Home / FinTech Monitor / BFC FinTech Monitor 15th – 22nd May

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 redeem for Xiaomi products. Although the card is currently only available in China, Xiaomi plans to launch similar cards in other countries in the near future.
  • Raiffeisen Bank International and blockchain company Billon are collaborating on a pilot project to issue national digital currencies.
  • IBM has acquired a 7% stake in blockchain platform we.trade. The platform was developed by European banking experts to provide better transaction monitoring for small- and medium-sized enterprises.
  • Visa has announced its intention to issue its own cryptocurrency to explore potential advantages over more traditional payment systems.
  • A bill has been proposed in the United States to begin work on the development of a blockchain technology strategy. The text of the bill suggests that blockchain technology should be established for both state and business transactions.
  • The Central Bank of France, along with French international development bank Société Générale, has carried out tests related the potential development and widespread use of a cyptoeuro within the European Union (EU).
  • Forbes columnist Jeff Coughlin discusses how the COVID-19 pandemic has created a situation in which larger firms can easily absorb FinTech startups.

Russia:

  • Sergey Parshikov, managing director of Sberbank’s Digital Corporate Banking Division, outlines how Sberbank transformed online banking for legal entities into an online platform that serves as both a marketplace and a financial education center.
  • Bloomchain examines how large Russian businesses, including financial institutions, are using blockchain technology.
  • Sberbank, Visa and ABC of Taste have opened an analogue of Amazon Go, the first-ever store with no cashiers or checkouts. Both the store and the technology are currently being tested at an ABC of Taste location in Moscow.
  • By the end of this year, at least four Russian financial institutions are expected to offer consumers the possibility of applying for mortgages online.
  • A number of smaller Russian financial institutions are requesting a one-year delay in their requirement to connect to Russia’s Quick Payment System due to the impact of the COVID-19 pandemic. The Central Bank of Russia, however, considers any delay “undesirable”.

Ukraine:

  • Global Finance has named Raiffeisen Bank Aval as 2020’s Best Bank in Ukraine.
  • Pavel Kartashov, director of the Ukrainian Startup Fund, recently spoke with the Ministry of Finance to discuss new FinTech projects expected in the near future. According to Kartashov, most new projects are expected in the fields of artificial intelligence and data processing.

Belarus:

  • Belarus will start allowing consumers to withdraw cash when making bank card purchases at stores. This will be allowed in smaller towns starting June 5, 2020 and throughout the entire territory of Belarus starting January 1, 2022.

Uzbekistan:

  • The National Interbank Processing Center (NMPC) and Turonbank are launching a new service that will allow businesses to accept payment for goods and services from HUMO bank cards using an NFC-equipped smartphone.
  • Spot has published an overview of yields for online foreign currency deposits. The highest yields for such deposits were found to be at Asia Alliance Bank and Agrobank.

Kazakhstan:

  • Kapital.kz has published an article on how digitization has changed the currency exchange market in Kazakhstan.

Armenia:

  • Unibank customers will now be able to make loan payments and transfer funds using EasyPay terminals and the Easywallet application.
  • IDBank is now offering free delivery for cards ordered online, via the bank’s mobile banking app or at a branch location.

Azerbaijan:

  • According to Trend International News Agency, small- and medium-sized enterprises are expressing an increased demand for online loans.

Georgia:

  • Bank of Georgia JSC has introduced a new multicurrency digital card. Customers of the bank can connect the new card product with their personal account and utilize its functionality via the bank’s mobile app.

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