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Tag Archives: Regulation

Attracting migrant remittances for investments into the Kyrgyz economy

According to economist Kubat Rakhimov, Kyrgyzstan has work to do if it is to ensure that laborers working abroad will make investments into the Kyrgyz economy. Specifically, he notes that the government needs to engage with the real economy and create attractive investment conditions. In this way, investments will happen …

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Russia’s National Financial Association issues first roboadvisory accreditation

Russia’s National Financial Association, a self-regulatory organization, has issued its first official accreditation to VTB Capital Investment under a program to provide individual investment recommendations to users via roboadvisors. Roboadvisors help clients form individual investment portfolios of stocks, bonds and index fund shares. After filling out a questionnaire, the roboadvisory …

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The rise of BigTechs in finance highlights important issues

BigTechs have been rapidly moving to offer a wide range of financial services. But the role of BigTechs in the financial sector raises numerous issues as BigTechs are not regulated like financial institutions and, therefore, are not subject to the same stringent capital, leverage and liquidity constraints. While this can …

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G20 countries discuss new tax system for large internet companies

At a meeting of the financial heads of G20 countries in Southwestern Japan, a discussion was held on developing a new tax system for large internet companies such as Google and Facebook. Specifically, the financial heads discussed implementing a tax policy under which such companies would be taxed in each …

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China’s WeChat: the high cost of digital convenience

On the surface it may seem the China’s WeChat is a social network like Facebook or WhatsApp. But with more than a billion users and a plethora of functions, it has become a social ecosystem with unlimited possibilities – a messenger, a payment system, an identification system, etc. For most …

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Hong Kong facilitating BigTech’s push into banking

So far this year, Hong Kong’s Monetary Authority (HKMA) has issued virtual banking licenses 8 different groups, including BigTechs, as part of an initiative to promote financial innovation, enhance consumer experiences and increase financial inclusion. The entrance of BigTechs into the financial sector is expected to push established financial institutions …

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BigTechs threaten financial stability

According to Christine Lagarde, head of the International Monetary Fund (IMF), the entrance of BigTechs into the financial market could adversely affect overall financial stability. Ms. Lagarde specially mentioned concerns over confidentiality and the potential for such giants to eventually drive out competition. Instead, IMF is looking to help member …

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The race to digitize banking in the Asia-Pacific region

Competition in the Asia-Pacific region is intensifying between established financial institutions and the technology and e-commerce disruptors that threaten to carve up the payment solutions market. According to a report by Temenos, BigTech companies like Google, Facebook and Apple as well as major payment players like WeChat Pay, Alipay and …

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Kazakhstan’s anti-monopoly committee investigating Google

Kazakhstan’s Ministry of Economy has announced the launch of an anti-monopoly investigation into Google. The announcement follows a number of complaints received after the internet giant began to block the ads of companies offering non-official repairs for equipment such as mobile phones and computers. All information is currently being studied …

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Video: how bigtechs’ role in finance will evolve

Representatives from Business Insider, Dankse Bank, Erste Group Bank AG, Paypal, Frontier Economics and UniCredit Group discuss how bigtech companies’ roles in finance is likely to evolve in the coming years.  Infographic: the changing landscape of payments 3 Reasons to Build with Blockchain TBC bank — first one to use …

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Video: are bigtechs monopolies?

Bigtech companies are everywhere, but is their expansion putting them on a head-to-head course with antitrust legislation? Video: World FinTech Report 2017 findings Video: the single most important factor to startup success 3 key areas for a future with open banking

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Video: are some bigtechs unstoppable?

Amazon, Apple, Facebook, Google and Microsoft are five of the most valuable companies in the world, earning the monikers “The Big Five” and “The Frightful Five”. Take a quick look at how these companies have developed their huge market shares and whether or not it might be time to consider …

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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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3 key areas for a future with open banking

As open banking continues its path toward offering consumers greater financial products and services, it is interesting to consider what things are necessary for open banking to become the new normal. Perhaps there is no other single thing more important for the long-term success and uptake of open banking than …

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Polish realities in a PSD2 Europe

A recent survey of the Polish banking sector concerning the Second Payment Services Directive (PSD2) of the European Union (EU) was published by KPMG. Specifically, the survey found that Polish banks view their main competition as other banks in the short term; however, the realities of PSD2 shift that perception …

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Key security questions in an open banking ecosystem

While open banking represents a step forward for financial institutions, data and customer identity must remain the highest priority. In fact, the European Banking Authority (EBA) recently released new guidelines on open banking systems that named data security a top priority as banks begin to share their customers’ financial information …

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The brave new world of open banking in the Asia-Pacific region

Countries across the Asia-Pacific region have been quick to establish open banking frameworks following the rollout of open banking regulations in the United Kingdom and the European Union’s passage of the Second Payment Services Directive (PSD2). Here’s a quick overview of the new world of open banking in 6 of …

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Polish banks reluctant to embrace open banking

With open banking growing in popularity across the globe and the Second Payment Services Directive (PSD2) coming into full force, many Polish banks are reluctant to embrace open banking. Leaders at many Polish banks believe that open banking is unnecessary for them as the point of open banking is to …

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