In March 2017, the Russian Ministry of Communications promoted a draft law to change the procedure for issuing reinforced qualified electronic signature (RQES) certificates. The proposed law would move the …
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Swedish bank Nordea to introduce artificial intelligence
Swedish commercial bank Nordea is introducing artificial intelligence, which will analyze, and classify customer text messages and afterwards, distribute them to appropriate departments. The technology can analyze hundreds of messages …
Read More »Kazakhstan, the second country in the world to regulate cryptocurrencies
The Astana International Financial Center (AIFC) has announced the creation of a working group to develop an ecosystem to enable blockchain solutions in the Commonwealth of Independent States (CIS) region. …
Read More »OCBC Bank in Singapore introduces artificial intelligence-powered HR mobile app
OCBC Bank has become the first in Singapore to launch a comprehensive human resources mobile application. The system, called ‘HR In Your Pocket’, includes an artificial intelligence-powered chatbot which is …
Read More »Bank efforts dominating Polish fintech scene
Due to an era of low interest rates, banks in Poland found it difficult to compete with prices and, thus, began competing with innovations. Unlike in other markets, Polish Fintech …
Read More »Transforming smartphones into unique POS terminals for micro-sized retailers
British company Worldpay has developed and is testing a mobile application that allows for payments to be received via smartphones which support an NFC device. These mPOS terminals were developed …
Read More »Joint bank associations around Europe to maintain the ATM networks
The decrease in demand for cash and the growth of criminal attacks on ATMs have made many banks in the Netherlands and other European Union (EU) countries consider decreasing the …
Read More »EY report: Fintech penetration rates around the world
The most recent Ernst & Young survey of more than 22,000 digitally active consumers highlights the impressive and rapid growth of the adoption of fintech and its variations within 20 …
Read More »Will online cash registry crash Russian small businesses?
A Russian law on the mandatory transition to new cash register equipment has came into force on July, 2016, with the goal of optimizing state control and better tax regulation. …
Read More »Credit scoring using Big Data
Credit institutions are constantly developing their scoring system to better prevent bad loans. To assess the solvency of potential borrowers, banks look at things such as age, social status, level …
Read More »IT policies for more secured cloud usage
The following internal policies provide for maximum cloud data security and prevent unnecessary information leaks. Basic policies: employee trainings on how to handle sensitive data in various situations advanced access …
Read More »How banks can compete against an army of FinTech startups
Most retail banks are very much behind in digitalization and the rise of FinTech, focusing instead on only allowing the most routine customer transactions online. A recent analysis conducted by …
Read More »Idea Bank launches mobile coworking space – Idea Hub Express
Idea Bank, a specialized bank for SMEs known for its creative ideas such as mobile automatic teller machines (ATMs) and co-working branches, is launching another unprecedented concept, the Idea Hub …
Read More »8 unusual places where you can pay with bitcoin
Bitcoin is gaining popularity as an alternative to traditional money, and the virtual currency is starting to gain popularity at different businesses around the world. Here is a list of …
Read More »VTB24 bank is going paperless
VTB24 is making the move to a paperless office by having clients fill out applications for cash loans and credit cards on a tablet instead of on paper. Furthermore, instead …
Read More »Remote authentication potential consequences: a case study in Russia
The Bank of Russia, the Federal Financial Monitoring Service and the Ministry of Communications are working together with commercial banks to launch a pilot project for remote customer identification. The …
Read More »’Innovations and Startup’ banking conference to be held May 24–25, 2017 in Tbilisi
The ‘Innovations and Startups’ banking conference on SME banking in the Caucasus will be held in Tbilisi May 24–25, 2017. The following topics will be discussed: the role of commercial …
Read More »Russian banks can not find a common electronical language with the government
The Central Bank of Russia has several initiatives to facilitate interactions between banks and their customers through modern technology; however, there are many strict responsibilities for customer verification that make …
Read More »How Sberbank created a personal recommendation “Tips” service
In February 2017, Sberbank launched its new ‘Tips’ service, which won the ‘EFMA Innovation of the Month’ award in March 2017.The new service was created to provide their 20 million …
Read More »BLender secures E-Money license in Lithuania, paving way to Europe
BLender, an Israeli-based lending platform active in Italy, Israel and Lithuania, is planning to expand its operations to two additional Baltic countries and Southeast Asia this year. BLender funds loans …
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