March 5, 2020 FinTech, International

BFC FinTech Monitor 27th February – 5th March

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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 and telegram channel FinTech Wave.

 

Around the World:

  • ATMmarketplace.com has released a new report on the main digital banking trends. It revealed that (1) Apple has set new standards, (2) traditional financial institutions need to adopt new technologies to keep up with FinTech startups and (3) open banking is already starting to change the way banks think.
  • American financial holding company JPMorgan has begun talks with regulators in the United Kingdom about launching a new digital bank under its Chase brand.
  • Genesis Global Trading has prepared a report on the current status of and forecasts for cryptocurrency lending. The report highlights that, although the United States currently holds the largest share of this market, Europe and Asia have shown the most active growth in it recently. It also predicts that traditional investors will become increasingly attracted to the sector.
  • The Central Bank of Lithuania has tested a prototype that uses a single API to automate reporting by financial companies. Although intriguing, a full transition to the system would require a change in current legislation.
  • China has developed standards for the use of cryptotechnologies in the financial sector, including for blockchain applications.

Russia:

  • British FinTech startup Revolut has indefinitely postponed its plans to enter the Russian market.
  • VTB State Bank has allocated RUB 6 billion to update three of its services – “Personal Borrower Account”, “Mobile Bank for Individuals” and “Mobile Bank for Business 3.0”.
  • A Yandex.Money study has found that Russians are increasingly sending money using their smartphones, including large sums.
  • Ak Bars Bank has launched a support program that offers startups up to RUB 500,000 for the implementation of a joint pilot with the bank.

Ukraine:

  • The Motor (Transport) Insurance Bureau of Ukraine has begun selecting insider startups to create a new innovative hub.
  • The National Agency for the Prevention of Corruption has published rules for declaring cryptocurrencies.
  • The Ministry of Finance has prepared a small video report from the annual FinAwards 2020 competition.
  • LIGABusinessInform details the All-Ukrainian Association of Financial Companies

Belarus:

Uzbekistan:

  • The Central Bank of Uzbekistan has launched a payment service based on QR codes. The new service is expected to be in strong demand in the country, especially among those working in transportation as well as those delivering goods.

Kazakhstan:

  • Cashless payment methods are becoming increasingly popular among Kazakhstani residents as evidenced by the fact that more than 5 million Kazakhstanis have executed payments using QR codes.

 Armenia:

  • Yerevan will host the international FINTECH 360 conference in late April. The event is being supported by the Central Bank, Unistream international money transfer system and Unibank OJSC.

Azerbaijan:

  • Bank of Baku is planning to update its automated banking system. The bank expects the updated system to help them develop key areas of activity, improve the quality of their services and reduce their operational risks.

Prepared by BFC