Timeless Capital teams up with Xago Technologies, a South African company

Finance

Friday, 14 May 2021 17:17

Timeless Capital teams up with Xago Technologies, a South African company

(Togo First) - Timeless Capital Technology (TCT), the fintech of former Togolese international Donaldson Sackey, has signed a partnership with South African crypto-currency platform Xago.

This new partnership, coupled with the recent commitment of a new investor, is a milestone in the startup's growth. Xago will facilitate and accelerate the spread of the Timeless Capital Coin, offering a solution that allows its users to make fast and secure transnational money transfers, in fiat (conventional currency- dollar, rand) and crypto-currencies.

"Partnering with Xago is one of the best business decisions we've made, as they are a highly credible and trusted organization that brings crypto solutions and financial independence to customers around the world who can't afford the fees of traditional transfers," said Donaldson Sackey, CEO TCT.

"The timing is perfect as we have developed, tested and launched the functionality they need to bring stablecoin to their customers across the continent in less than 4 seconds and at a fraction of traditional banking costs," said Mark Chirnside, CEO and co-founder of Xago.

Founded in 2016, Xago Technologies is backed by Capitec Bank, which in August 2017 became South Africa's second-largest retail bank by number of customers, adding 120,000 new customers per month. The fintech company develops tailored products and services based on blockchain and crypto exchanges.

The new partnership allows Timeless Capital Technology to implement a stablecoin at 1:1 parity with the dollar.

Klétus Situ

Togo: Constitutional Court Welcomes Two New Members

Togo: Parliament Approves New Constitution after Second Reading

BCEAO’s foreign asset revenues soar 112% but trail potential of operations account

With UNDP, Emmanuel Adebayor’s Foundation Launch its Second Agribusiness Incubation Cohort

Togo: 2 Février Hotel Competes for Prestigious World Travel Awards 2024 Nominations in Three Categories

togo-2-fevrier-hotel-competes-for-prestigious-world-travel-awards-2024-nominations-in-three-categories

Togo: National Media Authority, HAAC, Stops Issuing Accreditations to Foreign Media Envoys

9th Pan-African Congress: Northern African Countries to Take Part in the Upcoming Meeting

Togo Introduces Toll-Free Number 1010 for Voter Assistance Ahead of Elections

Adétikopé Industrial Platform welcomes new investors

adetikope-industrial-platform-welcomes-new-investors

Togo: FAO Seeks National Coordinator for Forest and Farm Facility

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.