BFC FinTech Monitor 20th – 27th February

Tags Artificial Intelligence Cryptocurrency Identification Marketplaces Payments Regulation Startups

Stay up-to-date on all the all the latest FinTech news and information from around the world in the BFC FinTech Monitor and telegram channel FinTech Wave.

Around the World:

• In 2019, FinTech startups attracted a total of USD 34.5 billion in investments (1,913 total transactions). Nearly half of this amount (USD 17.2 billion) was invested through just 83 megadeals.
• Mastercard has begun developing a new biometric payment authentication system based on unique movements, heartbeats and visible blood vessels. The company is purportedly already in talks with some public transportation operators to pilot the system.
• A ruling from United States District Court for the Southern District of New York judge Peter Kevin Castel has forced the release of the Telegram cryptocurrency to be postponed.
• Coinbase has become the first cryptocurrency exchange to receive Principal Member status from Visa. This means that Coinbase can now issue cards of all types and independently carry out settlements with the payment system, without the intervention of third parties.
  The Central Bank of Sweden has partnered with Accenture to begin pilot testing of a digital version of the country’s currency, the Swedish krona (SEK).

Russia:

• The recently-published Roadmap for the Development of End-to-End Digital Technology 2024 highlights the potential of artificial intelligence to help Sberbank increase its earnings to RUB 450 billion.
• The Central Bank of Russia has recognized that the Quick Payment System had some inherent flaws that made it vulnerable to scammers.

Ukraine:

• Ukrainian cryptocurrency exchange Kuna has launched a beta cryptocurrency that is based on the Ethereum blockchain and supports ERC20 and ERC865 standards. The National Bank of Ukraine has announced the launch of similar project.

Belarus:

• Management company Zubr Capital has announced its recent direct investment into Myfin Group, a marketplace for banking products and services. The investment funds are expected to improve the Myfin Group platform as well as strengthen the company’s position in both the Belarusian and Russian markets.

Uzbekistan:

• The Central Bank of Uzbekistan has developed the Anor instant payment system, which allows legal entities and individual entrepreneurs the ability to make interbank transfers around the clock.

Azerbaijan:

• Baku will play host to the FinTech Summit 2020 exhibition in mid-May of this year. The exhibition will showcase new trends in the banking and payment ecosystem as well as other new innovative solutions and security measures.
• Visa has begun active cooperation with Azerbaijani regulators as part of an effort to increase the volume of cashless payments in the country.