Business

Electric Vehicle Industry Faces a Manpower Void as Colleges Race to Fill It

Published

7 months ago

August 2, 2024

The electric vehicle (EV) industry has developed at an unforeseen rate since catching public attention in the late 2000s. In 2023 alone, new electric car registrations in the United States reached 1.4 million, a 40% increase compared to 2022.

This surge in demand is not limited to the U.S.; Europe and China also saw significant increases in EV sales, with Europe recording nearly 3.2 million new registrations in 2023. With the market showing little signs of slowing down, EV sales are projected to reach around 17 million globally in 2024. That represents a 20% increase from the previous year.

Multiple factors, including government incentives, advancements in battery technology, and a growing consumer preference for greener transportation options, contribute to such robust growth.

Despite the positive outlook, the industry nonetheless holds its fair share of issues. Supply chain disruptions, battery metal price fluctuations, and increasing competition create market volatility.

Additionally, the sheer speed with which electric vehicles have been adopted has revealed a critical challenge: the skills gap in the workforce needed to support this burgeoning industry. The rise in EV purchases has also led to the need for a specialized workforce capable of designing, manufacturing, and maintaining these advanced vehicles.

Addressing the Skills Gap

The transition to electric vehicles requires a workforce equipped with a rather hefty and technical toolbox of skills. According to the Institute of the Motor Industry, stakeholders must urgently address retraining efforts to avoid facing a shortfall of 35,700 qualified technicians by 2030. This skills gap risks the industry’s growth and the broader goal of achieving zero-emission transportation.

To bridge this gap, educational institutions are stepping up to provide specialized training programs. Nova Anglia College(NAC) in Brisbane, Australia, is among the first to do so. NAC offers a non-engineering Bachelor of Technology in Electric Vehicles, a unique program designed to provide the theoretical knowledge and practical skills needed in the EV sector. Unlike traditional engineering programs, NAC’s curriculum combines vocational training with engineering principles.

Harpreet Kaur, the founder and CEO of Nova Anglia College, says that being one of the country’s first EV colleges, “We specifically designed and accredited our program to match near-future manpower demands. We provide specializedqualifications to support the global zero-emission initiative better.“

Skills for Future EV Professionals

The skills required for a career in the electric vehicle industry are diverse. Future EV professionals must be proficient in battery management, electric powertrain systems, and autonomous vehicle technology. Additionally, they must possess cross-domain engineering skills, including software development, electrical engineering, and electronics.

Nova Anglia College’s program is specifically designed to provide many of these skills. The curriculum includes courses on electric powertrain controls, vehicle mechanics, battery engineering, and embedded systems. Students also gain hands-on experience through industry placements and laboratory work, making them job-ready upon graduation.

Expert Projections for the Future EV Field

Industry experts agree that the transition to electric vehicles represents one of the most pivotal movements in the automotive sector since the Industrial Revolution. Josh Boone, executive director of EV advocacy group Veloz, notes, “This is one of thebiggest changes since the Industrial Revolution, and it’s not just transforming what powers the car.“

The demand for skilled professionals will only increase. Educational institutions like Nova Anglia College stand to play an essential role in preparing the workforce for this future. The need for sufficiently skilled workers must be addressed for the electric vehicle industry to continue its success.

Fortunately, with institutions like Nova Anglia College preparing the next generation, we can rest easy knowing the green revolution will keep going.

Business

How Black Banx Has Sped Digital Payments Into Its Global Phase

Published

48 mins ago

March 13, 2025

Matthew Wiles

The payments industry has grown substantially in the last decade, with digital transactions now practically a given in most parts of the world. A key contributor to this globalization of payments has been Black Banx, a Toronto-based global digital bank founded by German billionaire Michael Gastauer.

Through innovative fintech solutions, a commitment to financial inclusion, and strategic investments in blockchain and artificial intelligence, the company continues to make transactions quicker and easier no matter where the sender or receiver is in the world.

The Cross-Border Payment Boom

Global transactions have never been more essential to the world economy. From businesses engaging in international trade to individuals sending remittances back home, the demand for fast and cost-effective cross-border payments has skyrocketed. In fact, FXCintelligence projects that the cross-border payments market will hit an astonishing US$290 trillion by 2030, driven by the rise of e-commerce and digital trade.

Historically, moving money across borders wasn’t simple. Traditional banking relied on a complex web of intermediaries, leading to slow processing times, high fees, and inefficiencies. But fintech has changed the game. Companies like Black Banx have introduced digital-first solutions that eliminate unnecessary middlemen, enabling instant, affordable transactions.

Black Banx’s Rapid Growth: A Testament to Demand

Black Banx has experienced explosive growth, reflecting the increasing demand for seamless global payments. By the end of 2024, the company’s customer base had expanded to 69 million users across 180+ countries—a staggering 76% growth from 39 million in 2023.

This growth wasn’t accidental. Black Banx’s success stems from its ability to offer frictionless cross-border banking, catering to individuals and businesses worldwide. It’s offerings include:

Instant Multi-Currency Accounts – Customers can open accounts online within minutes, eliminating the need for physical bank visits.
Cryptocurrency Integration – Black Banx has accepted Bitcoin and Ethereum since 2016 and expanded its crypto services in 2024 by integrating Solana and the Lightning Network, allowing for ultra-fast, low-cost cross-border transfers.
Zero-Intermediary Transfers – By leveraging blockchain technology, the company bypasses traditional banking infrastructure, significantly reducing fees and processing times.

AI-Powered Payments: Enhancing Speed and Security

If there’s one technology that has reshaped digital payments in 2024, it’s artificial intelligence. AI is now at the heart of fraud detection, customer service, and transaction optimization, making global payments more secure and efficient.

Black Banx has fully embraced AI, using predictive analytics and automated systems to streamline operations. AI-driven chatbots handle customer inquiries, reducing response times and improving service efficiency. Meanwhile, real-time fraud detection algorithms flag suspicious transactions, preventing financial losses and building customer trust.

The results? Black Banx achieved a cost/income ratio of just 68% in 2024—one of the best in the industry—demonstrating how AI-powered automation can drive profitability while maintaining top-tier service.

Financial Inclusion: Breaking Down Barriers

Despite living in a digital age, over 1.4 billion people worldwide remain unbanked, according to the World Bank. Traditional banks have long failed to serve these individuals due to bureaucratic hurdles, geographic limitations, and high fees. Black Banx has made financial inclusion one of its core missions, particularly in underbanked regions like Africa, the Middle East, and parts of Asia-Pacific.

In 2024, the company’s impact on financial inclusion was profound:

32% year-over-year increase in SME clients in Africa and the Middle East – Black Banx empowered businesses in these regions with seamless digital banking services, reducing reliance on inefficient traditional banking channels.
Instant digital accounts with minimal documentation – Unlike traditional banks, which require extensive paperwork, Black Banx allows users to open accounts quickly, enabling greater access to financial services.
Affordable cross-border transactions – By eliminating intermediaries, the company ensures that even those in remote regions can send and receive payments without excessive fees.

The Future of Cross-Border Payments: Crypto and Blockchain

Cryptocurrency is no longer a niche asset—it’s gradually become a key cog in the global payments machine. Recognizing this early on, Black Banx became one of the first digital banks to integrate Bitcoin and Ethereum into its platform back in 2016.

In 2024, the company doubled down on its crypto-first strategy, incorporating Solana and the Lightning Network. These technologies allow users to complete cross-border transactions in seconds while avoiding the high fees and delays associated with traditional banking infrastructure.

Black Banx is also exploring crypto-based lending services, a move that could disrupt traditional financial models even further. If successful, decentralized finance (DeFi) solutions could provide businesses and individuals with access to capital without the constraints of conventional banking regulations.

A Year of Record-Breaking Financial Success

While many tech companies faced financial turbulence in 2024, Black Banx defied expectations, posting record-breaking numbers:

Annual revenue: US$11.1 billion (exceeding the forecasted US$10.8 billion)
Pre-tax profit: US$3.6 billion (far surpassing the original US$2.4 billion projection)
Customer base: 69 million users worldwide
Cost/income ratio: 68% – demonstrating operational efficiency
Capital distributions: US$2.90 per share

Black Banx’s financial success highlights the immense demand for efficient digital banking services, proving that fintech is not just a disruptor but the future of global finance.

What’s Next for Black Banx in 2025?

Given its past success, Black Banx is setting ambitious goals to build on its 2024 momentum. The company aims to:

Expand its customer base to 100 million users – By reaching more individuals in emerging markets, Black Banx hopes to further its mission of financial inclusion.
Strengthen its presence in digital asset banking – With growing demand for cryptocurrency-based financial services, the company will continue integrating blockchain solutions.
Enhance global payments infrastructure – By entering new markets and refining its AI-driven systems, Black Banx plans to make transactions even faster and more accessible.
Lower its cost/income ratio – Through further automation and AI optimization, the company aims to improve operational efficiency.

By embracing AI, blockchain, and a relentless commitment to financial inclusion, Black Banx has clearly been key in accelerating the transition of the world to a truly global payments system.