Daily Archives: December 19, 2024

Bitso Business Surpasses $12 Billion In Transactions In 2024

Bitso Business – the B2B arm of Bitso that provides the infrastructure for the future of cross-border payments – releases its 2024 results. The company nearly doubled its business, by serving diverse industries such as e-commerce, OTC/trading,  gaming and money transmitters, offering seamless and regulated integration with local banking systems and trading options for companies that move massive volumes of money and need high liquidity and fast settlement times; as well as for businesses that aggregate different payment methods and need one integration for multiple countries at the same time. Key 2024 results  include: ● 90% growth in volume transacted YoY● More than $12 billion in transactions ● Bitso Business managed more than 10% of total remittances between the US and Mexico,  which today is considered the biggest remittances corridor of the world. For these transactions, in 20243 Bitso Business registered a volume of more than $6.5 billion,  exceeding the $4.3 billion recorded last year and the $3.3 billion registered in 2022,  consolidating an accelerated cross-border remittances growth. The performance announcement comes in the framework of the launch of the study “From  Barriers to Bridges: How Blockchain Can Reshape Cross-Border Payments in Latin America”, conducted by PCMI, that addresses how blockchain technology and stablecoins are rapidly  emerging as preferred methods for global value transfer, by removing intermediaries, cutting  costs, and increasing transaction speeds. The global cross-border payments market, currently valued at $44 trillion, is projected to reach  $65 trillion by 2030. Latin America and the Caribbean (LAC) stand out as the fastest-growing remittance region, with flows doubling over the past decade to $156 billion in 2023, growing at  10% annually since 2014—well above the global rate of 4%. Digital remittances in LAC are also expanding rapidly at 23% annually. Meanwhile, the region’s B2B cross-border payments market is set to more than double, from $600 billion to $1.37 trillion by 2030. “Despite this immense potential, cross-border payments in LAC remain hampered by  inefficiencies in the traditional SWIFT-based correspondent banking system, marked by multiple  intermediaries, settlement delays, and fees exceeding 6% for remittances for some corridors. In  fact, considering the average cost to send remittances worldwide, one of the most expensive  regions for both fees and remittances is Latin America and the Caribbean”, says Ignacio Carballo,  Head of Alternative Finance at PCMI. Stablecoins have emerged as promising alternatives to fully realizing the potential of cross-border payments. Like traditional currency, they are designed to maintain their value, but they have a very important differential: stablecoins offer the potential to eliminate intermediaries that add costs and delays, as they can be sent instantly via blockchain, operate 24/7/365, require only an internet connection, and are easily bought and sold. “By enabling thousands of clients around the world to make local and international payments,  Bitso Business has developed the capabilities to disrupt money movement across borders in four  key areas: technology, ramps, liquidity, and regulation. With this study, we want to help more  businesses to unlock the full potential of stablecoins in cross-border payments and expand their  business globally in the most efficient and transparent way”, says Gabriele Zuliani, Bitso Business  Director. As stablecoins’ advantages become more widely acknowledged across different industries, their application in cross-border payments is expected to increase exponentially. Companies expanding their businesses to LatAm will be able to experience cost-efficient, transparent, and fast international payments. By working together, businesses and regulators can navigate this evolving landscape and embrace innovative solutions that can drive the region’s full economic potential.  

Helston Business Park: Man’s body found in dumped car as woman in 80s arrested on suspicion of murder

Two women have been arrested after the body of man in his 60s was found inside a car. Police made the grim discovery in Helston Business Park in Cornwall on Wednesday. They were investigating “concerns for welfare” in the early hours. The two women from Avon and Somerset have been arrested on suspicion of murder.…

Insights: How HR navigates the intricacies of a family business

Image: Supplied

Human resources (HR) is a cornerstone of your business’s health. It ensures smooth operations and harmonious workplace relationships covering areas including recruitment, training, performance management, employee relations and much more. HR is complex at the best of times, but in family businesses, the delicate balance of regular HR duties and family politics can make it especially challenging.
In 2024, it’s pretty much agreed that HR should be seen as a strategic partner rather than just a support function. The rise of the chief human resources officer (CHRO) is a testament to that change, and the strategic relationship between HR and every aspect of the business – including a seat at the leadership table – is never more crucial than when dealing with a family business.
Here, we discuss how HR functions in a family business environment in comparison to a conventional company, and I’ll argue that it’s only when HR is used strategically that many of the problems associated with family-run enterprises can be mitigated.
How HR functions in a conventional company
Let’s start with a quick recap of what we might expect from HR in a typical organisation that is not family-based. In such companies, HR plays a crucial role in recruitment, onboarding, training, and development. HR also evaluates employee performance, develops compensation and benefits packages, and ensures compliance with labour laws and industry standards.
Since all of these points apply to any business, the next question is, what specific issues will HR need to address in family-owned companies?
Unique HR challenges in a family business
Family-owned businesses often benefit from strong commitment, loyalty and long-term vision – and they have the potential to foster a unique culture and the kind of personal touch that can enhance customer relations. But here is what I see as the specific challenges for HR professionals when it comes to working with these types of companies:

Clarifying organisational structure and roles: In large and complex family businesses, it’s essential to clearly outline responsibilities and expectations for each role to ensure smooth operations and employee satisfaction. These things can get a little tangled in family businesses when they start and often fail to get untangled as they grow. So, well-defined organisational charts can help with this, as well as ensuring that each team member truly knows their role, their position within the company, and how it contributes to the company’s goals.
Succession planning and hiring: To my mind, this is the biggest challenge because succession planning is critical for the survival and continuity of a family business. The problem here is that there is often insufficient planning ahead of time, and not enough consideration is given to what an external candidate might offer. Equally, insufficient work is done to develop a pipeline of capable internal candidates ready to step into key roles. All of this must be executed within the family’s overall vision for the business while balancing it with what will make the company competitive in the long term.
Mitigating legal risks: Navigating employment laws and regulations can be particularly challenging for large family businesses that may have grown without an HR front and centre. So, any incoming HR professional must ensure compliance with labour laws and employment standards to reduce the risk of costly legal issues. This proactive approach helps protect the company’s financial interests and maintains its reputation with employees, customers and the community.
Embedding culture and values: Family businesses often have unique cultures and values that reflect the family’s beliefs and aspirations. HR must ensure these core values are integrated into all aspects of the organisation – from recruitment to daily operations. This helps reinforce the company’s identity and fosters a strong sense of belonging and loyalty among employees. Effective onboarding and exit interviews can also enhance this company culture.
Balancing family and professional dynamics: We talked about workplace harmony as a duty of HR in any organisation, but when we look at family businesses, we find that professional relationships can be particularly complicated. HR must navigate the delicate balance between family loyalty and fair treatment of non-family employees, ensuring that if favouritism or conflicts of interest arise, they are dealt with quickly and fairly. Establishing well-defined policies is crucial, as is creating guidelines for family involvement in the business, conflict resolution procedures, and professional boundaries.
Family and non-family communication: As an overall principle, encouraging open dialogue between family members and non-family employees can help address issues before they escalate. Regular meetings and feedback mechanisms can promote transparency and inclusiveness.

When to hire from outside
As noted above, hiring from outside will be one of the biggest challenges for HR in a family business. However, bringing in external hires – whether in leadership positions or more junior roles – can introduce fresh perspectives and innovative practices that might not be present within the family. This infusion of new ideas can help the business adapt and grow in a competitive landscape.
While sometimes they are indeed the best person for the job, family members may sometimes lack the specific skills or experience needed for certain roles, making external candidates more suitable. Hiring externally can also help maintain objectivity, providing an impartial viewpoint that helps balance family dynamics.
 Who should perform the HR role in a family business?
We have discussed the specifics of HR’s role in a family business, but who should head up HR itself? In the early stages of a business – family-owned or otherwise – HR responsibilities may be assigned to someone with another primary role within the company. In this kind of scenario, the HR function can suffer from neglect, especially if the person in charge lacks formal HR training.
A specific problem arises if the person in charge of HR is a family member, and the lines between personal and professional responsibilities start to blur. The family dynamics of mutual support and loyalty can conflict with the business’s need for adherence to regulations. So family members in HR positions must ensure they follow established HR protocols, rather than allowing personal relationships to influence their decisions. The alternative to this is bringing in an external head of HR (or CHRO) who may be able to help the company by giving more objective advice and guidance.
HR’s role in family businesses is not just about managing personnel but also about fostering a supportive environment that aligns with family values and business objectives. By embracing a strategic approach and integrating HR practices with broader business goals, HR can significantly enhance family-run enterprises’ overall performance and cohesion.
As we have seen, navigating the intricacies of a family business presents unique challenges for HR professionals. While they must perform traditional HR functions such as recruitment and performance management, they must also address the complex interplay of family relationships, succession planning and fairness.
By developing clear policies, fostering open communication and considering external expertise, HR can effectively balance family dynamics with professional needs, ensuring the long-term success and harmony of the business.
The writer is the founder and CEO at Talent Higher.
Read: Unpacking the Middle East job market with bayt.com’s Dina Tawfik

Telenor’s IoT customers gain access to Verizon Business’ network in the US

The two announced a strategic partnership in July 2023 with the aim of simplifying and improving connectivity on a global scale

From this final quarter of 2024, Telenor’s IoT customers with connected devices in the US can gain “seamless local access” to Verizon Business’ cellular IoT network in the US. The partnership with Verizon Business will complement Telenor’s global roaming access and give Telenor customers the option of eSIM-based local access on Verizon’s network in the US.

Telenor IoT provides access to networks in more than 200 countries using a combination of roaming and local access. The operator says this is an important step after the strategic partnership it announced in July 2023 with Verizon Business, aiming to simplify and enhance connectivity on a global scale.

TJ Fox, SVP of Industrial IoT and Automotive, Verizon Business, stated, “Verizon Business is proud of its relationship with Telenor for reciprocal IoT connectivity in Verizon’s expansive US footprint and Telenor’s EMEA and Asia-PAC coverage areas. Global reach is increasingly important for our customers who do business across international borders, and partnerships like this one help our customers maintain seamless connectivity to their expanding fleets all over the world.”

Single pane of glass

The latest announcement means customer will have full control and can manage their devices through a single pane of glass, according to Telenor, optimising and managing connectivity or choosing when to use roaming and when to use local network access. At the press of a button, a device can switch to a Verizon Business eSIM to access Verizon’s network infrastructure across the US.

Telenor states that customers can benefit from lower latency and higher data throughput which is particularly important in applications like payment solutions for consumers. Also, the move is designed to ensure that customers can get the performance they need for demanding 5G applications, like real-time data and high bandwidth uses. It also helps meet regulations for certain services that require data to stay within a specific country.

Strategic investment

Mats Lundquist, CEO of Telenor Connexion and Head of Telenor IoT, says, ”This is an important step in our strategic investment in expanding network availability and quality of service for our international customers. Through our partnership with Verizon Business, we offer the opportunity to deploy devices on the best network in the US while maintaining a single global SKU [stock keeping unit] and seamless management of connected devices.

“We have a clear commitment to constantly working on improving IoT services for our customers and have a strong roadmap to expand both local network access and regional points of presence network.”

Scottish seaweed business secures six-figure funding

Kaly Group has raised £300,000 in a funding round led by Tricapital Angels, with co-investment from Scottish Enterprise. The business opened its first seaweed farm on the Isle of Skye earlier this year and will use the cash to expand its operations and develop a sustainable seaweed supply chain along Scotland’s west coast. Seaweed offers…