Driving the Fourth Industrial Revolution Inclusive Growth through the partnership of IEDF and Synapser Technologies: Project ‘TIDE”

The Informal Economy Development Forum (IEDF) is thrilled to announce that we have partnered with Synapser Ltd, a global technology company that has developed a set of niche products focused on Self-Sovereign Identity (SSI) and data security.

Through our partnership we will unveil the strategy for driving the fourth industrial revolution through digital transformation in the informal economy. With a firm commitment to promoting inclusive economic growth and empowering informal entrepreneurs the IEDF aims to unleash the potential of the informal sector and foster sustainable industrialization.

The informal economy, consisting of small-scale businesses, self-employed individuals, and informal workers, accounts for at least 30% of South Africa’s economic labour force. However, it faces numerous challenges such as limited access to finance, outdated technology, lack of infrastructure, and limited market opportunities. Recognizing these barriers, the IEDF has partnered with Synapser Ltd to address these issues and drive digital transformation within the informal economy, through Synapser’s Transformative Informal Digital Economy Project (TIDE).

Project TIDE will provide informal traders registered with the IEDF access to a technology ecosystem aimed at empowering the user in terms of access to finance resources, health and wellness management, and data security.

Key elements of the Project TIDE strategy include:

Access to Finance: IEDF is committed to facilitating access to finance for informal and micro businesses.

Capacity Building and Training: We believe that empowering informal and micro business owners with the right skills and knowledge is essential for industrial growth.

Technology and Innovation: We recognize the transformative power of technology in the informal economy. IEDF will champion the adoption of technology and promote innovation by supporting the development of digital platforms, mobile technology solutions, and affordable technological tools suitable for informal and micro businesses.

Market Access and Linkages: IEDF is committed to facilitating market access for informal and micro businesses. We will actively promote initiatives that connect informal producers with formal market channels, both locally and internationally, and foster partnerships with formal enterprises to create mutually beneficial linkages.

“Synapser Ltd. Is proud to be partnering with the IEDF to drive digital transformation in the informal sector. Project TIDE presents a unique opportunity to contribute towards bridging the divide between the formal and informal sector,” said Ross Joughin, Chief Commercial Officer of the Synapser Group.

“Our strategy for driving the fourth industrial revolution in the informal economy reflects our commitment to inclusivity and sustainable economic development,” said David Venter, Chairman at IEDF. “By empowering informal entrepreneurs with finance, skills, technology, and market opportunities, we aim to unlock the vast potential of the informal sector and create a thriving ecosystem of sustainable and productive businesses.”

About Synapser Ltd.

Synapser focuses on providing solutions for the clients’ complex business problems while at the same time creating sustainable business partnerships. Synapser has a portfolio of proprietary and licensed technologies that offers a solution to digital transformation of the informal sector in South Africa.