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3 key payment trends for 2020

The payment industry continues to expand and evolve, with digital payment vehicles and transaction volumes growing across the globe. Experts anticipate that 2020 payment trends will push the development of payments even further. Here are 3 payment trends for 2020: Competition between closed and open payments platforms – there is …

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7 developments awaiting the Russian banking sector in 2020

Russia’s banking market has already proven itself to be very dynamic. But with changing regulations, new business models and new innovations coming to market, 2020 promises to be an interesting year for banking in Russia. Here are 7 trends expected to define banking in Russia this year: Ecosystems and super-apps …

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Gray swans that could disrupt the banking sector

Although there have been a myriad of changes in the banking sector that have made banking processes faster, easier and more convenient, the basic concepts behind them remain largely unchanged. But what low-likelihood, high structural impact events (gray swans) could trigger a dramatic shock to the banking sector? Here are …

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Reform efforts driving Uzbekistan’s financial sector development

In recent years, the banking sector of Uzbekistan has been undergoing a number of reform efforts aimed at improving the availability and quality of financial services, something important for sustained economic growth. The main priorities have been on the further development of payment systems, strengthening the financial stability of credit …

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Video: Top FinTech trends for 2020

The advancement of technology has been a consistent driver of business development, and 2020 will be no different. Here’s a quick look at the top FinTech trends for the coming year. 2019 looks for be yet another lights-out year for FinTechs Moving past legacy systems Video: innovations in the B2B …

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10 data science considerations for financial institutions

Advanced data science promises numerous benefits to financial institutions in a wide variety of areas, including marketing, sales, operations, consumer intelligence, portfolio management, risk and compliance. Here are 10 significant areas of concern that financial institutions should consider as they evaluate their technology priorities: Artificial intelligence (AI) – AI can …

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Russia’s Big Data Association to create Big Data sandbox

The Big Data Association has announced its intention to create a sandbox for working with the anonymized personal data of association customers, including data on purchases, payment types and mobile-related data. The Big Data Association hopes that the sandbox will allow association members to better design products and services. There …

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New Uzbek law defines fines, prison time for manipulating personal data

Amendments and additions to Uzbekistan’s criminal code and administrative responsibility code governing the use of personal data have been signed into law. The updated legislation outlines a schedule of fines and prison time for the illegal collection, systematization, storage, addition, use, provision, distribution, transfer, depersonalization and destruction of personal data. …

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Kazakhstan to create Personal Data Agency

The government of Kazakhstan is planning to create the Personal Data Agency under the Security Committee of the Ministry of Digital Development. This new agency will be responsible for coordinating and improving the storage and security of personal data. This includes work to prevent and respond to personal data leaks. …

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Russia debates the personal nature of Big Data

Amendments to Russia’s Law on Information, Information Technologies and Information Protection are currently being discussed and could have major implications for how Big Data is used in the country. The discussion centers around whether Big Data (which does not contain personal data per say but could potentially be further processed …

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Russia’s Central Bank outlines information security strategy

Russia’s Central Bank has published its Main Directions for the Development of Information Security in the Credit and Financial Sphere for 2019–2021. The document outlines a plan to combat cyber threats, including proposed regulations regarding the use of Big Data, artificial intelligence, robotics and the internet of things in the …

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Balancing data privacy rights

Data is quickly becoming a point of contention between companies working to collect, process and secure it and governments seeking to force companies to provide them the data they possess. The debate between the two sides revolves around an age-old debate: freedom vs. security. While governments argue that they should …

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Ethics in Big Data is becoming a big deal in Russia

Participants in Russia’s emerging Big Data market, including the Internet Development Institute (IRI) and the Big Data Association (ABD) (which includes Yandex, the Mail.ru Group, Sberbank, Gazprombank, MegaFon and Rostelecom), have developed a self-regulatory ethics code that, in their opinion, will allow the industry to move forward and avoid any …

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European Commission launches antitrust investigation against Amazon

The European Commission has launched an antitrust investigation against Amazon that could result in USD 23 billion in fines. The investigation stems from the fact that Amazon is itself a seller and also serves as a platform for others to sell. Authorities are concerned that Amazon collects information on the …

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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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