BFC FinTech Monitor 22nd – 29th May

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:

  • Swiss financial holding UBS Group is planning to create a venture fund of USD 10-20 million for investments in FinTechs.
  • According to a study by Swedish FinTech startup Tink, European banks have spent between EUR 50 million and EUR 100 million on open banking projects.
  • Samsung has introduced a new mobile transaction security solution that has received the highest security certification level (Common Criteria Evaluation Assurance Level 6+).
  • Google is currently testing using Google Assistant’s voice recognition technology as a way to allow consumers’ voices to authenticate payments.
  • Chinese internet giant Tencent is planning to invest USD 70 billion in the development of IT infrastructure and blockchain technology.
  • Polish bank Pekao has developed a mobile app for children to help them learn goal setting and the importance of saving.
  • Forbes columnist Ron Shevlin is predicting that the use of FinTech services will become the norm in a post-crisis world.


  • Russia’s Central Bank has introduced open banking technology in a test mode.
  • Sberbank has announced that the majority of its customers will be connected to the Quick Payment System in early June via the bank’s mobile app. The bank has also announced its plans to purchase more contactless ATMs.
  • Accenture has estimated that Russia’s chatbot market in 2019 was between RUB 1.3 billion and RUB 1.5 billion. This is expected to grow as much as 30% in the next 3 years.
  • The Golden Crown payment system, under the brand KoronaPay, has entered European markets and is now available in 31 countries. The company plans to facilitate 50% of online transfers between Europe and CIS countries within the next 2-3 years.
  • Tinkoff has registered the Zen Bank trademark for projects taking place under its Al-Banking strategy.
  • A number of Russian banks are planning to introduce psycho-scoring as part of their lending process for individuals.
  • Ak Bars and APIBank are launching a virtual Visa bank card product for use at LetyShops. Users can replenish cards through their personal accounts and connect them with Apply Pay, Google Pay and Samsung Pay accounts.


  • The Ministry of Digital Transformation has developed a concept for developing artificial intelligence in the country, with a particular emphasis given to cybersecurity and defense. The Ministry has also resumed negotiations with PayPal regarding the launch of a new payment system in Ukraine.
  • Monobank is terminating is collaboration with Taskcombank following complaints consumers had in withdrawing cash from deposits made at Taskcombank.
  • The National Bank of Ukraine is planning to allow financial companies to transfer powers to each other for the purposes of certain cash-based operations.
  • PaySpace magazine has uncovered how the remote identification system in 40 Ukrainian banks works.


  • Online payments in Belarus can now be made via Apple Pay.
  • has published interviews with experts detailing how the COVID-19 crisis is likely to impact FinTechs and banking in Belarus.
  • The National Bank of Belarus of has announced new threats, vulnerabilities and money laundering risks associated with the COVID-19 pandemic.


  • Ulugbek Tavakkalov, deputy chairman of the board of Uzpromstroybank, outlines the importance of a marketplace for the bank, the likely future of the PSB mobile app and how the bank’s business model is changing.
  • Agrobank and Russia’s Sberbank have launched an instant money transfer service similar to that provided by Uzcard and MIR.


  • An educational project (QWANT) has been launched in Astana by the AIFC bureau as part of an effort to train developers on the development of client and server software, cloud computing, blockchain, operating systems and databases.


  • Unibank has introduced artificial intelligence in its credit scoring as a way to reduce costs and improve consumer experiences.
  • The number of non-cash card transactions now exceeds the number of cash card transactions in Armenia.


  • Ateshgah Insurance has launched digital insurance products that allow consumers to conclude standard insurance contracts and make premium payments online.
  • Kapital Bank has temporarily reduced (by 50%) the commission it charges companies for using its POS terminals. The measure was taken to support entrepreneurs during the crisis and will last through September 30, 2020.


  • Bank of Georgia JSC clients can now get online advice via chat. The service is available 24/7.