{"id":17176,"date":"2023-07-04T09:27:57","date_gmt":"2023-07-04T09:27:57","guid":{"rendered":"https:\/\/bulletins.bfconsulting.com\/?p=17176"},"modified":"2023-07-04T09:27:57","modified_gmt":"2023-07-04T09:27:57","slug":"bfc-fintech-monitor-june-2023","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-june-2023\/","title":{"rendered":"BFC FinTech Monitor (June 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 recent\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/42502\/majority-of-consumers-trust-generative-ai-for-financial-planning?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">study<\/a>\u00a0by the Capgemini Research Institute indicates that approximately 50% of consumers trust generative AI for financial planning.<\/li>\n<li>IDC Financial Insight analysts are predicting that banks globally will send USD 57.1 billion to support legacy\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/42478\/banks-to-spend-57bn-on-legacy-payments-tech-in-2028---study?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">payment systems<\/a>\u00a0in 2028.<\/li>\n<li><a href=\"https:\/\/techinformed.com\/generative-ai-could-allow-for-trillions-of-dollars-worth-of-productivity-gains\/\" target=\"_blank\" rel=\"noopener\">According<\/a>\u00a0to a McKinsey report, generative AI is expected to generate for trillions of dollars across 63 areas, helping boost global GDP and living standards.<\/li>\n<\/ul>\n<p><strong>#Innovations<\/strong><\/p>\n<ul>\n<li>Moody&#8217;s is partnering with Microsoft and OpenAI to\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-29\/moody-s-will-use-microsoft-openai-for-research-tool-to-assess-risk?srnd=technology-vp#xj4y7vzkg\" target=\"_blank\" rel=\"noopener\">develop<\/a>\u00a0an AI-based risk assessment tool.<\/li>\n<li><a href=\"https:\/\/arxiv.org\/abs\/2306.06031\" target=\"_blank\" rel=\"noopener\">FinGPT<\/a>, a language model for solving financial sector problems with source code, has been released.<\/li>\n<li>Demis Hassabis, CEO of the Google subsidiary DeepMind, believes that\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/googles-gemini-ai-will-be-more-powerful-than-chat-gpt\" target=\"_blank\" rel=\"noopener\">Gemini&#8217;s AI system\u00a0<\/a>will be &#8220;more powerful&#8221; than ChatGPT and offer new features such as planning and problem solving.<\/li>\n<li>Fintech startup\u00a0<a href=\"https:\/\/thepaypers.com\/online-mobile-banking\/weavr-rolls-out-embedded-finance-cloud--1263174\" target=\"_blank\" rel=\"noopener\">Weavr<\/a>\u00a0has launched Embedded Finance Cloud, which allows banks to create and distribute embedded financial products and services.<\/li>\n<li>Google Cloud has introduced the\u00a0<a href=\"https:\/\/www.cloudcomputing-news.net\/news\/2023\/jun\/26\/google-cloud-launches-ai-powered-anti-money-laundering-product\/\" target=\"_blank\" rel=\"noopener\">AML AI<\/a>\u00a0product. Based on AI, it helps financial institutions detect cases of money laundering.<\/li>\n<li>CaixaBank (Spain) has introduced an\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2023\/05\/caixabank-launches-solution-turning-android-devices-into-pos-terminals\/\" target=\"_blank\" rel=\"noopener\">application<\/a>\u00a0for converting Android smartphones into POS terminals. The bank has also launched the FXWallets service for international payments in different currencies.<\/li>\n<li>Nvidia is building one of the world&#8217;s highest-performing supercomputers (<a href=\"https:\/\/www.reuters.com\/technology\/nvidia-build-israeli-supercomputer-ai-demand-soars-2023-05-29\/\" target=\"_blank\" rel=\"noopener\">Israel-1<\/a>), which is expected to meet consumer demand for AI software solutions.<\/li>\n<\/ul>\n<p><strong>#Cryptocurrencies, Blockchain, Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi):<\/strong><\/p>\n<ul>\n<li>Analysts from\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/656m-lost-from-crypto-hacks-scams-and-rug-pulls-in-h12023-report\" target=\"_blank\" rel=\"noopener\">Beosin<\/a>, a company specialized in Web3 security, has determined that the total amount stolen by cryptocurrency scammers and hackers amounts to USD 656 million.<\/li>\n<li>The UAE has\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/binance-eyes-uae-as-possible-base-for-future-operations\" target=\"_blank\" rel=\"noopener\">become<\/a>\u00a0a major growth destination for the digital asset industry thanks to its friendly regulatory environment, with crypto exchange company Binance expressing interest in the country and crypto exchange company\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/crypto-exchange-gemini-uae-crypto-license\" target=\"_blank\" rel=\"noopener\">Gemini<\/a>\u00a0already announcing its intention to obtain a license for crypto services in the country.<\/li>\n<li>Experts from the International Monetary Fund (IMF) have\u00a0<a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2023\/06\/22\/cf-interest-in-cb-digital-currencies-picks-up-in-latam-the-caribbean-while-crypto-use-varies\" target=\"_blank\" rel=\"noopener\">decided<\/a>\u00a0that banning cryptocurrencies is not the best way to reduce the risks associated with them.<\/li>\n<li>According to a\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/rbi-lists-risks-of-stablecoin-for-developing-economies-calls-for-global-regulation\" target=\"_blank\" rel=\"noopener\">report<\/a>\u00a0from the Reserve Bank of India, stablecoins can cause serious harm to emerging economies.<\/li>\n<li>TRM Labs has\u00a0<a href=\"https:\/\/www.trmlabs.com\/illicit-crypto-ecosystem-report-2023\" target=\"_blank\" rel=\"noopener\">found<\/a>\u00a0that the share of bitcoin in illegal crypto-operations is only 19%.<\/li>\n<li>The US Securities and Exchange Commission (SEC)\u00a0<a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.nysd.599908\/gov.uscourts.nysd.599908.22.0.pdf\" target=\"_blank\" rel=\"noopener\">has filed<\/a>\u00a0a lawsuit against the crypto exchange company Coinbase. In response, Coinbase has stated that the regulator has gone beyond its competence in relation to digital assets.<\/li>\n<li>The\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/ftx-begins-talks-on-reboot-as-managers-uncover-past-misconduct-38ad7e3c\" target=\"_blank\" rel=\"noopener\">management<\/a>\u00a0of the crypto exchange company FTX intends to rename and restart the company despite the loss of its reputation in the market.<\/li>\n<li>Paysafe Payment Solutions will stop supporting the crypto exchange company\u00a0<a href=\"https:\/\/www.coindesk.com\/business\/2023\/06\/28\/binance-eur-banking-partner-to-halt-support-of-the-crypto-exchange-in-september\/\" target=\"_blank\" rel=\"noopener\">Binance<\/a>\u00a0starting on September 25, 2023, meaning that euro transactions on the platform will not be possible on the platform after this date if a new intermediary cannot be found. Binance is suspected of illegally providing crypto services and \u201caggravated money laundering activities\u201d. The company has been forced to leave the\u00a0<a href=\"https:\/\/www.binance.com\/en\/support\/announcement\/notice-on-changes-of-services-in-the-netherlands-b5a647be31cf469b87fc3337fd461ced\" target=\"_blank\" rel=\"noopener\">Netherlands<\/a>, had to withdraw its application for registration in\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/binance-applies-to-deregister-in-cyprus\" target=\"_blank\" rel=\"noopener\">Cyprus<\/a>\u00a0and is being\u00a0<a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-101\" target=\"_blank\" rel=\"noopener\">sued<\/a>\u00a0by the US Securities and Exchange Commission (SEC).<\/li>\n<li>A\u00a0<a href=\"https:\/\/il.tradingview.com\/news\/coinedition:42c911ea5094b:0-coinbase-survey-reveals-83-of-fortune-500-firms-plan-web3-initiatives\/\" target=\"_blank\" rel=\"noopener\">report<\/a>\u00a0published by the crypto exchange company Coinbase has found that more than half of the Fortune 100 companies have launched blockchain projects since the beginning of 2020.<\/li>\n<li>Neobank Revolut has\u00a0<a href=\"https:\/\/www.theblock.co\/post\/236732\/revolut-tells-customers-its-lowering-crypto-trading-fees\" target=\"_blank\" rel=\"noopener\">reduced<\/a>\u00a0commissions on cryptocurrency transactions.<\/li>\n<li><a href=\"https:\/\/cointelegraph.com\/news\/hsbc-reportedly-rolls-out-cryptocurrency-services-in-hong-kong\" target=\"_blank\" rel=\"noopener\">HSBC<\/a>\u2019s Hong Kong branch intends to provide cryptocurrency services such as the buying and selling of exchange-traded funds (ETFs).<\/li>\n<li>Six Clovers, founded by ex-PayPal employees in 2021, has\u00a0<a href=\"https:\/\/www.theblock.co\/post\/236720\/paypal-veterans-swift-like-versal-network-sui\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0an analogue of SWIFT based on the Sui blockchain.<\/li>\n<li>The European Parliament has\u00a0<a href=\"https:\/\/www.coindesk.com\/policy\/2023\/06\/01\/treat-crypto-as-securities-by-default-european-parliament-study-says\/?utm_medium=referral&amp;utm_source=rss&amp;utm_campaign=headlines\" target=\"_blank\" rel=\"noopener\">proposed<\/a>\u00a0classifying cryptocurrencies as securities.<\/li>\n<li>El Salvador plans on\u00a0<a href=\"https:\/\/www.reuters.com\/technology\/el-salvador-partnership-build-1-billion-bitcoin-mining-farm-2023-06-05\/\" target=\"_blank\" rel=\"noopener\">spending<\/a>\u00a0USD 1 billion to build one of the largest mining farms in the world.<\/li>\n<li>The Central Bank of Brazil has\u00a0<a href=\"https:\/\/thepaypers.com\/cryptocurrencies\/brazil-authorises-its-central-bank-to-regulate-crypto-companies--1263061\" target=\"_blank\" rel=\"noopener\">received<\/a>\u00a0the right to regulate the activities of crypto companies.<\/li>\n<li>The European Investment Bank (EIB) has\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/eib-blockchain-digital-green-bond\/\" target=\"_blank\" rel=\"noopener\">issued<\/a>\u00a0the first blockchain-based green bond, valued at USD 93 million.<\/li>\n<li>The Asian Development Bank (ADB) has\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/asian-development-bank-blockchain-cross-border-bond-settlement\/\" target=\"_blank\" rel=\"noopener\">declared<\/a>\u00a0blockchain suitable for cross-border bond settlements.<\/li>\n<li>DappRadar expert Sarah Gergelas has\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/memecoins-for-adoption-dappradar-analyst-podcast-interview\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0that the low barrier to entry for memcoins could play a role in promoting the global adoption of digital assets.<\/li>\n<li>The EU\u00a0<a href=\"https:\/\/www.reuters.com\/technology\/eu-watchdog-calls-curbing-leverage-crypto-trading-2023-05-25\/\" target=\"_blank\" rel=\"noopener\">plans<\/a>\u00a0to introduce restrictions on the use of borrowed funds in crypto trading.<\/li>\n<li>JPMorgan and a number of Indian banks have launched a pilot\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/42414\/jpmorgan-and-indian-banks-pilot-blockchain-based-settlement-system?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">blockchain<\/a>\u00a0settlement system.<\/li>\n<\/ul>\n<p><strong>#Central Bank Digital Currencies (CBDCs)<\/strong><\/p>\n<ul>\n<li>The European Central Bank (ECB) will\u00a0<a href=\"https:\/\/www.theblock.co\/post\/236950\/eu-could-move-step-closer-to-digital-euro-this-october-lagarde-says\" target=\"_blank\" rel=\"noopener\">decide<\/a>\u00a0on the creation of the digital euro by the end of October 2023. The front-end prototype for the European CBDC was recently presented by the French payment service provider\u00a0<a href=\"https:\/\/thepaypers.com\/cryptocurrencies\/worldline-delivers-a-front-end-prototype-for-the-digital-euro--1262832\" target=\"_blank\" rel=\"noopener\">Worldline<\/a>. A\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/digital-euro-law-surveillance-impossible\/\" target=\"_blank\" rel=\"noopener\">report<\/a>\u00a0was also released analyzing the legal framework for the digital euro, emphasizing that oversight should be \u201cimpossible by nature\u201d.<\/li>\n<li>The International Monetary Fund (IMF) is creating a\u00a0<a href=\"https:\/\/www.reuters.com\/markets\/imf-working-global-central-bank-digital-currency-platform-2023-06-19\/\" target=\"_blank\" rel=\"noopener\">platform<\/a>\u00a0for cross-border transactions using CBDCs.<\/li>\n<li>The Swiss National Bank (SNB) is preparing to issue a wholesale CBDC on the SDX exchange as part of a<a href=\"https:\/\/www.reuters.com\/markets\/currencies\/snb-launch-digital-currency-pilot-chairman-2023-06-26\/\" target=\"_blank\" rel=\"noopener\">\u00a0pilot project<\/a>.<\/li>\n<li>The Innovation Center of the Bank for International Settlements (BIS)\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/bis-3-central-banks-look-at-defi-technology-for-wcbdc-fx-in-interim-project-report\" target=\"_blank\" rel=\"noopener\">published<\/a>\u00a0an interim report on Project Mariana, which involves the use of wholesale CBDCs in tokenized foreign currency trading.<\/li>\n<li>The Bank of England has\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-27\/britcoin-may-not-actually-be-on-blockchain-boe-exec-says?sref=AACmJ2tc\" target=\"_blank\" rel=\"noopener\">declared<\/a>\u00a0that the digital pound can work without blockchain.<\/li>\n<li>Ripple and the Central Bank of Colombia are\u00a0<a href=\"https:\/\/thepaypers.com\/cryptocurrencies\/ripple-partners-with-the-central-bank-of-colombia--1263058\" target=\"_blank\" rel=\"noopener\">developing<\/a>\u00a0a pilot project based on the cryptocurrency XRP.<\/li>\n<\/ul>\n<p><strong>#Miscellaneous<\/strong><\/p>\n<ul>\n<li>The European Commission (EC) has published proposals for the\u00a0<em>Third Payments Directive<\/em>\u00a0(PSD3), including revising parts of\u00a0<a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_23_3543\" target=\"_blank\" rel=\"noopener\">PSD2<\/a>\u00a0and creating a framework for financial data access.<\/li>\n<li>Mastercard has created\u00a0<a href=\"https:\/\/coingape.com\/mastercard-is-build-a-blockchain-app-store-for-regulated-financial-apps\/\" target=\"_blank\" rel=\"noopener\">Multi Token Network<\/a>, an analogue of the App Store for financial applications.<\/li>\n<li>Amazon has\u00a0<a href=\"https:\/\/techcrunch.com\/2023\/06\/22\/aws-launches-100m-program-to-fund-generative-ai-initiatives\/\" target=\"_blank\" rel=\"noopener\">allocated<\/a>\u00a0USD 100 million for the development of projects focused on generative AI.<\/li>\n<li>PKO Bank Polski has organized the first\u00a0<a href=\"https:\/\/metaverse.pkobp.pl\/\" target=\"_blank\" rel=\"noopener\">metaverse<\/a>\u00a0job fair in Poland.<\/li>\n<li>Alipay and Mastercard are\u00a0<a href=\"https:\/\/thepaypers.com\/mobile-payments\/alipay-partners-with-mastercard-to-launch-a-new-payments-option--1263127\" target=\"_blank\" rel=\"noopener\">launching<\/a>\u00a0a new solution for travelers in China to \u201cpay like a local\u201d, independent of where the Mastercard card was issued.<\/li>\n<li>Microsoft has\u00a0<a href=\"https:\/\/www.biometricupdate.com\/202305\/microsoft-outlines-approach-to-regulating-risks-of-its-biometric-tech\" target=\"_blank\" rel=\"noopener\">described<\/a>\u00a0its approach to managing the risks of introducing biometrics into technology applications.<\/li>\n<\/ul>\n<p dir=\"ltr\"><strong>Ukraine:<\/strong><\/p>\n<ul>\n<li>The Ukrainian Association of Fintech and Innovative Companies has\u00a0<a href=\"https:\/\/ain.ua\/ru\/2023\/06\/21\/ukraynskyj-fynteh-2023-246-kompanyj-7-yz-nyh-osnovany-v-2022-m\/\" target=\"_blank\" rel=\"noopener\">presented<\/a>\u00a0its\u00a0<em>Catalog of Ukrainian Fintech Companies for 2023.<\/em><\/li>\n<li>Ludmila Kukuetu, general counsel for the crypto neobank Trustee Plus, has\u00a0<a href=\"https:\/\/forklog.com\/news\/yurist-ukazala-na-problemy-ukrainskogo-zakonoproekta-o-bitkoin-nalogah\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0that amendments to the tax code regulating the taxation of cryptocurrency transactions do not adequately take into account the specifics of digital assets.<\/li>\n<li>Participants of the forum\u00a0<em>Digital Money<\/em>, organized by the Association of Ukrainian Banks,\u00a0<a href=\"https:\/\/forklog.com\/news\/v-ukraine-anonsirovali-sokrashhenie-bankovskih-perevodov-posle-zapuska-e-grivny\" target=\"_blank\" rel=\"noopener\">believe<\/a>\u00a0that the launch of the digital hryvnia will lead to a decrease in remittances through commercial banks.<\/li>\n<li>PaySpace has\u00a0<a href=\"https:\/\/psm7.com\/money-2020-amsterdam\/razvitie-fintexa-v-evrope-i-mire-itogi-konferencii-money-20-20-europe-2023.html\" target=\"_blank\" rel=\"noopener\">published<\/a>\u00a0material on the main outcomes of the\u00a0<em>Money 20\/20 Europe<\/em>\u00a0fintech conference.<\/li>\n<li>The Ministry of Digital Transformation has announced five new services in the\u00a0<a href=\"https:\/\/tech.liga.net\/ua\/technology\/novosti\/smena-mesta-projivaniya-i-dokumenty-ob-obrazovanii-v-mintsifre-nazvali-novye-servisy-v-die\" target=\"_blank\" rel=\"noopener\">Diya app<\/a>, including deposit reimbursement.<\/li>\n<li>The Ukrainian Startup Fund\u00a0<a href=\"https:\/\/psm7.com\/startup\/ukrainskij-fond-startapov-ozvuchil-osnovnye-dostizheniya-za-poslednie-neskolko-let.html\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0the results of several years of work.<\/li>\n<li><a href=\"https:\/\/psm7.com\/news\/zelenskij-skazal-v-kakoj-strane-es-budet-analog-diya.html\" target=\"_blank\" rel=\"noopener\">According<\/a>\u00a0to President Volodymyr Zelensky, Ukraine is helping other countries across Africa, Europe and Latin America in the development of government mobile apps.<\/li>\n<li>Monobank has\u00a0<a href=\"https:\/\/psm7.com\/news\/monobank-sdelal-masshtabnoe-obnovlenie-podrobnosti.html\" target=\"_blank\" rel=\"noopener\">announced<\/a>\u00a0the launch of a platform update that includes a number of new features.<\/li>\n<\/ul>\n<p><strong>Kazakhstan:<\/strong><\/p>\n<ul>\n<li>The head of the International Finance Corporation (IFC) has\u00a0<a href=\"https:\/\/kz.kursiv.media\/2023-06-20\/lgtn-schlemer\/\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0that Kazakhstan has the potential to become a regional center for the fintech industry.<\/li>\n<li>Zhanar Samaeva, director of the National Payment Corporation (a subsidiary of the National Bank of Kazakhstan),\u00a0<a href=\"https:\/\/forbes.kz\/economy\/finance\/otkryityiy_banking_vnedryayut_v_rk_chto_on_dast_kazahstantsam\/\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0the switch to open banking.<\/li>\n<li>The crypto exchange company Binance is\u00a0<a href=\"https:\/\/coinspot.io\/trading\/exchange\/binance-zapuskaet-lokalnuyu-kriptovalyutnuyu-platformu-v-kazahstane\/\" target=\"_blank\" rel=\"noopener\">launching<\/a>\u00a0a new regulated exchange for users in Kazakhstan that will operate under a license from the Financial Services Regulatory Committee of the Astana International Financial Center (AIFC).<\/li>\n<li>Ainur Zhanturina, leading consultant of Accion in Kazakhstan and Central Asia and founder of RISE (Research, Insights and Studies in Eurasia), identifies\u00a0<a href=\"https:\/\/plusworld.ru\/journal\/2023\/plus-6-2023\/kazakhstanskiy-fintekh-2023-9-glavnykh-trendov-rynka\/\" target=\"_blank\" rel=\"noopener\">9 key trends<\/a>\u00a0in Kazakhstan\u2019s fintech market.<\/li>\n<li>J&#8217;son &amp; Partners Consulting is\u00a0<a href=\"https:\/\/dknews.kz\/ru\/finansy\/292048-rost-rynka-iot-v-kazahstane-kak-tehnologii-menyayut\" target=\"_blank\" rel=\"noopener\">predicting<\/a>\u00a0that the compound annual growth rate of the internet of things (IoT) market in Kazakhstan will be 21.2% by the end of 2024, with a volume three times higher than in 2019.<\/li>\n<li><a href=\"https:\/\/bluescreen.kz\/news\/13287\/startapy-silkway-accelerator-sovokupno-privliekli-75-mln-inviestitsii\" target=\"_blank\" rel=\"noopener\">Startups<\/a>\u00a0that took part in the Silkway Accelerator (a joint program of Astana Hub and Google for Startups) has attracted USD 7.5 million in investments.<\/li>\n<li>Ruslan Konurbaev, business analyst for the\u00a0<em>Digital Tenge Project<\/em>, discusses the possibilities for a future Kazakh\u00a0<a href=\"https:\/\/kz.kursiv.media\/2023-06-19\/zhnb-digitaltenge\/\" target=\"_blank\" rel=\"noopener\">CBDC<\/a>.<\/li>\n<li>Kazakh company\u00a0<a href=\"https:\/\/bluescreen.kz\/news\/13266\/kazakhstantsy-priedstavili-ii-tiekhnologhii-na-fintiekh-vystavkie-v-banghkokie\" target=\"_blank\" rel=\"noopener\">Verigram<\/a>, which is specialized in biometric verification using AI, has unveiled a new solutions in this domain at\u00a0<em>iFX EXPO Asia<\/em>, the world\u2019s largest fintech exhibition.<\/li>\n<\/ul>\n<p><strong>Kyrgyzstan:<\/strong><\/p>\n<ul>\n<li>Turkish fintech startup\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2023\/06\/20\/turan\/\" target=\"_blank\" rel=\"noopener\">Turan Teknoloji<\/a>\u00a0intends to open representative offices in Kazakhstan, Kyrgyzstan and Uzbekistan.<\/li>\n<li>Farhad Ibraev, head of Balance.kg,\u00a0<a href=\"https:\/\/www.tazabek.kg\/news:1931648?place=nowread&amp;from=tazabek\" target=\"_blank\" rel=\"noopener\">explains<\/a>\u00a0why there is no analogue to the Kazakh super-app Kaspi in Kyrgyzstan.<\/li>\n<li>The annual international financial forum\u00a0<a href=\"https:\/\/www.akchabar.kg\/ru\/article\/products\/oplachivaj-pri-pomoshi-avto-innovacii-finteha-obsudili-na-bi\/\" target=\"_blank\" rel=\"noopener\"><em>BIFF-2023<\/em><\/a>\u00a0was held in Bishkek.<\/li>\n<\/ul>\n<p><strong>Uzbekistan:<\/strong><\/p>\n<ul>\n<li>The International PLUS forum\u00a0<em>Fintech, Banks and Retail<\/em>\u00a0was held in Tashkent, with\u00a0<a href=\"https:\/\/plusworld.ru\/journal\/2023\/plus-6-2023\/tashkentskiy-plas-forum-fintekh-banki-i-riteyl-itogi-klyuchevogo-meropriyatiya-tsentralnoy-azii\/\" target=\"_blank\" rel=\"noopener\">support<\/a>\u00a0provided by the Central Bank of Uzbekistan.<\/li>\n<li>A subsidiary of UAE brokerage firm Lockton Solution LLC-FZ has received the first\u00a0<a href=\"https:\/\/bits.media\/uzbekistan-vydal-pervuyu-litsenziyu-na-deyatelnost-kriptodepozitariya\/\" target=\"_blank\" rel=\"noopener\">license<\/a>\u00a0in Uzbekistan to operate a crypto depository.<\/li>\n<li>The Uzum Group of companies has been\u00a0<a href=\"https:\/\/nuz.uz\/ekonomika-i-finansy\/1279161-gruppa-kompanij-uzum-nazvana-czifrovoj-ekosistemoj-goda-na-premii-leaders-in-fintech-awards.html\" target=\"_blank\" rel=\"noopener\">awarded<\/a>\u00a0the\u00a0<em>Digital Ecosystem of the Year<\/em>\u00a0award at the\u00a0<em>Leaders in Fintech Awards<\/em>.<\/li>\n<li>The Click payment system will become part of the\u00a0<a href=\"https:\/\/www.gazeta.uz\/ru\/2023\/06\/12\/uzum-click\/\" target=\"_blank\" rel=\"noopener\">Uzum<\/a>\u00a0ecosystem, giving users (including those in remote areas) access to additional marketplaces and financial services. This is part of a plan to turn Click into a super app.<\/li>\n<\/ul>\n<p><strong>Azerbaijan:<\/strong><\/p>\n<ul>\n<li>Zakir Nuriyev, president of the Azerbaijan Banks Association, has stated that\u00a0<a href=\"https:\/\/www.azerbaycan24.com\/ru\/zakir-nuriev-neobhodimo-povisity-prozrachnosty-finteh-kompaniy\/\" target=\"_blank\" rel=\"noopener\">inflation<\/a>\u00a0around the world has led to an increase in demand for lending, requiring fintech companies to increase their transparency.<\/li>\n<li>The\u00a0<em>Fintex Summit 2023 &#8211; Finance and Technologies Expo<\/em>\u00a0<a href=\"https:\/\/azertag.az\/en\/xeber\/Baku_to_host_Fintex_Summit_2023___Finance_and_Technologies_Expo-2654591\" target=\"_blank\" rel=\"noopener\">was held<\/a>\u00a0in Baku.<\/li>\n<li>The volume of payments using Apple Pay and Google Pay in Azerbaijan\u00a0<a href=\"https:\/\/report.az\/ru\/finansy\/nazvany-obemy-platezhej-s-pomoshyu-apple-pay-i-google-pay-v-azerbajdzhane\/\" target=\"_blank\" rel=\"noopener\">amounted<\/a>\u00a0to AZN 327 and AZN 107 million manats, respectively, in January\u2013May 2023.<\/li>\n<\/ul>\n<p><strong>Armenia:<\/strong><\/p>\n<ul>\n<li>Polish State Secretary Grzegorz Piechowiak has\u00a0<a href=\"https:\/\/finport.am\/full_news.php?id=48503\" target=\"_blank\" rel=\"noopener\">noted<\/a>\u00a0that Armenia and Poland intend to cooperate in the fields of IT and fintech.<\/li>\n<\/ul>\n<p><strong>Georgia:<\/strong><\/p>\n<ul>\n<li>The National Bank of Georgia is\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/georgian-central-bank-to-launch-aml-probe-into-crypto-firms\" target=\"_blank\" rel=\"noopener\">introducing<\/a>\u00a0mandatory supervision requirements for service providers with virtual assets. The new requirement are scheduled to go into effect on September 1, 2023.<\/li>\n<li>Tether Limited, creator of the\u00a0<a href=\"https:\/\/tether.to\/en\/tether-signs-mou-with-government-of-georgia-to-develop-blockchain-bitcoin-and-peer-to-peer-infrastructure-to-foster-innovation\/\" target=\"_blank\" rel=\"noopener\">USDT stablecoin<\/a>, has signed a memorandum of understanding with the government of Georgia.<\/li>\n<\/ul>\n<p><strong>Moldova:<\/strong><\/p>\n<ul>\n<li>A Ukrainian fintech company that is part of the Nova Poshta Group, has\u00a0<a href=\"https:\/\/biz.nv.ua\/finance\/novapay-zapustilas-v-moldove-novosti-ukrainy-50329081.html\" target=\"_blank\" rel=\"noopener\">entered<\/a>\u00a0the Moldovan market.<\/li>\n<li>Fintech startup\u00a0<a href=\"https:\/\/newsmaker.md\/ro\/antreprenorii-din-domeniile-tech-si-creativ-s-au-ales-cu-premii-si-recunoastere-internationala-iata-cine-sunt-castigatorii-moldova-innovation-awards\/\" target=\"_blank\" rel=\"noopener\">Fagura<\/a>\u00a0was recognized at the\u00a0<em>Moldova Innovation Awards<\/em>.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-17176 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Online lending in Kazakhstan expected to grow 200-300% in 2018'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/online-lending-in-kazakhstan-expected-to-grow-200-300-in-2018\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/business-man-and-stock-trader-walking-up_3446-610-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9870\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/business-man-and-stock-trader-walking-up_3446-610-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/business-man-and-stock-trader-walking-up_3446-610-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/business-man-and-stock-trader-walking-up_3446-610.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9870'>\n\t\t\t\tOnline lending in Kazakhstan expected to grow 200-300% in 2018\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='TBC launches new innovative services and products for businesses'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/tbc-launches-new-innovative-services-and-products-for-businesses\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/06\/TBC-launches-new-innovative-services-and-products-for-businesses-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-7017\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/06\/TBC-launches-new-innovative-services-and-products-for-businesses-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/06\/TBC-launches-new-innovative-services-and-products-for-businesses-100x100.jpg 100w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-7017'>\n\t\t\t\tTBC launches new innovative services and products for businesses\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 30th October \u2013 10th November'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-30th-october-10th-november\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/11\/15251d96-418e-48d5-8da1-b9e08d9a23081-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15504\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15504'>\n\t\t\t\tBFC FinTech Monitor 30th October \u2013 10th November\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 recent\u00a0study\u00a0by the Capgemini Research Institute indicates that approximately 50% of consumers trust generative AI for financial planning. IDC Financial Insight analysts are predicting that banks globally will send USD &hellip;<\/p>\n","protected":false},"author":12,"featured_media":17154,"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\/17176"}],"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=17176"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17176\/revisions"}],"predecessor-version":[{"id":17177,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17176\/revisions\/17177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/17154"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=17176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=17176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=17176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}