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Tag Archives: Payments

WeChat owner receives investment fund license

The Shenzhen representative office of the China Securities Regulatory Commission has issued Tencent a mutual investment fund license, opening the door for the WeChat messenger owner to sell shares directly to customers on its own platform or via the online financial management platform qian.qq.com. The license will also give the …

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Payments via instant messengers to be allowed in the U.K.

The United Kingdom has passed new rules, called Open Banking rules, that will force large banks to implement APIs in order to standardize safe access to customer data. The effect of these rules will mean that banks will be forced into allowing payments to be made via Facebook Messenger, Google …

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Five banking areas most likely to be affected by blockchain

Blockchain, the technology underpinning cryptocurrencies such as bitcoin, was initially treated with skepticism by banks; however, blockchain has become the latest buzzword in the financial sector. Here are the five areas within the sector most likely to be affected by blockchain: Clearing and settlement — it is estimated the some …

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The state of cryptocurrencies in Kyrgyzstan

With cryptocurrencies increasing in popularity throughout the world, Kyrgyzstan has also started to think about how it will interact with them, both from an official (government-level) sense as well as from a popular (citizen-level) sense. There are benefits and drawbacks to their use on a widespread scale, including the benefits …

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Mastercard takes blockchain mainstream with API

Mastercard has tested and validated its own blockchain and will be opening access to it via a set of three APIs published on the Mastercard Developers website. The APIs include the blockchain core API, the smart contracts API and the fast pay network API. The blockchain solution aims to offer …

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Azerbaijan to host banking forum

The Azerbaijan Banks Association (ABA), in partnership with the Center for Analysis of Economic Reforms and Communication, will hold the second ‘Adaptation of the Banking System to the New Development Period’ banking forum November 23-24, 2017. The forum will feature 4 Panels: “Works done for the minimization of the effect …

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Top 10 retail banking innovations in the world

The Efma–Accenture Banking Innovation award program is an initiative program aimed at identifying and awarding the most innovative projects in retail banking at a global level. The program, now in its fifth year, hopes to share the best practices worldwide. A total of 183 financial institutions from 59 countries submitted …

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Commerzbank’s focus on Digitalization

Germany’s Commerzbank has developed a multi-channel approach to providing support to its customers, using digital solutions for simple daily operations and establishing a trusting relationship with customers at the same time. The bank tends to remain focused its customers, and, as such, has pioneered many banking solutions such as the …

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Russia ranks third in Fintech activity use

According to a survey conducted by audit and consulting company EY, Russia is third among the top 20 largest world markets in terms of the penetration of financial and technological services, just behind the United Kingdom and Brazil and just ahead of China and India. The most popular services for …

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Digital technologies lagging behind in Central Asia

The conclusions of a World Bank report on the development of digital technologies in Central Asia are disappointing. Experts found that expensive and difficult access to the internet has become a barrier to the development of business in the region. In Tajikistan, it was found that only 17% of the …

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ICTForum 2017 held in Uzbekistan

ICTForum 2017, held in Uzbekistan, allowed participants to come together to discuss online banking, payment systems, payment through social networks, cloud solutions for banks, blockchain and other related topics. The forum also included a talk from Abdulaziz Sattarov, IT director at Ipak Yuli Bank, about the stages of digital transformation …

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Digitalization changing how finance works in Kazakhstan

In an increasingly digital world, people are expecting more from the technologies they use every day, and customers are increasingly becoming “hybrid”, i.e. using both online and offline solutions. As part of this digital revolution, the government is concentrating efforts to aid in this transition. The top priority is to …

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Terabank’s e-banking just got more convenient

For many Georgians, banking just became a little easier via ebanking.ge. The site, operated by Terabank, has been redesigned with a new interface and system that now allows users to make transfers, pay utilities, purchase tickets, control banking assets and more, all from the comfort of home or wherever they …

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Non-cash payments up 33% in Azerbaijan

Between January and August of this year, cashless payments amounting to AZN 696 million were carried out in Azerbaijan via POS terminals. This represents a 33% increase (AZN 173 million) as compared to the same period of 2016. In August, cashless payments at POS terminals increased by 8% (AZN 5 …

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Banks need to develop their own mobile wallets

Mobile wallet use is growing. Most consumers (65%), however, want one payment application on their phone, and most would prefer that that application be from their bank. This presents a great opportunity for banks to stay relevant and engaged with clients by meeting their unique needs and offering a trusted …

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NBKR holds mobile balance payments violate law

The National Bank of the Kyrgyz Republic (NBKR) is insisting that the laws and regulations of Kyrgyzstan prohibit mobile operators from allowing customers to use their mobile balances to pay for other goods and services since mobile phone balances do not belong to the subscriber but are the operator’s income. …

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Europeans comfortable with digital banking, payments

The annual Visa Digital Payments Study has found that 77% of Europeans now use their mobile devices to keep track of their finances and make everyday payments. 62% use a mobile banking application to check their balance or access other services, and 68% have used a digital wallet, card-on-file service …

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