Latest news with #CR2
Zawya
15-04-2025
- Business
- Zawya
Morocco's HPS plans fintech acquisition before 2027, CEO says
MARRAKECH: Moroccan payment solutions firm HPS plans to spur growth with the acquisition of a fintech firm before 2027, the company's CEO said on Monday. Casablanca-listed HPS operates in 95 countries and posted 2024 revenue of 1.267 billion dirhams ($140 million), up 6.4%. Last December, it bought Dublin-based CR2, a digital banking and payment software developer. The company is considering the acquisition of a financial technology firm that can bring added value in technology, including in artificial intelligence, CEO Abdeslam Alaoui Smaili told Reuters on the sidelines of Gitex Africa, a tech event in Marrakech. He did not elaborate. In 2024, the company concluded 1.1 billion dirhams in total contract value, up 386%. Nearly half of HPS's revenue comes from Africa, followed by Europe and the Middle East. HPS expanded to Australia last year and to Canada in 2023. HPS seeks to build on its existing investments before expanding to Latin America, Alaoui Smaili said. The firm, which runs the national payment switch in Morocco, sees moves by African central banks to legalize digital currencies - known as central bank digital currencies - as "an opportunity to increase digital payments and reduce the circulation of cash," he said. For HPS systems, a CBDC will be "an additional currency to add in a transaction ... or an additional volume to manage," he said. ($1 = 9.23 Moroccan dirhams) (Reporting by Ahmed Eljechtimi in Marrakech Editing by Matthew Lewis)
Reuters
14-04-2025
- Business
- Reuters
Morocco's HPS plans fintech acquisition before 2027, CEO says
MARRAKECH, April 14 (Reuters) - Moroccan payment solutions firm HPS ( opens new tab plans to spur growth with the acquisition of a fintech firm before 2027, the company's CEO said on Monday. Casablanca-listed HPS operates in 95 countries and posted 2024 revenue of 1.267 billion dirhams ($140 million), up 6.4%. The Technology Roundup newsletter brings the latest news and trends straight to your inbox. Sign up here. Last December, it bought Dublin-based CR2, a digital banking and payment software developer. The company is considering the acquisition of a financial technology firm that can bring added value in technology, including in artificial intelligence, CEO Abdeslam Alaoui Smaili told Reuters on the sidelines of Gitex Africa, a tech event in Marrakech. He did not elaborate. Nearly half of HPS's revenue comes from Africa, followed by Europe and the Middle East. HPS expanded to Australia last year and to Canada in 2023. HPS seeks to build on its existing investments before expanding to Latin America, Alaoui Smaili said. The firm, which runs the national payment switch in Morocco, sees moves by African central banks to legalize digital currencies - known as central bank digital currencies - as "an opportunity to increase digital payments and reduce the circulation of cash," he said. For HPS systems, a CBDC will be "an additional currency to add in a transaction ... or an additional volume to manage," he said. ($1 = 9.23 Moroccan dirhams)
Yahoo
14-04-2025
- Business
- Yahoo
Morocco's HPS plans fintech acquisition before 2027, CEO says
By Ahmed Eljechtimi MARRAKECH (Reuters) - Moroccan payment solutions firm HPS plans to spur growth with the acquisition of a fintech firm before 2027, the company's CEO said on Monday. Casablanca-listed HPS operates in 95 countries and posted 2024 revenue of 1.267 billion dirhams ($140 million), up 6.4%. Last December, it bought Dublin-based CR2, a digital banking and payment software developer. The company is considering the acquisition of a financial technology firm that can bring added value in technology, including in artificial intelligence, CEO Abdeslam Alaoui Smaili told Reuters on the sidelines of Gitex Africa, a tech event in Marrakech. He did not elaborate. In 2024, the company concluded 1.1 billion dirhams in total contract value, up 386%. Nearly half of HPS's revenue comes from Africa, followed by Europe and the Middle East. HPS expanded to Australia last year and to Canada in 2023. HPS seeks to build on its existing investments before expanding to Latin America, Alaoui Smaili said. The firm, which runs the national payment switch in Morocco, sees moves by African central banks to legalize digital currencies - known as central bank digital currencies - as "an opportunity to increase digital payments and reduce the circulation of cash," he said. For HPS systems, a CBDC will be "an additional currency to add in a transaction ... or an additional volume to manage," he said. ($1 = 9.23 Moroccan dirhams) Sign in to access your portfolio
Telegraph
14-04-2025
- Politics
- Telegraph
German tanks are failing in Ukraine for the same reasons they lost World War II
The leaked report from the German Defence Ministry about the shortcomings of the Leopard 2 tank in the Ukraine should come as no surprise to anybody who even has a cursory understanding of German tank history, or even western tank history in general. It is certainly no surprise to me. I spent thousands of hours in the ancient British Chieftain tank as well as the current Challenger 2 (CR2). The uninitiated may think that we're seeing the end of the rule of tanks after 110 years as the kings of the battlefield, but this would be a failed assumption. Nonetheless, with the new British tank – imaginatively called Challenger 3 – about to arrive, its designers must take on board the identified shortcomings of Leopard 2 or it too will fail. The Leopard 2 is a technical marvel, with echoes of the German Tiger tank in WW2: perhaps the most dangerous tank of the war. Leopard 2 has a very complex fire control system, an outstandingly powerful MTU power pack (the engine to the 'non tankies'), and an excellent 120mm smoothbore gun. However it is very susceptible to drone and 'top' attack and very difficult to fix if damaged or broken down. Worse still, like the Tiger of WW2, it is very few in numbers. The Russians have lost thousands of T-72s, T-80s and T-90 tanks. Just 18 Leopard 2s have been supplied to Ukraine! The first issue identified is how difficult it is for Ukraine soldiers to mend these tanks and keep them battle worthy. If the engine breaks down it must be taken hundreds of miles for repair in a specialist facility, whereas the old, simple engines of the Russian tanks can be easily fixed by any automotive mechanic, in situ if necessary. The first tank I commanded was a Chieftain, designed in the 1950s, which had a 'London bus' engine to power it. The engine frequently stopped when the fuel injection solenoid got stuck shut. This was simply remedied using a clothes peg to keep it open! A similar problem with a Leopard 2 or CR2 would require a new engine. Secondly, these multi-million-pound tanks have become very susceptible to the ubiquitous $500 drones, which destroy them at an alarming rate. The Leopard 2 and CR2 were designed when there was no drone threat. Even at the battle of Cambrai in 1917 the crews were very concerned that Germans were throwing hand grenades onto the roof of the earliest tanks where the armour was thinnest and destroying them. They quickly put chicken wire cages on the top which effectively countered this threat. To a certain extent the metal cages now being welded onto the Leopard 2s and CR2s do counter the drones, but it is not until these tanks are fitted with the developing defensive aid suites, which will include multiple anti-drone lasers and other weapons, that this threat will be reduced to manageable proportions. The third shortfall is 'mass' or numbers, simply put. The Germans lost WW2 because they could not match the mass the Allies could generate. For instance, in the later stages of the war the Allies produced around 60,000 Sherman tanks, which eventually overwhelmed the more sophisticated and capable Tiger and Panther tanks because the Germans only had a few thousand of these. Likewise the 18 Leopard 2s and the 14 CR2s we have sent barely scratch the surface in Ukraine today. The report does state that the much more numerous, older and simpler Leopard 1s are highly effective. There are many important lessons that western armies and tank people must learn from these issues. As the UK MoD is currently rebuilding and upgrading CR2s into Challenger 3s with the assistance of German tank manufacturer Rheinmetall, we British must learn these lessons now in order to produce an effective fighting platform for the next few decades. We must avoid the same old German tank story from WW2. We must avoid the temptation to make our tanks too complex, too easy to hit, too difficult to maintain and too few.
