BFC FinTech Monitor 12th – 19th

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:

  • Capgemini analysts have prepared the World Retail Banking Report 2020. The report highlights the impact of COVID-19 on digital banking services as well as suggests that financial institutions work to reduce costs, improve personalized offers, upgrade their business models in stages and collaborate with FinTechs.
  • WhatsApp is launching a new payment service through Facebook. Currently, the service is only available in Brazil.
  • According to Deloitte’s 2020 Global Blockchain Survey, nearly 40% of large tech companies have already implemented blockchain into their infrastructure. Moreover, more than 800 companies worldwide are also ready to start using cryptocurrencies.
  • British neobank Starling Bank has integrated notification services with Slack messenger in order to allow company transactions to be easily monitored via the communication platform.
  • A Digiterre study has revealed that employees in charge of technology at Finnish, U.S. and Continental European financial institutions have increased their productivity by working at home during the COVID-19 crisis. At the same time, the study also showed that the lifecycle for software development has slowed due to the limited direct access developers have to banking specialists.


  • Alfa-Bank has opened its first office in Moscow using the phygital concept (a combination of physical and digital service channels). Among the key innovations the office has introduced are: biometric identification (at the entrance to the facility), no paper documentation and visit scheduling via the bank’s mobile app.
  • Visa and Yandex.Kassa have launched a small business marketplace called “When Purchases Mean More”. The marketplace allows companies with a turnover of up to RUB 2 million per month to promote their goods and services to potential customers.
  • The Quick Payment System has recorded a higher proportional level of unsuccessful money transfers since Sberbank joined. It is thought that the reason for this increase is that many Sberbank customers do not yet understand how to properly use the system.
  • There are 2 online conferences scheduled in the near future: Fin.Bot 2020 (a conference about the use of chatbots and virtual assistants in the financial sector) and OPEN Banking: API Management and Ecosystems.


  • The National Bank of Ukraine invited market participants, experts and industry associations to discuss a roadmap for implementing the national FinTech Development Strategy 2025.
  • Privatbank has launched a mobile app on Android and iOS for individuals and entrepreneurs that is based on Privat24. The app allows users to view account statements as well as easily share account details. The bank is also working to add more functionalities, including deposits, currency exchanges and payments.
  • Ukraine’s Parliament has adopted a bill regulating cloud technologies. According to the Minister of Digital Transformation, the passage and implementation of the bill will help reduce corruption risks, reduce budgetary costs and accelerate the implementation of innovations.


  • A recently-released Mastercard study has revealed that more than half of card payments made in Belarus are made using contactless technology.


  • has published materials about why Kazakhstan needs a national digital currency as well as how other countries are testing their own digital currencies.
  • One of the largest FinTech companies in Kazakhstan,, is preparing to conquer digital payment markets throughout Central Asia and the Caucasus.


  • International FinTech platform Humans, which combines the services of a mobile operator, a financial institution and a marketplace, has entered the Uzbek market with an initial development investment of USD 15 million.
  • The National Interbank Processing Center and international payment system Mastercard have agreed to issue joint cards that will allow users the ability to pay for purchases at places where Mastercard is accepted worldwide.
  • The first electronic money system in Uzbekistan, OSON, has been officially registered. A service of Brio Group, OSON is also currently in negotiations to launch PayPal services in Uzbekistan.


  • Converse Bank is offering users of their mobile app the ability to create a virtual Visa card that has cashback rewards. Moreover, every 50th customer who creates a virtual card through the app before July 14, 2020 will received a special gift from the bank.