Velo Labs, TEMPO Payments, and Bitazza open up a $17Bn remittance corridor between Europe and Thailand with the Stellar blockchain

SAN FRANCISCO, PARIS and BANGKOK, August 11, 2021 /PRNewswire/ — Velo Labs, TEMPO Payments, and Bitazza Thailand have opened up a remittance corridor between 27 countries in the EU region and Thailand.

Velo Labs, TEMPO Payments, and Bitazza open up a $17Bn remittance corridor

The cross-border transactions leverage the Velo Protocol, Velo tokens, and Velo digital credits, which are one of the most compliance-friendly and price-stable virtual assets. Plus each transaction settles in seconds, thanks to the speed of the Stellar blockchain. Through this partnership with Velo Labs, TEMPO Payments and Bitazza, both licensed financial institutions, are leading the way in revolutionizing international payments by connecting the ASEAN and EU markets, representing about $17 billion and nearly 600 million customers.

Today’s financial system’s make it slow and costly to send money around the world. The 3 companies are focused on improving these inefficiencies by relying on their respective networks and Velo Labs’ decentralized technology, and offering fast, low-cost, and secure ways to send money between Europe and Thailand.

Mike Kennedy, CEO of Velo Labs on this historic transaction:

“What we’ve launched today is a validation of our core mission: building a global, decentralized, and interoperable network that will allow businesses and individuals alike to securely and instantly transfer value across the globe. Velo Labs wants to make cross-border transactions faster, cheaper, and more reliable for everyone; this first step starts us down the path of that reality.”

Suren Ayriyan, CEO, TEMPO Payments, on this offering:

“This is only the beginning  of our vision to service millions of individuals in Asia and beyond. We hope to continue working with Velo Labs to exponentially increase our currency corridors and offerings, providing cheap, secure and fast global money transfers to all TEMPO Payments customers, both existing and new.

Kevin Heng, Chief Strategy Officer of Bitazza, states:

“Bitazza is pleased to work in conjunction with Velo and TEMPO Payments to help facilitate the launch of this Europe to Thailand remittance corridor. This program will contribute towards improving and raising the standard of financial inclusion and mobility for millions of users worldwide, and is another step forward in our shared commitment to fundamentally change the global remittance industry and push Thailand/South East Asia as the global frontier for next-generation financial innovation.”

About Velo Labs

Velo Labs is building a global settlement network to make it faster, cheaper, and more reliable for businesses and individuals to send money globally. The company is developing blockchain-based, enterprise-grade, and compliance-first products enabling financial institutions to transfer value seamlessly around the world.

www.velo.org

About TEMPO Payments

TEMPO Payments is an electronic payment institution and the principal EU anchor for Stellar blockchain payments. As a cross-border transactions and settlements operator, TEMPO Payments provides payment services for businesses worldwide and stands for the complete transparency of all operations, the immutability of records, high transaction speeds and highly competitive commission rates.

http:// payments.tempo.eu.com

About Bitazza

Bitazza was founded by a team of experts in collective fields ranging from finance, information technology, creative development, and others who share a single vision in digital asset growth and adoption as part of the financial technology world. Bitazza provides traders and issuers access to the most liquid and active digital asset markets, globally priced in Asian currencies. Bitazza aims to become Southeast Asia’s platform of choice for listing, trading and managing cryptoassets in a regulated environment.

https://bitazza.com

Photo – https://mma.prnewswire.com/media/1591964/VeloLabs.jpg

Uncertainties Continue for ‘Temporary Protected Status’ Holders in US

More than half a year into the Biden administration, the future of a decades-old U.S. humanitarian program — and the fate of hundreds of thousands of immigrants who rely on it — remains murky, sowing confusion and anxiety for beneficiaries.

Granted to nationals of certain countries ravaged by armed conflict or natural disasters, Temporary Protected Status (TPS) allows recipients to live and work in the United States for a limited period of time.

The administration of former president Donald Trump sought to end temporary protections for nationals of several countries, sparking court challenges and creating doubts about the future of the program, which Congress established in 1990.

The Biden administration has used executive authority to extend TPS and remove the immediate threat of deportations. But despite the current administration’s “friendly posture” toward TPS, questions linger about the long-term functionality of the program as mediation stemming from a lawsuit brought by the American Civil Liberties Union continues, according to Julia Gelatt, senior policy analyst at the Migration Policy Institute.

“We don’t know what exactly is being negotiated, what would a settlement look like,” Gelatt told VOA. “Would it restore TPS for all of these countries or for some of these countries?”

While the Trump administration stressed the “temporary” component of TPS, immigrant advocates are pressing the Biden administration to shield beneficiaries for as long as possible and expand the program.

“There is an active campaign to persuade the Biden-Harris administration to grant a brand new TPS designation for people from Guatemala, Honduras, El Salvador, and Nicaragua who are already residing in the U.S.,” said Oscar Chacon, executive director of advocacy group Alianza Americas, in an email to VOA. “Such a decision would keep currently protected individuals protected, but it would also extend protection to additional people.”

Chacon added that while most TPS recipients’ immigration status is secure for now, the disruptions have affected the ability of some to renew work permits and secure other documents.

“Employers may deny employment or even terminate employment because of it. Another area of challenges relates to state [identification] or driver’s licenses. Motor vehicles agencies may deny [issuing identifications] or driver’s licenses due to the inability to produce employment authorization documents showing valid dates,” Chacon said.

Varied backgrounds

Currently 12 countries have TPS designations: El Salvador, Haiti, Honduras, Myanmar, Nepal, Nicaragua, Somalia, South Sudan, Sudan, Syria, Venezuela and Yemen.

The circumstances that bring beneficiaries to the United States are as varied as the countries they depart.

Yanira Arias fled gender violence and near-constant harassment in El Salvador, arriving in New York in 2000 at age 27.

“It was not just a struggle to meet my needs but also making sure that I arrived safe and alive at home [every day]. So, all that together was a lot of stress, and I made the decision to leave the country,” she told VOA.

A year later, El Salvador was devastated by powerful earthquakes that left more than a thousand people dead and more than a million homeless. The cost of rebuilding was estimated at $2.8 billion.

The disaster prompted the U.S. government to designate El Salvador for TPS. Arias told VOA she was initially skeptical about it.

“I didn’t know about TPS. I was really unsure if I should do it. I had so many questions, but at the same time, I was also anxious because I knew I didn’t have a [legal] status, and I was already aware of what it meant to be someone without a status in the United States, and the risk behind being undocumented,” she said.

Eventually she applied and was granted protection, allowing her to work for nonprofit groups that advocate for Latina women, AIDS sufferers and immigrant communities.

TPS has been repeatedly renewed for nationals of El Salvador and other countries, typically at 18-month intervals. Although grateful for the program, Arias says long-term planning is impossible for her.

“I cannot invest in something permanent. …The uncertainty of: what if this year, this is the last time I’m going to have an 18-month increment approved? What am I going to do?” she said. “I already fled El Salvador because I was almost killed. So then, going back to that is a very frightening world.”

Permanent residency sought

October promises to be a pivotal month for TPS holders, as court-ordered extensions of protections will expire. Immigrant advocates hope negotiations with the Biden administration will yield agreements protecting those whose status was threatened during the Trump administration.

Amid the uncertainty, Chacon, Arias and others are urging U.S. lawmakers to amend TPS to make long-term recipients eligible for permanent legal residency in the United States.

“We are [trying] to explain to members of Congress that regardless of having our extensions — and yes, we are not being served with an order of deportation — it is very hard to live this way,” Arias said.

Senate Democrats are pushing to provide legal status to potentially millions of undocumented immigrants, attempting to include the measure in an emerging budget proposal. Immigrant advocates say TPS reforms should be added to the document.

Whether immigration-related measures survive in the proposal and whether the $3.5 trillion budget bill can pass with only Democratic support remains to be seen.

In a recent tweet, Senate Republican leader Mitch McConnell of Kentucky blasted providing “amnesty amid a border crisis” and decried the budget proposal as “a slew of bad ideas.”

Source: Voice of America

11 Members of Somalia’s upper house Parliament elected in Puntland

Mogadishu(SONNA)-Puntland State Parliament, on Wednesday elected 11 members of the Upper House of Federal Parliament in the Administrative capital Garowe, SONNA reported.

Nine of the elected senators are new while the two others including former Puntland President, Abdirahman Farole were previous members of the Somalia’s Upper House.

Source: Somali National News Agency

Al-Shabaab operative surrenders to Gov’t army

Mogadishu(SONNA)-Al-Shabaab operative, Idiris Abdullahi Moallim on Wednesday surrendered to Somali National Army’s 60th Division based in Baidoa town in Bay region, SONNA reported.

This militant has been operating for the terrorists in areas around Haradhere in Mudug region, under Galmudug State in the past 7 years.

Source: Somali National News Agency

Somalia-born Runners Shine at Tokyo Olympics

Somali-born Dutch runner Abdi Nageeye encouraged his friend to keep up the pace moments before the duo finished second and third in Sunday’s men’s marathon at the Olympics in Tokyo.

“Stay with me, we are going to make history! Don’t fall behind,” Nageeye urged Bashir Abdi, a Somali Belgian.

Somalia sent two athletes to the Tokyo Olympic Games, but it was the Somalis running for their adopted countries who made headlines.

Somali-born Canadian Mohammed Ahmed won silver in the men’s 5,000 meters, the first distance medal for Canada in this race. But the event that captured the attention of global audiences came in the final moments of the 42-kilometer marathon, won by Eliud Kipchoge of Kenya with a time of 2:08:38.

Footage showed Nageeye encouraging his friend Abdi to cross the finish line with him. The two had trained together in France and in Ethiopia in preparation for the Games.

Speaking to VOA’s Somali service by phone Tuesday, Nageeye said he wanted to help Abdi, who suffered a muscle cramp. With 3 kilometers to go, Nageeye said he again shouted at Abdi to keep up.

“‘Bashir, stay with me. We are making history,'” Nageeye repeated in the interview.

Nageeye said his friend kept pace but fell behind again. He said television viewers only saw the race’s final moments, but he said he encouraged Abdi three times late in the race.

Nageeye said he wanted to sprint for the last 800 meters but held off, waiting for Abdi, until the final 400 meters. Cameras captured Nageeye gesturing toward Abdi to keep up. Nageeye came in second, winning a silver medal with a time of 2:09:58. Abdi came in next, at 2:10:00, earning bronze.

“I was not doing it to be famous but was doing it for my friend and brother,” Nageeye said.

“I risked my position,” he said. “Even Bashir could have overtaken me or the Kenyan” — Lawrence Cherono, who finished fourth — “could have taken advantage of it. But I had that feeling; I did not want to leave him behind.”

Helping his friend and competitor was instinctive, Nageeye said. “I knew something was wrong because he was also a little stronger than me in training, and he is a good athlete. Amazing that I did that. It was a natural reaction from me toward him because of our brotherhood, our heritage. We are both Somali. We are both friends. We train together.”

The public’s response left him happily surprised, Nageeye said.

“After one day, it was crazy. The whole world is talking about it. I just came from the king of the Netherlands — he was talking about it,” Nageeye said of Willem-Alexander. “Every person is talking about that moment and not about my medal. I’m very happy for that.”

Source: Voice of America