DigiAsia Corp. Forms AI Focused Strategic Advisory Board and Appoints Gulzar Azad as a Strategic Advisor

NEW YORK, July 30, 2024 (GLOBE NEWSWIRE) — DigiAsia Corp. (NASDAQ: FAAS) (“DigiAsia” or the “Company”), a leading Fintech as a Service (“FaaS”) ecosystem provider, today announced that Gulzar Azad, an accomplished technology leader and entrepreneur, is DigiAsia's first appointee as a strategic advisor to its recently established AI strategic advisory board. DigiAsia’s formation of an advisory board serves a critical purpose in navigating the trajectory of the Company as it rapidly introduces AI technology and capabilities to provide efficiency to enterprise clients in Indonesia at scale. Mr. Azad’s motivation to democratize technology through innovation will significantly benefit DigiAsia's initiatives to build its AI infrastructure and the AI as a Service business.

Mr. Azad currently serves in an advisory role of Health AI and population–scale projects at Google UK and is a Google veteran, having led several early initiatives for product partnerships in India and APAC since 2007. Additionally, Mr. Azad’s experience includes contributions to launch mobile search in India of Android and pioneered strategic projects for high–speed connectivity and software defined networks for Telecom operators.

Prashant Gokarn, CEO of DigiAsia, commented, “We are thrilled to welcome Gulzar to our newly formed AI driven advisory team. His vision and experience in the technology sector perfectly aligns with our goals to expand DigiAsia’s AI capabilities across our SME ecosystem while concurrently making AI more accessible to drive further economic growth in Indonesia. His insights will be invaluable as we continue to innovate and grow DigiAsia’s presence in AI.”

Gulzar Azad added, “I am excited to support DigiAsia in this new capacity as my history and close experience with advancing technology equity and creating distributed architectures to benefit the broader ecosystem is complementary to management’s mission to drive commerce growth across Indonesia and its trading partners in Southeast Asia. Together, we will work towards democratizing AI infrastructure, ensuring it benefits a broader range of stakeholders and fosters innovation across various sectors.”

About DigiAsia

DigiAsia is a leading Fintech as a Service (FaaS) provider operating a B2B2X model offering its complete Fintech solution in emerging markets. DigiAsia’s fintech architecture offers small and medium business enterprises (SMEs) comprehensive embedded finance APIs to streamline processes across the commerce value chain of distributors and customers. DigiAsia’s embedded fintech solutions equally address democratizing digital finance access that supports financial inclusion of underbanked merchants and consumers in emerging markets resulting in growth for enterprise business. The suite of B2B2X solutions provided by DigiAsia include, but are not limited to, cashless payments, digital wallets, digital banking, remittances and banking licenses. DigiAsia has recently established a strategic initiative to develop its embedded FaaS enterprise solution with AI capabilities in Southeast Asia, India, and the Middle East, with plans for global expansion. For more information visit: Corporate website here or Investor website here.

Forward–Looking Statements:

This press release may contain forward–looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe”, “expect”, “anticipate”, “project”, “targets”, “optimistic”, “confident that”, “continue to”, “predict”, “intend”, “aim”, “will” or similar expressions are intended to identify forward–looking statements. All statements other than statements of historical fact are statements that may be deemed forward–looking statements. These forward–looking statements including, but not limited to, statements concerning DigiAsia and the Company’s operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. DigiAsia cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world including those discussed in DigiAsia’s Form 20–F under the headings “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business Overview” and other reports filed with the Securities and Exchange Commission from time to time. All forward–looking statements are applicable only as of the date it is made and DigiAsia specifically disclaims any obligation to maintain or update the forward–looking information, whether of the nature contained in this release or otherwise, in the future.

DigiAsia Company Contact:

Subir Lohani

Chief Financial Officer and Chief Strategy Officer

646–480–0142

Investor Contact:

MZ North America

Email: FAAS@mzgroup.us


GLOBENEWSWIRE (Distribution ID 9195282)

Sportwashing Allegations at Africa’s Top Football Tournament

Opponents of the East African Crude Oil Pipeline protested American International Group's continued support of the project. The protest was in New York in July. Credit: 350.org

Opponents of the East African Crude Oil pipeline protested American International Group’s continued support of the project. The protest was in New York in July. Credit: 350.org

By Promise Eze
ABUJA, Jul 30 2024 – Following the recent Africa Cup of Nations (AFCON) tournament in Ivory Coast, a continent-wide campaign has emerged on social media challenging the tournament’s main sponsor, TotalEnergies, over its involvement in the East African Crude Oil Pipeline (EACOP).

EACOP, a massive 1,443-kilometer crude oil export pipeline, is designed to transport oil from Western Uganda’s oilfields to the port of Tanga in Tanzania. TotalEnergies, a major stakeholder in the project, will extract oil from the Tilenga field and export it to the Global North.

Environmentalists argue that the project threatens the livelihoods of tens of thousands of people and the region’s fragile ecosystems. The Ugandan and Tanzanian governments have dismissed these concerns, asserting that the pipeline is essential for bolstering their economies.

Many of these campaigners, particularly environmentalists, have faced harassment and arrest.

One of them, Stephen Kwikiriza, an employee of Uganda’s Environment Governance Institute (EGI), a non-profit organization, was reportedly abducted and beaten by the Ugandan armed forces in Kampala on June 4, 2024.

After being questioned, he was abandoned hundreds of miles from the capital, highlighting the latest episode in the crackdown on environmentalists in Uganda.

TotalEnergies, through their press officer, François Sinecan, emphatically denied that the company had anything to do with the harassment of environmentalists, or was involved in legitimizing the company through sponsorship.

Sportswashing

Critics argue that TotalEnergies is exploiting Uganda and Tanzania for their oil, even as it faces numerous legal battles due to its role in the climate crisis and refusal to take responsibility.

They worry that TotalEnergies is using AFCON, the continent’s biggest football tournament, and its global viewership to enhance its image while profiting from climate-wrecking fossil fuel extraction across Africa.

“AFCON is one of the ways they [TotalEnergies] are using to legitimize their existence. They have to use the sports arena. They seem to say, ‘Look at what we are doing in Africa, and in your communities, it is to your benefit.’ Every time you look at the logo of TotalEnergies, you might be convinced that this is a big corporation that should invest [in Africa], when in actuality, they are destroying our existence,” Nkurunziza Alphonse, the Ugandan Coordinator of the Students Against EACOP Uganda, told IPS.

Alphonse was arrested in October 2022 when he led a group of students to the EU embassy in Kampala to deliver a petition against EACOP. But he is not the only student to be arrested and harassed in recent times.

On December 15 last year, Bwete Abdul Aziiz, a co-founder of the Justice Movement Uganda and a student at Kyambogo University in Kampala, rallied 50 students, including members of the movement, to protest and deliver a petition to the Ugandan parliament against the EACOP.

However, the students did not reach their destination as the police dispersed the protest and arrested Abdul Aziiz, along with three other students who are members of the movement.

“Before we were taken to the Central Police Station in Kampala, where we spent four days, we were held in an enclosed space for about an hour where the police threatened us to stop fighting the government. I was kicked in the ribs by a police officer, and other colleagues were slapped,” Abdul Aziiz told IPS.

However, Sinecan, TotalEnergies press officer, denied claims of sportwashing and involvement in the arrests of climate activists.

“Africa is part of the DNA of TotalEnergies, which has been present on the continent for ninety years and has never ceased to develop its activities and strengthen its local roots. The company employs 10,000 men and women in more than 40 African countries, working across the entire energy production and distribution chain. Every day, nearly 4 million customers visit the 4,700 service stations in the TotalEnergies network in Africa,” Sinecan told IPS.

He added that TotalEnergies  “will not tolerate any threat or attack against those who peacefully defend and promote human rights.”

“TotalEnergies has a history of engaging directly with all members of civil society, including NGOs involved in human rights issues. To this end, the company’s commitments include quarterly meetings, stakeholder dialogue, bilateral meetings, webinars on keynote topics identified by NGOs and responses to questions and concerns raised by all project stakeholders,” said Sinecan.

However, activists that IPS spoke to do not agree.

Bhekhumuzi Bhebhe, Campaigns Lead at Power Shift Africa, in a statement sent to IPS said, “Investing millions in sportswashing while undercompensating displaced households exposes a profound deceit by the French multinational. It also highlights the glaring disconnect between corporate sponsorship and genuine social responsibility.”

But the French oil giant denied claims of undercompensating displaced households, telling IPS that “as with all other aspects of the project, TotalEnergies stringently complies with local regulations and international standards (IFC).”

Football and Climate Change

The 2023 AFCON was postponed to 2024 due to adverse weather conditions, leading critics to argue that the tournament underscored the impacts of the climate crisis, for which TotalEnergies and other oil majors are largely responsible.

Richard Heede of the Climate Accountability Project has described EACOP as a mid-sized carbon bomb. The pipeline is projected to become operational by 2025 and once completed, it is expected to contribute approximately 34 million tons of carbon emissions annually for around 25 years.

Baraka Lenga, Greenfaith Tanzania coordinator, considers this a climate disaster.

“For capitalists and businessmen, EACOP implies making billions of dollars. TotalEnergies does not care about human rights but about money. In Tanzania, over 70 percent of citizens depend on agriculture, yet instead of being concerned about the negative impacts of EACOP, TotalEnergies is focused on profit,” Lenga said.

Alagoa Morris, an environmental expert and human rights activist in Nigeria, told IPS that African governments allow oil giants to exploit communities in the continent to maintain support from the Global North, where the majority of these oil firms are based. He says this has also led to numerous oil spills in the continent.

Last year, the Nigerian government confirmed the loss of 3,000 barrels of crude oil in TotalEnergies’ spill in the oil-rich Niger-Delta region, which is already one of the most polluted areas on the planet due to frequent oil spills.

“African governments are complicit in the exploitation of the continent’s oil resources because the wealth generated from oil is then used to fuel the lust for power and wealth of a few individuals, perpetuating a cycle of corruption and environmental degradation,” Morris said.

Renewable Energies?

To do away with fossil fuels by mid-century, world leaders during cop28 held at UAE last year, pledged to keep investing in renewable energies. However, with a projected population of about 2.5 billion in 2050, many African leaders doubt that renewable energy can adequately substitute for energy obtained from fossil fuels required to produce power for a rapidly growing population in Africa.

Seyifunmi Adebote, an environmental policy expert in Nigeria, believes Africa must embrace renewable energy but according to him, “many countries on the continent lack the infrastructure to transition to renewable energy in the short run.”

Despite accusations of investing in fossil fuels, TotalEnergies told IPS that it has “dedicated USD 5 billion to renewable and low-carbon energies and will dedicate another USD 5 billion in 2024. This is the second year in a row that TotalEnergies has invested more in low-carbon energies than in new hydrocarbon projects.

“Since 2020, we have been resolutely committed to our transition strategy, which is based on two pillars: gas and electricity. Gas and low-carbon electricity are at the heart of tomorrow’s energy system. Gas is an essential transitional energy to support the rise of intermittent renewable energies and replace coal in power generation. In electricity, we are already one of the world’s biggest solar and wind power developers, which should put us in the top 5 worldwide in this sector by 2030.”

Victory In Sight

The fate of EACOP is uncertain after several financial institutions, including previous supporters of TotalEnergies, announced they would no longer back the project due to global environmental protests.

European lawmakers have also condemned and called for its delay.

For the Ugandan-based Alphonse, this marks a significant victory in the fight against EACOP, as the lack of financiers could lead to the project being suspended.

“This is the time African countries should move away from fossil fuels. Oil is destroying our continent,” he said.

IPS UN Bureau Report

 


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IPS UN Bureau, IPS UN Bureau Report,