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Tag Archives: Digital Transformation

Expert opinions on Kyrgyz fintech and e-commerce market

E-Commerce and FinTech Hackathon 2019, organized by KG Labs and financially-supported by GIZ’s Trade Facilitation in Central Asia project and Interbank Processing Center, was held June 14-16, 2019 in Bishkek, Kyrgyzstan. We asked its mentors how they assess the state of the FinTech and e-commerce market in Kyrgyzstan. Here’s what …

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Video: how FinTech can push small businesses to the next level

Karen Mills, former director at Small Business Administration, discusses the influence of smaller financial technology companies on big banks in this insightful video. The 10 best B2B customer experiences Banking regulations not suitable for small online lenders using FinTech solutions Infographic: 10 reasons to invest in data visualization

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Video: what to look for in FinTechs

FinTechs are leading the charge in using advancements in technology to fundamentally change the landscapes of e-commerce, payment networks, online lending, money transfers, business-to-business (B2B) payments, personal finance and banking. Gain some insight into what is likely to drive a FinTech toward success and make is a smart investment choice. …

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Video: B2B financial services firm case study

Explore an interesting case study of a financial services firm that produces software for other businesses as they incorporated a new reference model and enhanced functionality to meet new government and consumer requirements. Infographic: using communication apps in the financial sector Infographic: the banking customer experience Startups are disrupting the …

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BFC takes part in E-commerce and FinTech Hackathon 2019

BFC experts took part in E-Commerce and FinTech Hackathon 2019, which was held June 14-16, 2019 in Bishkek, Kyrgyzstan. During the event, participants were given 54 hours to turn their ideas about e-commerce development and cross-border trade into working projects. Evaluation of the projects as well as technical assistance was …

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Open banking platforms

Open banking and the regulatory environments driving it are forcing financial institutions to become a platform business. However, there are 4 such platforms for financial institutions to consider: Proprietary platforms use open APIs to make data accessible to developers and to offer finalized products to consumers. Joint venture platforms encourage …

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Does the Beyond Banking model represent the future of banking?

Beyond Banking is a business model in which consumers receive a package of services through an ecosystem of various providers. It works by taking advantage of open APIs to quickly and easily send data between the information systems of various services using standard data exchange protocols. It has arisen as …

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How to transition into the era of open banking

It cannot be stated enough that open banking is here, and it’s here to stay. Financial institutions must now embrace open banking if they are to remain relevant in the medium and long terms. To do this, they must start thinking consumer-centrically and realize the value that third-party service providers …

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Time for European banks to embrace open banking business models

Open Banking is making a significant impact upon the banking industry in Europe and encouraging more players to get involved in the financial services industry. In fact, newcomers have increased their share of revenue in the past year and now represent a third of the financial sector’s total growth. This …

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Gates Foundation supports open mobile banking platform in Africa

Two of Africa’s largest mobile operators and mobile money providers (Orange Group and MTN Group) have announced they will use Mojaloop, an open source financial services technology sponsored by the Gates Foundation. The two companies call their joint venture Mowali (mobile wallet interoperability), which will make it possible to send …

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Isracard selects Temenos as its digital open banking platform

Isracard, the largest credit card company in Israel, has selected banking software company Temenos to serve as its open banking platform. Isacard’s selection of Temenos will help the company achieve its strategic goals of simplifying its system architecture and providing enhanced digital experiences. Temenos’s T24 Core Banking platform will provide …

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Netherland’s cautious adoption of open banking

The Second Payment Services Directive (PSD2) underpins open banking across the European Union (EU); however, open banking in the Netherlands has yet to become a reality as Dutch regulators have been slow to transpose the directive into national legislation. Much of this delay centers around ensuring legal protections for data …

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India standing at the crossroads of open banking

Changing consumer patterns, the emergence of non-traditional competition (e.g. FinTechs, blockchain and artificial intelligence) and initiatives undertaken by the Reserve Bank of India have provided the ideal timing for Indian banks to embrace open banking or risk losing out to new, innovative players. However, there are still numerous issues that …

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Sberbank registered 182 new domains

Early this year, Sberbank registered 182 domains having “sber” in the address (e.g. sber-medicine.ru, sber-fashion.ru and sbersale.ru). The mass registration of domains is part of Sberbank’s effort to develop an online ecosystem that meets consumer’s financial and non-financial needs. By 2020, Sberbank plans on transforming itself into a universal company …

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Russian insurers, intermediaries discuss API integration

The Digital Tools for the Development of Insurance Product Partner Sales roundtable was held in Moscow, a first-ever discussion between insurance companies, intermediaries and IT experts in the country. The roundtable was held to discuss how API integration could be leveraged to: increase the speed of consumer integration into insurance …

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In-demand FinTech skills

Rapid digital transformation has not only hastened the expansion of FinTech in recent years, it has also increased the demand for FinTech skills. Moreover, this demand calls for a convergence of multidisciplinary skills commonly-known as the full-stack quant (i.e. requisite technical skills with a working knowledge of financial concepts and …

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The appeal of finance to top tech talent

The world of technology seems to be filled with endless opportunities for innovation and success, whereas the financial world is often perceived as outdated and with a bleak outlook. Yet, tech-minded individuals seem to be entering financial spheres at high rates, signaling a shift in where many (especially millennials) are …

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Why financial institutions are losing the talent war for developers

A global survey of 1,000 bank and financial firm executives found that the biggest concern for many financial institutions is access to skilled developers. In fact, 97% of respondents said the higher developers was a priority for them, with 72% seeing developers as directly impacting sales efforts. This leads to …

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