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The state of Big Data in Armenia

Big Data is one of the biggest buzz words in the tech world right now. In Armenia, however, most companies have yet to adopt Big Data technologies. In fact, experts estimate that the level of Big Data tech and use in Armenia is on par with the world average 4–5 …

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First academic blockchain laboratory set up in Armenia

New York-based blockchain technology company Blocktech and the French University in Armenia have announced the launch of the country’s first academic blockchain laboratory. The laboratory will undertake an interdisciplinary study that includes the involvement of the departments of finance, law, computer science and applied mathematics. Research will examine the prospects …

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Armenia launches QR code payment system

Armenia has become only the second country in the world (after Singapore) to launch the Payment Express system. The system, also known as PayX, is a single payment system that uses QR codes, facilitating easier cooperation between financial institutions and payment systems. In order to use the contactless payment system, …

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Armenian company brings the internet of things to fashion

Armenian Mind, a company based in Armenia and known for producing smart wallets, is now looking to expand production to other accessories. The company is currently in negotiations with three major global brands, including French haute couture brands. To this end, engineers from the firm are visiting potential partners to …

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Converse bank to support FinTech startups in Armenia

Converse Bank will support several FinTech startups that participated at the ‘Sevan Startup Summit 2018’. The bank will prioritize innovative thinking and the introduction of novel approaches in the economy. In particular, it was mentioned that Converse Bank was willing to discuss and implement specific projects with FinTech companies to …

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Armenia’s Evocabank launches SingleTouch online loans

Evocabank has launched a new online lending service through its mobile application. SingleTouch loans, available to customers 24 hours a day/7 days a week, are given in local currency at a nominal rate of 14%. Loan amounts vary between AMD 100,000 and AMD 500,000, with repayment periods available of 3, …

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VTB Bank (Armenia) launches new, modern ATM services

VTB Bank (Armenia) is now offering its customers new and technological services at ATMs. Customers of the bank can now use ATMs to withdraw money, make payments, execute money transfers and instantly refill cards using cash. Moreover, the new ATMs are capable of accepting up to 90 bills at a …

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Armenian government to stay out of cryptocurrency market

The Armenian government has not approved amendments to the ‘Law on the Development of Digital Technologies’ or the ‘Law on State Registration of Legal Entities, Separated Subdivisions, Enterprises of Legal Entities and Individual Entrepreneurs’. The changes would have defined a “miner” of cryptocurrencies and set tax privileges and registration requirements …

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Converse Bank launches new mobile application

Yerevan-based Converse Bank has introduced its free-to-use mobile application called Converse Mobile, which allows customers to manage their accounts at any time of day from anywhere in the world. Using the application, customers can, among other services, make international money transfers, pay utility fees, pay traffic fines, exchange currencies, repay …

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Idram now repayment option for Anelik Bank clients

Customers of Anelik Bank can now use the Idram payment service to make payments on their loans at any time of the day. This can be done via the website (www.idram.am), the mobile Idram wallet (available for iOS and Android) and more than 160 payment terminals located in 53 bank …

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Ardshinbank issues first-in-Armenia ArCa-MIR payment card

Ardshinbank has become the first in Armenia to begin issuing the ArCa-MIR chip payment cards, which are  serviced in both Armenia and Russia. The main purpose the joint cards is to provide citizens of both countries with even more high-quality services, the development of non-cash payments and the expansion of …

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Modernizing ATMs for new banknotes requires little cost

In May 2017, the Central Bank of Armenia announced that it would put into circulation new composite banknotes that offer a higher degree of security and are of a better overall quality. The process for introducing the new notes will not require the withdrawal or replacement of banknotes currently in …

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VTB Bank Armenia to use EarlyOne queue management system

VTB Bank Armenia, which has the largest branch network in Armenia, has become one of the first banks in the country to make use of the EarlyOne remote queue management system. The system allows clients to make appointments at a preferred time and location without visiting or calling a branch …

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Araratbank to become a classic, digital and investment bank by 2020

Ashot Osipyan, CEO of Araratbank, announced his bank’s NewBank strategic development program which will transform the bank into a classic, digital and investment bank. Within the classic commercial bank structure model, the bank intends to review its structure and work to improve the efficiency of banking products, branches and financial …

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Expert panel discusses slow e-commerce development in Armenia

Ameriabank organized a panel discussion in April 2017 with telecommunication and bank sector experts to discuss the slow development of e-commerce in Armenia. Arman Barseghyan, head of retail banking at Ameriabank, noted that three key factors are impeding e-commerce development in the country: problems associated with the quality and reliability …

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Central Bank of Armenia to implement Intellect QCBS

The digital transformation of the Central Bank of Armenia will include the use of Intellect’s Quantum Central Banking System (QCBS). The QCBS will modernize and streamline business processes across multiple departments at the Central Bank as well as for external entities which conduct business with the bank. The Central Bank …

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Ameriabank launches a new payment application called Drops

Ameriabank has teamed up with Drops LLC to develop the new Drops application, which allows for automated payments to be made using a payment card. The Drops application works by charging user payment cards the amount due and then transferring the funds to operators. This allows users to manage all …

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Anelik bank introduces ‘Hello, Anelik‘ system

Anelik Bank is the first financial institution in Armenia to introduce an automated system for communication with its customers via Facebook. The system, called ‘Hello, Anelik’, was launched on the  February 20, 2017. Customers can use the system to receive not only information about bank products but also other useful …

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