September 11, 2020 FinTech Monitor

BFC FinTech Monitor 4th – 11th September

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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

  • Experts from KPMG have named the 6 biggest trends in the FinTech industry for the second half of 2020 –  the accelerated growth of digitalization, the development of financial services by technology companies, the expansion of FinTechs, the growth of strategic transactions from corporations, the consolidation of the FinTech market and work on regulating the industry.
  • Visa Cashless Forum 2020 will take place online this year on September 30, 2020. This year, for the first time, Visa will unite representatives of countries from Southeast Europe, the Caucasus, the Balkans and Central Asia onto a single platform to discuss payment technologies, business transformation and recent changes in consumer behavior. 
  • MasterCard has developed their Central Bank Digital Currency Testing Platform, which will allow new cryptocurrencies to be tested for their probable real-world impact.
  • The Payoneer digital payment platform has launched Payoneer for Banks, a new way for financial institutions to provide businesses with convenient ways to send and receive international payments.
  • Swiss financial conglomerate Credit Suisse is preparing to launch the neobank CSX, which will offer the services of a traditional financial institution as well as free cross-border payments. It is expected to go live in late October 2020.
  • The UXDA team of financial UX architects and designers has presented the world’s first mixed-reality banking concept, which incorporates banking solutions designed for VR, AR, tablet, computer and mobile devices. 
  • ByteDance, the owner of the popular TikTok app, has acquired the Chinese payment service UIPay. ByteDance hopes to use the new acquisition to improve user experiences across all its platforms.

Russia

  • More than 10 Russian financial institutions are preparing to connect to Russia’s first financial marketplace, which is expected to go live by the end of this year.
  • Sberbank has launched a new online service for financial consulting and evaluating the effectiveness of business ideas. It has been specifically designed for aspiring entrepreneurs and clients opening a new direction in business. The bank also announced SBER CONF, which will be broadcast live on September 24, 2020 and feature new product announcements. 
  • TalkBank has presented its new online platform for educating the population on financial literacy and the basics of investment. 
  • Ozon has launched lending for marketplace sellers, with its first partner being Otkritie Bank.
  • The Transformation of Payment Business 2020: SMEs and Technologies forum will be held in Moscow on September 15, 2020. Participation in the forum is being held in both online and offline formats. Find out more details here.

Ukraine

  • The Global Payments Day 2020 conference will be held in Kiev on October 22, 2020. The main topics of the conference will be global payment ecosystems, retail globalization in the context of a global pandemic, new niches and opportunities for consumers, centralization and decentralization. Register for it here.
  • According to data from the National Bank of Ukraine, there are 75 financial institutions and 2,084 participants in the non-bank financial services market in Ukraine, including 1,031 financial companies. 
  • The national platform FinSkarga has started operating in a pilot mode. The platform allows for users to lodge complaints against a financial institution and be sure that it will be taken seriously. 

Kazakhstan

  • Forbes has published an article on how Anzhelika Osmanova, a native of Almaty, launched the FinTech startup Lendonomy in Norway. Lendonomy matches those in need of a small amount of funding with those ready to lend small amounts.
  • Dengi Media held a live broadcast with representatives of the AIFC FinTech hub, during which they discussed investments in bonds, a mechanism to support startups in Kazakhstan and the need for financial technologies for business. Access the recording here. 

Kyrgyzstan

  • Kyrgyzstan plans to create an e-commerce park that will, hopefully, become a center of innovation and knowledge in the country as well as create a communication space for transnational companies focused on doing business in Central Asia.
  • Citizens of Kyrgyzstan will be able to send money from Russia from the offices of mobile operator Megafon thanks to a new service from Kompanion Bank.

Tajikistan

  • Independent economist Bakhriddin Karimov discusses how the recently-established Industrial and Export Bank of Tajikistan should work to make support for entrepreneurs truly effective.

Uzbekistan

  • According to the chairman of the National Bank of Uzbekistan, there are no plans to merge the local payment systems HUMO and Uzcard.
  • Spot has published an article on when Uzbekistan can expect to give up cash and what can be done in this direction today.

Azerbaijan

  • More than 2,200 applications for business loans have been received through the electronic lending platform of the Ministry of Economy. As of September 6, 2020, 143 applications, for a total amount of AZN 27 million, have been approved.

Armenia

  • Clients of Ardshinbank will now be able to receive funds sent to them through money transfer systems on a card or in a current account, without having to go to a financial institution. 

Prepared by BFC