{"id":16718,"date":"2022-06-28T14:19:08","date_gmt":"2022-06-28T14:19:08","guid":{"rendered":"https:\/\/bulletins.bfconsulting.com\/?p=16718"},"modified":"2022-06-28T14:19:08","modified_gmt":"2022-06-28T14:19:08","slug":"bfc-fintech-monitor-23rd-may-23rd-june","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-23rd-may-23rd-june\/","title":{"rendered":"BFC FinTech Monitor (23rd May \u2014 23rd June)"},"content":{"rendered":"<p>Stay up-to-date on all the latest FinTech news and information from around the world in the BFC FinTech Monitor.<\/p>\n<p><strong>Around the World<\/strong><\/p>\n<p><strong>#Reports and Studies<\/strong><\/p>\n<ul>\n<li>According to a report by\u00a0<a href=\"https:\/\/www.prnewswire.co.uk\/news-releases\/facilitating-the-future-of-open-finance-nearly-half-of-all-large-institutions-in-the-finance-industry-have-already-adopted-open-banking-837871212.html\" target=\"_blank\" rel=\"noopener\">Curity<\/a>, nearly half (43%) of all large financial institutions have already implemented open banking.<\/li>\n<li>A new study on the fintech landscape of Central and Eastern Europe has\u00a0<a href=\"https:\/\/thepaypers.com\/payments-general\/fis-in-the-cee-region-interested-in-fintech-innovation-digital-currencies-regtech-study-finds--1256955\" target=\"_blank\" rel=\"noopener\">revealed<\/a>\u00a0the decentralized finance (DeFi) has had the biggest impact on financial ecosystems in the region.<\/li>\n<li>The popularity of\u00a0<a href=\"https:\/\/www.p2pfinancenews.co.uk\/2022\/06\/08\/citizens-advice-warns-of-looming-bnpl-debt-crisis\/\" target=\"_blank\" rel=\"noopener\">buy-now-pay-later<\/a>\u00a0(BNPL) services could lead to a credit crunch among needy consumers. According to a Citizens Advice report, more than 2 in 5 users have borrowed money to pay off debt.<\/li>\n<li>Biometric vendor Jumio has\u00a0<a href=\"https:\/\/www.biometricupdate.com\/202205\/vendor-survey-shows-4-in-5-trust-brands-with-digital-identity-verification-measures-more\" target=\"_blank\" rel=\"noopener\">found<\/a>\u00a0that the vast majority of consumers feel more secure when interacting with brands that provide digital identity verification measures, especially with regard to finance matters.<\/li>\n<li>The European Banking Association (EBA) has published a\u00a0<a href=\"https:\/\/thepaypers.com\/online-mobile-banking\/eba-releases-report-on-open-banking-for-smes--1256696\" target=\"_blank\" rel=\"noopener\">report<\/a>\u00a0on open banking in order to improve financial services offered to small- and medium-sized enterprises.<\/li>\n<li>Venture capital firm\u00a0<a href=\"https:\/\/techcrunch.com\/2022\/06\/01\/as-fintech-valuations-fall-even-stripe-isnt-immune-to-a-changing-market\/\" target=\"_blank\" rel=\"noopener\">Andreessen Horowitz<\/a>\u00a0has found that publicly-traded fintech companies suffer more from significant cost reductions than those that work with other technologies.<\/li>\n<li>The European Banking Authority has released a\u00a0<a href=\"https:\/\/www.jdsupra.com\/legalnews\/european-banking-authority-publishes-4885166\/\" target=\"_blank\" rel=\"noopener\">report<\/a>\u00a0analyzing the potential risks and recommendations for regulatory approaches related to the EU non-bank lending sector.<\/li>\n<\/ul>\n<p><strong>#Innovations and Neobanking<\/strong><\/p>\n<ul>\n<li>The\u00a0<a href=\"https:\/\/www.engadget.com\/meta-microsoft-epic-games-metaverse-standards-104553249.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly9wc203LmNvbS8&amp;guce_referrer_sig=AQAAAJ6HHbqgxFBFlcfL4_1oEwijgIoTQJk0NScYgdo0_unYiYjoQHGoQ0I5vUxzZZOjKglTq8p1KMOTIvyest-DAoyynBdh5qGoCVKVMQnZfhj1uZjVyOY5nISgtxeyjhw9JNLOXGMSYIkTOXUr_Oaa5rxyDzxzmC97GpYyemXvWhXI\" target=\"_blank\" rel=\"noopener\">Metaverse Standards<\/a>\u00a0Organization, which is made up of representatives from Meta, Microsoft, Huawei, NVIDIA, Qualcomm, Sony Interactive Entertainment, Epic Games, Unity and Adobe, plans to develop uniform standards for the metaverse.<\/li>\n<li>Cloud banking software developer\u00a0<a href=\"https:\/\/thepaypers.com\/payments-general\/temenos-launches-esg-investing-as-a-service--1256595\" target=\"_blank\" rel=\"noopener\">Temenos<\/a>\u00a0has introduced ESG Investing-as-a-Service to help financial institutions and asset managers with sustainable investing.<\/li>\n<li>Ant Group has launched Singapore&#8217;s first\u00a0<a href=\"https:\/\/www.forbes.com\/sites\/ywang\/2022\/06\/06\/billionaire-jack-mas-ant-group-launches-digital-bank-in-singapore\/\" target=\"_blank\" rel=\"noopener\">Anext<\/a>\u00a0neobank for micro and small-sized businesses.<\/li>\n<li>Spain&#8217;s\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/40302\/caixabank-issues-braille-card-for-visually-impaired\" target=\"_blank\" rel=\"noopener\">CaixaBank<\/a>\u00a0has issued a Visa card embedded with Braille for customers with visual impairments. The bank is also planning to work with\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/40437\/caixabank-and-microsoft-explore-the-metaverse\" target=\"_blank\" rel=\"noopener\">Microsoft<\/a>\u00a0on creating an innovation lab for a metaverse working environment.<\/li>\n<li>Mastercard has partnered with Danish fintech company\u00a0<a href=\"https:\/\/thepaypers.com\/payments-general\/mastercard-and-aiia-launch-open-banking-feature-pay-by-link--1256889\" target=\"_blank\" rel=\"noopener\">Aiia<\/a>\u00a0to introduce the Pay-by-Link payment feature, which makes it easier for businesses from any industry to accept payments.<\/li>\n<li>Fintech solutions provider\u00a0<a href=\"http:\/\/metaverse\/\" target=\"_blank\" rel=\"noopener\">Kiya.ai<\/a>\u00a0is launching a banking metaverse in which employee avatars will serve customers.<\/li>\n<li>British fintech startup\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/40320\/revolut-rolls-out-expense-management-product\" target=\"_blank\" rel=\"noopener\">Revolut<\/a>\u00a0has launched an in-app spending management service that will allow businesses to issue cards with a single tap and set spending limits by time and category. Revolut users will also be able to seamlessly transfer money to accounts throughout Europe using technology from\u00a0<a href=\"https:\/\/www.pymnts.com\/news\/digital-banking\/2022\/tink-and-revolut-team-on-open-banking-tech-expansion\/\" target=\"_blank\" rel=\"noopener\">Tink<\/a>.<\/li>\n<\/ul>\n<p><strong>#Cryptocurrencies, Blockchain and Non-Fungible Tokens (NFTs)<\/strong><\/p>\n<ul>\n<li>Visa is launching an experimental\u00a0<a href=\"https:\/\/thepaypers.com\/cryptocurrencies\/visa-launches-crypto-cards-in-latam--1257032\" target=\"_blank\" rel=\"noopener\">cryptocurrency card<\/a>. Currently, the card is only available to users from Latin America.<\/li>\n<li><a href=\"https:\/\/www.reuters.com\/markets\/currencies\/coinbase-slashes-18-workforce-2022-06-14\/\" target=\"_blank\" rel=\"noopener\">Coinbase<\/a>\u00a0has fired one fifth of its staff due to a collapse in the crypto market.<\/li>\n<li>Ethereum founder Vitalik Buterin\u00a0<a href=\"https:\/\/cryptopotato.com\/vitalik-buterin-does-not-believe-crypto-could-replace-traditional-currencies\/\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0that crypto assets have no chance to dominate traditional currencies.<\/li>\n<li>American financial holding\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/jp-morgan-uses-blockchain-for-collateral-settlement\/\" target=\"_blank\" rel=\"noopener\">JPMorgan Chase<\/a>\u00a0has developed a blockchain solution for managing traditional finance collateral.<\/li>\n<li>At a\u00a0<a href=\"https:\/\/www.coindesk.com\/policy\/2022\/05\/23\/crypto-industry-battles-to-exempt-nfts-defi-from-tax-reporting-rules\/?ref=fintastico.com\" target=\"_blank\" rel=\"noopener\">meeting<\/a>\u00a0of the Organization for Economic Cooperation and Development (OECD) in Paris, representatives of the cryptocurrency sector have come out against attempts by regulators to force them to report details of NFT, DeFi and retail payments to tax authorities.<\/li>\n<li>The head of the European Central Bank (ECB) has\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-21\/lagarde-says-crypto-is-worth-nothing-and-should-be-regulated\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0that cryptocurrencies are not backed by anything and should be regulated. The ECB also released a report stating that an increase in the number of financial institutions using cryptocurrencies and digital assets as a form of payment could increase the \u201cside effects on the economy in as a whole&#8221;, which has cause the EU to consider tightening rules regarding crypto\u00a0<a href=\"https:\/\/www.pymnts.com\/cryptocurrency\/2022\/eu-parliament-likely-to-impose-restrictive-aml-rule-on-crypto-expert-says\/amp\/\" target=\"_blank\" rel=\"noopener\">transactions<\/a>.<\/li>\n<li><a href=\"https:\/\/www.bnnbloomberg.ca\/moneygram-ceo-sees-a-future-in-stablecoin-remittances-1.1772116\" target=\"_blank\" rel=\"noopener\">MoneyGram<\/a>\u00a0has agreed to cooperate with the blockchain developer Stellar Development in order to facilitate the transfer of money around the world using cryptocurrency technologies.<\/li>\n<li>British fintech startup\u00a0<a href=\"https:\/\/www.theblock.co\/post\/147768\/revoluts-planned-native-token-will-reward-customer-loyalty-storonosky-says\" target=\"_blank\" rel=\"noopener\">Revolut<\/a>\u00a0plans to launch its own cryptocurrency token and is already developing a non-custodial e-wallet to this end.<\/li>\n<li><a href=\"https:\/\/cointelegraph.com\/news\/ecb-one-in-ten-households-in-eurozone-population-centers-now-own-cryptocurrency\" target=\"_blank\" rel=\"noopener\">According<\/a>\u00a0to an ECB survey in 6 EU countries (Belgium, France, Germany, Italy, the Netherlands and Spain), approximately 10% of residents own cryptocurrencies.<\/li>\n<li>The Federal Reserve Board has\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/fed-finds-most-americans-don-t-have-crypto-those-who-use-it-for-purchases-tend-to-be-poor\" target=\"_blank\" rel=\"noopener\">included<\/a>\u00a0cryptocurrency data in its\u00a0<em>US Household Economic Health Report<\/em>\u00a0for the first time.<\/li>\n<li>The Chinese government may\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/china-state-media-signals-tighter-crypto-regulations-in-terra-aftermath\" target=\"_blank\" rel=\"noopener\">impose<\/a>\u00a0even tougher rules on cryptocurrencies and stablecoins due to the \u201ccollapse of the Terra ecosystem.\u201d In fact, the Chinese social network\u00a0<a href=\"https:\/\/www.scmp.com\/tech\/big-tech\/article\/3182490\/tencents-wechat-bans-public-accounts-providing-secondary-trading\" target=\"_blank\" rel=\"noopener\">WeChat<\/a>\u00a0has already begun blocking accounts that mention cryptocurrencies.<\/li>\n<li>The Central African Republic is\u00a0<a href=\"https:\/\/twitter.com\/FA_Touadera\/status\/1532455939844063258\" target=\"_blank\" rel=\"noopener\">tokenizing<\/a>\u00a0its natural resources to attract foreign investment.<\/li>\n<li><a href=\"https:\/\/decrypt.co\/102210\/paypal-lets-users-transfer-bitcoin-and-ethereum-to-external-wallets\" target=\"_blank\" rel=\"noopener\">PayPal<\/a>\u00a0users will be able to transfer cryptocurrencies from their accounts to other wallets and exchanges.<\/li>\n<li>The CEO of the Russian Export Center has\u00a0<a href=\"https:\/\/coinspot.io\/law\/russia_sng\/rossiya-mozhet-perejti-na-kriptovalyutu-pri-oplate-importa\/\" target=\"_blank\" rel=\"noopener\">noted<\/a>\u00a0that Russian business can switch to cryptocurrencies when financing external transactions.<\/li>\n<li>A recent Deloitte survey has found that three quarters of US retailers are\u00a0<a href=\"https:\/\/www2.deloitte.com\/content\/dam\/Deloitte\/us\/Documents\/technology\/us-cons-merchant-getting-ready-for-crypto.pdf\" target=\"_blank\" rel=\"noopener\">planning<\/a>\u00a0to accept cryptocurrency payments.<\/li>\n<li>7 NFT marketplaces are\u00a0<a href=\"https:\/\/www.mastercard.com\/news\/perspectives\/2022\/simple-nft-purchasing-on-nft-marketplaces\/\" target=\"_blank\" rel=\"noopener\">planning<\/a>\u00a0to cooperate with Mastercard, which will allow users to purchase NFTs using a card instead of having to join a crypto exchange.<\/li>\n<li>Julius Baer Group, one of the oldest banks in Switzerland, has\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/swiss-asset-manager-julius-baer-eyes-crypto-and-defi-potential\" target=\"_blank\" rel=\"noopener\">announced<\/a>\u00a0the launch of cryptocurrency products.<\/li>\n<li>The US Securities and Exchange Commission (SEC) has launched an investigation against the crypto exchange\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-06\/us-probes-binance-over-token-that-is-now-world-s-fifth-largest\" target=\"_blank\" rel=\"noopener\">Binance<\/a>\u00a0due to the BNB token.<\/li>\n<li>Rapper Jay-Z and Twitter co-founder Jack Dorsey have opened a\u00a0<a href=\"https:\/\/thebitcoinacademy.com\/\" target=\"_blank\" rel=\"noopener\">bitcoin academy<\/a>\u00a0that provides free financial education focused around cryptocurrencies.<\/li>\n<li>BKO\u00a0<a href=\"https:\/\/bitcoin.pl\/pko-bk-blockchain\" target=\"_blank\" rel=\"noopener\">Bank Polski<\/a>\u00a0has saved USD 7 million by using blockchain-based services.<\/li>\n<\/ul>\n<p><strong>#Central Bank Digital Currencies (CBDCs)<\/strong><\/p>\n<ul>\n<li>American think tank\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/atlantic-council-looks-at-how-to-maintain-central-bank-digital-currency-cybersecurity\" target=\"_blank\" rel=\"noopener\">Atlantic Council<\/a>\u00a0has identified privacy as the top consumer risk of CBDCs.<\/li>\n<li>SWIFT is working with Capgemini to test cross-border payments using\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/swift-in-cross-border-cbdc-interoperability-trial-with-cap-gemini\/\" target=\"_blank\" rel=\"noopener\">CBDCs<\/a>.<\/li>\n<li>Russian bank VTB plans to\u00a0<a href=\"https:\/\/www.kommersant.ru\/doc\/5411648\" target=\"_blank\" rel=\"noopener\">start testing<\/a>\u00a0the digital ruble as early as September 2022.<\/li>\n<li>China is testing a digital student card with\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/china-trials-digital-yuan-cbdc-student-id-card-to-track-purchases\/\" target=\"_blank\" rel=\"noopener\">digital yuan<\/a>\u00a0at Hainan Lu Xun Middle School. The card allows all purchases made by students to be tracked.<\/li>\n<li>The Central Bank of India has\u00a0<a href=\"https:\/\/coingeek.com\/reserve-bank-of-india-lists-cbdc-introduction-as-one-of-major-initiatives-for-2022-23\/\" target=\"_blank\" rel=\"noopener\">proposed<\/a>\u00a0a three-stage approach to implementing its CBDC in order to result in \u201cthe least shock\u201d for the traditional financial system.<\/li>\n<\/ul>\n<p><strong>#Miscellaneous<\/strong><\/p>\n<ul>\n<li>Mastercard will partner with e-commerce payment solution provider\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2022\/05\/mastercard-partners-hyperpay-to-boost-digital-payments-across-mena\/\" target=\"_blank\" rel=\"noopener\">HyperPay<\/a>\u00a0to accelerate the adoption of digital payment solutions in the Middle East and North Africa (MENA) region. The payment system has also announced a\u00a0<a href=\"https:\/\/www.arabnews.com\/node\/2087091\/business-economy\" target=\"_blank\" rel=\"noopener\">partnership<\/a>\u00a0with One Global and i2c regarding the release of digital mobile wallets in the region.<\/li>\n<li>British fintech startup\u00a0<a href=\"https:\/\/www.reuters.com\/technology\/digital-banking-platform-revolut-launches-five-more-countries-2022-06-14\/\" target=\"_blank\" rel=\"noopener\">Revolut<\/a>\u00a0has expanded into new markets (Azerbaijan, Chile, Ecuador, Oman and Sri Lanka) with a simplified version of their app.<\/li>\n<li>The Green Digital Finance Alliance and the Swiss Green Fintech Network, with the support of the Swiss State Secretariat for International Finance (SIF), are\u00a0<a href=\"https:\/\/www.finextra.com\/pressarticle\/92789\/worlds-first-green-fintech-taxonomy-launched\" target=\"_blank\" rel=\"noopener\">launching<\/a>\u00a0the world&#8217;s first green fintech classification system.<\/li>\n<li>Mastercard has invited international tech communities to collaborate on cybersecurity innovations through its\u00a0<a href=\"https:\/\/thepaypers.com\/digital-identity-security-online-fraud\/mastercard-launches-experience-centre-for-cybersecurity--1256699\" target=\"_blank\" rel=\"noopener\">Experience Centre<\/a>.<\/li>\n<li><a href=\"https:\/\/www.finextra.com\/pressarticle\/92831\/basel-committee-progresses-work-on-climate-risk-and-crypto-asset-regulation\" target=\"_blank\" rel=\"noopener\">The Basel Committee<\/a>\u00a0has adopted a set of principles for the effective management and oversight of climate-related financial risks.<\/li>\n<li>Apple has entered the\u00a0<a href=\"https:\/\/theconversation.com\/buy-now-pay-later-apple-will-now-lend-you-money-to-keep-you-spending-and-expand-its-empire-184550\" target=\"_blank\" rel=\"noopener\">BNPL<\/a>\u00a0market as US customers can now use Apple Pay installments.<\/li>\n<li><a href=\"https:\/\/www.scoop.co.nz\/stories\/WO2206\/S00124\/turkey-leads-the-world-with-its-85-mobile-banking-adoption-rate.htm\" target=\"_blank\" rel=\"noopener\">According<\/a>\u00a0to TradingPlatforms.com, Turkey, with a score of 85%, ranks first in the world in terms of mobile banking adoption.<\/li>\n<\/ul>\n<p dir=\"ltr\"><strong>Ukraine<\/strong><\/p>\n<ul>\n<li>Ukraine has\u00a0<a href=\"https:\/\/itc.ua\/partner-news\/ukraina-poluchila-bolee-125-mln-pomoshhi-v-kripte-v-kakih-valyutah-zhertvuyut-bolshe-vsego\/\" target=\"_blank\" rel=\"noopener\">received<\/a>\u00a0USD 125 million in crypto asset donations since the start of the war.<\/li>\n<li>The Ukrainian Fintech Awards ceremony was held in Lviv, with Sportbank recognized as the best neobank, Rozetka recognized as the best marketplace and \u0421oncord Fintech Solutions recognized as the best fintech ecosystem. The full list of winners is available\u00a0<a href=\"https:\/\/fintechinsider.com.ua\/nazvano-peremozhcziv-premiyi-ukrainian-fintech-awards\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/li>\n<li>Mastercard has launched the\u00a0<a href=\"https:\/\/www.crowdfundinsider.com\/2022\/06\/192295-mastercard-introduces-start-path-initiative-for-ukrainian-fintech-firms\/\" target=\"_blank\" rel=\"noopener\">Start Path<\/a>\u00a0initiative for Ukrainian fintech companies and entrepreneurs. Under the initiative, 6 months of mentoring support, access to resources and networking opportunities will be provided to 5 Ukrainian startups.<\/li>\n<li>The chairman of the board of the Ukrainian Association of Fintechs and Innovation Companies announced that Ukraine, over the past 4 years, has\u00a0<a href=\"https:\/\/www.globalgovernmentforum.com\/after-the-war-ukrainian-fintechs-will-change-the-world-ukraine-fintech-leader-speak-at-inaugural-global-government-fintech-lab\/\" target=\"_blank\" rel=\"noopener\">created<\/a>\u00a0a healthy fintech ecosystem. He hopes that, after the war, Ukraine fintechs can continue to change the world.<\/li>\n<li>The Business Insider portal has\u00a0<a href=\"https:\/\/www.businessinsider.com\/ukrainian-bank-and-fintech-leaders-explain-how-they-keep-the-sector-running-during-war-2022-6\" target=\"_blank\" rel=\"noopener\">published<\/a>\u00a0an article on how Ukrainian banks and fintech companies are functioning during the war.<\/li>\n<li>Anna Khristyanovich, fintech program manager at Sigma Software,\u00a0<a href=\"https:\/\/fintechmagazine.com\/digital-payments\/how-the-ukrainian-financial-ecosystem-has-remained-resilient\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0how the financial ecosystem manages to maintain stability in the current war environment.<\/li>\n<li>PaySpace Magazine\u00a0<a href=\"https:\/\/psm7.com\/reportage\/money20-20-klyuchevye-momenty-krupnejshej-v-evrope-fintex-konferencii.html\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0Money20\/20, Europe&#8217;s largest fintech conference.<\/li>\n<li><a href=\"https:\/\/delo.ua\/ru\/business\/concord-fintech-solutions-birza-blagotvoritelnosti-dobrodei-i-concordbank-otcitalis-o-pomoshhi-na-50-mln-grn-vsu-bolnicam-i-detyam-399615\/\" target=\"_blank\" rel=\"noopener\">Concord Fintech Solutions<\/a>\u00a0has donated UAH 50 million to the Ukrainian army and hospitals.<\/li>\n<li>Ukrainian studio IamUkraine, creators of the Zelenskiy NFT project, is collaborating with the charity project Piece Koalas NFT to<a href=\"https:\/\/www.globenewswire.com\/en\/news-release\/2022\/05\/30\/2452639\/0\/en\/IamUkraine-and-Global-Fintech-Giant-Finder-Join-Forces-Together-to-Help-Ukrainian-People.html\" target=\"_blank\" rel=\"noopener\">\u00a0raise funds<\/a>\u00a0for Ukrainian humanitarian organizations and those affected by the war.<\/li>\n<\/ul>\n<p><strong>Kazakhstan<\/strong><\/p>\n<ul>\n<li>The National Bank of Kazakhstan has\u00a0<a href=\"https:\/\/kapital.kz\/finance\/106560\/natsbank-zapustil-sistemu-mgnovennykh-platezhey-v-rezhime-24-7.html\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0a system of instant payments between clients of different banks.<\/li>\n<li><a href=\"https:\/\/cointelegraph.com\/news\/kazakhstan-to-let-crypto-exchanges-open-bank-accounts\" target=\"_blank\" rel=\"noopener\">Crypto exchanges<\/a>\u00a0with a license to operate a digital asset platform from the Astana International Financial Center (AIFC) will be able to open\u00a0<a href=\"https:\/\/aifc.kz\/ru\/press-relizy\/the-head-of-the-world-s-crypto-exchange-binance-got-acquainted-with-the-aifc\/\" target=\"_blank\" rel=\"noopener\">accounts\u00a0<\/a>with several banks in Kazakhstan as part of a new pilot project.<\/li>\n<li>Users of the\u00a0<a href=\"https:\/\/inbusiness.kz\/ru\/last\/kazahstancy-mogut-otozvat-dostup-prilozhenij-bankov-k-cifrovym-dokumentam\" target=\"_blank\" rel=\"noopener\">eGov mobile<\/a>\u00a0app will be able to revoke banking apps&#8217; access to digital documents.<\/li>\n<li><a href=\"https:\/\/kz.kursiv.media\/2022-06-13\/kazahstancy-smogut-oformit-avtokredit-za-sutki\/\" target=\"_blank\" rel=\"noopener\">Freedom Bank<\/a>\u00a0customers now have the opportunity to apply for an online used car loan and receive a decision within 24 hours. This is a first-of-its-kind fintech service for Kazakhstan.<\/li>\n<li>AIFC participated in the annual meetings of the Islamic Development Bank (IDB) group to\u00a0<a href=\"https:\/\/dknews.kz\/ru\/finansy\/240403-mfca-prinyal-uchastie-v-ezhegodnyh-vstrechah-gruppy\" target=\"_blank\" rel=\"noopener\">discuss<\/a>\u00a0possibilities of financing Kazakh projects as well as how AIFC can assist in the development of the Islamic financial services.<\/li>\n<li>The chairman of the board of Jusan Bank Nurdaulet Aidosov\u00a0<a href=\"https:\/\/forbes.kz\/finances\/finance\/kak_jusan_bank_nachal_transformirovatsya_v_finteh-kompaniyu\/\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0how the bank has begun to transform into a fintech company.<\/li>\n<li>Russia&#8217;s MTS-Bank has\u00a0<a href=\"https:\/\/www.mtsbank.ru\/o-banke\/novosti\/detail\/1139873\/\" target=\"_blank\" rel=\"noopener\">announced<\/a>\u00a0the launch of an instant top-up service for any Visa and Mastercard bank cards issued in Kazakhstan.<\/li>\n<\/ul>\n<p><strong>Kyrgyzstan<\/strong><\/p>\n<ul>\n<li>The National Bank of Kyrgyzstan has\u00a0<a href=\"https:\/\/kabar.kg\/news\/na-territorii-kyrgyzstana-ispol-zovanie-kriptovaliut-nezakonno-natcbank\/\" target=\"_blank\" rel=\"noopener\">recommended<\/a>\u00a0refraining from using cryptocurrencies in payments and settlements as the country prepares a legal\u00a0<a href=\"https:\/\/www.akchabar.kg\/ru\/news\/kyrgyzstan-gotovit-bazu-dlya-zapuska-sobstvennyh-kriptobirzh\/\" target=\"_blank\" rel=\"noopener\">framework<\/a>\u00a0for regulating virtual assets.<\/li>\n<li><a href=\"https:\/\/www.akchabar.kg\/ru\/news\/kompaniya-payboxmoney-obyavila-o-rebrendinge\/\" target=\"_blank\" rel=\"noopener\">PayBox.money<\/a>\u00a0will rebrand to Freedom Pay but will continue to operate as usual. The rebranding process is expected to take approximately 3 months.<\/li>\n<li>The Kyrgyz regulator has\u00a0<a href=\"https:\/\/banks.kg\/news\/nbkr-will-regulate-operation-of-financial-platforms\" target=\"_blank\" rel=\"noopener\">approved<\/a>\u00a0a regulation on accessing financial services through financial platforms using open software interfaces.<\/li>\n<li>Halyk Bank is considering launching\u00a0<a href=\"https:\/\/banks.kg\/news\/halyk-market-a-unique-ecosystem-for-clients-and-businesses\" target=\"_blank\" rel=\"noopener\">Halyk Market<\/a>\u00a0in Kyrgyzstan.<\/li>\n<li><a href=\"https:\/\/banks.kg\/news\/make-payments-with-elkart-beskontakt-cards-outside-kr\" target=\"_blank\" rel=\"noopener\">Elkart Beskontakt<\/a>\u00a0cards from the Kyrgyz Republic will work in Uzbekistan.<\/li>\n<li><a href=\"https:\/\/kabar.kg\/news\/v-kyrgyzstane-v-2021-godu-kolichestvo-elektronnykh-koshel-kov-vyroslo-do-35\/\" target=\"_blank\" rel=\"noopener\">According<\/a>\u00a0to the National Bank of Kyrgyzstan, the number of e-wallets in the country grew by 35% in 2021.<\/li>\n<li>Sanarip Systems has\u00a0<a href=\"https:\/\/www.akchabar.kg\/ru\/news\/sanarip-sistems-oficialno-stal-operatorom-platezhnyh-sistem-v-kr\/\" target=\"_blank\" rel=\"noopener\">officially<\/a>\u00a0become the payment system operator in Kyrgyzstan.<\/li>\n<\/ul>\n<p><strong>Tajikistan<\/strong><\/p>\n<ul>\n<li>The online publication ASIA-Plus\u00a0<a href=\"https:\/\/asiaplustj.info\/ru\/node\/313148\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0how mobile wallets work within the MegaFon Life app and why the app can be considered an alternative to a digital bank.<\/li>\n<\/ul>\n<p><strong>Uzbekistan<\/strong><\/p>\n<ul>\n<li>The National Agency for Advanced Projects has\u00a0<a href=\"https:\/\/regulation.gov.uz\/ru\/d\/61589\" target=\"_blank\" rel=\"noopener\">developed<\/a>\u00a0a draft regulation on issuing licenses to crypto exchanges.<\/li>\n<li>Startups from Uzbekistan\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2022\/06\/06\/mastercard-challenge\/\" target=\"_blank\" rel=\"noopener\">will be able<\/a>\u00a0to take part in the\u00a0<em>Mastercard Sustainable Banking Challenge<\/em>, which includes the topics of financial inclusiveness, green banking and internal sustainable development. Finalists will pitch their solutions at\u00a0<em>Astana Finance Days 2022<\/em>, with winners receiving up to USD 1,+0,000 to launch a pilot project in Kazakhstan.<\/li>\n<li>UZCARD and the Innotech group of companies will jointly use an\u00a0<a href=\"https:\/\/plusworld.ru\/daily\/platezhnyj-biznes\/gk-innoteh-i-uzcard-zapuskayut-v-uzbekistane-unikalnyj-servis-upravleniya-api\/\" target=\"_blank\" rel=\"noopener\">integration platform<\/a>\u00a0for businesses in Uzbekistan. The platform will serve as an ecosystem for the interaction of companies and organizations in a one-stop setup that follows common rules and standards.<\/li>\n<li>Fintech startup MARTA has launched the\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2022\/06\/14\/marta\/\" target=\"_blank\" rel=\"noopener\">MARTA Terminal<\/a>\u00a0app, which allows users to use their smartphone as a payment terminal.<\/li>\n<li>The State Assets Management Agency has announced a competition for select consultants regarding the privatization of the\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2022\/05\/31\/paynet-prepare\/\" target=\"_blank\" rel=\"noopener\">Paynet<\/a>\u00a0payment service.<\/li>\n<li>Ravnaq-bank has become the first in Uzbekistan to launch transfers to\u00a0<a href=\"https:\/\/plusworld.ru\/daily\/platezhnyj-biznes\/v-uzbekistane-zapushheny-perevody-na-karty-visa-po-nomeru-telefona\/\" target=\"_blank\" rel=\"noopener\">Visa<\/a>\u00a0cards via phone number.<\/li>\n<li>PLUS magazine has\u00a0<a href=\"https:\/\/plusworld.ru\/daily\/cat-exhibitions_and_conferences\/zachem-rossijskomu-fintehu-vyhodit-na-rynok-uzbekistana\/\" target=\"_blank\" rel=\"noopener\">published<\/a>\u00a0an article on the benefits of Russian fintech companies relocating to Uzbekistan.<\/li>\n<\/ul>\n<p><strong>Azerbaijan<\/strong><\/p>\n<ul>\n<li>The Azerbaijani regulator is\u00a0<a href=\"http:\/\/www.today.az\/news\/business\/221744.html\" target=\"_blank\" rel=\"noopener\">preparing<\/a>\u00a0a concept for the digital manat.<\/li>\n<li><a href=\"https:\/\/www.trend.az\/business\/3610465.html\" target=\"_blank\" rel=\"noopener\">Fintex Summit<\/a>\u00a0was held in Baku June 16\u201317, 2022 with the support of the Azerbaijan Banking Association, the Central Bank of Azerbaijan and VISA. The main topics of the summit were financial ecosystems and innovative solutions for the financial services sector.<\/li>\n<li>According to the chairman of the board of the Azerbaijan Fintech Association, there are\u00a0<a href=\"https:\/\/report.az\/ru\/finansy\/ruslan-talybov-v-proshlom-godu-v-sektor-finteha-v-mire-bylo-investirovano-210-mlrd-dollarov\/\" target=\"_blank\" rel=\"noopener\">20 fintech companies<\/a>\u00a0operating in Azerbaijan, most of which are payment aggregators and service providers.<\/li>\n<li>The Central Bank of Azerbaijan is\u00a0<a href=\"https:\/\/www.trend.az\/azerbaijan\/business\/3609646.html\" target=\"_blank\" rel=\"noopener\">continuing<\/a>\u00a0to expand non-cash payments by expanding cooperation with fintech projects and adopting a number of new regulations.<\/li>\n<li>PASHA Bank board member Jalal Orujev has\u00a0<a href=\"http:\/\/www.today.az\/news\/business\/221947.html\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0that non-traditional players should be expected to appear in the Azerbaijani financial services market as the country develops an opening banking environment.<\/li>\n<li>Fintech startup\u00a0<a href=\"https:\/\/1news.az\/news\/20220606065907194-Kak-proshel-sammit-Take-Off-Baku-i-chto-budet-dalshe\" target=\"_blank\" rel=\"noopener\">Epoint<\/a>\u00a0has taken second place at the Take Off Baku Startup Summit.<\/li>\n<\/ul>\n<p><strong>Armenia<\/strong><\/p>\n<ul>\n<li>The State Revenue Committee has\u00a0<a href=\"http:\/\/www.armbanks.am\/2022\/06\/01\/140130\/\" target=\"_blank\" rel=\"noopener\">appealed<\/a>\u00a0to the Central Bank of Armenia to ensure the regulation of crypto assets in order to reduce tax evasion and money laundering.<\/li>\n<li>The number of virtual\u00a0<a href=\"https:\/\/finport.am\/full_news.php?id=46164&amp;lang=2\" target=\"_blank\" rel=\"noopener\">POS-terminals<\/a>\u00a0in the first quarter of 2022 increased by 12.1% compared to the same period last year.<\/li>\n<\/ul>\n<p><strong>Georgia<\/strong><\/p>\n<ul>\n<li>Residents of Uzbekistan will be able to use\u00a0<a href=\"https:\/\/plusworld.ru\/daily\/banki-i-mfo\/nmpts-i-akb-tbc-bank-podpisali-soglashenie-o-zapuske-oplat-kartami-humo-v-gruzii\/\" target=\"_blank\" rel=\"noopener\">HUMO cards<\/a>\u00a0while traveling in Georgia under a new agreement signed by the National Interbank Processing Center and TBC Bank.<\/li>\n<\/ul>\n<p><strong>Moldova<\/strong><\/p>\n<ul>\n<li>#DTFINCON&#8217;22, a digital transformation and financial inclusion conference, has taken place for the second time in Moldova. The main topics included digital transformation and financial inclusion in the new regional paradigm, the challenges of neo-banking and e-commerce. Videos from both days of the conference are available on YouTube:\u00a0<a href=\"https:\/\/m.youtube.com\/watch?v=Y2Kd1pH_PfI\" target=\"_blank\" rel=\"noopener\">1st day<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.facebook.com\/AmCham.md\/videos\/5067003186722082\/\" target=\"_blank\" rel=\"noopener\">2nd day<\/a>.<\/li>\n<li>Fintech Moldova and the\u00a0<a href=\"https:\/\/www.facebook.com\/fintech.md\/posts\/pfbid0Kma2VbhhkfnfVQo9cCfiRqKKqPExrb5k2uZv5A5nHB2RpdgRnYCBqBpNCnB5kCydl\" target=\"_blank\" rel=\"noopener\">NayaOne<\/a>\u00a0platform, a global provider of digital innovation sandboxes, will collaborate to bring Moldovan fintech startups to the international market.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-16718 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='South Korea plans interbank payment network'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/south-korea-plans-interbank-payment-network\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/05\/south-korea-plans-interbank-payment-network-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12856\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12856'>\n\t\t\t\tSouth Korea plans interbank payment network\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Bank Home Credit continues developing digital solutions in Kazakhstan'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bank-home-credit-continues-developing-digital-solutions-in-kazakhstan\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/app-development-concept-with-flat-design_23-2147849842-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10214\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10214'>\n\t\t\t\tBank Home Credit continues developing digital solutions in Kazakhstan\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Amadeus, Mastercard, Elavon test B2B payments plan with Thai Airways'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/amadeus-mastercard-elavon-test-b2b-payments-plan-with-thai-airways\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/07\/amadeus-mastercard-elavon-test-b2b-payments-plan-with-thai-airways-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13313\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13313'>\n\t\t\t\tAmadeus, Mastercard, Elavon test B2B payments plan with Thai Airways\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Stay up-to-date on all the latest FinTech news and information from around the world in the BFC FinTech Monitor. Around the World #Reports and Studies According to a report by\u00a0Curity, nearly half (43%) of all large financial institutions have already implemented open banking. A new study on the fintech landscape of Central and Eastern Europe &hellip;<\/p>\n","protected":false},"author":12,"featured_media":16692,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[473],"tags":[80,399,184,35,30,70,75],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16718"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=16718"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16718\/revisions"}],"predecessor-version":[{"id":16719,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16718\/revisions\/16719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/16692"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=16718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=16718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=16718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}