Quick reads for this week

Published Jun 9, 2024


FSCA is investigating Finbok, Vector Financial Services and Astrix Data

The Financial Sector Conduct Authority (FSCA) has announced that it was investigating Finbok, Vector Financial Services (Pty) Ltd and Astrix Data (Pty) Ltd after complaints it received from members of the public.

“Finbok is an online platform operated by Vector Financial Services, on which clients can trade in, amongst others, forex, shares and derivative instruments.

“Vector Financial is a juristic representative of Astrix Data, an authorised financial services provider (FSP) with FSP number 52313,” it said.

The FSCA said the complaints related to the investigated parties not refunding clients or processing withdrawal requests.

“The purpose of the investigation is to establish whether the investigated parties are contravening financial sector laws.

“The FSCA records that the investigated parties are co-operating with the investigation. The FSCA emphasises that the investigation is not completed and that it has made no findings to date. This media release is in no manner a suggestion that the investigated parties contravened a financial sector law or acted improperly,” it said.

NEF funds youth-owned Landa Homeware to foster empowerment in the furniture industry

The National Empowerment Fund (NEF) has announced that it was funding Landa Homeware, a 100% black-owned and 65% youth-owned company furniture manufacturing business.

The NEF said the investment exemplified its commitment to empowering young entrepreneurs and driving economic transformation in the furniture manufacturing sector.

“Landa Homeware was established in 2020 after it identified a gap in the supply of high-end and modern furniture items that are affordable for the everyday consumer,” the NEF said.

Landa Homeware co-founder Silubonile Ngqandu said: “We initially traded imported goods, however, the demand for the products grew and we established a manufacturing operation in Johannesburg. We set ourselves apart from our competitors by manufacturing trendy products that are still novel to the country. We source most of our orders online, the bulk of which is from social media.”

NEF strategic projects fund manager Cornelius Mduli said the organisation’s investment would facilitate the expansion of Landa Homeware’s operations.

“The funds will go towards acquiring capital equipment and bolstering working capital. They will bring critical manufacturing processes in-house and invest in essential equipment as they aim to streamline production timelines and enhance cost efficiencies,” Mduli said.

Absa and Renault in South Africa Announce Strategic Alliance

Absa and Renault in South Africa have announced a strategic alliance designed to drive market-leading growth for both businesses.

The groups said the partnership brought to market the launch of Renault Financial Services, a finance product of Absa, aimed at offering finance and other comprehensive suite of financial services to Renault customers.

“Through this alliance, Renault dealers will gain unprecedented access to Absa’s robust portfolio of financial solutions for both retail and wholesale finance. This integration will also provide a seamless, efficient experience for dealers and customers alike, streamlining operations and enhancing customer experience,” the groups said.

“By aligning our services with the Renault dealership network, we are not just offering financial solutions but also creating an ecosystem that supports the automotive industry’s growth and development,” said Charl Potgieter, the managing executive: Absa Vehicle Finance.

CEO of Renault South Africa Shumani Tshifularo said: “At Renault, we are committed to delivering high-quality vehicles and a customer experience that exceeds expectations. We believe Renault Financial Services, a finance product of Absa, will add to the Renault value-added services offering aimed at enhancing the customer-buying experience and drive vehicle sales for the Renault dealership network.”