Posts

How Can Modern Technology Speed Up Payments in Real Time?

We live in a fast-paced world where everything is done at the speed of light. People want to know what they can do now, and how it will affect them later. This is why we need to use modern technology to improve our lives and make life easier for everyone involved. In this post, you’ll learn how you can make payments in real-time with a few easy steps.

Point Of Sale Systems

The use of point of sale (POS) systems has revolutionised the payment process for retailers. A POS system allows customers to pay for their purchases immediately, which speeds up the checkout process and eliminates the need for a cash register. Additionally, when using a POS system, customers can make purchases using their mobile devices, which allows them to pay for goods and services without having to carry cash or credit cards. Smartphones typically use Near Field Communication (NFC) technology that communicates with the POS system wirelessly, alternatively, some retailers allow shoppers to swipe a barcode displayed on their phone screen at checkout.

Payment Processing Service

When it comes to payment processing, PayPal is one of the most well-known and trusted names in the business. In addition to its online presence, PayPal also has a mobile app that makes it easy for customers to make payments on the go. This combination of convenience and security has made PayPal a popular choice for businesses of all sizes. There are several ways that PayPal can speed up the payment process.

First, clients don’t need to input their credit card information each time they make a purchase, they simply enter their username and password into the app, which is much more secure than typing in your credit card number every single time you want to pay for something online. Second, PayPal allows businesses to keep track of their sales and invoices in one place, which makes it easier to manage your finances. Finally, PayPal offers a variety of different payment options including credit cards, debit cards, bank transfers, and even e-checks. This flexibility is another reason why so many businesses prefer PayPal for their payment processing needs.

Online Banking

The use of technology has revolutionised the way people bank. You can now access your account information, make transactions and even receive payments without having to go through a physical bank branch. This means that you can conduct all your banking activities from the comfort of your home or office. In addition, online banking is often free of charge.

This type of banking offers several benefits, such as the ability to manage your finances from anywhere and anytime through various devices. In addition, you can get real-time account updates so that you can monitor every transaction being made within your accounts whether it is an in-store purchase or online payment processed by the bank. Another advantage is that you can sign up for alerts that warn you when a transaction has been made or an account balance falls below a certain level. This allows you to stay in control and avoids the accounts being overdrawn due to non-sufficient funds (NSF). In addition, online banking makes it possible for you to transfer money between accounts, pay bills online and set up direct deposits.

Blockchain Technology for Real Time Payments

Blockchain technology can improve the security of money transfers by using end-to-end encryption on each transaction. Each new block that’s added also contains a hash pointer, which links back to the previous block, creating an irreversible chain of data blocks with no possibility of being edited or changed once they’re in place. This makes it an ideal choice for real-time payments where security is a top priority.

In addition, blockchain technology can help to speed up the payment process by eliminating the need for third-party verification. Transactions are verified and processed through a network of nodes that work together to create and maintain the blockchain, so there is no need for an intermediary. This reduces the time and cost of payment processing while increasing transparency and security. Blockchain technology is still in its early stages, but it has the potential to revolutionise the payment processing industry. Businesses that want to stay ahead of the curve should start investigating how they can use blockchain technology to improve their payments process.

Businesses are constantly looking for ways to improve the customer experience. If you’re in retail, your customers want their shopping experiences to be as convenient and easy as possible. One of the areas that are changed over time is how quickly payments are processed after a sale has been made. We hope we provided some insights into how modern technology can speed up the payment process in real-time.

GEMXX Corporation Releases Ammolite-Backed Cryptocurrency Token

LAS VEGAS, NV, November 30, 2021 – McapMediaWireGEMXX Corporation (OTC Pink: GEMZ) is pleased to announce the launch of the world’s first Ammolite Cryptocurrency Token (AMML). TODAY the company is releasing the token in limited supply with only 1,388,000 tokens available in 2021.

Ammolite Cryptocurrency Token

Ammolite Cryptocurrency Token

In addition, the team has completed development and testing of the ‘GEMXX Wallet’ that will manage the sale and transactions using the token on iOS and Android platforms. The GEMXX token is available for purchase through the GEMXX wallet.  Direct links to the iOS and Android application can be found at www.Ammolitetoken.com. The token website will be the go-to knowledge base for all information concerning the GEMXX Wallet and GEMXX Ammolite token (AMML).

Ammolite Cryptocurrency Token

Ammolite Cryptocurrency Token

Wallet and currency developer, Core State Holdings, Corp. (CSHC) has also confirmed that the GEMXX Wallet applications are completed and available for download TODAY on iOS and Android devices through their respective App stores.

Key features of the ‘GEMXX Wallet’.

  1. Easy to set up
  2. Quick transactions
  3. Very secure
  4. Multiple ways to send crypto

With the website and wallet complete, the company is very pleased to introduce the world’s first Ammolite-backed crypto currency token, the only currency to be pegged to the current GEMXX wholesale market price of Ammolite and backed by Ammolite gemstone resources.

“The launch of this Token is good for GEMXX, but it is also good for the entire Ammolite industry. Offering Ammolite in digital form may be as significant to Ammolite as the gemstone receiving official gem status in 1981, and we are pleased to bring it to market” says Jay Maull, GEMXX President and Chief Executive Officer.

The unique Ammolite backed crypto currency token has stable coin properties due to being pegged to the wholesale value of Ammolite gemstone. Strategically positioned as a revenue diversification and awareness project for the company, the GEMXX Ammolite token will create liquidity and monetise Ammolite resource holdings, funding corporate growth and future large scale Ammolite production.

ABOUT GEMXX CORPORATION

GEMXX is a public traded, mine to market gemstone and jewellery producer that owns mining resources, production facilities, and operating assets. The company controls each stage of its operations including gemstone production, jewellery manufacturing and global distribution. The management team is made up of the industry’s leading experts with a combined total of 160 years of Ammolite gemstone and jewellery business experience. The teams’ experience covers every aspect of the Ammolite business ensuring maximum control of the company’s product development, quality control and profits. GEMXX produces more top quality finished Ammolite than any Ammolite producer and the management team is proud of the environmental stewardship used as the company sets the standard in quality and customer service, providing exquisite fine jewellery and extremely rare, natural décor pieces to customers around the world.

Ammolite Cryptocurrency Token

Ammolite Cryptocurrency Token

ABOUT CORE STATE HOLDINGS, CORP

Core State Holdings, Corp. is a Canadian software development company that is primarily focused on the blockchain and crypto field. The company designed and developed the crypto currency wallet called PTPWallet, and through extensive research, it is considered to be one of the most advanced wallets available in the crypto sector today. Since 2019, the PTPWallet platform has seen over 2,081,100 accounts created, with over 43,223,700 transactions processed. PTPWallet operates with many private and public entities, with a large demand for the platform shown by medium and large-sized businesses. Since launch in February of 2019, the platform’s advanced security has never been compromised. The key features and benefits of the PTPWallet are: instant transactions, anonymous internal transactions, loyalty and referral programs, strong infrastructure, and ease of use.

Ammolite Cryptocurrency Token

Ammolite Cryptocurrency Token

SAFE HARBOR STATEMENT

This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

For more information, press only:

GEMXX Corporation

GEMXX Corporation

GEMXX Corporation

Contact: Kim Halvorson
Email: [email protected]
Website: www.gemxx.com

China bans all crypto transactions

China has officially banned all cryptocurrency transactions and vowed to stop crypto mining, delivering the toughest blow yet to the industry.

Cryptocurrency transactions are now considered illicit financial activity in China, including services provided by offshore exchanges, the People’s Bank of China has said. The PBC added that crypto, including Bitcoin and Ethereum, are not fiat currency and cannot be circulated.

Bitcoin slumped in the wake of the news, falling 8% to about £30000.

Chinese officials are going further to stamp out cryptocurrency trading for its ties to fraud, money laundering and excessive energy usage. China already has rules that stops banks from offering cryptocurrency related services. To get around such rules, traders have moved to digital platforms and offshore exchanges.

Cryptocurrency mining’s massive energy consumption is another reason why the industry is coming under attack. In a separate statement, China’s economic planning agency said it’s an urgent task to stop cryptocurrency mining and the crackdown is important to meet carbon goals.

China is facing a power crisis that’s already curbed commodities from aluminium to steel, and several industries have seen their power supplies restrained in recent weeks.

China is home to a large concentration of cryptocurrency miners and as recently as April had a 46% share of the global hash rate, a measure of computing power used in mining and processing, according to the Cambridge Bitcoin Electricity Consumption Index.

China’s crackdown against cryptocurrency mining and trading activity started in May 2021. That was the first time they had singled out cryptocurrency mining at the national level since dropping it in 2019 from a proposed list of dirty industries to be eliminated.

The announcement caused a collapse in cryptocurrency prices, with Bitcoin losing about half its value between April and July this year. While the market has since gained stability, it’s still far below the all-time high of £46000.

Baker McKenzie Continues to Grow California Transactional Practice

Global law firm Baker McKenzie announced today that Aarthi Belani has joined the Transactional practice as a partner in the Firm’s Palo Alto office, bringing experience advising technology and life sciences companies on M&A and venture capital transactions. Aarthi joins the Firm from Jones Day, where she was a partner.

Aarthi represents strategic acquirers, especially in cross-border deals, emerging growth technology companies, venture capital funds, and corporate venture capital. She has also represented the sell-side and advised on digital health, financial services, and impact investment deals. Recent major transactions she has worked on include representing Uniphore Technologies in its Series D fundraising, acquisitions for Five9, a provider of cloud contact-centre solutions, AbbVie in its acquisition of Mavupharma, SAP in its $8 billion acquisition of Qualtrics, and Oclaro in its $1.8 billion sale to Lumentum.

Previously, Aarthi was on the in-house strategy M&A legal team at Credit Suisse in New York, where she was also a member of the Sustainability Network, a Credit Suisse OneBank (cross-divisional) initiative to develop impact investment products. She started her legal career at Cleary Gottlieb Steen & Hamilton in New York, where she worked on complex strategic M&A, especially cross-border M&A. In 2018, she was recognised as a “40 Under 40” honouree by the Silicon Valley Business Journal.

“The addition of Aarthi to our California Transactional Team demonstrates our commitment to building a destination practice for technology M&A. Aarthi is well-known as a trusted business adviser to leading Silicon Valley companies and is sought after for her deal-making advice, particularly for cross-border transactions,” said Leif King, head of Baker McKenzie’s California Transactional practice.

“Aarthi is another excellent addition to our growing California team, bringing outstanding credentials and advising on transformative deals in Silicon Valley. Since Leif King joined us in 2019, we’ve added 11 market-leading transactional lawyers, and we are delighted to add Aarthi to the team,” said Colin Murray, Baker McKenzie’s North America chief executive officer. “Not only is Aarthi a star M&A practitioner, she also brings a commitment to furthering diversity and inclusion efforts in the industry — which is core to our Firm’s strategy and a key objective for us in North America.”

She is a mentor for the Unreasonable Group (a program for entrepreneurs) and a Leadership Committee member of How Women Lead, which is part of the campaign to increase the representation of women on corporate boards.

Our California M&A team has advised on some of the largest and most complex transactions in Silicon Valley, helping clients seize opportunities, mitigate risk, make judgment calls and achieve their goals. With locally trained lawyers around the globe, we serve as a “one-stop shop” for acquisitions, providing a consistent approach and quality, supported by in-depth local knowledge and a global perspective.

“I’m excited to join the Baker McKenzie team. I look forward to working with my new colleagues as we build something enduring here,” Aarthi said.

Aarthi received her LL.M. and J.D. from New York University and her B.A. from Stanford University.

Transfer pricing considerations in your post M&A integration

By Samuel Kisuu, Director at Africa Law Partners.

At the core of any M&A transaction is the fundamental scaling and growth of the integrated business unit at a macro level or tapping into and accessing the potential of the economies of scale of the target entity at a micro level.

As such, parties to the M&A transaction often spend a bulk of the transaction phase considering and negotiating the post-transaction integration of the transacting entities with respect to matters around optimising human resource, fine-tuning management and management functions, shareholder rights (typically when there is an acquisition of minority control), exploitation of intangibles (such as intellectual property and goodwill) and a business growth strategy.

It is common that the acquiring parties to M&A transactions in Sub-Saharan Africa be entities controlled and managed from different jurisdictions. M&A transactions in Sub-Saharan Africa generally involve off-shore domiciled private equity funds or multinational entities as the acquirers and a local entity as the target. The outcome of these transactions bring the integrated unit or group within the purview of transfer pricing.

Transfer Pricing Basics

The concept of transfer pricing under Kenyan law is provided for under:

  1. the Income Tax Act (Cap 470) (the Income Tax Act);
  2. the Income Tax (Transfer Pricing) Rules, 2006; and
  3. the respective double tax treaties that Kenya is a party to.

In addition to these laws, the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (the OECD Guidelines) provide persuasive guidance on the application of transfer pricing principles in:

  1. the preparation of transfer pricing policies for taxpayers;
  2. which jurisdiction taxing rights lie; and
  3. dispute resolution between taxpayers and tax authorities.

At its most basic, transfer pricing may be defined as the concept whereby a fair price (the transfer price) is determined for transactions amongst related entities of different tax residency. From a taxation context, the transfer price will affect the accounting profits of the respective entities and subsequently the taxable profits of each single entity. Section 18 (3) of the Income Tax Act provides the basis for transfer pricing as follows:

“Where a non-resident person carries on business with a related resident person or through its permanent establishment and the course of that business is such that it produces to the resident person or through its permanent establishment either no profits or less than the ordinary profits which might be expected to accrue from that business if there had been no such relationship, then the gains or profits of that resident person or through its permanent establishment or from that business shall be deemed to be the amount that might have been expected to accrue if the course of that business had been conducted by independent persons dealing at arm’s length.”

For ease of explanation:

The transfer price set for the transfer of products from Entity 1 to Entity 2 will not affect the group’s overall/combined profit but will affect the taxable profit of Entity 1. Therefore, where Entity 1 is located in a relatively higher tax jurisdiction, there is incentive within the group to reduce the transfer price in order to decrease Entity 1’s taxable profit in that high tax jurisdiction.

M&A Context

Following an M&A transaction the following factors (list not being exhaustive) tend to materialise within the integrated entities:

  1. The adoption of minority rights by the acquirer. This typically occurs where an acquirer acquires a significant minority of the target entity and obtains control in the target business and is a common acquisition strategy adopted in private equity transactions.
  2. The integration of intangibles such as intellectual property rights and goodwill. Intellectual property rights of the integrated group may be farmed out from one jurisdiction to another or assigned over various jurisdictions.
  3. The post-transaction financing of the integrated group taking the form of shareholder loans spread across multiple jurisdictions.
  4. The integration of a new management group or the involvement of the acquiring entity’s management group in the affairs of the target entities and the centralisation of certain functions such as procurement.

Inter-company agreements from the legal and commercial foundations of these post-transaction matters and relationships. Consequently, there is the natural possibility of complex financial flows between these group entities which would affect the tax base in each respective jurisdiction. A post-transaction transfer pricing analysis allows for the optimisation of the group’s tax strategy to achieve the most efficient and fair tax structure and is achievable by taking the following steps:

  1. Preparation of the inter-company agreements: being the core document establishing the legal and commercial relationship between related entities, it is vital that these agreements clearly define the roles of each party and delineate the respective group transactions.
  2. Internal restructuring: this involves the reallocation of group entity roles, the movement of real and intellectual property ownership and reorganisation of senior management.
  3. Reallocation of commercial risk: this involves the identification of economically significant risks (strategic, marketplace operational, financial and transactional risks) and the contractual or transactional reallocation of these risks to group entities that are able to absorb the risk for the benefit of the integrated group.

Together, these steps would provide for a conclusive functional analysis (the foundation of a transfer pricing policy) of the group and subsequently provide an opportunity to adopt the most appropriate transfer pricing methods with a view towards tax optimisation of the entire group.

Whereas this write-up provides a brief overview of the salient issues to consider in your post M&A transfer pricing considerations, parties to M&A transactions ought to keep these factors as talking points at the negotiation stage of the M&A transaction on a specific and case-by-case basis.

Should you require any more information or assistance kindly contact Samuel Kisuu or your relationship partner at Africa Law Partners

This alert is for general use only and should not be relied upon without seeking specific legal or tax advice on any matter.

Dentons advises on GEM Capital Holdings’ all cash offer for Volga Gas

Dentons has advised GEM Capital Holdings on its all cash offer for the entire issued and to be issued ordinary share capital of Volga Gas plc, an AIM listed independent oil and gas exploration and production group operating in the Volga Region of Russia, which has now been declared wholly unconditional.

GEM is a private limited liability company incorporated in Cyprus wholly owned by Anatoly Paliy which makes investments directly and through its subsidiaries in, inter alia, specialised chemicals, nanomaterials and technology companies. In addition, Anatoly Paliy holds interests in several oil and gas assets. The takeover was noteworthy in that it was not recommended by Volga Gas’ Board but was structured such that the offer was not opposed by the Volga Gas Board either.

Thomas Keane, Director of GEM, said: “We are grateful to Dentons for their very helpful and pragmatic advice and hard work on the transaction”.

Neil Nicholson, partner in Dentons’ UK Corporate team who led on the deal, said, “We were pleased to support the GEM Capital Holdings team to help deliver a successful transaction in less than straightforward circumstances.”

Alongside Neil Nicholson, the Dentons team in London included Corporate senior associate Simon Mitchell, Corporate associates Joe Collingwood and Charlotte Uden and Corporate trainee Andrew Gallagher.