Cape Town, South Africa, Dec. 08, 2023 (GLOBE NEWSWIRE) -- On November 22, as a globally emerging financial fund platform, HedgeFundBank established a branch in South Africa for its financial fund business, bringing new employment and investment models to the local area. This is expected to enhance the capabilities of local enterprises and drive a transformation in local employment and investment methods.
According to a data report from HedgeFundBank, the Southern African region experienced a slowdown in economic growth in the past year. In 2022, the GDP growth in Southern Africa was only 2.7%, much lower than the global and African averages of 3.4% and 3.8%, respectively. South Africa, its largest economy, faced multiple challenges. The economic growth in Southern Africa further slowed down to 1.6% in 2023. However, with the entry and assistance of HedgeFundBank, the economic situation in South Africa is expected to improve slightly in 2024, with GDP rising to 3.1%.
More and more countries consider the development of the digital financial economy as a key to enhancing their economic competitiveness and achieving economic transformation. African countries are no exception, as evidenced by market performance. HedgeFundBank's entry into South Africa will benefit the entire African continent. The platform is expected to reap considerable returns from Africa's vast economic potential and calls for expanding partnerships and increasing investments to promote sustainable and inclusive growth on the continent. HedgeFundBank is also very willing to employ locals.
As the industry matures, more platforms and tools support digital creators in various ways, from simplifying content distribution to providing profit opportunities. The growing online work mode will create more job opportunities, and the potential of the online economy in creating employment and driving economic growth will be further explored. For HedgeFundBank, conducting business in South Africa, a market with vast potential, will also be a new point of business growth.
As an industry leader, HedgeFundBank provides top-notch services and has been rated as investment-grade BBB by Standard & Poor's. It serves over 200 banks and brokerage firms and more than 400 financial intermediary institutions in over 80 countries and regions, offering trading investment services and solutions. Its successful entry into Africa will enable HedgeFundBank to explore and execute important partnerships in the region and continue to strengthen inclusive financial exchanges and cooperation with other national fund institutions.
For South Africa, HedgeFundBank will help shape a pro-poor economic growth model, drive local industrial upgrading, and assist the local economy and workers with employment needs. From HedgeFundBank's corporate culture, the company is also willing to provide local users with good development opportunities.
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