SWVL, a well-funded start-up in the Middle East, solved the mass transportation problem in emerging markets with a unique bus-hailing model. In March 2020, with 150,000 bookings in one day across its operating geographies, it reached its highest utilization rate and gross profit margin. Then Covid-19 hit. SWVL’s first reaction was to shut down operations and hunker down.

When Alibaba, China’s leading digital platform and cloud-based services company, fails to acquire the US firm Moneygram, CEO Jack Ma decides to go it alone and develop a digital strategy using blockchain technology as the basis for a global remittance service, GCash, within its cloud services business.