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
- Alibaba Group founder Jack Ma has called for financial system reforms that include the use of digital currencies, touting the importance of digital currencies in generating greater value.
- Indian regulators have developed a framework for a FinTech sandbox that will allow players and startups in various financial sectors to experiment in an environment that is as close as possible to the real market and based on its data.
- UBS is set to invest USD 200 million in FinTech startups and technology companies and has established the UBS Next Fund to this end. UBS has also partnered with the Anthemis venture capital platform to help find successful companies for investment and purchases.
- JPMorgan Chase is launching its own digital currency, JPM Coin. They are also investing in the UK company Icon Solutions, which supplies solutions for Wells Fargo and Citigroup.
- The FinTech division of Alibaba is planning the world’s largest IPO, hoping to raise USD 34 billion. To accomplish this, they will enter two markets – Shanghai and Hong Kong – simultaneously.
- Rakuten Viber, which owns Viber messenger, has entered the FinTech market by launching a secure payment service in chat bots, making it possible to buy goods and services directly from sellers via Viber. WhatsApp has also announced their intention to launch a similar service in the near future.
- Dutch startup Silverflow is gearing up to revolutionize card payments by launching a new cloud-based API-enabled solution to replace legacy processing technologies. The startup has already attracted EUR 3 million in investment.
- Maria Krasenkova explains what consequences the release of the digital ruble might have for Russia. In response, press secretary Dmitry Peskov has promised that authorities are taking into account all previous mistakes during the development phase.
- Blockchain, artificial intelligence (AI) and Big Data are on the list of technologies to be applied in the regulatory sandbox. A special regulatory regime has also been established for neurotechnology, robotics and sensing, quantum and manufacturing technologies, wireless communications, virtual and augmented reality and industry digital technologies.
- The Bank of Russia recently announced new standards for open banking interfaces (i.e. APIs).
- Ak Bars Bank has launched an accelerator of SoftPOS solutions for micro- and small-sized enterprises (SMEs) to allow them to be able to accept payments through the Fast Payment System (FPS) as well as card payments using smartphones.
- VK Pay and Home Credit Bank have opened access to a first-in-Russia, interest-free installment plan available on social networks. The service allows for goods and services to be paid for in installments within the framework of a social network.
- At a speech during the Global Payments Day-2020 online conference, the deputy head of the National Bank of Ukraine (NBU) stated that the COVID-19 pandemic has shown that the majority of Ukrainian consumers are ready for digitalization and the transition to non-cash payments, as evidenced by residents actively switching to contactless and tokenized cards. At the same time, he stressed the importance of building the infrastructure to support this.
- A presentation of the Bank Roadmap 2020 (research on the digital transformation of Ukrainian banks) was made at the online Digital Banking Conference.
- MTS subscribers can now transfer money from card to card using a phone number. The service is available to holders of Mastercard, Visa and BELKART cards issued by any bank in Belarus.
- The Association of Kazakhstani Internet Business and Mobile Commerce (AKIB) and Intervale Kazakhstan have released the country’s top 30 mobile apps. The list includes 6 banking apps within the top 10.
- The Kaspi.kz app, which is used by 7.8 million people, has experienced a technical failure. It is worth noting that there is no information on whether or not a leak of consumer data has occurred.
- UnionPay International Company, a subsidiary of China’s China UnionPay, has been included in the register of payment system operators in Tajikistan, meaning the company can operate in Tajikistan for at least the next 3 years.
- The Central Bank of Uzbekistan has explained that PayPal does not work in the country due to PayPal’s internal restrictions, which the regulator claims were implemented without discussion with any government agency or representative.
- According to experts, changes in the organizational structure of the Uzcard interbank payment system mean that it will now be managed by the Central Bank of Uzbekistan.
- IDBank, in cooperation with the Russian company Universal Payment Technologies (UPT LLC), has launched the IDpay mobile app, which allows consumers to use any Visa, Mastercard or MIR system card issued by a Russian bank to replenish an IDBank account using only a phone number.