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
- SWIFT, the international money transfer system, has signed an agreement with the German FinTech company TechQuartier to work together on innovative ideas and innovative technologies in the FinTech field.
- The Swiss Competition Commission has launched an investigation into Mastercard to determine if the payment service has hindered the implementation of uniform rules for working in ATMs in the country.
- British FinTech startup Revolut has launched a contactless payment service for businesses that is based on QR codes. The service allows for payments to be accepted using only a smartphone via the Revolut Business app, which accepts payments from Apple Pay, Visa and Mastercard.
- Financial conglomerate Goldman Sachs is working with the non-profit organization Trusted Computing Group to develop new cybersecurity systems for the FinTech industry. To this end, Goldman Sachs will provide all the necessary infrastructure for development.
- Swiss financial holding UBS estimates that biometric cards will occupy 15% of the market and generate USD 5 billion in revenue for financial institutions by 2026 thanks to the gradual commercialization of such cards, lower production costs and the growing popularity of contactless payments. UBS also believes that biometric cards will further stimulate the growth of the payments market.
- The FinTech app Dify will soon appear in the Opera browser, acting as a cashback service and digital wallet for online purchases. The first version of the app will also come with a built-in checking account, a free virtual Mastercard debit card and support for Google Pay. The launch of the new service is expected to begin in European Union (EU) countries.
- As European FinTech startups prepare to enter the cryptocurrency market, Freetrade and Plum have already started looking for specialists who can develop and promote tools for investing in cryptocurrencies. Trade Republic has also shown interest in this direction, hiring a former product manager for the Coinbase.
- Sberbank has introduced new technology capable of using the voice of debtors to recognize their emotions in real time. This technology is expected to be used in other areas in the future.
- Uralsib has started using the ABBYY platform to reduce the cost of lending processes. Specifically, the platform allows Uralsib to, among other things, analyze the work of employees and predict the cost of processing retail loans.
- Rosfinmonitoring is preparing to track cryptocurrency transactions using the Transparent Blockchain service, which allows for all cryptocurrency transactions to be seen and helps establish the identity of those making them.
- Tinkoff has launched a new payment service for businesses aimed at companies that do not yet have a bank account.
- Rosbank announced that they are preparing to launch a new branch format – hugital (human + digital) – next year.
- The largest mobile operators are considering the possibility of introducing e-wallets for digital rubles on smart devices as well as developing additional services for their use.
- The press service of the National Bank of Ukraine has announced that financial institutions will soon be able to file financial statements based on the IFRS taxonomy under the international standard XBRL.
- Parliament has adopted the Law on Payment Services (draft law No. 4364) during its first reading. This is the first legal step toward the implementation of the basic principles of PSD2, the EU’s Revised Payment Services Directive.
- Vyacheslav Senin, head of the payment company Assist Belarus, discusses the state of cryptocurrencies in Belarus, including their legality.
- First Deputy Prime Minister Alikhan Smailov has announced the state’s plan to tax transfers from mobile applications. He does, however, note that this should only effect businesses and not individuals.
- Stepan Pashko, commercial director of QIWI Kazakhstan, discusses the main trends in the electronic payments market, the prospects and importance of lifestyle banking and the possibilities of big data and artificial intelligence (AI) for financial services.
- Bekzhan Mutanov, deputy chairman of the AIFC FinTech Hub, joins the Power of FinTech podcast to talk about the fate of Central Asian startups, changes in FinTech-related legislation and the development of financial technologies in Kazakhstan.
- Sherali Kabir, Minister of Industry and New Technologies, has called for Tajikistan to take advantage of the growing youth movement in IT, specifically mentioning that the Tajik economy can benefit significantly from the implementation and use of blockchain technologies.
- The Central Bank of Uzbekistan has launched a mobile application for iOS users that contains information on exchange rates, frequently asked questions, an interactive map of banking infrastructure facilities, procedures for filing applications and more.
- Visa, in collaboration with Ravnak Bank and technology company OCTO, has presented Uzbekistan’s first tokenization solution, which ensures the security of digital transactions.
- Kapital Bank received 7 nominations at the Azerbaijan Banks Association (ABA) awards, including for the Electronic Banking and Non-Cash Payment awards.
- David Nahapetyan, a member of the board of the Central Bank of Armenia, discusses key lessons of 2020 for the banking sector, the specific impact of the pandemic on Armenia’s financial system and forecasts for 2021.