Monthly Archives: October 2015

XCMG signe un accord de coopération stratégique avec SAP lors de la ...

HEFEI, Chine, le 31 octobre 2015 /PRNewswire — XCMG a signé un accord de coopération stratégique avec la société logicielle allemande SAP lors de la réunion du Conseil sino-allemand des conseillers économiques présidée par le chef d’État chinois et la Chancelière allemande Angela Merkel.

Wang Min, président du Conseil d’administration et président de XCMG, a présenté les investissements de XCMG en Allemagne, ainsi que les collaborations avec les sociétés allemandes lors de la réunion et a souligné que la nouvelle collaboration stratégique avec SAP vise à devenir un exemple d’intégration des entreprises essentielles entre la Chine et l’Allemagne avantageux pour les deux parties.

« XCMG apprécie vivement ce partenariat avec SAP. Grâce à l’aide de l’expérience fructueuse de SAP dans l’industrie des projets stratégiques haute technologie 4.0 de l’industrie, nous souhaitons dynamiser la mondialisation de XCMG dans le cadre de l’initiative « Made in China 2025 » et continuer à développer notre compétitivité durable dans le marché mondial », a déclaré Wang.

En tant que leader de l’industrie et cinquième plus grande société de construction au monde, XCMG établira un partenariat complet avec le fournisseur de logiciels et solutions pour les entreprises multinationales SAP afin de développer ses activités sur le marché global.

Li Qiang, vice-président et directeur général global de la Chine élargie de SAP, a déclaré que les deux sociétés ont conclu une coopération à long terme effective dans des domaines comprenant l’élévation intégrale des technologies d’information de l’entreprise.

XCMG accélère l’intégration du processus informationnel et de l’industrialisation et a fondé la société de technologie de l’information Jiangsu XCMG en 2014 pour mettre l’accent sur le développement de l’industrie informatique et contribuer à transformer et à améliorer la société à travers des solutions intelligentes.

En s’appuyant sur la technologie et les applications des mégadonnées, XCMG et SAP étendront le service d’informatique dans le nuage intelligent de l’IOT à la fabrication et à la gestion intelligente des produits de XCMG, mettront en œuvre et utiliseront la recherche et la conception, l’installation et le débogage, la logistique intelligente ainsi que la prédiction et les avertissements de risques.

En collaborant avec SAP, l’intégration mondiale de XCMG améliorera la prédiction des risques, l’assurance de sécurité et l’utilisation des machines de construction de la société et, dans le même temps, offriront des services ajoutés aux clients pour obtenir la reconnaissance du marché dans le monde entier.

« Nous sommes dans une phase clé du plan stratégique ‘Smart XCMG’ ». Nous espérons atteindre les objectifs à travers des approches innovantes de coopération », a déclaré Wang. « Notre prochaine étape est de nous associer et de collaborer avec des sociétés technologiquement avancées dans des zones telles que l’Europe pour poser les bases solides de notre stratégie mondiale ».

Pour plus d’informations, veuillez visiter : www.xcmg.com, ou les pages de XCMG pages sur Facebook, Twitter et Youtube.

XCMG signs strategic cooperation agreement with SAP during Merkel ...

HEFEI, China, Oct. 30, 2015 /PRNewswire — XCMG has signed a strategic cooperation agreement with German software company SAP at the China-Germany Council of Economic Advisers meeting presided over by a China state leader and German Chancellor Angela Merkel.

Wang Min, chairman and president of XCMG, introduced XCMG’s investments in Germany as well as collaborations with German companies at the meeting and pointed out that the new strategic collaboration with SAP aims at becoming a win-win example of essential business integration between Chinese and German companies.

“XCMG highly values the partnership with SAP, with the help of SAP’s successful experience in Industry 4.0 high-tech strategy project, we wish to boost XCMG’s globalization under the ‘Made in China 2025’ initiative and continue to build up our sustainable competitiveness in the global market,” Wang said.

As an industry leader and the world’s fifth largest construction equipment company, XCMG will establish an extensive partnership with multinational enterprise software and solutions provider SAP to expand businesses in the global market.

Li Qiang, SAP’s global vice president and managing director of greater China, said that the two companies have achieved effective long-term cooperation in areas including the integral elevation of corporate information technology.

XCMG has been accelerating the integration of informational process and industrialization and established Jiangsu XCMG Information Technology Company in 2014 to prioritize the development of the IT industry and assist the transformation and upgrading of the company through smart solutions.

Based on big data technology and applications, XCMG and SAP will expand IOT smart cloud computing service to the intelligent manufacture and management of XCMG’s products, implement and utilize research and design, installation and debugging, intelligent logistics as well as risk prediction and warning.

By working with SAP, XCMG’s global integration will improve the risk prediction, safety assurance and utilization of the company’s construction machinery and at the same time provide added service for clients to achieve market recognition worldwide.

“This is a key phase of ‘Smart XCMG’ strategic plan. We hope to achieve the goals through innovative approaches of cooperation,” Wang said. “Our next step is to partner and collaborate with technologically advanced companies in areas like Europe to land a sturdy foundation for our global strategy.”

More information, please visit: www.xcmg.com, or XCMG pages on Facebook, Twitter and Youtube.

Sydney Opera House Lights up for Wallabies

SYDNEY, Oct. 30, 2015 /PRNewswire — The Sydney Opera House was lit up in green and gold tonight ahead of the Rugby World Cup final between Australia and New Zealand in London.

Sydney cheers on the Wallabies on the Sails of the Sydney Opera House_Destination NSW James Morgan (1).

Photo – http://photos.prnewswire.com/prnh/20151030/282197
Photo – http://photos.prnewswire.com/prnh/20151030/282196

New South Wales (NSW) Government’s Minister for Trade, Tourism and Major Events and Minister for Sport, Stuart Ayres said the whole of NSW was behind the Wallabies as they attempt to claim the World Cup for the first time since 1999.

“Sydney and NSW are turning up our support for the Wallabies as we light up the iconic Sydney Opera House to cheer the team on. I’ll be setting the alarm for Sunday morning, and wish the team the very best of luck,” Mr Ayres said.

“NSW is the home of Australian rugby, and it’s fitting that one of our most iconic buildings is dressed up to celebrate the Wallabies.”

“NSW is Australia’s sporting capital, playing host to events including the Cricket World Cup, Asian Cup football, Netball World Cup, Bledisloe Cup and in 2013 the tour by the British and Irish Lions.”

“From 6-7 February next year, Sydney will also host the Sydney Sevens at Allianz Stadium, with fast-paced Sevens rugby on display in the summer sunshine,” he said.

Sydney cheers on the Wallabies_Sydney Opera House_Destination NSW James Morgan (2).

Destination NSW Chief Executive Officer, Sandra Chipchase said that NSW will continue to support major rugby events in 2016.

“In addition to the Sydney Sevens, Sydney will also be hosting the Bledisloe Cup for another year at ANZ Stadium. It will be a fantastic occasion, a World Cup Final replay, and like all Aussies I can’t wait to see the Wallabies emerge victorious, as we all support them this weekend at Twickenham,” Ms Chipchase said.

The Rugby World Cup final between Australia and New Zealand will kick-off at 3am on the morning of Sunday 1 November. The Sydney Opera House will be lit from 8pm-12am on Friday and Saturday night.

Tickets to the Sydney Sevens are still available, and more information can be found at www.sydneysevens.com.au

Le réseau électrique intelligent mieux connecté de Huawei accroît ...

L’Ethiopia Day and Huawei Electric Power Summit 2015 se tient dans la capitale éthiopienne

ADDIS-ABEBA, Ethiopie, 30 octobre 2015 /PRNewswire/ — Huawei, en collaboration avec le ministère éthiopien de l’Eau, de l’Irrigation et de l’Electricité, a organisé le Ethiopia Day and Huawei Electric Power Summit 2015 sous le thème « Better Connected Smart Grid, Greater Energy Efficiency » (Réseau électrique intelligent mieux connecté, meilleur rendement énergétique) le 28 octobre à Addis-Abeba, en Ethiopie.

L’un des principaux événements du World Energy Executive Assembly and World Energy Leaders’ Summit 2015 organisé par le Conseil mondial de l’Energie (CME), cette manifestation a rassemblé des experts du secteur et des cadres supérieurs d’entreprises mondiales de production d’énergie électrique afin d’examiner les nouvelles tendances et les défis du secteur. Parmi les thèmes abordés figuraient les améliorations du rendement énergétique de conversion, la réduction des pertes sur les réseaux lors d’une transmission sur des longues distances et le recours aux TIC, aux capteurs, aux mesures et aux technologies de contrôle dans le but d’améliorer le fonctionnement et la gestion des entreprises productrices d’énergie électrique.

Jerry Ji, président du groupe Secteur énergétique, groupe des entreprises chez Huawei, a prononcé un discours d’orientation lors du sommet. Il a déclaré : « L’accroissement du rendement énergétique sur l’ensemble du processus, qui inclut la production, la transmission, la distribution et la consommation d’énergie électrique, est devenu un objectif commun pour les entreprises productrices d’énergie électrique partout dans le monde. Avec la Fully-connected Smart Grid Solution de Huawei fondée sur une infrastructure TIC innovante, ces entreprises peuvent créer des réseaux électriques sûrs, fiables, écologiques et durables permettant d’améliorer le rendement énergétique et l’efficacité opérationnelle ». Il a ensuite souligné que la contribution des partenaires de la filière est importante pour l’écosystème car elle permet un réseau électrique mieux connecté qui repose sur une architecture ouverte. Il a ajouté : « Conformément à son principe directeur Business-Driven ICT Infrastructure (BDII), Huawei s’attache à créer une chaîne de valeur pour les réseaux intelligents en se concentrant sur l’infrastructure TIC et en mettant en œuvre sa stratégie d’« intégration ». Grâce à cette dernière, Huawei collabore pleinement avec ses partenaires dans les domaines de la technologie, du matériel, des logiciels et des services pour permettre des innovations conjointes et aider les clients du secteur de la production d’énergie électrique de réussir ».

L’institution nationale chargée de la production et de la distribution de l’électricité en Ethiopie, Ethiopian Electric Power (EEP) s’est fixée une stratégie de développement à long terme visant à accroître la fourniture d’énergie hydraulique dans le pays, à inclure davantage de sources d’énergie sur les réseaux existants et à améliorer la numérisation des réseaux. S’exprimant sur le développement de l’énergie électrique, M. Mekuria Lemma, chef de la stratégie et de l’investissement chez EEP, a déclaré : « L’Ethiopie regorge de ressources énergétiques naturelles. Cependant, l’énergie hydraulique, solaire et éolienne ne compte aujourd’hui que pour moins de cinq pour cent de la production totale d’énergie dans le pays. Or, nous pensons que ces ressources seront la future colonne dorsale du développement de l’énergie électrique dans notre pays ».

Lors du sommet, Huawei a présenté sa Fully-connected Smart Grid Solution tant pour les entreprises que pour la production d’énergie. Des démonstrations dans la production, la transmission, la transformation, la distribution et la consommation d’énergie ont montré comment une infrastructure TIC innovante aide les entreprises productrices d’énergie électrique à créer des réseaux électriques sûrs, fiables, écologiques et durables permettant d’améliorer leur efficacité énergétique et opérationnelle. Huawei a également présenté sa dernière solution Advanced Metering Infrastructure (AMI) qui offre un système de gestion de la clientèle bien conçu permettant aux entreprises productrices d’énergie électrique d’améliorer l’efficacité opérationnelle. La solution AMI exploite les passerelles et plates-formes de communication (PLC) et l’Internet des objets (IoT) pour prendre en charge d’énormes volumes de raccordements, d’installations pratiques, et la compatibilité et l’adaptabilité de différents raccordements.

Dans le secteur de la production d’énergie électrique, Huawei offre ses services à plus de 160 producteurs d’énergie à travers le monde, couvrant plus de 100 000 sous-stations. La solution AMI de Huawei a aidé une entreprise africaine de production d’énergie électrique à offrir le règlement en temps réel des redevances d’électricité, pour lequel il lui fallait auparavant à l’entreprise entre deux et trois mois. En Thaïlande, la Power Transmission and Transformation Solution de Huawei a aidé l’Autorité provinciale d’électricité à créer un réseau sûr de transmission maillé à haut débit pour faciliter la construction de réseaux intelligents. La Smart PV Plant Solution de Huawei a également permis à une centrale électrique photovoltaïque de 20 MW à Trowbridge, au Royaume-Uni, à accroître sa production d’énergie tout en améliorant son efficacité opérationnelle et de gestion. En Chine, Huawei a collaboré avec China Southern Power Grid (CSG) pour construire son réseau intelligent de distribution d’énergie eLTE ultra-haut-débit avec une latence à la milliseconde pour répondre aux exigences en matière de communications de services tels que la télémesure, la signalisation à distance, la commande à distance, la vidéosurveillance et les services d’agrégation multimédia qui nécessitent une large bande passante.

A propos de Huawei

Huawei est un des plus grands fournisseurs mondiaux de solutions dans le domaine des technologies de l’information et des communications (TIC). Notre objectif est de bâtir un monde mieux connecté, en agissant comme une entreprise socialement responsable, un catalyseur innovant pour la société de l’information, et un contributeur collaboratif du secteur. Animée par l’innovation axée sur le client et par des partenariats ouverts, Huawei a créé un portefeuille de solutions TIC de bout en bout qui confèrent aux clients des avantages concurrentiels pour les réseaux, les dispositifs et l’informatique en nuage des télécommunications et de l’entreprise. Les 170 000 employés de Huawei à travers le monde entendent créer une valeur maximale pour les opérateurs, les entreprises et les clients des télécoms.

Rendez-vous sur le site Internet de Huawei sur www.huawei.com ou suivez-nous sur :

http://www.linkedin.com/company/Huawei
http://www.twitter.com/Huawei
http://www.facebook.com/Huawei
http://www.google.com/+Huawei
http://www.youtube.com/Huawei

Avis Namibia is Avis Licensee of the Year for Europe, the Middle East ...

Avis Qatar and Avis Poland Also Recognized for Outstanding Achievement

PARSIPPANY, N.J., Oct. 29, 2015 (GLOBE NEWSWIRE) — Avis Car Rental today announced that Avis Namibia has been named “Licensee of the Year” at the 2015 Avis Licensee Awards for Europe, the Middle East and Africa (EMEA). The Namibia team received their accolade at a gala event held in Dublin.

The annual Licensee Awards recognize licensee partners that have demonstrated growth in annual financial performance, measured against their local country economic conditions. The Awards also take into account customer service performance and alignment with the brand’s initiatives. The “best of the best” is honored as Licensee of the Year, with recognition for similar accomplishment given to two additional licensees in the region for outstanding achievement. This year’s Outstanding Achievement recipients are Avis Qatar and Avis Poland.

“Licensees are critical to our success in providing outstanding car rental services throughout the world,” said Mark Servodidio, president, International, Avis Budget Group. “Over the past year, Avis Namibia achieved excellent customer satisfaction scores as well as strong rental and revenue growth. We salute Avis Namibia for being an exemplary champion of the Avis brand.”

“We are delighted and honored to be named the region’s Licensee of the Year,” said Francois Viljoen, chairman, Avis Namibia. “As the established market leader in Namibia, our growth story has been significantly enhanced by the strength of the Avis brand and the benefits of the licensee network. The award is also testament to the hard work and dedication of the team in Namibia who illustrate their commitment to customer excellence on a daily basis.”

Avis Namibia has been in operation for more than 40 years, offering a wide selection of well-maintained vehicles and exceptional customer service. Customers can choose from short-term rental or leasing solutions ranging from one day to five years. A wide selection of extras and insurance options are also available to enhance the driving experience. Avis Namibia is committed to investing in customer care, its employees and the local community.

About Avis
Avis Car Rental operates one of the world’s best-known car rental brands with approximately 5,450 locations in more than 165 countries. Avis has a long history of innovation in the car rental industry and is one of the world’s top brands for customer loyalty. Avis is owned by Avis Budget Group, Inc. (NASDAQ:CAR), which operates and licenses the brand throughout the world. For more information, visit www.avis.com.

Contact:
Alice Pereira
973.496.3916 
PR@avisbudget.com

Huawei’s Better Connected Smart Grid Enhances Energy Efficiency

Ethiopia Day and Huawei Electric Power Summit 2015 Held in Ethiopia’s Capital

ADDIS ABABA, Ethiopia, Oct. 29, 2015 /PRNewswire/ — Huawei, together with the Ministry of Water, Irrigation and Electricity of Ethiopia, hosted the Ethiopia Day and Huawei Electric Power Summit 2015 themed “Better Connected Smart Grid, Greater Energy Efficiency” on October 28 in Addis Ababa, Ethiopia.

As one of the key events at the World Energy Executive Assembly and World Energy Leaders’ Summit 2015 organized by the World Energy Council (WEC), the event gathered industry experts and senior executives of global electric power companies to discuss emerging industry trends and issues. Topics of discussion included improvements in new energy conversion efficiency, reduction of line losses in long-distance transmission, and the utilization of ICT, sensors, measurement, and control technologies to improve the operation and management efficiency of electric power companies.

Jerry Ji, President of Energy Industry, Enterprise Business Group, Huawei, delivered a keynote speech at the Summit. He said, “Enhancing energy efficiency throughout the entire process, which includes electric power generation, transmission, distribution, and consumption has become a common goal for electric power companies around the world. With Huawei’s Fully-connected Smart Grid Solution based on innovative ICT infrastructure, these companies can build safe, reliable, environmentally friendly, and sustainable power grids to improve energy and operational efficiency.” He went on to highlight that contribution from channel partners is important to the ecosystem as it enables a better connected smart grid that adopts an open architecture. He also said, “In line with its Business-Driven ICT Infrastructure (BDII) guiding principle, Huawei is committed to building a smart grid value chain by focusing on ICT infrastructure and implementing its ‘being integrated’ strategy. With this, Huawei fully collaborates with its partners in the areas of technology, hardware, software, and services to enable joint innovations, helping customers in the electric power industry achieve business success.”

The national institution responsible for generating and supplying electricity in Ethiopia, Ethiopian Electric Power (EEP) set a long-term development strategy to increase hydropower supply in the country, include more energy sources in existing grids, and enhance the digitalization of its grids. Commentating on electric power development, Mr. Mekuria Lemma, Head of Strategy and Investment of EEP said, “Ethiopia is abundant in natural energy resources. However, hydropower, solar and wind energy currently only account for less than five percent of the country’s total energy generation. We believe that these resources make up the future backbone of electric power development in our country.”

At the Summit, Huawei showcased its Fully-connected Smart Grid Solution in both a corporate operation scenario and electricity operation scenario. Demonstrations in electricity generation, transmission, transformation, distribution, and consumption were provided to show how innovative ICT infrastructure helps electric power companies construct safe, reliable, environmentally friendly, and sustainable power grids that improve their energy and operational efficiency. Huawei also showcased its latest Advanced Metering Infrastructure (AMI) Solution that provides a well-designed customer management system to help electric power companies improve operational efficiency. The AMI Solution leverages Hi-Power Line Carrier (PLC) communication, Internet of Things (IoT) gateways and platforms to support enormous volumes of intelligent terminal connections, convenient installations, and the compatibility and adaptability of different intelligent terminals.

In the electric power industry, Huawei has provided services to more than 160 power companies around the world, covering more than 100,000 substations. Huawei’s AMI Solution has helped an African power company enable real-time electricity fee settlement, which previously took the company two to three months to complete. In Thailand, Huawei’s Power Transmission and Transformation Solution helped the Provincial Electricity Authority (PEA) build a secure high-speed grid communications network to facilitate the construction of smart grids. Huawei’s Smart PV Plant Solution has also helped a 20 MW PV power plant in Trowbridge in the United Kingdom increase electricity generation while improving its operational and management efficiency. In China, Huawei has worked with China Southern Power Grid (CSG) to construct its eLTE ultra-broadband wireless smart power distribution network with millisecond latency to support communications requirements of services such as telemetering, remote signaling, remote control, video surveillance and multi-media trunking services that require high bandwidth.

About Huawei

Huawei is a leading global information and communications technology (ICT) solutions provider. Our aim is to build a better connected world, acting as a responsible corporate citizen, innovative enabler for the information society, and collaborative contributor to the industry. Driven by customer-centric innovation and open partnerships, Huawei has established an end-to-end ICT solutions portfolio that gives customers competitive advantages in telecom and enterprise networks, devices and cloud computing. Huawei’s 170,000 employees worldwide are committed to creating maximum value for telecom operators, enterprises and consumers.

Please visit Huawei online at www.huawei.com or follow us on:

http://www.linkedin.com/company/Huawei
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http://www.google.com/+Huawei
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McDermott’s Ghana Joint Venture Receives Regulatory Approval

CAPE TOWN, South Africa and ACCRA, Ghana, Oct. 28, 2015 (GLOBE NEWSWIRE) — McDermott International, Inc., (NYSE:MDR) today announced it has received regulatory approval for its McDermott Marine Construction Ghana Limited (MMCGL) joint venture to pursue key offshore opportunities in Ghana. McDermott and MMCGL officials made the announcement during the 2015 Africa Oil Week in Cape Town, South Africa.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a408a347-be82-4e70-ba0d-1db71a9b0ee5

The Petroleum Commission Ghana notified MMCGL that it has been granted regulatory approval to develop contracting abilities to support the country’s burgeoning subsea and offshore engineering, procurement, construction and installation (EPCI) industry.

“This critical approval opens the way for McDermott’s participation for growth in Ghana with partner Hydra Group of Accra,” said Robert Gillespie, McDermott’s Commercial Director for Europe and Africa. “From its inception, the goal for the MMCGL joint venture is to support local growth and experience transfer in Ghana to ensure delivery of effective offshore solutions.”

Delali Otchi, CEO of Hydra Group, said the important regulatory approval “is just the beginning for the MMCGL joint venture to bring local and international expertise in support of the development and growth of Ghana’s offshore oil and gas industry.”

Forward-looking statement
In accordance with the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, McDermott cautions that statements in this press release which are forward looking, and provide other than historical information, involve risks, contingencies and uncertainties that may impact McDermott’s actual results of operations. These forward-looking statements include, among other things, statements about the expected benefits of MMCGL receiving regulatory approval to pursue offshore opportunities in Ghana. Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: our inability to successfully execute on contracts in backlog, changes in project design or schedules, the availability of qualified personnel, changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and business partners, difficulties executing on projects and changes in industry norms. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. For a more complete discussion of these and other risk factors, see McDermott’s annual and quarterly filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2014 and subsequent quarterly reports on Form 10-Q. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

About McDermott
McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex Offshore and Subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our clients include national and major energy companies. Operating in more than 20 countries across the world, our locally focused and globally integrated resources include approximately 11,700 employees and contractors, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923 and is listed on the New York Stock Exchange. To learn more, visit our website at www.mcdermott.com.

McDermott International, Inc.
Media Relations
Richard Goins, 281.870.5932
Director, Global Communications
rgoins@mcdermott.com

Omidyar Network Report Reveals Disruption in Emerging Market Credit ...

“Big Data, Small Credit” finds consumers accepting of new business models that use non-financial data to assess creditworthiness

REDWOOD CITY, California, Oct. 26, 2015 /PRNewswire — Omidyar Network today released “Big Data, Small Credit: The Digital Revolution and Its Impact on Emerging Market Consumers”, a research report that analyzes a new category of technology enterprises that are disrupting the traditional way of assessing consumer credit risk in emerging markets. Using non-financial data—such as social media activity and mobile phone usage patterns—complex algorithms and big data analytics are delivering a quicker, cheaper, and more effective credit assessment of consumers who lack credit histories and were invisible to lenders before.

“The financial services industry is on the brink of a new era, where harnessing the power of digital information to serve new segments is becoming the new normal,” said Mike Kubzansky, partner at Omidyar Network. “Companies in the ‘Big Data, Small Credit’ space are an example of how this paradigm shift can unlock an entire new pool of customers for formal lenders, while helping consumers in emerging markets get the services they need to improve their lives.”

The report explores how the digital revolution and the resulting explosion of data have converged to significantly enlarge the addressable consumer credit market for traditional and alternative lenders in developing markets. In India alone, this new approach to risk assessment can potentially bring between 100 and 160 million new customers to the consumer credit market, which would mean tripling the current addressable market for retail lenders in the country.

“Big Data, Small Credit” also delves into the opportunities and challenges ahead for these new businesses. It shares the results of an in-depth consumer survey with early adopters in Kenya and Colombia by exploring pressing questions around privacy and trust, and provides recommendations to key stakeholders on how to reap the benefits of this new, evolving field.

“Listening to the early adopter consumer is at the crux of realizing the potential of the ‘Big Data, Small Credit’ business,” said Arjuna Costa, investment partner at Omidyar Network. “Our survey shows that consumers in emerging markets have a clear understanding of the privacy tradeoffs this type of solution entails and seven out of 10 are willing to share information they consider private in order to get a loan.”

The consumer survey found that early adopters can articulate, differentiate between, and rank different types of private information. They are also younger, stably employed, and more educated and tech savvy than the average population of both surveyed countries—an attractive consumer segment for any lender. However, when faced with emergencies and cash-flow challenges, the large majority still resort to an informal source:

  • 88 percent of respondents in Kenya and 59 percent in Colombia go to family and friends for loans
  • 76 percent of respondents in Kenya and 34 percent in Colombia use other informal credit sources, such as pawnshops, loan sharks, etc.1

While the report indicates that it is still early days for this new business and most providers are still experimenting with algorithms, models, and data sources, both the economic and social benefits of this approach can already be ascertained. In the world’s six biggest emerging economies—China, Brazil, India, Mexico, Indonesia, and Turkey—this new technology has the potential to help between 325 and 580 million people gain access to formal credit for the first time. However, in order to capitalize on this opportunity, the report recommends a concerted industry effort to build an ecosystem in which these enterprises can continue to develop. In particular, it encourages incumbents in the financial services sector to enhance their existing risk assessment platforms with these new technologies, and advises policymakers to balance the need for consumer protection with the imperative to not regulate this nascent industry too soon.

As part of its financial inclusion initiative, Omidyar Network has been a long-time investor in solutions directed at reducing the high cost of credit assessment in emerging markets, including early-stage investments in pioneering companies in the space, such as Lenddo, Cignifi, and RevolutionCredit.

The full report can be downloaded at: www.omidyar.com/spotlight/what-big-data-small-credit

About Omidyar Network
Omidyar Network is a philanthropic investment firm dedicated to harnessing the power of markets to create opportunity for people to improve their lives. Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the organization invests in and helps scale innovative organizations to catalyze economic and social change. Omidyar Network has committed more than $872 million to for-profit companies and nonprofit organizations that foster economic advancement and encourage individual participation across multiple initiatives, including Consumer Internet & Mobile, Education, Financial Inclusion, Governance & Citizen Engagement, and Property Rights. To learn more, visit www.omidyar.com, and follow on Twitter @omidyarnetwork #PositiveReturns.

1 Numbers exceed 100 percent as consumers were allowed to select multiple options in their survey responses.