👨🏿🚀TechCabal Daily – PalmPay eyes Hong Kong
In today's edition: PalmPay eyes Hong Kong listing || Canal+ backs fintech Moment in latest funding round || Nigeria’s Globacom records highest Internet users in May || Kenya caps carbon credit exports
PalmPay, a Nigerian fintech company, is considering a public listing in Hong Kong, according to reports by Bloomberg. This development comes as part of the partnership between PalmPay and Lire en Français, which aims to provide insights into tech and commerce across Francophone Africa and the policies shaping them.
PalmPay was launched in Nigeria in 2019 with support from Chinese smartphone manufacturer Transsion Holdings and semiconductor giant MediaTek. It has since expanded to include South Africa, Côte d'Ivoire, Uganda, and Tanzania. Transsion, the owner of Tecno, Infinix, and itel brands, controls a significant portion of Africa's smartphone market, providing PalmPay with a unique distribution advantage that is uncommon for most fintech startups.
What sets this development apart is the potential for a Hong Kong listing, which is an unusual choice for African fintech companies. Traditionally, African fintechs have aimed for initial public offerings (IPOs) in either New York or London. By targeting Hong Kong Exchanges and Clearing (HKEX), PalmPay is venturing down a different path, as HKEX has become one of the world's busiest equity fundraising venues.
The timing of this move is significant, as HKEX completed 2025 as the world's largest IPO fundraising market, raising a total of $37.4 billion across 119 listings. In comparison, listings on second-placed NASDAQ raised less than $30 billion, excluding special purpose acquisition company (SPAC) listings. Overall, equity capital market fundraising in Hong Kong has reached $103 billion.
Written by urgent.news from TechCabal's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
