{"id":17128,"date":"2023-05-28T19:14:55","date_gmt":"2023-05-28T19:14:55","guid":{"rendered":"https:\/\/bulletins.bfconsulting.com\/?p=17128"},"modified":"2023-05-28T19:14:55","modified_gmt":"2023-05-28T19:14:55","slug":"bfc-fintech-monitor-may-2023","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-may-2023\/","title":{"rendered":"BFC FinTech Monitor (May 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>A joint\u00a0<a href=\"https:\/\/www.bcg.com\/publications\/2023\/future-of-fintech-and-banking\" target=\"_blank\" rel=\"noopener\">report<\/a>\u00a0from Boston Consulting Group (BCG) and QED Investors forecasts a sixfold growth (from USD 245 billion to USD 1.5 trillion) in fintech industry revenue by 2030.<\/li>\n<\/ul>\n<p><strong>#Innovations<\/strong><\/p>\n<ul>\n<li>Google is preparing to introduce PaLM 2, a new AI language model that will serve as a competitor to\u00a0<a href=\"https:\/\/www.theverge.com\/2023\/5\/10\/23718046\/google-ai-palm-2-language-model-bard-io\" target=\"_blank\" rel=\"noopener\">GPT-4<\/a>.<\/li>\n<li>Mastercard has developed a digital account opening tool based on open banking. The\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/42288\/mastercard-taps-open-banking-for-digital-account-opening?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\"><em>Open Banking for Account Opening<\/em><\/a>\u00a0service verifies that the account belongs to the user and prepopulates the account and routing information to minimize errors.<\/li>\n<li>Meta is\u00a0<a href=\"https:\/\/www.theverge.com\/2023\/5\/9\/23716558\/meta-imagebind-open-source-multisensory-modal-ai-model-research\" target=\"_blank\" rel=\"noopener\">launching<\/a>\u00a0a new AI model that links together multiple streams of data, including text, audio, visual data, temperature and motion.<\/li>\n<li><a href=\"https:\/\/thepaypers.com\/online-payments\/ahrvo-labs-launches-an-open-banking-platform--1262635\" target=\"_blank\" rel=\"noopener\">Ahrvo Labs<\/a>\u00a0has launched a platform that allows users to instantly use any authenticated account for cross-border transactions.<\/li>\n<li>The European Telecommunications Standards Institute (ETSI) has proposed a\u00a0<a href=\"https:\/\/www.biometricupdate.com\/202304\/european-standards-agency-presents-new-proof-of-concept-for-user-centric-digital-id\" target=\"_blank\" rel=\"noopener\">smart ID concept<\/a>\u00a0that includes a user profile model called &#8220;digital clone&#8221;. The model does not depend on specific applications and allows users to maintain control over their personal data.<\/li>\n<li>Intellect Global Consumer Banking has\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2023\/04\/intellect-launches-new-open-finance-based-core-banking-platform-emach-ai\/\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0the eMACH.ai open finance platform powered by Amazon Web Services (AWS). The self-proclaimed \u201cworld&#8217;s largest platform of its kind\u201d has an integrated marketplace available in the UK and the EU.<\/li>\n<\/ul>\n<p><strong>#Cryptocurrencies, Blockchain, Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi):<\/strong><\/p>\n<ul>\n<li>According to a recent\u00a0<a href=\"https:\/\/www.businesswire.com\/news\/home\/20230525005493\/en\/KuCoin-Survey-Reveals-59-of-Crypto-Users-Eager-for-AI-Advancements-in-Blockchain-and-Trading-Highlights-Generational-Trends\" target=\"_blank\" rel=\"noopener\">KuCoin<\/a>\u00a0study, most crypto users are positive about the integration of AI with blockchain technologies.<\/li>\n<li><a href=\"https:\/\/unchainedcrypto.com\/visa-deploys-paymaster-smart-contracts-on-ethereum-testnet-goerli\/\" target=\"_blank\" rel=\"noopener\">Visa<\/a>\u00a0has deployed two smart contracts on the Ethereum Goerli testnet to simplify the payment process using account abstraction.<\/li>\n<li>Coinbase has\u00a0<a href=\"https:\/\/www.coinbase.com\/blog\/introducing-coinbase-international-exchange\" target=\"_blank\" rel=\"noopener\">announced<\/a>\u00a0the opening of an international platform for trading bitcoin futures.<\/li>\n<li>According to analytics company\u00a0<a href=\"https:\/\/twitter.com\/CertiKAlert\/status\/1652625412948729861?s=20\" target=\"_blank\" rel=\"noopener\">CertiK<\/a>, losses from cryptocurrency hacks and fraud in April 2023 amounted to USD 103.6 million.<\/li>\n<li>German fintech startup\u00a0<a href=\"https:\/\/decrypt.co\/139439\/german-fintech-unstoppable-finance-launch-europes-first-defi-native-bank\" target=\"_blank\" rel=\"noopener\">Unstoppable Finance<\/a>\u00a0intends to launch the first fully-regulated DeFi bank and stablecoin in the EU.<\/li>\n<li>European Banking Authority (EBA) President Jose Manuel Campa is\u00a0<a href=\"https:\/\/thepaypers.com\/cryptocurrencies\/european-banking-authority-voices-concerns-over-large-stablecoins--1262632\" target=\"_blank\" rel=\"noopener\">suggesting<\/a>\u00a0that central banks veto large stablecoins if they pose a threat to monetary policies.<\/li>\n<li>Binance has\u00a0<a href=\"https:\/\/www.theblock.co\/post\/232178\/binance-nft-loan-eth\" target=\"_blank\" rel=\"noopener\">added<\/a>\u00a0the ability to lend against NFTs.<\/li>\n<li>The UK Parliamentary Committee on the Treasury has\u00a0<a href=\"https:\/\/www.reuters.com\/technology\/crypto-should-be-regulated-gambling-uk-lawmakers-say-2023-05-16\/\" target=\"_blank\" rel=\"noopener\">taken<\/a>\u00a0the position that cryptocurrencies should be regulated in a manner similar to gambling given the significant risks they pose to consumers.<\/li>\n<li>The Vienna division of Raiffeisen Bank has announced a partnership with the crypto exchange\u00a0<a href=\"https:\/\/thepaypers.com\/online-mobile-banking\/raiffeisen-bank-unit-partners-with-bitpanda--1262417\" target=\"_blank\" rel=\"noopener\">Bitpanda<\/a>. The partnership makes Raiffeisen Bank the first traditional financial institution in the EU to offer cryptocurrency transactions.<\/li>\n<li>The cryptocurrency savings of PayPal users has\u00a0<a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001633917\/000163391723000072\/pypl-20230331.htm\" target=\"_blank\" rel=\"noopener\">reached<\/a>\u00a0USD $1 billion.<\/li>\n<li>Mastercard has launched the service\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2023\/05\/mastercard-rolls-out-crypto-credential-service-to-strengthen-trust-in-blockchain-ecosystem\/\" target=\"_blank\" rel=\"noopener\">Crypto Credential<\/a>\u00a0to increase trust in blockchain networks among consumers and businesses. Crypto Credential provides a set of common standards and infrastructure to help validate trusted interactions between consumers and businesses using blockchain networks.<\/li>\n<li>The Central Bank of Argentina\u00a0<a href=\"https:\/\/thepaypers.com\/cryptocurrencies\/argentina-halts-crypto-payments-made-through-apps--1262524\" target=\"_blank\" rel=\"noopener\">intends to ban<\/a>\u00a0the use of cryptocurrencies for transactions through payment applications.<\/li>\n<li>Ripple has acquired Swiss\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2023\/05\/ripple-acquires-metaco-in-250m-deal\/\" target=\"_blank\" rel=\"noopener\">Metaco<\/a>\u00a0for USD 250 million. The move allows Ripple to expand its enterprise services and provide customers with the technology to store, issue and settle for any type of tokenized asset<\/li>\n<li>Fintech startup\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2023\/05\/stripe-embeddable-fiat-to-crypto-onramp\/\" target=\"_blank\" rel=\"noopener\">Stripe<\/a>\u00a0has introduced a built-in function for US users to exchange fiat money for cryptocurrencies.<\/li>\n<li>Bank Societe Generale is planning the launch of\u00a0<a href=\"https:\/\/www.sgforge.com\/societe-generale-forge-launches-coinvertible-the-first-institutional-stablecoin-deployed-on-a-public-blockchain\/\" target=\"_blank\" rel=\"noopener\">CoinVertible<\/a>, a euro stablecoin based on Ethereum.<\/li>\n<li>Daniel Risch, the Prime Minister of Liechtenstein, has\u00a0<a href=\"https:\/\/beincrypto.com\/liechtenstein-pm-wants-citizens-pay-btc\/\" target=\"_blank\" rel=\"noopener\">announced<\/a>\u00a0that Liechtensteiners will be able to use bitcoin to pay for public services in the near future.<\/li>\n<li>Rating company\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/transunion-credit-scores-public-blockchain\/\" target=\"_blank\" rel=\"noopener\">TransUnion<\/a>\u00a0will provide credit scoring for public blockchain applications.<\/li>\n<\/ul>\n<p><strong>#Central Bank Digital Currencies (CBDCs)<\/strong><\/p>\n<ul>\n<li>The European Central Bank (ECB) has\u00a0<a href=\"https:\/\/thepaypers.com\/cryptocurrencies\/ecb-calls-on-digital-id-experts-to-develop-digital-euro-rules--1262581\" target=\"_blank\" rel=\"noopener\">turned<\/a>\u00a0to digital ID experts to help develop digital euro regulations.<\/li>\n<li>The head of the International Monetary Fund (IMF) has state that, while the\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/imf-retail-cbdcs-consequences-unpredictable\/\" target=\"_blank\" rel=\"noopener\">consequences<\/a>\u00a0of retail CBDCs are still unclear, wholesale CBDCs are not likely fraught with any special surprises.<\/li>\n<li>ECB is\u00a0<a href=\"https:\/\/www.ecb.europa.eu\/press\/inter\/date\/2023\/html\/ecb.in230524~c2d729b46a.en.html\" target=\"_blank\" rel=\"noopener\">planning<\/a>\u00a0to launch the digital euro in the next 3\u20134 years, although traditional banknotes will remain in circulation as long as there is demand for them.<\/li>\n<li>Fintech startup\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/fluencys-cbdc-solution-could-bridge-account-and-token-based-schemes\/\" target=\"_blank\" rel=\"noopener\">Fluency<\/a>\u00a0has unveiled a solution that offers the compatibility of token-based and account-based CBDC systems and also supports offline CBDC payments.<\/li>\n<li>Visa has presented a CBDC project for\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/visas-brazilian-cbdc-solution-targets-tokenized-farm-contracts\/\" target=\"_blank\" rel=\"noopener\">Brazil<\/a>\u00a0that is focused on small- and medium-sized enterprises (SMEs). The project\u2019s concept aims to simplify SME access to global financing opportunities.<\/li>\n<li>Norwegian financial services provider\u00a0<a href=\"https:\/\/thepaypers.com\/cryptocurrencies\/reltime-launches-wrapped-fiat-and-cdbc-services--1262636\" target=\"_blank\" rel=\"noopener\">Reltime<\/a>\u00a0has launched a service for the exchange of fiat money and CBDCs.<\/li>\n<li>Samsung Electronics and the South Korean regulator have\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/samsung-offline-cbdc-korea\/\" target=\"_blank\" rel=\"noopener\">agreed<\/a>\u00a0to cooperate in the field of autonomous CBDC research.<\/li>\n<li>The Central Bank of Nigeria\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/nigeria-enaira-cbdc-disperse-aid-agricultural-loans\/\" target=\"_blank\" rel=\"noopener\">plans<\/a>\u00a0to issue loans to farmers using digital naira.<\/li>\n<\/ul>\n<p><strong>#Miscellaneous<\/strong><\/p>\n<ul>\n<li>OpenAI intends to\u00a0<a href=\"https:\/\/openai.com\/blog\/introducing-the-chatgpt-app-for-ios\" target=\"_blank\" rel=\"noopener\">release<\/a>\u00a0a ChatGPT app for iOS. The company has also introduced a feature to turn off chat history and also announced the new ChatGPT Business subscription service for professionals and companies that\u00a0<a href=\"https:\/\/openai.com\/blog\/new-ways-to-manage-your-data-in-chatgpt\" target=\"_blank\" rel=\"noopener\">need more<\/a>\u00a0control over their data.<\/li>\n<li>Mastercard is teaming up with the\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/42236\/mastercard-aims-to-boost-trust-for-blockchain-transactions\" target=\"_blank\" rel=\"noopener\">Web3 industry<\/a>\u00a0on a networking project that will help build the infrastructure for international trade in NFTs and other digital goods.<\/li>\n<li>The city of Nanjing, China has\u00a0<a href=\"https:\/\/mp.weixin.qq.com\/s\/9RERVM48GJuz8V13HhzaKQ\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0a platform for the development of the metaverse.<\/li>\n<li>Microsoft is partnering with Stripe, PayPal and GoDaddy to bring the Payments\u00a0<a href=\"https:\/\/thepaypers.com\/payments-general\/microsoft-launches-teams-payments-app-for-smbs--1262439\" target=\"_blank\" rel=\"noopener\">payment app<\/a>\u00a0to Microsoft Teams. The move should help US and Canadian SMEs better manage their payments.<\/li>\n<li>WhatsApp will partner with\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2023\/05\/whatsapp-partners-stripe-to-enable-in-app-business-payments-in-singapore\/\" target=\"_blank\" rel=\"noopener\">Stripe<\/a>\u00a0to bring in-app business payments to users in Singapore.<\/li>\n<li>The Apple Card\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2023\/05\/apples-new-savings-account-sees-1bn-in-deposits-within-one-week-of-launch\/\" target=\"_blank\" rel=\"noopener\">savings<\/a>\u00a0account, launched in partnership with Goldman Sachs, has raised over USD 1 billion within a week of its launch.<\/li>\n<li>Zoom is\u00a0<a href=\"https:\/\/www.theverge.com\/2023\/5\/16\/23725342\/zoom-anthropic-ai-powered-chatbot-claude\" target=\"_blank\" rel=\"noopener\">integrating<\/a>\u00a0an AI assistant into its own productivity platform.<\/li>\n<li>Africa Fintech Network (AFN) will\u00a0<a href=\"https:\/\/www.finextra.com\/pressarticle\/96630\/africa-fintech-network-receives-525000-grant-to-build-fintech-hub?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">receive<\/a>\u00a0a USD 525,000 grant from the African Development Bank (AfDB) to create an African fintech hub that will monitor activities in the fintech industry on the African continent.<\/li>\n<li>iFAST Global Bank (iGB) has\u00a0<a href=\"https:\/\/www.finextra.com\/pressarticle\/96560\/singapores-ifast-launches-cross-border-digital-banking-platform-in-uk?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">launched cross-border neobank<\/a>\u00a0Digital Personal Banking (DPB) and integrated it into the fintech ecosystem of iFAST Corp. DPB allows users to store, spend and send money in six currencies (British pounds, US dollars, euros, Hong Kong dollars, Chinese dollars and Chinese yuan) while also earning interest when using them.<\/li>\n<li>JP Morgan will partner with fintech startup\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2023\/04\/jp-morgan-taps-sharegain-for-digital-securities-lending-solution\/\" target=\"_blank\" rel=\"noopener\">Sharegain<\/a>\u00a0to develop a solution for lending against securities.<\/li>\n<\/ul>\n<p dir=\"ltr\"><strong>Ukraine:<\/strong><\/p>\n<ul>\n<li>Ukraine is\u00a0<a href=\"https:\/\/psm7.com\/news\/ukraina-prinimaet-vazhnoe-reshenie-o-kriptovalyutax-o-chem-rech.html\" target=\"_blank\" rel=\"noopener\">planning<\/a>\u00a0to partially adopt the European Union (EU)\u2019s Markets in Crypto-Assets (MiCA) regulatory framework for cryptoassets in order to bring its cryptocurrency legislation in line with EU regulations.<\/li>\n<li><a href=\"https:\/\/forbes.ua\/ru\/innovations\/investitsii-v-ukrainski-startapi-na-semirichnomu-minimumi-velikikh-raundiv-nemae-mayzhe-piv-roku-to-ukrainskiy-venchur-u-komi-23052023-13807\" target=\"_blank\" rel=\"noopener\">Investments<\/a>\u00a0in Ukrainian startups fell to USD 218 million in 2022.<\/li>\n<li>The National Bank of Ukraine has\u00a0<a href=\"https:\/\/bank.gov.ua\/ua\/news\/all\/natsionalnyy-bank-zatverdyv-tekhnichne-zavdannya-dlya-otsinky-stiykosti-bankiv-v-umovakh-voyennoho-chasu\" target=\"_blank\" rel=\"noopener\">approved<\/a>\u00a0the\u00a0<em>Terms of Reference<\/em>\u00a0for assessing the sustainability of financial institutions and the banking system of Ukraine as a whole in 2023.<\/li>\n<li>A new EUR\u00a0<a href=\"https:\/\/psm7.com\/news\/ukrainskie-startapy-mogut-poluchit-grand-e12-mln-podrobnosti.html\" target=\"_blank\" rel=\"noopener\">12 million grant<\/a>\u00a0fund will be launched in Ukraine to support startups.<\/li>\n<li>The founders of Monobank have indefinitely postponed the launch of neobank\u00a0<a href=\"https:\/\/psm7.com\/news\/zapusk-monobanka-v-polshe-otkladyvaetsya-s-chem-stolknulsya-stereo.html\" target=\"_blank\" rel=\"noopener\">Stereo<\/a>\u00a0in Poland.<\/li>\n<li>Ten countries have\u00a0<a href=\"https:\/\/www.facebook.com\/mykhailofedorov.com.ua\/posts\/pfbid0fwd3CkueB5ogXRophwZwU5d5BzNL1YzCnoU9BBCY8wo9YaZgaTRHmffLSKdKEsjYl\" target=\"_blank\" rel=\"noopener\">expressed<\/a>\u00a0interest in adopting the Ukrainian experience in creating the Diya app.<\/li>\n<li>Mikhail Fedorov, Minister of Digital Transformation, has stated this his department is\u00a0<a href=\"https:\/\/psm7.com\/diya\/v-die-mozhet-poyavitsya-chatgpt-fedorov-rasskazal-o-novom-virtualnom-pomoshhnike.html\" target=\"_blank\" rel=\"noopener\">planning<\/a>\u00a0to integrate an AI assistant into the Diya app with the help of OpenAI.<\/li>\n<li>Mastercard has selected five members of the\u00a0<a href=\"https:\/\/delo.ua\/ru\/telecom\/start-path-ukraine-ukrainskie-fintex-startapy-polucat-granty-v-10-000-416451\/\" target=\"_blank\" rel=\"noopener\"><em>Start Path Ukraine<\/em><\/a>\u00a0program to receive USD 10,000 in grants as well as access to resources, mentorships and the opportunity to get expert advice.<\/li>\n<\/ul>\n<p><strong>Kazakhstan:<\/strong><\/p>\n<ul>\n<li>The alleged organizers of the\u00a0<a href=\"https:\/\/t.me\/afm_rk\/1809\" target=\"_blank\" rel=\"noopener\">MetaGo<\/a>\u00a0cryptocurrency pyramid, which caused damages in excess of USD 280,000, have been identified.<\/li>\n<li><a href=\"https:\/\/kapital.kz\/economic\/115328\/kazakhstan-stanovit-sya-vygodnym-dlya-katarskikh-investorov-ekspert.html\" target=\"_blank\" rel=\"noopener\">According to<\/a>\u00a0the director of the Institute of Geopolitical Studies, Kazakhstan is becoming a profitable destination for investors from Qatar.<\/li>\n<li>Kazakhstan\u2019s\u00a0<a href=\"https:\/\/forklog.com\/news\/coinbase-borrow-prekratit-kreditovanie-pod-zalog-bitkoina\" target=\"_blank\" rel=\"noopener\">share in<\/a>\u00a0the global bitcoin hashrate has decreased from 18% to 4%.<\/li>\n<li>Kaspi.kz is\u00a0<a href=\"https:\/\/forbes.kz\/economy\/finance\/kaspikz_nachal_podgotovku_k_listingu_v_ssha\/\" target=\"_blank\" rel=\"noopener\">preparing<\/a>\u00a0to list itself in the US.<\/li>\n<li>The head of QIWI\u00a0<a href=\"https:\/\/forbes.kz\/actual\/natalya_abulgazieva_ceo_qiwi_kazakhstan_elektronnyie_denejnyie_sredstva_ravnopravnyiy_instrument_dlya_raschetov\/\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0the most promising partnership models between fintech companies and banks.<\/li>\n<li>The\u00a0<a href=\"https:\/\/forbes.kz\/actual\/technologies\/finsend_hochet_zanyat_do_20_ryinka_denejnyih_perevodov_v_kazahstan\/\" target=\"_blank\" rel=\"noopener\">Finsend.io<\/a>\u00a0money transfer service has launched in Kazakhstan.<\/li>\n<li>There are two upcoming fintech events in Kazakhstan in June:\u00a0<a href=\"https:\/\/ventureforum.asia\/\" target=\"_blank\" rel=\"noopener\">(1)<\/a>\u00a0the\u00a0<em>Central Eurasian Venture Forum for Investors and Startups<\/em>\u00a0and\u00a0<a href=\"https:\/\/astanafindays.org\/ru\/\" target=\"_blank\" rel=\"noopener\">(2)<\/a>\u00a0the\u00a0<em>Astana Finance Days 2023<\/em>.<\/li>\n<\/ul>\n<p><strong>Kyrgyzstan:<\/strong><\/p>\n<ul>\n<li>The Chairman of the Cabinet of Ministers of Kyrgyzstan is\u00a0<a href=\"https:\/\/24.kg\/vlast\/266395_natsbank_prizvali_aktivnee_vnedryat_finteh-startapyi\/\" target=\"_blank\" rel=\"noopener\">calling<\/a>\u00a0on the National Bank of Kyrgyzstan to promote the development of fintech startups, including through a framework of special regimes.<\/li>\n<li>The director of the High-Tech Park of Kyrgyzstan\u00a0<a href=\"http:\/\/www.tazabek.kg\/news:1923676?from=tazabek&amp;place=last\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0about the main challenges and opportunities for financial technologies in the country.<\/li>\n<\/ul>\n<p><strong>Uzbekistan:<\/strong><\/p>\n<ul>\n<li>Fintech, and the technology sector of\u00a0<a href=\"https:\/\/ru.euronews.com\/next\/2023\/05\/09\/uzbekistan-focus-1-investor\" target=\"_blank\" rel=\"noopener\">Uzbekistan<\/a>\u00a0as a whole, is becoming very attractive for foreign investors.<\/li>\n<li>The\u00a0<a href=\"https:\/\/awards.gov.uz\/\" target=\"_blank\" rel=\"noopener\"><em>President Tech Award<\/em><\/a>, which has USD 1 million in total prize funds, will be held in Uzbekistan and hopes to bring more young people into the field of IT technologies and also inspire them to create innovative solutions and developments that can compete in the global market.<\/li>\n<li>The Mastercard payment system is\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2023\/05\/16\/mastercard\/\" target=\"_blank\" rel=\"noopener\">preparing to open<\/a>\u00a0its first official representative office in Uzbekistan.<\/li>\n<li>The Central Bank of Uzbekistan has\u00a0<a href=\"https:\/\/lex.uz\/ru\/pdfs\/6466217\" target=\"_blank\" rel=\"noopener\">approved<\/a>\u00a0a regulation on control over the activities of payment system operators and organizations.<\/li>\n<li>The director of Freedom Pay\u00a0<a href=\"https:\/\/uz.kursiv.media\/2023-05-24\/rynok-e-commerce-uzbekistana-budet-rasshiryatsya-za-schet-rosta-doveriya-polzovatelej\/\" target=\"_blank\" rel=\"noopener\">expects<\/a>\u00a0that Uzbekistan&#8217;s e-commerce market will expand due to increased user confidence.<\/li>\n<li>Georgia&#8217;s TBC Bank Group has bought out the remaining stake in\u00a0<a href=\"https:\/\/plusworld.ru\/articles\/52665\/\" target=\"_blank\" rel=\"noopener\">Payme<\/a>\u00a0for USD 55.7 million and is now its sole owner.<\/li>\n<li>The European Bank for Reconstruction and Development (EBRD), in partnership with the Fintech Association of Uzbekistan,\u00a0<a href=\"https:\/\/uz.kursiv.media\/2023-05-24\/ebrr-besplatno-obuchit-it-konsultantov-dlya-zhenshhin-predprinimatelej\/\" target=\"_blank\" rel=\"noopener\">will train future<\/a>\u00a0IT consultants free of charge to support women entrepreneurship.<\/li>\n<li><a>Xalq banki and Mastercard\u00a0<\/a>have signed a\u00a0<a href=\"https:\/\/www.gazeta.uz\/ru\/2023\/05\/18\/xalq-banki-mastercard\/\" target=\"_blank\" rel=\"noopener\">memorandum<\/a>\u00a0of cooperation.<\/li>\n<li>A list of banks in Uzbekistan that issue cards with\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2023\/05\/25\/uzcard\/\" target=\"_blank\" rel=\"noopener\">NFC capabilities<\/a>\u00a0has been published.<\/li>\n<li>The head of digital transformation at Davr Bank\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2023\/04\/20\/davr-bank\/\" target=\"_blank\" rel=\"noopener\">speaks<\/a>\u00a0about what to expect from the bank in the near future.<\/li>\n<li>TBC Bank Uzbekistan has\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2023\/04\/20\/tbc-profitable\/\" target=\"_blank\" rel=\"noopener\">reported<\/a>\u00a0its first profits.<\/li>\n<li>Free card-to-card money transfers are now available for premium\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2023\/05\/04\/click\/\" target=\"_blank\" rel=\"noopener\">Click<\/a>\u00a0app subscribers.<\/li>\n<li>Fintech startup depozit.uz has raised USD 100,000 from the\u00a0<a href=\"https:\/\/it-park.uz\/ru\/itpark\/news\/startap-depozit-uz-podnyal-raund-na-100-tysyach-ot-uzvc\" target=\"_blank\" rel=\"noopener\">UzVC<\/a>\u00a0venture fund.<\/li>\n<\/ul>\n<p><strong>Azerbaijan:<\/strong><\/p>\n<ul>\n<li>The Central Bank of Azerbaijan has\u00a0<a href=\"http:\/\/interfax.az\/view\/891903\" target=\"_blank\" rel=\"noopener\">approved<\/a>\u00a0the\u00a0<em>Cybersecurity Strategy for Financial Markets for 2023\u20132026<\/em>, which was developed with the support of the International Finance Corporation (IFC).<\/li>\n<li>The Director General of the Central Bank of Azerbaijan has\u00a0<a href=\"https:\/\/report.az\/ru\/finansy\/cba-o-celi-poryadka-provedeniya-operacij-s-virtualnymi-aktivami\/\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0that there are no companies in the country that are officially engaged in cryptocurrency transactions.<\/li>\n<\/ul>\n<p><strong>Armenia:<\/strong><\/p>\n<ul>\n<li>LIFE PAY experts have\u00a0<a href=\"https:\/\/vc.ru\/u\/1285535-life-pay\/703901-sostoyanie-i-razvitie-fintech-tehnologiy-v-stranah-sng\" target=\"_blank\" rel=\"noopener\">prepared<\/a>\u00a0material on the state of the fintech market in Armenia and several other former Soviet countries.<\/li>\n<li>Armbusinessbank IT consultant Vadim Gerassimenko\u00a0<a href=\"https:\/\/news.am\/eng\/news\/760442.html\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0why continuous improvement is vital for modern financial institutions.<\/li>\n<\/ul>\n<p><strong>Georgia:<\/strong><\/p>\n<ul>\n<li>The National Bank of Georgia has approved new rules for connecting\u00a0<a href=\"https:\/\/www.trend.az\/scaucasus\/georgia\/3751291.html\" target=\"_blank\" rel=\"noopener\">open banking<\/a>.<\/li>\n<li>Tether Limited, the creator of the USDT stablecoin, and Georgia Business and Technology University (BTU) have\u00a0<a href=\"https:\/\/tether.to\/en\/tether-and-btu-sign-mou\/\" target=\"_blank\" rel=\"noopener\">signed<\/a>\u00a0a memorandum of understanding to promote education in the field of cryptocurrencies and blockchain in the country.<\/li>\n<li>Terabank and Visa have announced the launch of the\u00a0<a href=\"https:\/\/georgiatoday.ge\/terabank-in-partnership-with-visa-launches-the-most-flexible-and-secure-international-payment-platform-visa-b2b-connect-for-the-first-time-in-georgia\/\" target=\"_blank\" rel=\"noopener\">Visa B2B Connect<\/a>\u00a0international payment service in Georgia.<\/li>\n<\/ul>\n<p><strong>Moldova:<\/strong><\/p>\n<ul>\n<li>Video\u00a0<a href=\"https:\/\/www.youtube.com\/playlist?list=PLhbjfy_Q2VeYA0MGBa3gys3LxK77udmlz\" target=\"_blank\" rel=\"noopener\">recordings<\/a>\u00a0of all sessions of the\u00a0<em>DTFI23: Digital Transformation for Financial Institutions 2023<\/em>\u00a0conference have been posted on the Fintech Moldova channel.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-17128 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='New Electronic Document Management at \u0412\u0422\u0411 bank (Azerbaijan)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/new-electronic-document-management-at-vtb-bank-azerbaijan\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2016\/10\/\u0414\u043e\u043a\u0443\u043c\u0435\u043d\u0442\u043e\u043e\u0431\u043e\u0440\u043e\u04425-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-3675\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-3675'>\n\t\t\t\tNew Electronic Document Management at \u0412\u0422\u0411 bank (Azerbaijan)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='The state of FinTechs in Ukraine'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-state-of-fintechs-in-ukraine\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/12\/the-state-of-fintechs-in-ukraine-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14207\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14207'>\n\t\t\t\tThe state of FinTechs in Ukraine\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='IoT: the next big thing in banking'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/iot-the-next-big-thing-in-banking\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/12\/iot-the-next-big-thing-in-banking-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11919\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11919'>\n\t\t\t\tIoT: the next big thing in banking\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 A joint\u00a0report\u00a0from Boston Consulting Group (BCG) and QED Investors forecasts a sixfold growth (from USD 245 billion to USD 1.5 trillion) in fintech industry revenue by 2030. #Innovations Google is &hellip;<\/p>\n","protected":false},"author":12,"featured_media":17110,"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\/17128"}],"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=17128"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17128\/revisions"}],"predecessor-version":[{"id":17129,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17128\/revisions\/17129"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/17110"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=17128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=17128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=17128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}