Tags Artificial Intelligence Cryptocurrency Cybersecurity Digital Banking Events Payments Regulation

BFC FinTech Monitor

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

• The Financial Conduct Authority of the United Kingdom is urging the financial industry and FinTech sector to define a minimum set of data to be used for APIs, paving the way for the open finance throughout the United Kingdom.
• Visa has expanded the functionality of its Visa Direct platform for entrepreneurs by making it easier for businesses to make payments to customers and employees as well as transfer funds to different accounts (including international accounts).
• In crypto news: financial conglomerate Morgan Stanley has named cryptocurrency as an emerging class of investment assets; PayPal clients in the United States can now pay for purchases with cryptocurrencies; British regulators believe that young people are investing in cryptocurrency for the sake of “thrill”; Visa has begun to conduct cryptocurrency transactions using a new Crypto platform; the European Union Summit is supporting preparations for the digital euro; the IRS will identify cryptocurrency users hiding their profits; and DMG Blockchain Solutions and Argo Blockchain have created the world’s first renewable energy mining farm.
• Revolut has become profitable and stands alone in the European market.
• Microsoft and Fabrick will develop open finance in Europe, with Fabrick becoming part of the tech giant’s commercial marketplace and financial ecosystem. Both companies will also work to quickly integrate third-party services to create personalized digital products.
• Citigroup has instituted two new policies: no-Zoom Friday and mandatory weekends. The policies are designed to ensure boundaries between home and work are maintained amid the pandemic. In a similar move, Goldman Sachs has banned working on Saturdays.
• Huawei intends to compete with Alipay and WeChat in China, having already obtained a license to expand its mobile payment services in China through the acquisition of the Shenzhen Xunlian Zhifu Network.

Russia

• Russia has become the world leader in contactless payments, with nearly 80% of all respondents to a poll of Russian card users stating that contactless payments are now a part of their daily payment routine.
• According to a CNews report, funding for Russian blockchain development has been cut fivefold.
• Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, has called for amendments to be made to the Law on Digital Financial Assets, citing the need to clarify distinctions between the digital ruble and stablecoins on one hand and cryptocurrencies on the other.
• Russian banks have begun to introduce biometric ATMs on a large scale.
• The Artificial Intelligence Alliance (AI-Russia Alliance) has begun developing regulations for candidate companies interested in joining the Alliance.

Ukraine

• Customers of Privatbank can now find out their rating of financial digitality through the bank’s online banking channel.
• PaySpace Magazine explains what ‘passion for interchanging’ as well as the National Bank of Ukraine’s opinion on the matter.
• Vladislav Belan, CEO of the FinTech service MyCredit, explains how the company has established new standards for online services.
• Global Finance Magazine has named Alfa-Bank has the best bank in Ukraine and Raiffeisen Bank International as the best bank in Central and Eastern Europe.
• The Ukrainian Cash Day 2021 forum will be held in Kiev on April 16, 2021.

Kazakhstan

• The Social Wallet project is being introduced as an alternative to bank cards. Under the project, residents will be able to receive social benefits and use them via a mobile app that acts as a full-fledged bank payment instrument.
• Forbes has published an article about Kazakhstani online trading platforms, including the freedom24.kz app developed by Halyk Finance and Tabys.
• The first credit bureau in Kazakhstan has launched the Credit Union Credit Transfer Unique Software (CUCTUS), facilitating greater credit relationships between financial institutions and improving automated credit scoring processes.

Kyrgyzstan

• 10 of Kyrgyzstan’s 23 banks current offer mobile banking services, with the rest preparing to launch them in the near future.
• Bai-Tushum has opened a self-service zone in one of its Bishkek branches, allowing customers to receive some banking services using technological devices installed in the zone.

Tajikistan

• The Ministry of Industry and New Technologies has announced Tajikistan’s intention to create an IT park to facilitate better technological development in the country. While some independent experts lauded the idea, many remain skeptical over whether or not it will be implemented properly.

Uzbekistan

• OCTO co-founder Gairat Khasbiullin discusses how the company managed to launch a new payment technology using Visa Token Service (VTS).

Azerbaijan

• The Central Bank of Azerbaijan has launched a platform that allows users to receive financial services from various institutions, including Unibank, VTB, ZiraatBank and AccessBank.

Armenia

• VTB, in collaboration with Mastercard, has launched the Boingo WiFi program for premium customers. Holders of a special World Black Edition will get unlimited access to Boingo WiFi hotspots around the world, including while in flight.

Moldova

• Moldova Agroindbank is inviting local startups to join the FinTech Vertical 2021 The bank was also recognized as the best bank in Moldova by Global Finance Magazine for the 15^th time.