{"id":17002,"date":"2023-02-17T13:05:40","date_gmt":"2023-02-17T13:05:40","guid":{"rendered":"https:\/\/bulletins.bfconsulting.com\/?p=17002"},"modified":"2023-02-17T13:05:40","modified_gmt":"2023-02-17T13:05:40","slug":"bfc-fintech-monitor-january-february-2023","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-january-february-2023\/","title":{"rendered":"BFC FinTech Monitor (January\u2013February 2023)"},"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>Many experts\u00a0<a href=\"https:\/\/www.theguardian.com\/technology\/2023\/feb\/08\/ai-chatgpt-jobs-economy-inequality\" target=\"_blank\" rel=\"noopener\">believe<\/a>\u00a0that artificial intelligence (AI) will soon replacing many existing jobs, resulting in an increase in wealth inequality.<\/li>\n<li>According to a recent McKinsey\u00a0<a href=\"https:\/\/www.mckinsey.com\/~\/media\/mckinsey\/business%20functions\/marketing%20and%20sales\/our%20insights\/value%20creation%20in%20the%20metaverse\/Value-creation-in-the-metaverse.pdf\" target=\"_blank\" rel=\"noopener\">report<\/a>, the Metaverse market size could reach USD 5 trillion by 2030.<\/li>\n<li>A new study from\u00a0<a href=\"https:\/\/assets.kpmg.com\/content\/dam\/kpmg\/cn\/pdf\/zh\/2023\/01\/china-fintech-50-2022.pdf\" target=\"_blank\" rel=\"noopener\">KPMG<\/a>\u00a0shows that blockchain is now the 5<sup>th<\/sup>-most demanded fintech in China.<\/li>\n<li>A European Central Bank study\u00a0<a href=\"https:\/\/thepaypers.com\/payments-general\/ecb-study-shows-frequent-cash-usage-at-pos--1259797\" target=\"_blank\" rel=\"noopener\">indicates<\/a>\u00a0that cash remains the most common payment method at points of sale.<\/li>\n<li>Alibaba Damo Academy has\u00a0<a href=\"https:\/\/www.scmp.com\/business\/china-business\/article\/3206376\/generative-ai-cloud-computing-and-security-top-tech-trends-watch-2023-alibaba-academy-says\" target=\"_blank\" rel=\"noopener\">declared<\/a>\u00a0generative AI as the biggest trend of this year, predicting that it will become more interactive, more useful, safer and smarter.<\/li>\n<li>The Bank for International Settlements has released a working paper on the integration of\u00a0<a href=\"https:\/\/www.bis.org\/publ\/work1066.pdf\" target=\"_blank\" rel=\"noopener\">decentralized finance<\/a>\u00a0(DeFi) with traditional ones.<\/li>\n<\/ul>\n<p><strong>#Innovations<\/strong><\/p>\n<ul>\n<li>Mastercard has\u00a0<a href=\"https:\/\/www.mastercard.com\/news\/eemea\/en\/newsroom\/press-releases\/press-releases\/en\/2023\/february\/mastercard-and-network-international-launch-new-artificial-intelligence-fraud-prevention-solution\/\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0an AI-based algorithm to combat card fraud.<\/li>\n<li>Microsoft is\u00a0<a href=\"https:\/\/www.cnbc.com\/2023\/02\/07\/microsoft-will-offer-chatgpt-tech-for-companies-to-customize-source.html\" target=\"_blank\" rel=\"noopener\">planning<\/a>\u00a0to release software that will help third parties run their own chatbots.<\/li>\n<li>Alibaba Cloud has introduced its\u00a0<a href=\"https:\/\/www.cloudcomputing-news.net\/news\/2023\/jan\/30\/alibaba-cloud-opens-its-first-international-product-innovation-center\/\" target=\"_blank\" rel=\"noopener\">first international<\/a>\u00a0product innovation center and partner management center. It is expected that this will improve the quality of customer service and facilitate greater digitalization.<\/li>\n<li>Romanian authorities have launched the\u00a0<a href=\"https:\/\/thepaypers.com\/mobile-payments\/romania-rolls-out-mobile-app-ghiseulro-for-paying-taxes--1260073\" target=\"_blank\" rel=\"noopener\">Ghi\u0219eul.ro<\/a>\u00a0app, which allows users to pay taxes and get criminal records using a smartphone. Account creation requires face recognition.<\/li>\n<li><a href=\"https:\/\/www.finextra.com\/newsarticle\/41606\/deutsche-banks-blue-water-fintech-lab-rolls-out-first-commercial-product\" target=\"_blank\" rel=\"noopener\">Deutsche Bank<\/a>&#8216;s fintech laboratory has released its first commercial product: a robotic process automation platform for processing and reconciling data between financial institutions.<\/li>\n<li>The\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/41588\/plum-rolls-out-naughty-rule-tab-for-extravagant-spenders\" target=\"_blank\" rel=\"noopener\">Plum<\/a>\u00a0financial app has launched an unusual feature that allows the app to automatically save funds if users start spending.<\/li>\n<li><a href=\"https:\/\/psm7.com\/fintech\/credit-agricole-vnedryaet-fintex-uslugi-na-osnove-kvantovyx-vychislenij.html\" target=\"_blank\" rel=\"noopener\">Credit Agricole<\/a>\u00a0has implemented services based on quantum computing, including one designed to assess financial products and another to assess credit risks.<\/li>\n<\/ul>\n<p><strong>#Cryptocurrencies, Blockchain and Non-Fungible Tokens (NFTs)<\/strong><\/p>\n<ul>\n<li>A Recap study has found that\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/london-emerges-as-world-s-most-crypto-ready-city-for-business-research\" target=\"_blank\" rel=\"noopener\">London<\/a>\u00a0is the \u2018world\u2019s most prepared city for cryptocurrencies\u2019 for business and startups.<\/li>\n<li>Within a collaboration with fintech startup Bitfy,\u00a0<a href=\"https:\/\/www.bb.com.br\/pbb\/pagina-inicial\/imprensa\/n\/67243\/bb-oferece-solucao-de-pagamento-de-tributos-com-criptomoedas#\/\" target=\"_blank\" rel=\"noopener\">Bank of Brazil<\/a>\u00a0(the oldest bank in the country) now allows taxes to be paid using cryptocurrencies.<\/li>\n<li>Wirex has signed a partnership agreement with\u00a0<a href=\"https:\/\/twitter.com\/wirexapp\/status\/1625087610631618560?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1625087610631618560%7Ctwgr%5E9a12502c88d8be6edf1b13d7cb5935b5a12ef74e%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fforklog.com%2Fnews%2Fwirex-rasshirila-sotrudnichestvo-s-visa\" target=\"_blank\" rel=\"noopener\">Visa<\/a>\u00a0as part of its expansion program in the Asia-Pacific region and the UK. The agreement will allow Wirex to issue crypto-enabled debit and prepaid cards in more than 40 countries.<\/li>\n<li>The US Securities and Exchange Commission is planning to sue the issuer of the stablecoin\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/crypto-firm-paxos-faces-sec-lawsuit-over-binance-usd-token-8031e7a7\" target=\"_blank\" rel=\"noopener\">Binance USD<\/a>\u00a0(BUSD).<\/li>\n<li><a href=\"https:\/\/cointelegraph.com\/news\/visa-s-crypto-strategy-targets-stablecoin-settlements\" target=\"_blank\" rel=\"noopener\">Speaking<\/a>\u00a0at the\u00a0<em>StarkWare Sessions 2023<\/em>\u00a0conference, Visa representatives announced their plan to launch stablecoin settlements.<\/li>\n<li>North Korea-linked hackers have been\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/north-korea-stole-more-crypto-in-2022-than-any-other-year-un-report\" target=\"_blank\" rel=\"noopener\">implicated<\/a>\u00a0in the theft of between USD 630 million and USD 1 billion worth of cryptoassets in 2022.<\/li>\n<li>PayPal has frozen the issuance of a\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-10\/paypal-pauses-stablecoin-work-amid-regulatory-scrutiny-of-crypto\" target=\"_blank\" rel=\"noopener\">stablecoin<\/a>\u00a0due to the tightening of regulations over the cryptocurrency space and the investigation of a key partner (Paxos Trust) by the New York State Department of Financial Services.<\/li>\n<li>EU legislators have voted to tighten requirements for banks that own cryptocurrencies. In particular, they are now required to hold capital reserves equivalent to the full value of their\u00a0<a href=\"https:\/\/decrypt.co\/119877\/eu-lawmakers-pave-way-stricter-crypto-rules-banks\" target=\"_blank\" rel=\"noopener\">cryptocurrency holdings<\/a>.<\/li>\n<li>Regulators in the US and several other countries are discussing the development of global industry standards for crypto\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2023-01-17\/cftc-wants-industry-standard-regulation-for-crypto-video\" target=\"_blank\" rel=\"noopener\">regulation<\/a>.<\/li>\n<li>Fabio Panetta, board member of the European Central Bank,\u00a0<a href=\"https:\/\/finbold.com\/ecb-executive-wants-crypto-regulated-like-gambling-due-to-speculative-nature\/\" target=\"_blank\" rel=\"noopener\">said<\/a>\u00a0that cryptocurrencies should be regulated in a similar way as gambling.<\/li>\n<li>Elon Musk\u00a0<a href=\"https:\/\/www.ft.com\/content\/9d84d534-b2dd-4cff-85d1-aee137b26a45\" target=\"_blank\" rel=\"noopener\">intends<\/a>\u00a0to integrate cryptocurrency payments into Twitter.<\/li>\n<li>Mastercard, in collaboration with the largest crypto exchange\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/mastercard-binance-to-launch-their-second-prepaid-crypto-card-in-latin-america\" target=\"_blank\" rel=\"noopener\">Binance<\/a>, has launched a prepaid cryptocurrency card in Brazil.<\/li>\n<li>The\u00a0<a href=\"https:\/\/twitter.com\/i_am_hapi_one\/status\/1620427406451560448?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1620427406451560448%7Ctwgr%5E19d84e79e4b5c18bc20e867c45962fa37570573d%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fforklog.com%2Fnews%2Fotchet-sovokupnye-poteri-polzovatelej-i-investorov-v-2022-godu-prevysili-63-9-mlrd\" target=\"_blank\" rel=\"noopener\">combined losses<\/a>\u00a0of users and investors in the crypto industry exceeded USD 63.9 billion in 2022.<\/li>\n<li>More than 88% of Binance CIS\u00a0<a href=\"https:\/\/forklog.com\/news\/opros-bolee-88-klientov-binance-prodolzhat-investirovat-v-kriptovalyuty-v-2023-godu\" target=\"_blank\" rel=\"noopener\">customers<\/a>\u00a0are expected continue to invest in cryptocurrencies in 2023.<\/li>\n<li>The number of developers\u00a0<a href=\"https:\/\/www.bsc.news\/post\/electric-capital-developer-report-crypto-only-has-23k-active-developers\" target=\"_blank\" rel=\"noopener\">working<\/a>\u00a0on cryptocurrency projects increased 5.4% in 2022, reaching 23,300.<\/li>\n<li>According to a JPMorgan study,\u00a0<a href=\"https:\/\/www.jpmorgan.com\/solutions\/cib\/markets\/etrading-trends\" target=\"_blank\" rel=\"noopener\">72%<\/a>\u00a0of institutional traders do not plan to invest in cryptocurrencies.<\/li>\n<li>Visa CEO Alfred Kelly has stated that\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/stablecoins-and-cbdcs-might-play-meaningful-role-in-payments-visa-ceo\" target=\"_blank\" rel=\"noopener\">blockchain<\/a>\u00a0solutions can be integrated into services and offerings to support the next generation of payments.<\/li>\n<li><a href=\"https:\/\/twitter.com\/Beosin_com\/status\/1610993684287488001?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1610993684287488001%7Ctwgr%5E8d7da140a673e04dfa4955b884243089611a93ae%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fforklog.com%2Fnews%2Fotchet-ushherb-kriptoindustrii-ot-vzlomov-v-2022-godu-vyros-do-3-6-mlrd\" target=\"_blank\" rel=\"noopener\">Damage<\/a>\u00a0to the crypto industry from hacks increased to USD 3.6 billion in 2022.<\/li>\n<li>The Bank for International Settlements (BIS) has\u00a0<a href=\"https:\/\/www.bis.org\/publ\/bisbull66.pdf\" target=\"_blank\" rel=\"noopener\">proposed<\/a>\u00a0three main options for regulating the crypto industry: (1) banning certain types of activities in the industry, (2) isolating the industry from the TradeFi sphere and the real sector of the economy and (3) applying the rules that apply to traditional finance to the crypto industry.<\/li>\n<li>Analysts at\u00a0<a href=\"https:\/\/blockchainreporter.net\/global-crypto-payment-apps-industry-report-2022-2030\/\" target=\"_blank\" rel=\"noopener\">Grand View Research, Inc.<\/a>\u00a0expect the global crypto payment app industry to reach USD 2.15 billion by 2030.<\/li>\n<li>The stablecoin\u00a0<a href=\"https:\/\/beincrypto.com\/tethers-2022-settlement-volume-flips-visa-and-mastercard\/\" target=\"_blank\" rel=\"noopener\">USDT<\/a>\u00a0outperformed Visa and Mastercard in terms of 2022 transaction volumes.<\/li>\n<li>The US House of Representatives has formed a\u00a0<a href=\"https:\/\/financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=408500\" target=\"_blank\" rel=\"noopener\">subcommittee<\/a>\u00a0to focus on developing cryptocurrency-related rules for federal regulators.<\/li>\n<li>The Japan Financial Services Agency has\u00a0<a href=\"https:\/\/www.bnnbloomberg.ca\/japan-pushes-global-counterparts-to-regulate-crypto-like-banks-1.1870854\" target=\"_blank\" rel=\"noopener\">called<\/a>\u00a0for the regulation of the crypto industry.<\/li>\n<li>German internet bank\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/41615\/n26-rolls-out-crypto-trading-to-five-new-markets\" target=\"_blank\" rel=\"noopener\">N26<\/a>\u00a0is launching a cryptocurrency product in the Belgian, German, Irish, Portuguese and Swiss markets.<\/li>\n<li>Indonesian regulators are\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/indonesia-to-launch-national-crypto-exchange-in-2023-report\" target=\"_blank\" rel=\"noopener\">planning<\/a>\u00a0the 2023 launch of a national cryptocurrency exchange.<\/li>\n<li>A\u00a0<a href=\"https:\/\/www.cryptopolitan.com\/car-sets-up-15-member-commitee-crypto-bill\/\" target=\"_blank\" rel=\"noopener\">committee<\/a>\u00a0to develop legislation governing the use of cryptocurrencies has been established in the Central African Republic.<\/li>\n<li>The Legislative Assembly of El Salvador has\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/el-salvador-passes-landmark-crypto-bill-paving-way-for-bitcoin-backed-bonds\" target=\"_blank\" rel=\"noopener\">approved<\/a>\u00a0the legal framework for the issuance of digital assets, including bonds based on bitcoin.<\/li>\n<li>Italy has\u00a0<a href=\"https:\/\/www.coindesk.com\/policy\/2022\/12\/30\/italian-parliament-approves-26-crypto-gains-tax-under-2023-budget\/\" target=\"_blank\" rel=\"noopener\">introduced<\/a>\u00a0a 26% tax on profits gained from cryptocurrency trading that exceed EUR 2,000.<\/li>\n<\/ul>\n<p><strong>#Central Bank Digital Currencies (CBDCs)<\/strong><\/p>\n<ul>\n<li>The BIS\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/41752\/bis-innovation-hub-sets-sights-on-stablecoin-monitoring\" target=\"_blank\" rel=\"noopener\">innovation hub<\/a>\u00a0is planning to focus more on improving payment systems and experimenting with CBDCs in 2023.<\/li>\n<li>A universal digital payment network for stablecoins and\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/41639\/universal-digital-payments-network-launched-at-davos\" target=\"_blank\" rel=\"noopener\">CBDCs<\/a>\u00a0was launched at the\u00a0<em>World Economic Forum<\/em>\u00a0in Davos.<\/li>\n<li>The possibility of payments using a\u00a0<a href=\"https:\/\/www.nfcw.com\/2023\/01\/26\/381633\/european-central-bank-draws-up-plans-for-digital-euro-app-for-contactless-and-qr-code-payments\/\" target=\"_blank\" rel=\"noopener\">QR code<\/a>\u00a0has been included within the digital euro project.<\/li>\n<li>Five UK organizations (The City of London Corporation, The Digital Pound Foundation, The Payments Association, TheCityUK and UK Finance) have formed an\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/41583\/uk-associations-form-crypto-industry-body-government-preps-consultation-on-digital-pound\" target=\"_blank\" rel=\"noopener\">alliance<\/a>\u00a0to help shape the future of a local CBDC despite the head of the\u00a0<a href=\"https:\/\/www.reuters.com\/world\/uk\/boe-sceptical-over-digital-pound-euro-zone-backs-work-digital-euro-2023-01-16\/\" target=\"_blank\" rel=\"noopener\">Bank of England<\/a>\u00a0expressing doubts over the need for a digital pound. At the same time, the UK regulator has launched a four-month public consultation process on its\u00a0<a href=\"https:\/\/www.bankofengland.co.uk\/-\/media\/boe\/files\/paper\/2023\/the-digital-pound-consultation-working-paper.pdf?la=en&amp;hash=5CC053D3820DCE2F40656E772D9105FA10C654EC\" target=\"_blank\" rel=\"noopener\">introduction<\/a>.<\/li>\n<li>In a new report,\u00a0<a href=\"https:\/\/www.coindesk.com\/business\/2023\/01\/17\/bank-of-america-says-cbdcs-are-the-future-of-money-and-payments\/\" target=\"_blank\" rel=\"noopener\">Bank of America<\/a>\u00a0has referred to digital currencies, CBDCs and stablecoins as part of the natural evolution of money and payments.<\/li>\n<li>Ripple will help the Central Bank of Montenegro\u00a0<a href=\"https:\/\/twitter.com\/LeoHadjiloizou\/status\/1619621856356741123?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1619621856356741123%7Ctwgr%5E68616720b344628d639c3a153323096291ab8d00%7Ctwcon%5Es1_c10&amp;ref_url=https%3A%2F%2Fforklog.com%2Fnews%2Fripple-pomozhet-chernogorii-razrabotat-cbdc\" target=\"_blank\" rel=\"noopener\">develop<\/a>\u00a0a CBDC.<\/li>\n<li>The People&#8217;s Bank of China has\u00a0<a href=\"http:\/\/www.pbc.gov.cn\/goutongjiaoliu\/113456\/113469\/4761016\/index.html\" target=\"_blank\" rel=\"noopener\">started<\/a>\u00a0to include the local CBDC in its domestic financial market reports.<\/li>\n<li>Turkey\u2019s regulator has\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/41544\/turkish-central-bank-completes-first-cbdc-pilot-transactions\" target=\"_blank\" rel=\"noopener\">completed<\/a>\u00a0the first pilot tests of the digital lira and is now planning to expand the platform for working with the CBDC by connecting more banks and fintechs.<\/li>\n<\/ul>\n<p><strong>#Miscellaneous<\/strong><\/p>\n<ul>\n<li>Apple is\u00a0<a href=\"https:\/\/thepaypers.com\/payments-general\/apple-to-launch-bnpl-feature--1260185#\" target=\"_blank\" rel=\"noopener\">testing<\/a>\u00a0a new buy-now-pay-later (BNPL) solution among its employees and expects it to be available within the US market shortly.<\/li>\n<li>American financial holding JPMorgan Chase is\u00a0<a href=\"https:\/\/www.bnnbloomberg.ca\/jpmorgan-plots-germany-consumer-bank-in-next-international-foray-1.1877791\" target=\"_blank\" rel=\"noopener\">planning<\/a>\u00a0to launch a neobank in Germany.<\/li>\n<li><a href=\"https:\/\/fintechnews.ae\/14973\/abudhabi\/new-islamic-fintech-accelerator-emirates-islamic-partners-with-plug-and-play-abu-dhabi\/\" target=\"_blank\" rel=\"noopener\">Emirates Islamic<\/a>, a leading Islamic financial institutions in the UAE, has launched a global fintech accelerator program in the Islamic finance segment.<\/li>\n<li>Wells Fargo, JPMorgan Chase and Bank of America are planning to create a\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/banks-plan-payment-wallet-to-compete-with-paypal-apple-pay-11674433472\" target=\"_blank\" rel=\"noopener\">digital wallet<\/a>\u00a0to compete with Apple and PayPal.<\/li>\n<li>Samsung Wallet is\u00a0<a href=\"https:\/\/www.nfcw.com\/2023\/01\/23\/381561\/samsung-wallet-to-go-live-in-eight-more-markets\/\" target=\"_blank\" rel=\"noopener\">available<\/a>\u00a0in Australia, Brazil, Canada, Hong Kong, India, Malaysia, Singapore and Taiwan.<\/li>\n<li><a href=\"https:\/\/www.altfi.com\/article\/10372_revolut-is-launching-crypto-staking-for-25-million-users-for-dot-xtz-ada-eth\" target=\"_blank\" rel=\"noopener\">Revolut<\/a>\u00a0has launched programmatic cryptocurrency staking for customers in the European Economic Area and the UK.<\/li>\n<li>Alibaba founder Jack Ma has ceded control of the\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/41571\/jack-ma-cedes-control-of-ant-groupp\" target=\"_blank\" rel=\"noopener\">fintech giant<\/a>, reducing his stake in the company to 6%.<\/li>\n<\/ul>\n<p><strong>#Conferences<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/payforum.tech\/?fbclid=IwAR1VTmx68-gmUaLMdG4AnQlDIkDMt0qUzRJITEU8VBYchY3XKZQ2slQ1i_M\" target=\"_blank\" rel=\"noopener\">The Baltic Payment Forum<\/a>\u00a0will be held in Vilnius on April 25, 2023. According to organizers, the themes of the forum will be supporting the Ukrainian financial market and creating a platform for international exchanges of experience in the field of payments.<\/li>\n<\/ul>\n<p dir=\"ltr\"><strong>Ukraine:<\/strong><\/p>\n<ul>\n<li>A new Mastercard\u00a0<a href=\"https:\/\/psm7.com\/company\/mastercard\/issledovanie-mastercard-tret-ukraincev-gotova-perejti-na-raschety-isklyuchitelno-cifrovymi-kartami.html\" target=\"_blank\" rel=\"noopener\">report<\/a>\u00a0shows that a third of Ukrainians are ready to switch to payments exclusively using digital cards.<\/li>\n<li>Winners of the\u00a0<a href=\"https:\/\/psm7.com\/fintech\/nesokrushimyj-fintex-payspace-magazine-awards-2022-nazvany-luchshie-fintex-brendy-i-samye-vliyatelnye-eksperty.html\" target=\"_blank\" rel=\"noopener\"><em>PaySpace Magazine Awards 2022<\/em><\/a>\u00a0have released, with eDopomoga recognized as the best fintech startup and NovaPay recognized as the best fintech project.<\/li>\n<li>Ukrainian cryptocurrency startup\u00a0<a href=\"https:\/\/medium.com\/kolibrio-mev\/announcing-our-2m-seed-round-to-advance-mev-and-ofas-infrastructure-37006aa62f2a\" target=\"_blank\" rel=\"noopener\">Kolibrio<\/a>\u00a0has raised USD 2 million from the Jump Crypto fund.<\/li>\n<li>A recent\u00a0<a href=\"https:\/\/cryptonews.net\/news\/metaverse\/20546511\/\" target=\"_blank\" rel=\"noopener\">CoinKickoff<\/a>\u00a0study indicates that Ukraine is the third-most interested country in terms of growing interest in metaverses.<\/li>\n<li>The EasyPay payment network has\u00a0<a href=\"https:\/\/psm7.com\/fintech\/v-terminalax-easypay-zapustili-oplatu-po-qr-kodu.html\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0QR-code payment options within terminals.<\/li>\n<li>97% of Privatbank&#8217;s\u00a0<a href=\"https:\/\/privatbank.ua\/news\/2023\/2\/14\/1873\" target=\"_blank\" rel=\"noopener\">payments<\/a>\u00a0are now made through digital channels.<\/li>\n<li>The United States Agency for International Development (USAID) plans to allocate USD 650,000 to shape an\u00a0<a href=\"https:\/\/psm7.com\/technology\/novosti-iz-davosa-usaid-rasshirit-finansovuyu-podderzhku-didzhitalizacii-ukrainy.html\" target=\"_blank\" rel=\"noopener\">approach<\/a>\u00a0to disseminating Ukraine&#8217;s digital experience and the\u00a0<a href=\"https:\/\/psm7.com\/news\/mincifry-prezentovali-iniciativu-digitality-chto-izvestno-o-proekte.html\" target=\"_blank\" rel=\"noopener\">Diya<\/a>\u00a0mobile app in other countries.<\/li>\n<li>Ukraine will take part in the\u00a0<a href=\"https:\/\/www.nfcw.com\/2023\/01\/18\/381459\/consortium-to-test-digital-driving-licences-and-medical-prescriptions-as-part-of-eus-european-digital-identity-wallet-pilot\/\" target=\"_blank\" rel=\"noopener\">development<\/a>\u00a0of a single European digital identity wallet, which will be capable of storing digitized driver&#8217;s licenses, identity cards, etc. in a smartphone.<\/li>\n<li>The\u00a0<a href=\"https:\/\/www.facebook.com\/ukrainianstartupfund\/posts\/pfbid032aiNRED4zoVtugptJhUwSMwBi93ipY1XjoNehyYdGp1Cj2fRmJf4nweDmzVtp1aTl\" target=\"_blank\" rel=\"noopener\">Ukrainian Phoenix Fund<\/a>\u00a0is raising EUR 50 million to finance Ukrainian startups at the pre-seed and seed stages.<\/li>\n<li>Monobank is\u00a0<a href=\"https:\/\/forbes.ua\/ru\/news\/u-polshchi-zapuskayut-stereo-noviy-banking-vid-monobank-17012023-11143\" target=\"_blank\" rel=\"noopener\">planning<\/a>\u00a0to enter the Polish market in cooperation with a local partner.<\/li>\n<li>The Minister of Digital Transformation of Ukraine has\u00a0<a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2023\/sessions\/press-conference-mykhailo-fedorov\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0that he is ready to be one of the first to receive a salary in digital hryvnias.<\/li>\n<li>Ukrainian\u00a0<a href=\"https:\/\/forklog.com\/news\/startap-iz-ukrainy-sovmestno-s-oon-zapustit-kurs-po-kriptovalyutam\" target=\"_blank\" rel=\"noopener\">startup<\/a>\u00a0Global Ledger has partnered with the United Nations Department on Drugs and Crime (UNODC) to launch a course on cryptocurrencies.<\/li>\n<li>The ANC pharmacy chain has launched a payment service through\u00a0<a href=\"https:\/\/delo.ua\/ru\/society\/ukraincy-smogut-pokupat-lekarstva-i-medicinskie-tovary-za-kriptovalyutu-409071\/\" target=\"_blank\" rel=\"noopener\">Binance Pay<\/a>, meaning that medicines can now be purchased using cryptocurrencies.<\/li>\n<\/ul>\n<p><strong>Kazakhstan:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/kz.kursiv.media\/2023-02-10\/fnsk-revolut\/\" target=\"_blank\" rel=\"noopener\">Revolut<\/a>\u00a0is testing the possibility of entering the Kazakhstani market.<\/li>\n<li>The Association of Venture Capital and Private Equity has been\u00a0<a href=\"https:\/\/er10.kz\/read\/it-novosti\/v-kazahstane-sozdana-associacija-venchurnogo-kapitala-i-prjamyh-investicij\/\" target=\"_blank\" rel=\"noopener\">established<\/a>\u00a0in Kazakhstan. According to experts, the current venture capital industry in the country is estimated at USD 150 million.<\/li>\n<li>Entrepreneurs can now submit tax reports through the\u00a0<a href=\"https:\/\/profit.kz\/news\/64299\/Predprinimateli-mogut-sdavat-nalogovie-otcheti-v-prilozhenii-Kaspi-Pay\/\" target=\"_blank\" rel=\"noopener\">Kaspi Pay<\/a>\u00a0app.<\/li>\n<li>According to Venture Capital Market Review, the majority of Kazakhstani\u00a0<a href=\"https:\/\/kz.kursiv.media\/2023-02-09\/bolshinstvo-kazahstanskih-startapov-privlekaet-investiczii-na-rannih-stadiyah\/\" target=\"_blank\" rel=\"noopener\">startups<\/a>\u00a0attract investments at the pre-seed and seed stages.<\/li>\n<li>The Concept for the Development of Open API and Open Banking in Kazakhstan for 2023\u20142025 has been\u00a0<a href=\"https:\/\/nationalbank.kz\/ru\/page\/Digital-Financial-Infrastructure\" target=\"_blank\" rel=\"noopener\">published<\/a>. It was developed jointly by the National Bank of Kazakhstan, the Agency for the Regulation and Development of the Financial Market and the Agency for the Protection and Development of Competition.<\/li>\n<li>The National Bank of Kazakhstan and the cryptocurrency exchange Binance have released a joint\u00a0<a href=\"https:\/\/drive.google.com\/file\/d\/1HBoDssEY_jf325m1Hg2RGPgVKiNFI85q\/view\" target=\"_blank\" rel=\"noopener\">report<\/a>\u00a0on the state of the digital asset industry in Central Asia.<\/li>\n<li><a href=\"https:\/\/forklog.com\/news\/binance-stala-partnerom-krupnejshej-aviakompanii-kazahstana\" target=\"_blank\" rel=\"noopener\">Binance<\/a>\u00a0has become a partner of the largest airline in Kazakhstan, Air Astana. This means that members of the Air Astana Nomad Club reward program can convert their accumulated points into cryptocurrency.<\/li>\n<li>The Astana International Financial Center (AIFC) Committee on Financial Services Regulation issued a consultation paper on proposed improvements to the digital asset trading system.\u00a0<a href=\"https:\/\/afsa.orderly.kz\/articles\/policy-paper-on-enhancements-to-digital-assets-trading-facility-framework\" target=\"_blank\" rel=\"noopener\">Comments<\/a>\u00a0will be accepted until February 25, 2023.<\/li>\n<li>The Kazakh Senate has\u00a0<a href=\"https:\/\/www.zakon.kz\/6382619-parlament-kazakhstana-prinyal-zakon-o-litsenziyakh-dlya-maynerov.html\" target=\"_blank\" rel=\"noopener\">approved<\/a>\u00a0a new version of the Digital Assets Law and four other related regulations.<\/li>\n<li>Evgeny Lesnyak, head of the Department of Strategic Partnerships, Fintech and Joint Projects of Visa in Ukraine, Georgia, CIS countries and Southeastern Europe,\u00a0<a href=\"https:\/\/vlast.kz\/biznes\/53243-razvitie-finteha-v-centralnoj-azii-i-budusie-trendy-v-regione-razgovor-s-evgeniem-lesnakom-visa.html\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0how the fintech market in Central Asia has changed.<\/li>\n<\/ul>\n<p><strong>Kyrgyzstan:<\/strong><\/p>\n<ul>\n<li>The\u00a0<a href=\"https:\/\/plusworld.ru\/articles\/50343\/\" target=\"_blank\" rel=\"noopener\"><em>Digital Kyrgyzstan International Forum<\/em><\/a>, which was organized by PLUS magazine, will be held in Bishkek on March 15, 2023.<\/li>\n<li>The\u00a0<a href=\"https:\/\/kabar.kg\/news\/v-bishkeke-tenevoi-oborot-kriptovaliuty-ezhednevno-sostavliaet-ot-5-mln-do-10-mln-a.zhaparov\/\" target=\"_blank\" rel=\"noopener\">shadow turnover<\/a>\u00a0of cryptocurrency in Bishkek is estimated at between USD 5 million and USD 10 million daily.<\/li>\n<li>The Accelerate Prosperity initiative of the Aga Khan Development Network (AKDN) is openly\u00a0<a href=\"https:\/\/www.facebook.com\/apkgz\/posts\/pfbid0nq9hDioRfmbD8DKeUwUEmZXfaKctDkToqBjtr6NR6xG9FCf93Swxi6e8GBPEVpTcl\" target=\"_blank\" rel=\"noopener\">exploring<\/a>\u00a0cooperation with innovative and technological businesses from Kyrgyzstan, Pakistan and Tajikistan.<\/li>\n<\/ul>\n<p><strong>Uzbekistan:<\/strong><\/p>\n<ul>\n<li>In 2022, the five licensed cryptocurrency companies in Uzbekistan\u00a0<a href=\"https:\/\/forklog.com\/news\/uzbekistan-poluchil-svyshe-310-000-nalogov-ot-bitkoin-industrii-v-2022-godu\" target=\"_blank\" rel=\"noopener\">paid<\/a>\u00a0USD 310,000 in taxes.<\/li>\n<li>The Central Bank of Uzbekistan has\u00a0<a href=\"https:\/\/www.norma.uz\/novoe_v_zakonodatelstve\/na_chto_uchastniki_kriptobirji_mogut_ispolzovat_postupivshie_iz-za_rubeja_sredstva\" target=\"_blank\" rel=\"noopener\">banned<\/a>\u00a0non-resident legal entities from using funds from the sale of cryptocurrencies in the domestic market, with the exception of bitcoin exchange operations.<\/li>\n<li>Starting on May 1, 2023, payment services will be\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2023\/02\/10\/tax-integration\/\" target=\"_blank\" rel=\"noopener\">required<\/a>\u00a0to provide invoices for transfers between individuals, including those with zero commission.<\/li>\n<li>According to the head of International Cooperation Department of the Central Bank of Uzbekistan, Uzbekistan has\u00a0<a href=\"https:\/\/www.trend.az\/casia\/uzbekistan\/3703467.html\" target=\"_blank\" rel=\"noopener\">created<\/a>\u00a0all the conditions necessary for Apple Pay and Google Pay to become available in the country.<\/li>\n<li>The Islamic Corporation for the Development of the Private Sector (ICD) and\u00a0<a href=\"https:\/\/thefintechtimes.com\/uzbek-fintech-development-supported-through-20m-line-of-finance-agreement\/\" target=\"_blank\" rel=\"noopener\">Trustbank<\/a>\u00a0have signed a USD 20 million loan agreement. The funds will be used to finance the private sector and fintech companies as well as promote Islamic finance and expand access to financial services.<\/li>\n<li>The Chairman of the Board of neobank Uzum Bank (formerly Apelsin) speaks about experiences in integrating banking services into the fintech and\u00a0<a href=\"https:\/\/plusworld.ru\/journal\/2023\/plus-1-2023\/pochemu-apelsin-stal-uzum-bank-integratsiya-banka-v-tsifrovuyu-ekosistemu-opyt-uzbekistana\/\" target=\"_blank\" rel=\"noopener\">e-commerce<\/a>\u00a0ecosystem.<\/li>\n<\/ul>\n<p><strong>Azerbaijan:<\/strong><\/p>\n<ul>\n<li>The news agency\u00a0<a href=\"https:\/\/www.trend.az\/business\/it\/3695268.html\" target=\"_blank\" rel=\"noopener\">Trend<\/a>\u00a0has prepared an overview of the most important events of 2022 in the information and communication technology sector of Azerbaijan.<\/li>\n<li>Azerbaijan participated in\u00a0<a href=\"https:\/\/report.az\/ru\/ikt\/azerbajdzhan-primet-uchastie-v-globalnom-meropriyatii-po-finansovym-tehnologiyam\/\" target=\"_blank\" rel=\"noopener\"><em>Istanbul Fintech Week<\/em><\/a>, Turkey&#8217;s largest fintech event.<\/li>\n<li>The International Finance Corporation (IFC) and the Azerbaijan Financial Technology Association have\u00a0<a href=\"https:\/\/report.az\/ru\/finansy\/ifc-i-azerbajdzhanskaya-associaciya-finansovyh-tehnologij-podpisali-memorandum\/\" target=\"_blank\" rel=\"noopener\">signed<\/a>\u00a0a memorandum of understanding that is expected to result in local fintech companies being more easily able to expand and offer cost-effective, fast and quality services in the country.<\/li>\n<\/ul>\n<p><strong>Armenia:<\/strong><\/p>\n<ul>\n<li>Durov&#8217;s Code has\u00a0<a href=\"https:\/\/kod.ru\/crypto-armenia\" target=\"_blank\" rel=\"noopener\">published<\/a>\u00a0information on how to buy cryptocurrency in Armenia.<\/li>\n<li>The Google Pay electronic payment system is now available for\u00a0<a href=\"https:\/\/ru.168.am\/2023\/01\/18\/30901.html\" target=\"_blank\" rel=\"noopener\">Unibank<\/a>\u00a0customers.<\/li>\n<li>Crypto entrepreneur Andranik Togramajyan\u00a0<a href=\"https:\/\/finport.am\/full_news.php?id=47516&amp;lang=2\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0the development of the digital asset market in Armenia<\/li>\n<\/ul>\n<p><strong>Georgia:<\/strong><\/p>\n<ul>\n<li>International company\u00a0<a href=\"https:\/\/georgiatoday.ge\/tblisi-based-softswiss-scoops-the-best-crypto-company-of-the-year-award\/\" target=\"_blank\" rel=\"noopener\">SOFTSWISS<\/a>, which has an office in Tbilisi, was recognized as the crypto company of the year by International Gaming Awards.<\/li>\n<li>Georgia ranks 1<sup>st<\/sup>\u00a0in the world in the penetration of contactless payments made through the\u00a0<a href=\"https:\/\/forbes.ge\/en\/visa-saqarthvelo-pirvel-adgilzea-msophlioshi-ukontaqto-gadakhdebis-sheghtsevadobith\/\" target=\"_blank\" rel=\"noopener\">Visa<\/a>\u00a0payment system, with nearly 100% of Visa card transactions in Georgia now being contactless.<\/li>\n<li>Online publication CoinsPaid Media has\u00a0<a href=\"https:\/\/coinspaidmedia.com\/ru\/business\/cryptocurrency-market-georgia\/\" target=\"_blank\" rel=\"noopener\">prepared<\/a>\u00a0an overview of the regulatory framework that regulates digital assets in Georgia.<\/li>\n<li><a href=\"https:\/\/forklog.com\/news\/binance-dogovorilas-o-realizatsii-obrazovatelnyh-initsiativ-s-vlastyami-gruzii\" target=\"_blank\" rel=\"noopener\">Binance<\/a>\u00a0is implementing several educational and charitable initiatives in Georgia, including those related to the generation of new startup ideas and commercialization initiatives.<\/li>\n<\/ul>\n<p><strong>Moldova:<\/strong><\/p>\n<ul>\n<li>Mobile operator Moldcell has\u00a0<a href=\"https:\/\/newsmaker.md\/rus\/novosti\/moldcell-money-prilozhenie-kotoroe-proizvedet-revolyutsiyu-v-oblasti-tsifrovykh-finansovykh-uslug-moldovy\/\" target=\"_blank\" rel=\"noopener\">entered<\/a>\u00a0the financial services market with the launch of the Moldcell money service, which allows subscribers of any mobile network to easily transfer money and pay for services directly from a mobile wallet.<\/li>\n<li>Estonian fintech startup Fagura.com, which was first launched and tested in Moldova in 2019, has attracted EUR 780,000 in investments on the London-based platform\u00a0<a href=\"https:\/\/www.romania-insider.com\/fintech-fagura-second-financing-round-seedrs-2023\" target=\"_blank\" rel=\"noopener\">Seedrs<\/a>.<\/li>\n<li>Specialists of the National Bank of Moldova have\u00a0<a href=\"https:\/\/infomarket.md\/ru\/bankslist\/USAID_cherez_programmu_MISRA_pomogaet_natsbanku_moldovyi_v_razvitii_ego_institutsionalnogo_potentsiala_i_novogo_napravleniya_Fintech\" target=\"_blank\" rel=\"noopener\">received<\/a>\u00a0training within the\u00a0<em>Cambridge University SupTech Innovation Leadership Program<\/em>.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-17002 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Armenian Ministry of Finance improves the e-procurement system'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/armenian-ministry-of-finance-improves-the-e-procurement-system\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/01\/e-procurement-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-6909\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-6909'>\n\t\t\t\tArmenian Ministry of Finance improves the e-procurement system\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Russia\u2019s Big Data Association to create Big Data sandbox'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/russia-s-big-data-association-to-create-big-data-sandbox\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/11\/russia-s-big-data-association-to-create-big-data-sandbox-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14036\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14036'>\n\t\t\t\tRussia\u2019s Big Data Association to create Big Data sandbox\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Video: 10 strategic technology trends in 2019'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/video-10-strategic-technology-trends-in-2019\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/01\/Video-10-strategic-technology-trends-in-2019-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12029\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12029'>\n\t\t\t\tVideo: 10 strategic technology trends in 2019\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 Many experts\u00a0believe\u00a0that artificial intelligence (AI) will soon replacing many existing jobs, resulting in an increase in wealth inequality. According to a recent McKinsey\u00a0report, the Metaverse market size could reach USD &hellip;<\/p>\n","protected":false},"author":12,"featured_media":16983,"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\/17002"}],"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=17002"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17002\/revisions"}],"predecessor-version":[{"id":17003,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17002\/revisions\/17003"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/16983"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=17002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=17002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=17002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}