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Creation Investments-Backed Peru Microfinance Company Los Andes Completes $10 Million Capital Raise for Strategic M&A and Digital Transformation

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CHICAGO and LIMA, Peru, Aug. 2, 2024 /PRNewswire/ — Creation Investments Capital Management, LLC, a leading global impact investor in emerging markets, today announced that Peruvian microfinance company Los Andes has closed a $10 million capital round led by Accion Digital Transformation Fund. The capital raise will support the strategic M&A and digital transformation plans of Los Andes, which serves micro and small entrepreneurs in rural Peru.

Creation Investments first invested in Los Andes in 2016 and has led several subsequent funding rounds.  From offices in Chicago, Mexico City, and Bangalore, Creation Investments currently manages $2.1 billion in assets. Since its inception in 2007, Creation has invested in 31 portfolio companies operating across eight countries and is focused on financial services and financial inclusion for the unbanked and underbanked population in emerging markets.

Managed by Accion Impact Management, the Accion Digital Transformation Fund builds on global nonprofit Accion’s experience supporting banks and finance companies around the world the globe to connect millions of people and small businesses into the digital economy. Their expertise and investment capital, as part of their digital transformation strategy, will provide valuable strategic support for Los Andes’ digital transformation efforts. Los Andes will draw on lessons from across Accion’s global work to help deliver new digital products and increase the use of digital processes.

Los Andes has over 26 years of experience in the microfinance sector in rural Peru. The company serves around 85,000 borrowers and over 227,000 savings clients. Through digital transformation and enablement, Los Andes aims to significantly expand its client base among the country’s 2.1 million micro, small, and medium enterprises.  Los Andes sees significant opportunity to consolidate the microfinance sector through strategic M&A, driving scale and greater social impact.

“We are excited to welcome Accion Digital Transformation Fund as a key shareholder in Los Andes to bolster the company’s growth plan driven by strategic M&A and digital transformation,” said Bryan Wagner, Creation Partner and Los Andes Board Member. “Los Andes has demonstrated the ability to maintain profitability while promoting financial inclusion in the most underserved areas of rural Peru.”  

Rosanna Ramos-Velita, Los Andes Board Chair, added, “As a women-led board and organization with the goal of promoting financial services to women in rural areas of Peru, we are thrilled to welcome Accion as a new partner and continue our work with Creation Investments.”

About Los Andes

Los Andes is a microfinance entity with over 26 years of experience, which aims to support and serve Peru’s most vulnerable population through financial inclusion. It is profitable and has achieved substantial growth over its history. Currently, it has 101 branches for its 85,000 borrowers, 40% of which are rural and 47% of which are women. Los Andes aspires to become Peru’s leading rural bank. Additionally, Rosanna Ramos-Velita, the board chair of Los Andes, is the first woman to head a Peruvian financial institution and is among Forbes’ 50 most empowered women in Peru. More at www.losandes.pe.

About Accion

Accion is a global nonprofit on a mission to create a fair and inclusive economy for the nearly two billion people who are failed by the global financial system. We develop and scale responsible digital financial solutions for small business owners, smallholder farmers, and women, so they can make informed decisions and improve their lives. Through targeted investment strategies, advisory, and expert thought leadership, we work with local partners to develop and scale cheaper, more accessible, and customer-friendly financial solutions. Since 1961, Accion has helped build more than 267 financial service providers serving low-income clients in 75 countries, reaching 440 million people. More at www.accion.org.

About Accion Impact Management

Accion Impact Management is Accion’s platform for impact investments in financial inclusion leveraging third-party capital. It is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). Please note that registration with the SEC does not imply a certain level of skill or training. Accion Impact Management is staffed by a team of expert investment professionals, working to harness the capital markets to provide high-quality and affordable financial services to people who are currently excluded from the financial system. Managed by Accion Impact Management, the $152.5 million Accion Digital Transformation Fund invests in banks and finance companies serving micro, small, and medium enterprises across South and Southeast Asia, Latin America, and Africa, providing growth capital and strategic support for digital transformation. More at https://accion.org/accionimpactmanagement.

About Creation Investments

Creation Investments Capital Management, LLC is a leading global impact investment manager in emerging markets. Creation Investments seeks out the next generation of financial services firms focused on increasing access to capital and providing financial products to the unbanked and underbanked in emerging markets. The firm aims to improve the lives of those living at the bottom of the economic pyramid, reducing poverty and its ill effects in the developing world through market-based solutions. Creation Investments is headquartered in Chicago and has offices in Bangalore, Dallas, and Mexico City. As of March. 31, 2024, Creation Investments had $2.1 billion in assets under management. To learn more, visit www.creationinvestments.com.

Media Contacts for Creation Investments:

Margaret Kirch Cohen
Newton Park PR, LLC
M: +1 847-507-2229
margaret@newtonparkpr.com

Rich Chimberg
Newton Park PR, LLC
M: +1 617-312-4281
rich@newtonparkpr.com

 

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SOURCE Creation Investments Capital Management, LLC

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Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week

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16 minutes ago

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December 24, 2024

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DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners.

Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi.

Purpose, Innovation, and Partnerships

Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels.

Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panellist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities.

Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics:

The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale.On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance.The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation.

Another highlight at the event was amplified globally via Bybit Livestream. Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth. Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13.

Deepening Bonds: Key Web3 Ecosystems and Communities

Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe.

These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub.

“It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3.

“Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager.

In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry.

 

#Bybit / #TheCryptoArk / #BybitWeb3

About Bybit Web3

Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting.

Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally.

Join the revolution now and open the door to your Web3 future with Bybit.

For more details about Bybit Web3, please visit Bybit Web3.

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press

For media inquiries, please contact: media@bybit.com

For updates, please follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

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SOURCE Bybit

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Yu Liu, Vice President of Baijiayun, to Attend 2024 Jixin AIGC Summit for Exploring New Industry Landscape

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17 minutes ago

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December 24, 2024

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BEIJING, Dec. 24, 2024 /PRNewswire/ — Baijiayun Group Ltd (“Baijiayun” or the “Company”) (NASDAQ: RTC), a one-stop AI video solution provider, today announced that it will attend the 2024 AIGC Summit soon.

Recently, the 2024 AIGC Summit, hosted by “Jixin”, a venture capital and industry research media that focuses on industrial AI, is about to kick off. As an outstanding enterprise representative that has successfully implemented AI technology in various industries, Baijiayun has been invited to attend. Yu Liu, the vice president of Baijiayun, will share unique insights at the summit to promote industry communication and progress.

This summit focuses on the in-depth application of AIGC technology in vertical scenarios, aiming to analyze the strategies, practices and successful experiences of AI going global, grasp the pulse of the development of the times, build a more open and win-win AIGC industrial ecosystem on a global scale, and open a new chapter for the future.

As an important participant in the AIGC field, Baijiayun has achieved remarkable results in technological innovation and application implementation. Vice President Yu Liu has been deeply involved in many core businesses and strategic decisions during the development of the company and has rich experience and profound insights in the application practice of AIGC technology. His attendance at this summit is expected to bring the latest achievements and innovative ideas of Baijiayun in vertical scenario applications and international market expansion, providing valuable references and inspirations for industry colleagues, further stimulating the innovation vitality and development momentum of the industry, and promoting the AIGC industry to a new peak. Many industry insiders are looking forward to this summit with full anticipation. It is believed that with the joint efforts of all parties, a clear and promising blueprint for the future development of the AIGC industry will be drawn.

For investor and media enquiries, please contact:

Company Contact:
Ms. Fangfei Liu 
Chief Financial Officer, Baijiayun Group Ltd
Phone: +86 25 8222 1596
Email: ir@baijiayun.com

View original content:https://www.prnewswire.com/news-releases/yu-liu-vice-president-of-baijiayun-to-attend-2024-jixin-aigc-summit-for-exploring-new-industry-landscape-302338871.html

SOURCE Baijiayun Group Ltd

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My China Story: Technology Brings the World Together for a Chinese New Year

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1 hour ago

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December 24, 2024

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BEIJING, Dec. 24, 2024 /PRNewswire/ — As the Spring Festival approaches, many are preparing for their holiday travels abroad. While the excitement of spontaneous trips is undeniable, one of the biggest hurdles travelers face is language barriers. However, iFlytek‘s innovative translation device promises to make communication effortless, helping you navigate any language challenges with ease.

 

Known for its sleek and compact design, iFlytek’s smart translation gadget offers an elegant black, business-style exterior, a moderate size, and a lightweight build. It’s the ideal travel companion, fitting easily into your pocket without weighing you down. Whether you’re heading to a city getaway or a remote adventure, this device ensures that language is never an obstacle.

The device boasts impressive capabilities, supporting translations in 84 languages online and 16 languages offline. Whether you’re traveling to Japan, South Korea, France, Germany, or the Middle East, this device handles it all. Even in remote locations—such as secluded mountain temples or isolated islands—the offline translation feature ensures you won’t be left speechless. The device also offers specialized vocabulary for specific fields, making translations more precise and professional.

With its intuitive interface, the gadget is easy to use—just a tap, and you’re ready to communicate. This makes it a perfect tool for travelers who want to ensure a smooth and enjoyable experience while abroad.

But what lies behind this innovative device? How did it come to life? To learn more about its development and functionality, we are following a Russian journalist as he visits iFlytek’s headquarters for an exclusive look at this remarkable “gadget” and uncover the story behind its creation.

Stay tuned as we explore the technology that’s revolutionizing the way we connect across cultures.

https://youtu.be/QkdFG0LvH70

View original content to download multimedia:https://www.prnewswire.com/news-releases/my-china-story-technology-brings-the-world-together-for-a-chinese-new-year-302338865.html

SOURCE “My China Story” International Short Video Competition Organizing Committee

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