Waka

Waka Night in Lagos 🇳🇬 A lot of our work with partners happens online, so it was really nice to finally spend an evening together in Lagos.

Excited to partner with @osldotcom to strengthen USD settlement between Africa and global markets. Waka brings local-market reach and FX capabilities; OSL brings institutional stablecoin-to-USD conversion and USD payout.

We’re partnering with @osldotcom to strengthen USD settlement for businesses trading between Africa and global markets. For a business paying an overseas supplier, the journey starts with local currency and ends with the supplier receiving funds. Connecting those two points takes local liquidity, FX execution and reliable settlement. At Waka, we bring these pieces together, working with local and global partners to connect African markets with cross-border payment infrastructure. OSL Group (HKEX: 863), a global stablecoin payment and trading platform, brings institutional stablecoin-to-USD conversion and USD payout capabilities to our settlement network. Together, we’re connecting Waka’s local-market reach and FX capabilities with OSL’s global settlement infrastructure, supporting the payment needs of businesses trading across these corridors. This partnership advances our work to connect African financial markets with the global economy. We’re also exploring further use cases with OSL across the region. Read the full announcement from OSL: osl.com/hk-en/press-release/…

We got together with the Africa-China Research Network in Hong Kong and Macau for a small roundtable, “African Finance and Global Trade: From Bank to Blockchain.” Our Founder & CEO @aprilloong joined Rundong Ning from the Department of Applied Social Sciences at The Hong Kong Polytechnic University to exchange ideas on financial development, cross-border trade, and how stablecoins are being adopted across African markets. The conversation returned to four key points. 𝗙𝗶𝗿𝘀𝘁, 𝗔𝗳𝗿𝗶𝗰𝗮 𝗰𝗮𝗻𝗻𝗼𝘁 𝗯𝗲 𝘁𝗿𝗲𝗮𝘁𝗲𝗱 𝗮𝘀 𝗮 𝘀𝗶𝗻𝗴𝗹𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁. Kenya’s financial ecosystem developed around mobile money, while Nigeria has seen significant growth in its stablecoin and blockchain-based payment ecosystem. Neither market represents the continent as a whole. Financial development remains highly uneven across countries. 𝗦𝗲𝗰𝗼𝗻𝗱, 𝘁𝗵𝗲 𝗰𝗼𝗻𝘀𝘁𝗿𝗮𝗶𝗻𝘁 𝗶𝘀 𝗼𝗳𝘁𝗲𝗻 𝗮 “𝗽𝗹𝘂𝗺𝗯𝗶𝗻𝗴 𝗽𝗿𝗼𝗯𝗹𝗲𝗺.” African economies both sell to and buy from global markets. Yet money earned through one trade flow cannot always circulate efficiently to finance another. Funds, counterparties and settlement needs remain disconnected, while limited correspondent-banking relationships make global settlement more difficult. 𝗧𝗵𝗶𝗿𝗱, 𝗶𝗻𝗳𝗼𝗿𝗺𝗮𝗹 𝗻𝗲𝘁𝘄𝗼𝗿𝗸𝘀 𝗯𝗿𝗶𝗱𝗴𝗲 𝗿𝗲𝗮𝗹 𝗴𝗮𝗽𝘀 𝗶𝗻 𝘁𝗿𝗮𝗱𝗲 𝗮𝗻𝗱 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀. In some markets, interpersonal and community-based networks connect supplier sourcing, logistics and money services. These arrangements help transactions move when institutional channels are difficult to access. But when financial flows remain outside institutional systems, SMEs have limited financial visibility, credit and credibility. As discussed during the session, this makes it difficult for them to scale. 𝗙𝗶𝗻𝗮𝗹𝗹𝘆, 𝘀𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀 𝗰𝗮𝗻 𝗰𝗵𝗮𝗻𝗴𝗲 𝗵𝗼𝘄 𝘀𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝗶𝘀 𝗼𝗿𝗴𝗮𝗻𝗶𝘀𝗲𝗱, but 𝗮𝗻 𝗼𝗻-𝗰𝗵𝗮𝗶𝗻 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿 𝗶𝘀 𝗻𝗼𝘁 𝘁𝗵𝗲 𝘄𝗵𝗼𝗹𝗲 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻. Blockchain provides a more standardised settlement infrastructure across borders. However, money must still move from the fiat system onto the blockchain and back into fiat. AML, risk control, due diligence and local market knowledge remain essential. The discussion highlighted both the potential of stablecoin infrastructure and the work still required to connect fragmented trade flows with institutional financial systems. Thank you to everyone who joined us in person and online Andrea Pollio and contributed to the discussion. #AfricanFinance #Stablecoins #CrossBorderPayments #FinancialInfrastructure

As stablecoin liquidity becomes deeper and pricing becomes more transparent, one question is becoming harder to ignore: will tighter spreads eventually turn the market into a race to the bottom? For businesses, banks and trade markets, the more important question is waht becomes possible when liquidity can be organized and deployed more effectively. 𝗟𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 → 𝗦𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 → 𝗧𝗿𝗲𝗮𝘀𝘂𝗿𝘆 → 𝗧𝗿𝗮𝗱𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 Liquidity allows funds to be accessed, priced and moved. Settlement allows cross-border transactions to be completed in a predictable, traceable and deliverable way. Repeated transaction and settlement capabilities allow businesses to manage cash, currencies and positions across multiple markets with greater visibility and control. When payments, invoices, logistics and repayments can be connected, trade finance can begin to develop credit that is easier to assess and price. 𝗧𝗵𝗲 𝗽𝗿𝗼𝗴𝗿𝗲𝘀𝘀𝗶𝗼𝗻 𝗶𝘀 𝗻𝗼𝘁 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰. Settlement capability does not become trade-finance capability by itself. Trade finance still requires risk models, real trade data, recourse structures and balance-sheet capacity. But this is why the opportunity extends beyond moving money. 𝗧𝗵𝗲 𝗿𝗲𝗮𝗹 𝗼𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝘆 𝗶𝘀 𝘁𝗼 𝗯𝘂𝗶𝗹𝗱 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝘁𝗵𝗮𝘁 𝗮𝗹𝗹𝗼𝘄𝘀 𝗹𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆 𝘁𝗼 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴𝗹𝘆 𝘀𝗼𝗽𝗵𝗶𝘀𝘁𝗶𝗰𝗮𝘁𝗲𝗱 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗮𝗻𝗱 𝗰𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆, 𝗳𝗿𝗼𝗺 𝘀𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝗮𝗻𝗱 𝘁𝗿𝗲𝗮𝘀𝘂𝗿𝘆 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝘁𝗼 𝘁𝗿𝗮𝗱𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗲. #TradeFinance #Settlement #Liquidity #EmergingMarkets

Finding stablecoins, connecting a local-fiat channel and identifying a counterparty may be enough to start quoting. 𝗜𝘁 𝗶𝘀 𝗻𝗼𝘁 𝗲𝗻𝗼𝘂𝗴𝗵 𝘁𝗼 𝗯𝘂𝗶𝗹𝗱 𝗮 𝗺𝗮𝗿𝗸𝗲𝘁. Stablecoins create an opportunity to build the next generation of liquidity infrastructure. Doing that requires more than the ability to match a single transaction. It requires three capabilities that can operate continuously and at scale. 𝗙𝗶𝗿𝘀𝘁, 𝘀𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁 𝗰𝗮𝗽𝗮𝗯𝗶𝗹𝗶𝘁𝘆. This includes global liquidity and settlement through international counterparties, banking networks, SWIFT, stablecoins, custody and clearing networks. It also includes local-fiat collection and final delivery. 𝗦𝗲𝗰𝗼𝗻𝗱, 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗰𝗮𝗽𝗮𝗯𝗶𝗹𝗶𝘁𝘆. This includes customer identity, source-of-funds checks, transaction records, sanctions screening, exception handling, auditability and ongoing communication with regulators. 𝗧𝗵𝗶𝗿𝗱, 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝗮𝗹 𝗙𝗫 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀. This includes quotation, position management, trade confirmation, funding, settlement timing, failed-trade handling and risk control. The real barrier is not whether a business can connect one pool of liquidity. 𝗜𝘁 𝗶𝘀 𝘄𝗵𝗲𝘁𝗵𝗲𝗿 𝗴𝗹𝗼𝗯𝗮𝗹 𝘀𝗲𝘁𝘁𝗹𝗲𝗺𝗲𝗻𝘁, 𝗹𝗼𝗰𝗮𝗹 𝗱𝗲𝗹𝗶𝘃𝗲𝗿𝘆, 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝗮𝗹 𝗙𝗫 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 𝗰𝗮𝗻 𝗯𝗲 𝗼𝗿𝗴𝗮𝗻𝗶𝘇𝗲𝗱 𝗶𝗻𝘁𝗼 𝗮 𝗱𝘂𝗿𝗮𝗯𝗹𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗰𝗮𝗽𝗮𝗯𝗶𝗹𝗶𝘁𝘆. #Stablecoins #Settlement #FinancialInfrastructure

We’re proud to share that our Co-Founder George Chan has been appointed as a Committee Member of the Singapore Business Federation’s Africa Business Group (AfBG). @ApexBizChamber AfBG brings together business leaders with deep regional experience to help Singapore companies better understand African markets, build trusted networks and turn commercial interest into practical engagement. George brings more than a decade of experience across African markets. His work has spanned government digitalisation, customs and trade-facilitation systems, and cross-border payments. From supporting e-government and trade infrastructure projects to co-founding Waka, his focus has remained consistent: connecting institutions, systems and markets so that cross-border trade can work more effectively in practice. We’re proud to see George bring this operator-led perspective to AfBG and contribute to stronger commercial ties between Singapore and African markets. Congratulations, George!

Last Friday, our Co-founder George Chan, met with H.E. Prof. Fekadu Beyene Aleka , Ambassador of the Federal Democratic Republic of Ethiopia to Singapore, together with an Embassy Counsellor. The meeting took place at an important moment in Singapore–Ethiopia relations. Singapore’s decision to establish an embassy in Addis Ababa, its first diplomatic mission in East Africa, provides a stronger foundation for bilateral engagement and closer connections between the two markets. As Ethiopia continues its economic reforms and expands opportunities in foreign trade and digital transformation, there is growing scope for Singapore and Ethiopia to deepen commercial exchange and mutual understanding. For Waka, this was a valuable opportunity to listen, learn and exchange perspectives on how practical financial infrastructure can support businesses as these connections develop. We thank H.E. Prof. Fekadu Beyene Aleka and The Ministry of Foreign Affairs of Ethiopia for the thoughtful exchange. #Singapore #Ethiopia #EmergingMarkets #FinancialInfrastructure

What happens when emerging-market trade moves faster than financial infrastructure? That was one of the questions we explored at Waka Nights in Shenzhen, bringing together people working across trade, banking, payments, liquidity, compliance and investment. The answer is visible in the details of how businesses actually move money: 🔶The trade is real, but the financial infrastructure is fragmented. Goods, equipment, services and capital are already moving across emerging markets. The challenge is making the money move with them. 🔶A payment channel is only one piece of the transaction. A business may have a way to send money, but still struggle to source the right currency, secure liquidity, manage FX and complete local delivery. 🔶The infrastructure is market-specific. There is no single “emerging-market payment system.” Each market has different currencies, banking relationships, liquidity conditions, regulatory requirements and payment rails. 🔶The missing layer is often coordination. The capabilities already exist across banks, liquidity providers, payment companies and local operators. What is missing is a reliable way to connect them around a single transaction. This is where stablecoins become interesting. Not because they simply make money move faster, but because they introduce the possibility of a common settlement layer between otherwise fragmented financial systems, while local infrastructure continues to handle the parts that remain market-specific. The bigger lesson from the conversation was simple: emerging-market infrastructure cannot be designed from a distance. You have to start with how trade actually happens, and where money gets stuck along the way. That is where the next generation of financial infrastructure needs to begin. #EmergingMarkets #Stablecoins #CrossBorderPayments #FinancialInfrastructure

To understand Africa’s financial infrastructure, we need to look at Africa from within Africa. The real challenges often emerge in the details of how businesses actually trade, get paid, manage liquidity and move capital across borders. This conversation is a good reminder that different markets, currencies and financial systems still struggle to work together. The key proposition is that stablecoins can provide a faster and more efficient settlement layer across fragmented financial systems: 🔸 They enable near-real-time movement of value between markets. 🔸 They reduce reliance on multiple intermediaries and currency-conversion steps. 🔸 They allow businesses to move liquidity across borders more efficiently and improve capital turnover. Their broader significance is not simply “faster payments,” but the possibility of creating a common settlement infrastructure that allows different financial systems to interact more efficiently. 👇 linkedin.com/events/webinar-…