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:
- Management at PayPal is predicting that the use of cash as a major payment instrument is quickly coming to an end. As a result, the payment giant plans on investing heavily into improving its digital wallet offerings.
- The research and development team at Mastercard is teaming up with Microsoft to enhance the power of the cloud as a way to drive e-commerce, support startups and improve financial inclusion.
- Analysts at CB Insights have noted that Amazon’s building of a bank within its ecosystem could eventually help the company obtain a monopoly in the financial services market.
- The Central Bank of China has filed documents claiming that Alipay and WeChat Pay are using their dominant positions to suppress competition. This could lead to an antitrust investigation in the near future.
- Thanks to technology developed by Canadian startup Mobeewave (which was acquired by Apple), iPhones can now be used as payment terminals.
- Google Chrome now allows users to confirm payments using their fingerprints. The feature is available for both Windows and iOS.
- India’s Yes Bank has launched an artificial intelligence (AI)-based banking service in the WhatsApp messenger that allows users to order dozens of banking products directly through the messenger app.
- Monzo has recorded losses of USD 150 million, although Monzo management remain confident that this is only a short-term issue.
- Many investors are hoping for the recovery of the P2P lending market by the end of the year.
- The FinTech Times has published a feature on the global neobank Aidbanc, which has been operating since 2019 and hopes to empower nonprofits with digital banking and expense management tools.
- According to a study by the NAFI Analytical Center (and conducted as part of a joint project between the Russian Ministry of Finance and the World Bank), more than half of Russians currently use digital banking services.
- Russia’s Federation Council has approved a new law on regulatory sandboxes that allows each region to introduce special conditions that promote innovation. This includes allowing regions to lift existing regulations, requirements and bans in the digital sphere that have been established a federal level.
- Payment systems and financial institutions in Russia are implementing the new 3D-Secure 2.0 security standard that will make online purchases easier for consumers.
- Sberbank has launched SberPay, a payment service within the Sberbank Online app. SberPay requires that users have the Sberbank app on a smartphone with NFC technology.
- Mastercard and Etiquette have introduced an instant cashless tipping service that allows customers of restaurants to tip wait staff using an NFC tag or QR code.
- The National Bank of Ukraine is ready to sign a memorandum of understanding with International Finance Corporation (IFC) regarding further steps for increasing financial inclusion and further developing financial technology in the country.
- Kiev is set to host the Financial and Digital Ecosystems for SMEs: Update 2020 forum on September 4.
- Consumers with Visa cards can now, for a limited time, add to their Uber account balances at a discounted rate thanks to the launch of Uber Cash.
- Dev.by has published an article discussing the payment services launched in Belarus this summer, including Garmin Pay, Wallet Pay and tapXphone.
- Beginning in mid-September, users of Minsk’s public transport system will be able to pay for travel within the system using a smartphone enabled with the TIX mobile app.
- Kazakhstan’s Minister of Trade and Integration has proposed reducing the commission for interbank transfers.
- The volume of non-cash card payments in Kazakhstan has reached KZT 2.7 trillion, a record amount.
- For the second year in a row, Halyk Bank was named the Best-Managed Bank in Kazakhstan at the International Finance Awards 2020. Their work during the COVID-19 quarantine was mentioned as an important factor in their winning the award.
- Turkmenistan has plans to create the country’s first neobank.
- In an interview with Spot, Fakhod Makhmudov, founder of the OSON payment system, discusses how his company launched e-wallets in Uzbekistan as well as what innovations are currently in development.
- Unibank has updated its mobile app, adding new features to it in the process. Specifically, Unibank customers can now use the app to register online, make transfers from card to card and pay loans from other banks.
- According to SME Banking Club, Ameriabank is the best in Armenia at providing online services to business.
- IDBank and Idram have presented RocketLine, a new digital loan product available at all Idram payment locations.
- Ipost and Russian Post have launched PosTransfer, a new money transfer system that allows for money transfers to be sent between Armenia and Russia at post offices for only a 1.2% commission.