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:
- Analysts with CB Insights have teamed up with Fast Company to compile a list of 50 companies poised to become the next “unicorns” and receive an estimated total of USD 1 billion in investments in the near future. Interestingly, approximately 20% are operating in the FinTech space.
- Finextra has published material on how cloud-based solutions can hep improve customer service in the financial sector.
- Technology giants like Google and Facebook are widely considered to be the biggest threat to the financial industry this coming decade, especially given the habits of newer generations of consumers.
- Visa is implementing artificial intelligence solutions to combat credit fraud in its payment system. To this end, Visa has already installed an advanced identity score tool for use in their collaborations with U.S. financial institutions.
- Mastercard has acquired financial data aggregator Finicity as part of its effort to accelerate its open banking strategy and simplify credit decision-making.
- The Central Bank of Brazil has suspended the money transfer service within WhatsApp just 10 days after its launch in the country. In a statement released by the regulator, they cited a need to “maintain an adequate competitive environment” and ensure the functioning of the national Brazilian payment system.
- In cryptocurrency news: PayPal is considering adding functionality to work with cryptocurrencies; Telegram will return USD 1 billion to investors in its Telegram Open Network blockchain project; Italian financial institutions are ready to test the digital euro; and Ernst & Young has introduced a tax calculation app for cryptocurrencies.
- Digital Leader, PwC, IDC and CROC have released a report on which technologies are expected to have the greatest impact on the business and labor markets in the next decade. According to the report, the top 3 are artificial intelligence/machine learning, the internet of things (IoT) and process robotics (RPA).
- Sberbank experts have published an article on how APIs simplify interactions between financial institutions and businesses.
- Russia’s Ministry of Economy is proposing easing requirements for the processing of citizens’ personal data. Specifically, the proposal would no longer require written consent from citizens, although consent in another form would still be required.
- VC.ru has released material on how Redmadrobot and Otkrytie launched a mobile bank for entrepreneurs in just over a year.
- Sales of Mi Smart Band 4 NFC, a fitness bracelet, have launched in Russia, the first country where the device is being marketed and sold.
- The National Bank of Ukraine has announced that the majority of Ukrainian banks have remained financial stable throughout the COVID-19 crisis.
- Ukraine’s Ministry of Digital Transformation, in partnership with International Finance Corporation (IFC), is launching the National Online School for Entrepreneurs on the Diya.Bizness platform. The online school will help small- and medium-sized businesses learn important information about the benefits of digital solutions.
- The National Bank’s system of electronic payments will begin working an expanded schedule beginning August 3, 2020, resulting in the interbank payment systems being available 23 hours per day, 7 days per week.
- SME Banking Club has ranked Alfa Bank Belarus as having the best mobile banking services for business in Belarus and the 4th-best in the Commonwealth of Independent States (CIS).
- MTS subscribers can now open deposit accounts online using a payment card issued by a Belarusian financial institution.
- BelVEB Bank is actively searching for traditional lending alternatives and turning to FinTech startups to do so, creating a separate company (VedaVenchur) to this end.
- Kazakhstan’s Agency for Regulation and the Development of Financial Markets has launched Fingramota Online, a free app that allows Kazakhstanis to ask questions about financial products and interactions with financial institutions as well as report cases of fraud and unscrupulous practices.
- The volume of non-cash payments in Kazakhstan grew by 34% in May, reaching KZT 2.4 trillion. This represents a record volume for the country. The massive surge is likely due to a deferred demand for goods and services in April as well as a desire among consumers to minimize cash payments, both due to COVID-19 measures.
- Spot Magazine has published materials on the status of digital transformation in Uzbekistan’s banking sector. According to the information published, COVID-19 has helped the opening of 2 neobanks as well as push other financial institutions in the country toward developing digital services more quickly.
- Uzbekistan’s National Interbank Processing Center and Visa have lifted commissions charged for purchases made using the HUMO national payment network.
- Agrobank has expanded its range of remote services in response to the COVID-19 crisis, including services related to online loans for legal entities and transfers between card accounts.
- Compulsory Insurance Bureau has introduced a new personal account service that allows Azerbaijani citizens to receive insurance certificates and other information about insurance in an electronic form.
- The head of MasterCard in Azerbaijan is predicting an increase in popularity of e-commerce in the country due to COVID-19 measures, likely eventually resulting in an expansion of e-commerce opportunities.
- Transfers via the Unistream payment system can now be received online through the Unibank mobile application.
- IDBank joins Idram’s Strength 1 Dram Initiative, which aims to provide distance learning opportunities to children in border and highland regions. Specifically, the bank will transfer AMD 1 to the initiative program from each payment made through IDBanking.am and the bank’s point-of-service terminals.