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Digitization an inevitability in Kazakhstan

Kazakhstan began its journey toward digitization in 2006. Since that time, digitization has gained much traction in the country in both the public and commercial sectors. Our friends at Terrasoft sat down with Nurlan Akshanov, deputy chairman of Construction Savings Bank (one of the largest banks in Kazakhstan) to discuss …

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BFC FinTech Monitor 26th June – 3rd July

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: 16 major financial institutions operating in the European Union (EU) have begun working on a pan-European payment system that will provide an alternative to Visa and Mastercard as …

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National Bank of Ukraine updating financial sector development strategy

The National Bank of Ukraine is updating its development strategy for the financial sector, taking into account the COVID-19 pandemic. Specifically, they plan to: Consider the possibility of transferring the functions of the Social Insurance Fund to insurers as a way to improve service quality Increase efforts to boost cybersecurity, …

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4 ways COVID-19 is improving the banking sector of Uzbekistan

The banking system of Uzbekistan has adapted well to the COVID-19 crisis, particularly in matters that allow consumers to conduct banking transactions easily and safely. Here are 4 ways Uzbek financial institutions have adapted to the COVID-19 situation to help consumers: Increased mobile app functionality –these apps allow for quick, …

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BFC FinTech Monitor 22nd – 29th May

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: Swiss financial holding UBS Group is planning to create a venture fund of USD 10-20 million for investments in FinTechs. According to a study by Swedish …

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COVID-19 likely to accelerate the push for digital payments

Although the COVID-19 pandemic has brought about difficult times for many businesses, many FinTech startups are starting to see a possible silver lining in its aftermath. The pandemic has pushed consumers to increase their use of contactless payment methods as well as their use of online platforms for making purchases. …

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Startups’ thoughts on the impact of COVID-19

As with most businesses, startups are preparing to deal with the long-term impact of the COVID-19 pandemic and associated measures to reduce its spread. During the recent How are Startups Gearing Up for the Post-COVID World online conference, entrepreneurs shared their thoughts on what the pandemic will ultimately mean for …

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4 ways FinTechs are dealing with the effects of COVID-19

The COVID-19 pandemic is impacting nearly every type of financial service provider, and FinTechs are no exception. Most FinTechs, independent of what types of products and services they offer, are being hit on two fronts. On the one hand, revenues are plummeting as consumers tighten their own belts and face …

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BFC FinTech Monitor 15th – 22nd May

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.  Around the World: Xiaomi has partnered with China UnionPay and GR Credit Card to introduce the Xiaomi GF payment card. The card allows users to accumulate bonus points that they can …

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Snapshot of biometrics across the world

Biometric identification has finally advanced to the point where it is starting to radically change the way we interact with the world, making life more convenient for users and helping businesses reduce costs, shorten customer service time, increase security, optimize business processes and, ultimately, increase profits. Here’s a quick look …

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A brave new world of biometrics

The use of biometric solutions is becoming increasingly popular with retailers, financial institutions and consumers due to the convenience and security they offer. Given the biometric world that appears to be in our not-too-distant future, the editors of BFC’s FinTech Bulletin and the telegram channel FinTech Wave put together this …

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5 key takeaways from Money20/20

Money20/20 was held earlier this year in Las Vegas. Here are 5 key takeaways from the event: The distinguishing lines between merchants and FinTechs continue to blur –  Uber created a team called Uber Money that will be responsible for its various FinTech offerings. And now Amazon is enabling utilities …

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Video: Big Data challenges and opportunities

Sui-Jon Ho discusses how data is being used in financial institutions and why Big Data is presenting them with unique challenges and, more importantly, opportunities.    Data’s role in digital transformation after COVID-19 Infographic: the collaborative economy Video: what’s next for the sharing economy?

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3 Big Data trends in finance

Global investments in Big Data and business analytics is projected to grow from USD 130.1 billion in 2016 to over USD 203 billion in 2020. Here are 3 of the biggest Big Data trends, each represented by an innovative new solution: Business intelligence (Qlik Analytics Platform) – Qlik has developed …

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How to survive a data breach crisis: the Monzo case study

Monzo, a disruptive neo-bank working to expand into the U.S., recently experienced a hiccup in its data security that resulting in nearly 500,000 U.K. account holders being urged to change their PIN numbers. It is important to note that the vulnerability was discovered by internal engineers and quick and decisive …

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Banco Santander launches data science apprenticeship program

Banco Santander in the UK is offering a first-of-its-kind data science apprenticeship to non-graduates. The program, being operated in conjunction with WhiteHat, will allow the bank to build a pipeline of data savvy employees, something in line with its EUR 20 billion digital transformation effort. The program also highlights the …

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Shocking amount of unstructured and unused data in the U.K.

According to research conducted by Crown Records Management, as many as 59% of data across U.K. organizations is unstructured. Moreover, 40% of it is dark (unused). This is not surprising given that data is commonly stored in over 20 types of locations, including email account, the cloud, hard drives and …

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6 ways financial institutions in Singapore are using Big Data

Singaporean financial institutions have been at the forefront of taking advantage of Big Data with innovative initiatives that have resulted in positive results for both operational efficiency and customer satisfaction. Here are 6 ways in which they are using Big Data today: Automating client processes – machine learning helping automate …

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