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BFC FinTech Monitor 13th – 20th March

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:

  • The FinTech Times has predicted how the outbreak of the coronavirus and the subsequent quarantine measures will impact the FinTech market. Specifically, they predict that, although people will be spending less money, there will be a greater demand for contactless payment solutions and updated banking systems.
  • Chinese authorities have partnered with local tech giants to launch an application for tracking coronavirus infections among Chinese citizens.
  • FinExtra has prepared an updated calendar of FinTech conferences following the cancelation and postponement of upcoming events due to the coronavirus outbreak.
  • British neobank Revolut has launched an application for children to teach them good financial habits. The application includes a special Revolut Junior Visa card.
  • Technology giants Apple, Amazon, Facebook, Google and Microsoft have bought out nearly all startups focused on creating artificial intelligence-based solutions, thereby eliminating potential future competitors.
  • American company Credit Sesame has launched a digital bank account product that will help users boost their credit ratings and access affordable financing options.

 Russia:

  • Russian banks are continuing to increase their online presence and reduce their number of physical branches as part of a concerted effort to embrace digitalization and reduce costs.
  • Visa has developed a new service for Russian bank customers that allows them to access a list of websites where they have left card details and delete them.
  • The Skolkovo Foundation has determined that Raiffeisenbank is the most digitized bank in Russia.
  • Sberbank has initiated testing tap-on-phone technology, which allows users to use their smartphones as a payment terminal.
  • A specialist has prepared an overview of key trends in mobile banking for vc.ru.

Ukraine:

  • Mastercard has launched its new Mastercard Installment platform, which allows users to break up a purchase amount at checkout and pay it off over several months.
  • With Ukrainians under quarantine, many are switching to mobile banking solutions, resulting in an increased number of cashless payments.
  • FinTech startup Moneyveo has allocated UAH 3 million (USD 108,000) for the purchase of medical equipment to combat the coronavirus.
  • Monobank, a Ukrainian neobank, has launched a product that gives 20% cashback for purchases made on online platforms such as the PlayStation Store, the Xbox Microsoft Store, Netflix, the AppStore and Google Play.
  • PaySpace Magazine has prepared materials outlining how blockchain and artificial intelligence technologies could help reform the healthcare system.

Belarus:

  • According to the Financial Times, Spanish startup ID Finance is now in the top 3 in Europe for FinTech projects. This is important for Belarus as ID Finance’s Minsk office is responsible for the technical development of its products and services.

Uzbekistan:

  • The National Bank of Uzbekistan is recommending that its citizens use banking services remotely as a precaution against the coronavirus. At the same time, the HUMO payment system increased its limit of non-pin transactions at the supermarket chains korzinka.uz and Makro to UZS 250,000.

Kazakhstan:

  • Kazakhstan plans to introduce an instant payment system that will allow users, including private individuals and small- and medium-sized businesses, to quickly and conveniently transfer money anytime and anywhere.
  • Cyber fraudsters are taking advantage of the coronavirus outbreak to obtain payment card information. For example, some are soliciting for donations, while others are faking letters from the World Health Organization.
  • The Parliament of Kazakhstan has approved a bill to introduce a voluntary online insurance service.
  • Kapital.kz has published materials on what blockchain and digital currencies the Central Bank can introduce into the Kazakhstani market.

Armenia:

  • The Central Bank of Armenia and the Armenian Card national payment system are urging citizens to switch to cashless payments and remote banking solutions.
  • IDBank customers can now receive money transfers without visiting a bank branch by using the bank’s online platform, which is available 24/7.

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