, and financial industry leaders.

This year’s event running through November 6-8, encourages impactful connections and collaborations, facilitating discussions on innovative financial solutions, evolving regulatory frameworks, and emerging technologies.

SFF also advocates for sustainable practices, underscoring the importance of responsibility in all facets of the festival.

The Governor of the National Bank of Rwanda (BNR), John Rwangombwa has emphasized the critical role of digital transformation in Rwanda’s development.

The panel discussion, themed “Financial Network in the Fastest Growing Continent,” focused on Africa’s Digital Public Infrastructure transformation.

IGIHE

Local media reports indicate that Engonga was dismissed for 'irregularities' and 'inappropriate conduct' under a decree issued by Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo on Thursday, November 7, 2024.

Engonga has been trending on social media for most of the week after a recent investigation uncovered more than 400 explicit videos featuring him with multiple women, including relatives and wives of high-ranking officials, even the President’s sister.

The videos, filmed in offices, hotels, and restrooms, were leaked online after Engonga was arrested on unrelated corruption charges. Local media reported that the footage was discovered in his personal office and appeared to have been recorded with the consent of the women involved.

The videos have caused an uproar on social media, with Equatorial Guinea’s Vice President, Teodoro Mangue, vowing to take “severe measures” against officials involved in sexual activities in their offices.

“We will proceed with the immediate suspension of all officials engaging in sexual relations in the country’s ministries,” the Vice President stated on his X page on Monday, adding that the acts constitute violations of the code of conduct and public ethics laws.

The country’s Attorney General also weighed in on the matter, stating that while the recordings appeared consensual, Engonga could face charges for “public health crimes” if he has a sexually transmitted infection.

Equatorial Guinea’s First Lady condemned the acts as well, saying they were 'distorting the image and reputation of the Guineo-Ecuadorian woman.'

Engonga is the son of Baltasar Engonga Edjo, president of the Central African Economic and Monetary Community (CEMAC). The 54-year-old is married and has six children.

Local media reports indicate that Baltasar Engonga was dismissed for 'irregularities' and 'inappropriate conduct' under a decree issued by Equatorial Guinea’s President Teodoro Obiang Nguema Mbasogo on Thursday, November 8, 2024.

Wycliffe Nyamasege

The agreement, formalized at the 2024 Lagos International Trade Fair, was signed between the Lagos Chamber of Commerce and Industry (LCCI) and Rwanda’s Private Sector Federation (PSF) on the sidelines of the ongoing trade event in Lagos. Kanamugire Callixte, Deputy CEO of PSF Rwanda, and Gabriel Idahosa, President of the LCCI, represented their respective organizations at the signing ceremony.

Under the MoU, LCCI and PSF Rwanda will collaborate in several areas, including facilitating trade by streamlining procedures, reducing barriers, and promoting the exchange of goods and services between Nigeria and Rwanda; and promoting investment by identifying opportunities in both countries, organizing trade missions, and fostering business partnerships.

Other priority areas include sharing information by exchanging data on market trends, trade regulations, and investment incentives to aid business decision-making; building capacity through joint workshops, training programs, and knowledge-sharing initiatives to enhance business competitiveness in both countries; and hosting events to organize trade fairs, exhibitions, and business forums for networking and partnership-building.

The MoU identifies specific sectors for collaboration, such as agriculture (with a focus on Rwandan coffee and tea production), energy, manufacturing, technology, and creative industries.

Rwanda’s High Commissioner to Nigeria, Ambassador Christophe Bazivamo, praised the agreement as a testament to the two countries’ shared vision of prosperity.

'This MoU is a testament to our shared vision—a vision of a vibrant and interconnected African business landscape where Rwanda and Nigeria stand as beacons of economic collaboration and mutual growth,' he said.

'The Rwandan government is fully committed to supporting this endeavour. We have implemented policies to streamline business procedures, enhance infrastructure, and promote a conducive investment climate.'

The Lagos International Trade Fair, which kicked off on November 1, 2024, is the largest international exhibition in West Africa. During the 10-day event, participants have a chance to network with potential buyers and create business partnerships.

The agreement, formalized at the 2024 Lagos International Trade Fair, was signed between the Lagos Chamber of Commerce and Industry (LCCI) and Rwanda’s Private Sector Federation (PSF) on the sidelines of the ongoing trade event in Lagos.

Wycliffe Nyamasege

According to an announcement by the Directorate General of Immigration and Emigration, published in the Official Gazette on November 7, individuals from various countries, including Uganda, Kenya, Burundi, DR Congo, Ethiopia, Egypt, Nigeria, Ghana, Cameroon, Guinea, Niger, Eritrea, Namibia, Madagascar, and Rwanda (for those whose parents are not originally Rwandan), were granted Rwandan nationality.

The list also includes individuals from the UK, France, the United States, India, Belgium, Switzerland, the Netherlands, South Korea, Germany, Canada, Russia, Poland, Pakistan, Ecuador, the Philippines, Italy, Palestine, Lebanon, Iran, Syria, and Iraq.

The Organic Law N° 002/2021.OL of 16/07/2021 governing Rwandan nationality identifies two main categories for nationality: by origin and by acquisition.

Rwandan nationality by origin is granted to individuals born to at least one Rwandan parent with ancestral nationality, meaning the parent is a Rwandan by origin and not by acquisition.

To apply for nationality by origin, applicants are required to present one of the following documents; testimony by the applicant or by at least one person and corroborated by evidence, a relative who has Rwandan nationality by origin, or any other proof demonstrating his or her Rwandan origin.

Nationality by acquisition, on the other hand, includes several pathways: birth on Rwandan territory, marriage to a Rwandan national, substantial and sustainable investments, special skills, and statelessness.

For instance, those born on Rwandan soil or married to a Rwandan citizen for at least five years are eligible to apply.

Individuals who contribute significant investments, possess unique skills needed by Rwanda, or are stateless may also qualify, provided they demonstrate good conduct and do not pose security risks​.

Kenyan journalist Eugene Kenneth Anangwe (left) is among individuals granted Rwnadan nationality.

The Organic Law governing Rwandan nationality identifies two main categories for nationality: by origin and by acquisition.

Rwanda has granted nationality to 296 people from different countries.

IGIHE

The exhibitor from Mali was using the drum to promote shea butter produced by his manual workshop at the 2024 CIIE in Shanghai, running from Nov. 5 to 10.

“Our company has participated in the CIIE on three occasions, and I always see numerous opportunities here,” said Thera, adding that he is confident of attracting more big clients over the next few days.

According to Thera, his wife, a Chinese national, was the first person who told him that shea butter, a specialty he was all too familiar with during his childhood, may prove a surprising skin care cream option for Chinese people, while the CIIE is the first platform that has shown him he can cooperate with merchants from various countries.

China is offering over 120 free booths and other support measures to 37 of the world’s least developed countries at the 2024 CIIE, thereby helping them showcase their products at the expo. China has also expanded the exhibition area for African agricultural products.

In the area around Thera’s booth, other African exhibitors can be seen introducing farm produce including coffee beans, cashew nuts and tropical fruits, with constant streams of visitors stopping to have a look or taste.

China’s imports of African agricultural products have registered strong growth over the past years with the country rolling out supporting policies, including streamlining customs procedures and reducing or exempting tariffs, said Sun Hong, deputy director of the Institute of African Studies, China Institutes of Contemporary International Relations.

Sun defined the CIIE as one of the platforms enabling Chinese consumers to learn more about African agricultural products, and said that efforts should be made to support more Chinese enterprises in investing in relevant industries in African countries, such as processing, logistics and warehousing.

Holding a large piece of beeswax in one hand and a small box of honey in the other, Jackson Mponela, production manager for commerce and development at Tanzania Future Enterprises Company Ltd., said he is confident about the products and hopes to capture the Chinese market of over 1.4 billion people.

“I watched a video about the CIIE held last year and I was so impressed by the hustle and bustle there, so I figured we should start our first CIIE journey this year,” said Mponela, adding that he expects to secure new partnerships at the expo and learn more about how other companies are being operated.

“We brought many varieties of newly designed handmade Afghan carpets to the expo to better cater to the needs of Chinese consumers,” said Ali Faiz from Biraro Trading Company, which has participated at the CIIE for five consecutive years. Ali added that it used to be difficult for small businesses in Afghanistan to find overseas markets for local products.

To attract more Chinese buyers, Ali decided to use short videos and livestreaming to share knowledge about Afghan carpets and hold cultural experience activities together with other exhibitors during this year’s CIIE.

Helping enterprises from the least developed countries tap the Chinese market and integrate into the global economy is a feature of the CIIE, said Tang Wenhong, assistant minister of commerce, adding that the expo has always been a public good for the whole world.

The CIIE is just one of China’s endeavors to support the least developed countries. In September, China announced that the least developed countries that have diplomatic relations with China would enjoy zero-tariff treatment for all tariff lines starting from Dec. 1 this year.

China will also strengthen cooperation with those countries in terms of inspection and quarantine, and provide vocational training for e-commerce enterprises to help the least developed countries improve their trade capacity, said Tang.

Xinhua

In a statement, the Office of the Government Spokesperson said the donation, part of ongoing international relief efforts, consists of over 19 tons of supplies, including fortified food for children, medicines, and medical supplies.

The consignment, transported by the national carrier RwandAir, was received by the Jordan Hashemite Charity Organization in Amman.

Rwanda reiterated the call for “an end to the conflict and the protection of civilian lives.”

This is the second shipment Rwanda has sent to Gaza since the latest conflict began in October 2023. In late October 2023, the government of Rwanda dispatched 16 tons of humanitarian aid to Gaza, which included essential medicines, food, and water.

The recent conflict in Gaza began on October 7, 2023, when Hamas launched a large-scale attack on Israel, involving rocket fire, ground incursions, and assaults on civilians near the Gaza border. Israel responded with airstrikes and a military campaign targeting Hamas infrastructure in Gaza.

The conflict has since resulted in extensive fighting, leading to over 40,000 deaths and widespread destruction, drawing global attention and calls for humanitarian aid and diplomatic interventions.

The donation, part of ongoing international relief efforts, consists of over 19 tons of supplies, including fortified food for children, medicines, and medical supplies.

Wycliffe Nyamasege

In 2018, when the first CIIE was held, the Danish company displayed a vivid mosaic made by over 100,000 LEGO bricks featuring Jinbao, the mascot of the CIIE, and introduced science, technology, engineering, art and mathematics (STEAM) courses for Chinese schools. This year, the company is highlighting the potential of play for innovation and its commitment to sustainability.

“Since the first CIIE, we’ve introduced 29 novelties at the expo, among which 19 sets are inspired by Chinese culture and traditions,” said Paul Huang, senior vice president of the LEGO Group and general manager of LEGO China.

The LEGO Group is one of the 186 firms and institutions that have appeared at the CIIE seven years in a row, and many of them have signed up for next year’s event.

The CIIE’s full-time attenders have stood witness to and benefited from the evolution of the expo and the Chinese market at large, and have continued to make adjustments so as to take advantage of emerging trends and markets.

At the first CIIE, global industrial technology giant Schneider Electric signed cooperation agreements primarily in the manufacturing and construction industries, but has since expanded to encompass various sectors, including oil and gas, infrastructure, commercial construction, life sciences, transportation, and water services and environmental protection.

As China develops new quality productive forces, innovative technologies are driving the transformation toward digitization and green low-carbon development, which have provided Schneider Electric with a broader space for development, according to Yin Zheng, Schneider Electric executive vice president managing China and East Asia.

Zhang Xiqiang, executive vice president of Nestle S.A. and CEO of Nestle Zone Greater China, said the company has observed that the Chinese consumer market is gradually entering an era of scientific and rational consumption. “The demand in the Chinese food industry continues to evolve, shifting from simply eating well and eating enough to eating healthily and seeking delight from the experience,” he said.

The Swiss company has brought over 420 exhibits sourced from 14 countries and nine major business units, covering niche markets including baby nutrition, health science, confectionery and pet care.

The Singapore Business Federation (SBF) has led a delegation of nearly 400 representatives from 44 Singaporean businesses, marking the SBF’s seventh year at the CIIE.

SBF CEO Kok Ping Soon said the federation is very encouraged to see that the companies are no longer limited to the food and beverage sector. “We are starting to see companies responding to China’s call for more high-quality investment in fields like biotech,” he said.

To mark its seventh consecutive participation, U.S. material-science giant Dow Inc. has brought the most robust lineup and planned for the most agreements signed at the event in its history at the CIIE.

“As we celebrate our 45 years of operations in China, we are looking forward to China’s continued opening up policies that will enable us to further strengthen our deep roots and grow alongside the Chinese economy,” said Kevin Kolevar, vice president of Dow Inc.

Xinhua

Mohamed Youssef, head of the Egyptian Businessmen’s Association, said the “initiative is unique and has started to achieve solid results over the past six years.”

Data showed that in 2022, the fifth CIIE saw 73.5 billion U.S. dollars worth of tentative deals reached for one-year purchases of goods and services, which, Youssef said, occurred while “the world was recovering from an economic crisis resulting from COVID-19.”

Despite the pandemic and regional and international tensions, China’s success in concluding big business deals during the 2022 CIIE was “such a great achievement,” Youssef said.

He said China, the world’s second-largest economy, plays a vital pivotal role in balancing the world’s economic powers.

Youssef emphasized that through the CIIE and the Belt and Road Initiative (BRI), China aims to establish win-win partnerships with developing countries and assist them in making the best use of their resources to achieve development and growth.

“China enhances its relations with other countries via partnerships based on mutual benefit, and the BRI has opened the door for China to view African countries with this vision,” he added.

The head of Egypt’s business community emphasized that African countries, rich in human and natural resources, can benefit from strong partnerships with economically powerful nations capable and willing to drive development in these societies.

Youssef said that the growing Egyptian-Chinese relations will significantly enhance the trade and investment exchange between Egypt and China.

Egypt can be one of the leading destinations for Chinese investment to manufacture products in great demand in the Chinese market, said Youssef, noting that Egypt is a key partner in the China-proposed BRI.

He said one of the CIIE’s key achievements has been its role in introducing the global business community to the opportunities in the Chinese market.

“The expo opens opportunities for all participating countries to exchange information about the comparative and competitive advantages of their products, and thus contributes to and encourages inter-trade between participating states,” Youssef said.

The Egyptian business leader stressed that the participation of both developing and developed countries in the 7th CIIE indicates their awareness that “the CIIE is a very important window not only for the Chinese market but also for the markets of many countries participating in this expo.

Xinhua

They shared their views at the U.S.-China Agricultural Trade Cooperation Forum, held as part of the ongoing seventh China International Import Expo (CIIE), which runs from Nov. 5 to 10.

LONG-STANDING PARTNERSHIP

For Jim Sutter, CEO of the U.S. Soybean Export Council, the international marketing arm of U.S. Soy, China is a key trading partner and the relationship with China is “critically important.”

“U.S. Soy and many other commodity groups here have long-term collaboration relationships with China,” Sutter said, noting that in the case of U.S. Soy, China has been a partner for 42 years.

“We appreciate China’s leadership in opening up and promoting trade,” he said. “Trade is critically important for all of our agricultural commodities. And we’re happy to have a country like China, recognizing that and talking about the importance of it at a forum like the CIIE which is all about trade.”

The world’s first national-level expo focused on imports, the CIIE has featured a section dedicated to U.S. food and agriculture companies since last year, aiming to help them explore the Chinese market.

This year, the section attracted 14 participants. Impressively, within just the first hour of its operation, the total turnover hit 600 million U.S. dollars, according to data from the American Chamber of Commerce in Shanghai (AmCham Shanghai).

“China is our largest and most important market,” said Allisa Lau, China Director of Cotton Council International, a non-profit trade association that promotes U.S. cotton fiber and products, while speaking of the long-standing China-U.S. ties in the cotton industry.

The Chinese and American cotton industries have maintained very close cooperation over the years, and this is not only because of their interdependence but also their mutually beneficial and supportive relationship, Lau said.

TOWARD SUSTAINABLE FUTURE

At the forum, many speakers shared similar views that despite the changing global landscape, China-U.S. agricultural cooperation remains beneficial for both countries to shift toward a more sustainable development path.

Janna Fritz, Vice-Chair of the U.S. Soybean Export Council, described the strong China-U.S. relationship in the soybean industry as a “beacon of hope and strength” for global agriculture. The mutually beneficial ties have influenced agricultural practices and lifestyles in both countries, she said.

China’s growing demand for sustainable, high-quality crops has set a high standard for soy purchases in terms of both quality and sustainability, Fritz said. She added that U.S. soy farmers “understand that mission” and will continue to help China meet its ambitious sustainability goals.

Also eyeing the huge cooperation potential, Steve Reinhard, Chair of the United Soybean Board, said that China has entered a stage of high-quality development as it strives to meet the people’s increasing need for high-standard products.

“Our commitment to sustainability could serve as a new productive force for Chinese partners to help with China’s high-quality development,” Reinhard said.

To facilitate this growing partnership, the CIIE has set an example for connecting U.S. agriculture firms with long-term Chinese partners. According to AmCham Shanghai, U.S. companies continued to land orders even after their participation in the expo last year, and the cumulative turnover from these orders has now reached 3 billion dollars.

At the opening ceremony of this year’s expo, Chinese Premier Li Qiang reaffirmed the country’s commitment to “turning its enormous market into global opportunities.” He said in the keynote speech that the country has fully implemented all the opening-up measures announced at the previous six CIIEs, and will continue to expand market access to more sectors.

Ryan LeGrand, president and CEO for the U.S. Grains Council, said that trade in agriculture is a “bright spot” in a complicated relationship between the U.S. and China.

“I think it’s entirely possible that our ideological differences may set a ceiling in our relations, the trade sets a floor in our relations,” LeGrand said, noting that agricultural trade, in particular, helps “set that floor and maintain that foundation.”

“When trade works, the world wins. And I think that certainly applies in the U.S.-China relationship,” he said.

Xinhua