Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor.
Around the World
- According to the head of the European Central Bank, Christine Lagarde, the digital euro could be launched in the next 2-4 years. In order to do so, regulators still need to decide on a basic technology as well as provide for measures to combat money laundering and terrorist financing.
- Visa’s new FinTech Partner Connect program allows financial institutions and merchants to partner with 13 select FinTech companies that offer a suite of value-added digital payments services.
- FinLedger examines how a Biden presidency might affect the FinTech industry, both in the United States and around the world.
- Shares of Chinese FinTech giants have experienced historic crashes on the Shanghai, Shenzhen and Hong Kong stock exchanges following a recent announcement by Liang Tao, deputy of the Banking and Insurance Regulatory Commission, that FinTech companies should be regulated like banks.
- Artificial intelligence (AI) is seen as central to the new digital strategy of Belgian bank KBC, which hopes to move from omnichannel distribution model to a digital-first one/digital-only one.
- Analysts at CBInsights ranked Ripple as the fourth-largest FinTech company in the world. With a valuation of USD 10 billion, it outpaced both Coinbase (USD 8 billion) and Robinhood (USD 7.6 billion).
- According to JPMorgan analysts, Bitcoin has become the new gold, with capital managers, including family ones, increasingly investing in it.
- The Bank for International Settlements (BIS) has prepared a report on how the UK FinTech sandbox works. In particular, it notes that startups participating in the program receive 15% more funds and have a better chance of attracting investment.
- The COVID-19 crisis has had a positive impact on the commercial blockchain solutions market. According to the World Trade Organization, more than 80% of companies from this sector have improved their performance amid the pandemic.
- The Ministry of Finance believes that failure to declare cryptocurrencies should be prosecuted, with the punishment imprisonment. In fact, such amendments to the Criminal and Criminal Procedure Codes have already been prepared for submission to Parliament.
- Moody’s experts believe that the launch of the digital ruble may be dangerous for banks as funding outflows could lead to their overall decrease in creditworthiness to funders.
- Tinkoff is now offering customers a single financial subscription to the services of the ecosystem and partners, including international ones. The terms and conditions are similar to that of receiving a premium card.
- Irina Odinaeva, managing director of the Strategy and Consulting Department for Banking at Accenture in the Russian Federation, discusses how to make money with open banking as well as what the prospects for opening banking models are in Russia.
- Sergey Akhmetov, chief technology officer of TalentTech (which velops smart solutions for the development of people and businesses), explains how to avoid mistakes when introducing digital innovations as well as how to strengthen digital-IQs.
- All-Ukrainian Blockchain Hackathon 2020 will be held in Kiev on November 28, 2020. First place will receive a prize of USD 3,000. Register here.
- Ukrainian neobank Monobank has launched the sale of its cards at the cash desks of large retail chains. It is now possible to purchase a card for UAH 50 UAH (about USD 1.80). After activation, this amount will be credited to your account.
- The deputy executive director of the International Monetary Fund in Ukraine notes that the Ukrainian financial market is still lacking in automobile, agricultural and mortgage loan products, among others.
- The Kursiv publication has studied a new concept for the development of the financial sector through 2030, which is currently still being prepared by the Agency for the Regulation and Development of the Financial Market (ARRFM), the National Bank and market participants. The concept reveals a plan to introduce a system of instant payments, open platform technologies and financial marketplaces as well as to increase financial literacy and improve the procedures for underwriting in financial institutions banks.
- Visa’s tap-to-phone technology turns Android smartphones and tablets into point-of-sale contactless terminals without any additional hardware. Find out how this is helping businesses adapt to new realities.
- Kazakhstanis made about 2 billion non-cash transactions totaling KZT 23 trillion in the January—September 2020 period. According to the National Bank, this is 2.6 times more than the same period in 2019.
- QIWI and Russia’s MTS Bank have launched transfers to Tajik Korti Milli cards. The service is provided without a commission, and funds are credited instantly. In addition, there is a cashback reward of up to 10%.
- Uzpromstroybank’s underwriting system has now been organized to exclude multi-stage considerations and issue opinions on applicants’ credit applications much more quickly.
- Foreign shareholders will provide approximately EUR 25 million to Mobiasbanca for the development of a new digital strategy, one which hopes to introduce new digital technologies in the country.
- PASHA Bank has launched its pay-by-feference service, which allows entrepreneurs to create virtual payment links to their bank accounts in just a few seconds. This will make it easier for their clients to pay for goods and services.