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Compliance vendor Cleareye.ai has hired Vamil Karimbil as head of trade products and senior vice-president. In the newly created role, Karimbil is tasked with expanding the fintech company’s ClearTrade product in Asia Pacific and Europe, as well as clinching new partnerships. The Los Angeles-headquartered company says ClearTrade is designed to ease regulatory compliance and sanctions screening processes in trade operations. Before joining Cleareye.ai, Karimbil spent almost 15 years in the UK and India at Standard Chartered, before becoming head of trade finance products in Hong Kong. Karimb...

Investec is setting up a new trade finance team in South Africa, GTR can reveal, with the banking and wealth management firm looking to expand into new areas and strengthen its African presence. The new team will be part of the financial products team within Investec’s corporate and institutional bank in South Africa, and will work closely with fully owned subsidiary Investec Bank Mauritius. It is headed by George Wilson, who joins after more than 11 years at Absa, most recently as a director and head of institutional trade. The team also includes Derryn Faure, Michael Liversage and Burger...

The UK’s Serious Fraud Office (SFO) has an­n­ounced it is investigating potential fraudulent trading and money laundering at GFG Alliance, dealing another serious blow to the group’s efforts to find emergency funding after the collapse of Greensill. The SFO announced on May 14 it would probe “suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital”. It is the first time enforcement authorities have announced ...

London-based investment manager Acre Impact Capital, which focuses on infrastructure in emerging markets, has secured fresh investment as it looks to narrow a daunting US$100bn financing gap in Africa. The company announced in early May it had secured catalytic investment from The Rockefeller Foundation and GuarantCo, which is part of the Private Infrastructure Development Group (PIDG) and is funded by the governments of the UK, Switzerland, Australia and Sweden. Acre Impact Capital partners with both commercial lenders and export credit agencies (ECAs) to support growth-stage infrastructure ...

The International Finance Corporation (IFC) has provided Africa’s first ever certified green loan to South Africa’s Absa Bank to fund renewable energy projects in the country.  The IFC, the World Bank’s private investment arm, will lend Absa US$150mn, which the bank will onlend to finance “biomass and other renewable energy projects” in South Africa, an IFC statement says.  The statement, which does not provide further details on the nature of the projects, says the deal is the first loan in Africa to comply with the Loan Market Association’s Green Loan Principles, a set of high...