Tech in Africa
A2X Markets announced a significant investment from Absa bank. Since it’s inception in 2014, Absa becomes the first major bank to invest their way. The sum of money invested is yet to be disclosed. A press release on May 13 disclosed the news. A2X Markets began trading in 2017 and this marks one of the highlight moments of their journey. Absa is an Africa-wide bank boasting a presence in 12 countries. Signs of close cooperation were long coming, given Absa’s participation in capital raise started by A2X in 2019.
A2X offers a new and advanced approach when trading. Their adoption of technology significantly reduces trading costs given their choice of venue. Top South African companies are already listed on A2X, eight falling among the Top40 constituents. Included are three precious metals exchange-traded funds associated with Absa as well as two Investec ETNs.
Quintus Kilbourn, Absa Head of Equities was upbeat over how the “team at Absa CIB” will prioritize “innovative ways” that save their client’s money. He was clear on their role as a brokerage that believes in the “efficient” and “progressive” marketplace.
Kevin Brady, A2X CEO, considered Absa’s investment as a “vote of confidence” on their South African operations. He pointed out the benefits of market competition and how it “benefits all users, particularly pensioners and investors.
A2X has listed several key areas from mining, retail, insurance, FCMG, telecommunication, banking, financial services, and healthcare. Despite the prevailing market environment, the company remains upbeat on its ability to “grow the overall industry.”
