May 1, 2020 FinTech Monitor

BFC FinTech Monitor 24th April – 1st May

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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 company 11:FS has published the results of a new study on the impact of COVID-19 on the financial services market. In short: marketplaces will have a greater role; many bank branches may never reopen; automation and artificial intelligence may replace some professions; and the state may need to act to prevent the collapse of the banking system.
  • A Mastercard study of 19 countries has found an increase in the use of contactless payments, likely the result of consumers shying away from cash amid the COVID-19 outbreak.
  • The World Economic Forum believes that blockchain technologies will help the global economy reboot once the COVID-19 pandemic is over.
  • The startup SenseTime is collaborating with China’s Digital Currency Research Institute to develop artificial intelligence solutions that will strengthen the risk control and operational capabilities of Chinese financial institutions.
  • ESET experts are warning of a dangerous banking trojan that is being spread through fake COVID-19 videos.
  • Skype co-founder Geoffrey Prentice has co-founded Oriente, a FinTech startup planning to create a B2B service that allows users to quickly launch digital lending products. So far, Oriente has raise USD 50 million in investments.
  • Neobank Monzo has applied for a U.S. banking license and is planning to open an office in San Francisco.

 Russia:

  • A recent AppsFlyer report on the state of Russia’s financial app market has found that nearly half of the apps present on the market are at serious risk.
  • Alexei Nazarov, deputy general director of Tekno LLC, discusses the applications of SoftPOS, a new product for Russian businesses that allows smartphones to accept cashless payments and generate fiscal checks.
  • A Bloomchain study on the cashless payments market in Russia revealed that Russians are increasing their use of banking cards for the payment of goods and services, including in online spaces.

Ukraine:

  • The Ministry of Digital Transformation is continuing its work on the development of a system for monitoring cryptocurrency transactions. The system is expected to be implemented by July 28, 2020.
  • The COVID-19 pandemic has increased the popularity of FinTech solutions in Ukraine, including among older generations.

Belarus:

  • The Digital Banking online conference has been scheduled for May 21-22, 2020. The conference will bring together independent experts, representatives from international FinTechs and representatives from financial institutions operating in Belarus and other Commonwealth of Independent States (CIS) countries to discuss the creation of business ecosystems and digital banking, the place and role of FinTechs and neobanks and the outsourcing of business ecosystems.

Uzbekistan:

  • Spot details the conditions for microloans offered online.

Kazakhstan:

  • Liter.kz investigates why the number of approved online loan applications has remained stagnant, even as the demand for online loans has increased due to the COVID-19 outbreak.

Azerbaijan:

  • Boris Chernyshev, deputy head of the Russian Duma’s Committee on Education and Science, is encouraging both Russia and Azerbaijan to issue their digital currencies in the near future.

Prepared by BFC