{"id":17348,"date":"2023-11-07T10:40:19","date_gmt":"2023-11-07T10:40:19","guid":{"rendered":"https:\/\/bulletins.bfconsulting.com\/?p=17348"},"modified":"2023-11-07T10:40:19","modified_gmt":"2023-11-07T10:40:19","slug":"bfc-fintech-monitor-october-2023","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-october-2023\/","title":{"rendered":"BFC FinTech Monitor (October 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>Data from\u00a0<a href=\"https:\/\/www.prnewswire.co.uk\/news-releases\/finance-cloud-market-worth-268-1-billion-by-2028---exclusive-report-by-marketsandmarkets-301948073.html\" target=\"_blank\" rel=\"noopener\">MarketsandMarkets<\/a>\u00a0suggests that the financial sector&#8217;s cloud computing market is likely to expand from USD 135.6 billion in 2023 to USD 268.1 billion in 2028.<\/li>\n<li><a href=\"https:\/\/www.biometricupdate.com\/202310\/digital-identity-wallets-to-reach-1-5b-by-2029-goode-intelligence-report\" target=\"_blank\" rel=\"noopener\">According<\/a>\u00a0to Goode Intelligence estimates, there will be 1.5 billion digital identify wallets in the world storing approximately 30% of all digital identity data by 2029.<\/li>\n<\/ul>\n<p><strong>#Payments<\/strong><\/p>\n<ul>\n<li>Apple has\u00a0<a href=\"https:\/\/techcrunch.com\/2023\/10\/25\/apple-pay-later-is-now-available-to-all-users-in-the-us\/\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0a buy-now-pay-later (BNPL) service for all users in the United States.<\/li>\n<li>The Bank for International Settlements (BIS) is\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43072\/central-banks-bid-to-embed-compliance-requirements-into-real-time-transactions\/risk\" target=\"_blank\" rel=\"noopener\">working<\/a>\u00a0with regulators from Australia, Korea, Malaysia and Singapore to explore incorporating regulatory requirements into cross-border transactions.<\/li>\n<li><a href=\"https:\/\/www.finextra.com\/pressarticle\/98302\/trustpay-introduces-instant-refunds-feature?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">TrustPay<\/a>\u00a0has introduced an instant refund feature.<\/li>\n<li>A class action lawsuit accuses\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43078\/paypal-faces-class-action-suit-claiming-anticompetitive-pricing-rules?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">PayPal<\/a>\u00a0of anti-competitive rules that cause consumers to overpay.<\/li>\n<li>Google will integrate new features into its digital wallet at the end of the year, including a travel history, fare saving information and real-time schedule updates.<\/li>\n<li>Fintech company\u00a0<a href=\"https:\/\/www.payoneer.com\/press\/payoneer-and-etsy-partner-to-make-it-easier-for-sellers-in-emerging-markets-to-get-paid\/\" target=\"_blank\" rel=\"noopener\">Payoneer<\/a>\u00a0is partnering with US-based e-commerce app Etsy as it looks to expand into emerging markets and simplify its payment options.<\/li>\n<\/ul>\n<p><strong>#Artificial Intelligence (AI)<\/strong><\/p>\n<ul>\n<li>Visa has\u00a0<a href=\"https:\/\/www.reuters.com\/technology\/visa-launches-100-mln-venture-fund-generative-ai-startups-2023-10-02\/\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0a USD 100 million venture fund for generative AI startups.<\/li>\n<li>Leading AI\u00a0<a href=\"https:\/\/time.com\/6328111\/open-letter-ai-policy-action-avoid-extreme-risks\/\" target=\"_blank\" rel=\"noopener\">researchers<\/a>\u00a0have called on governments and companies to take action to manage the risks involved with the technology.<\/li>\n<li>The European Union (EU) may\u00a0<a href=\"https:\/\/www.theverge.com\/2023\/10\/23\/23929273\/eu-ai-act-generative-regulation-models\" target=\"_blank\" rel=\"noopener\">fail to adopt<\/a>\u00a0a law on AI before the end of the year as legislators cannot reach a consensus on the regulation of fundamental models.<\/li>\n<li><a href=\"https:\/\/www.theverge.com\/2023\/10\/26\/23933783\/openai-preparedness-team-catastrophic-risks-ai\" target=\"_blank\" rel=\"noopener\">OpenAI<\/a>, the developer of ChatGPT, is forming a team to reduce the \u201ccatastrophic risks\u201d associated with AI.<\/li>\n<li>Deutsche Bank&#8217;s venture capital arm has invested in\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43104\/deutsche-bank-invests-in-llm-developer-kodex-ai?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">Kodex AI<\/a>, a German company developing a large language model (LLM) specifically for the financial industry.<\/li>\n<li>Swedish fintech company Klarna has launched a new shopping feature based on\u00a0<a href=\"https:\/\/thepaypers.com\/online-payments\/klarna-launches-an-ai-driven-shopping-feature--1264887\" target=\"_blank\" rel=\"noopener\">OpenAI<\/a>\u00a0technology that allows users to make purchases by taking pictures of the items they want.<\/li>\n<\/ul>\n<p><strong>#Cryptocurrencies, Blockchain, Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi)<\/strong><\/p>\n<ul>\n<li>The EU has officially agreed on\u00a0<a href=\"https:\/\/www.coindesk.com\/policy\/2023\/10\/17\/eu-formally-agrees-on-new-crypto-tax-data-sharing-rules\/\" target=\"_blank\" rel=\"noopener\">new rules<\/a>\u00a0for the exchange of data on cryptocurrencies, obligating crypto companies to provide reports on client assets to tax authorities.<\/li>\n<li>The market for\u00a0<a href=\"https:\/\/www.coindesk.com\/markets\/2023\/10\/17\/tokenized-rwas-could-grow-to-a-10t-market-by-2030-as-crypto-converges-to-tradfi-report\/\" target=\"_blank\" rel=\"noopener\">tokenized<\/a>\u00a0assets could grow to USD 3.5\u201310 trillion due to the active implementation of blockchain technologies by traditional financial institutions.<\/li>\n<li><a href=\"https:\/\/cointelegraph.com\/news\/coinbase-ireland-europe-mica\" target=\"_blank\" rel=\"noopener\">Coinbase<\/a>\u00a0has applied to the Central Bank of Ireland for a license under the\u00a0<em>Markets in Crypto-Assets Regulations<\/em>(MiCA). If granted, the company will be able to provide services throughout the EU.<\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-26\/binance-founder-cz-loses-12-billion-on-crypto-trading-slump#xj4y7vzkg\" target=\"_blank\" rel=\"noopener\">Binance<\/a>\u00a0founder Changpeng Zhao lost more than 80% of his fortune after publishing data about a 38% decline in the cryptocurrency exchange&#8217;s income. He also\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-10\/binance-s-1-billion-plan-to-save-crypto-after-ftx-has-quietly-fizzled-out#xj4y7vzkg\" target=\"_blank\" rel=\"noopener\">failed<\/a>\u00a0to implement his billion-dollar plan to save the crypto industry after the bankruptcy of FTX.<\/li>\n<li>The Bank for International Settlements (BIS) and regulators in Germany and the Netherlands are\u00a0<a href=\"https:\/\/www.bis.org\/publ\/othp76.htm\" target=\"_blank\" rel=\"noopener\">developing<\/a>\u00a0a system for monitoring crypto assets and DeFi (the\u00a0<em>Atlas Project<\/em>).<\/li>\n<li>Cryptocurrency fintechs (including Revolut and PayPal) are\u00a0<a href=\"https:\/\/en.cryptonomist.ch\/2023\/10\/16\/revolut-paypal-asking-more-time-mica\/\" target=\"_blank\" rel=\"noopener\">calling<\/a>\u00a0on European authorities to give them more time to comply with MiCA.<\/li>\n<li>Bankrupt cryptocurrency\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-24\/ftx-is-negotiating-with-three-bidders-to-restart-crypto-exchange\" target=\"_blank\" rel=\"noopener\">exchange<\/a>\u00a0FTX is exploring options to restart operations.<\/li>\n<li>MoonPay, a cryptocurrency payment app, is planning to partner with the\u00a0<a href=\"https:\/\/www.coindesk.com\/business\/2023\/10\/25\/mastercard-teams-up-with-moonpay-for-web3-push\/\" target=\"_blank\" rel=\"noopener\">Mastercard Crypto Credential<\/a>\u00a0system. MoonPay also plans to integrate Mastercard Send and Click to Pay technologies. For their side, Mastercard will explore possibilities for using MoonPay\u2019s Web3 solutions.<\/li>\n<li>The European Securities and Markets Authority (ESMA) has\u00a0<a href=\"https:\/\/www.finextra.com\/pressarticle\/98327\/esma-assesses-market-developments-in-defi-and-smart-contracts?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">published<\/a>\u00a0two articles on DeFi, one stating that DeFi poses serious risks to investor protection and another identifying five main categories of smart contracts.<\/li>\n<li>Crypto exchange\u00a0<a href=\"https:\/\/www.bitcoininsider.org\/article\/229163\/etoro-secures-right-offer-crypto-services-across-eu\" target=\"_blank\" rel=\"noopener\">eToro<\/a>\u00a0is preparing to enter the EU markets.<\/li>\n<li>Mastercard is exploring cooperation\u00a0<a href=\"https:\/\/www.coindesk.com\/business\/2023\/10\/24\/mastercard-plans-web3-collaborations-with-self-custody-wallet-firms\/\" target=\"_blank\" rel=\"noopener\">opportunities<\/a>\u00a0with crypto wallets MetaMask and Ledger.<\/li>\n<li>The volume of\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/visa-crypto-cards-facilitate-3-b-dollars-payments-after-2021\" target=\"_blank\" rel=\"noopener\">transactions<\/a>\u00a0with Visa cryptocurrency cards has exceeded USD 3 billion since 2021, mostly due to partnerships with 75 of the largest crypto exchanges.<\/li>\n<li>The number of crypto investors in South Korea is now\u00a0<a href=\"https:\/\/research.despread.io\/di-01\/\" target=\"_blank\" rel=\"noopener\">approximately<\/a>\u00a06 million, more than 10% of the country\u2019s total population.<\/li>\n<li>American financial holding JPMorgan has\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-10-11\/jpmorgan-jpm-launches-blockchain-settlement-in-blackrock-barclays-trade\" target=\"_blank\" rel=\"noopener\">developed<\/a>\u00a0a blockchain platform that allows its clients to use tokenized assets as collateral.<\/li>\n<\/ul>\n<p><strong>#Central Bank Digital Currencies (CBDCs)<\/strong><\/p>\n<ul>\n<li>Joachim Nagel, head of the German Central Bank,\u00a0<a href=\"https:\/\/dig.watch\/updates\/european-central-bank-aims-to-launch-digital-euro-for-payments-within-five-years\" target=\"_blank\" rel=\"noopener\">expects<\/a>\u00a0that the digital euro will be ready for use as a payment mechanism within\u00a0<a href=\"https:\/\/www.coindesk.com\/policy\/2023\/10\/18\/digital-euro-project-moves-to-preparation-phase\" target=\"_blank\" rel=\"noopener\">five years<\/a>. At the same time, the European Data Protection Board has\u00a0<a href=\"https:\/\/www.reuters.com\/technology\/eu-data-watchdog-urges-more-privacy-safeguards-digital-euro-2023-10-18\/\" target=\"_blank\" rel=\"noopener\">called<\/a>\u00a0for stronger privacy guarantees in the draft CBDC bill.<\/li>\n<li>The Central Bank of Nigeria has\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/central-bank-of-nigeria-defends-enaira-cbdc\/\" target=\"_blank\" rel=\"noopener\">announced<\/a>\u00a0that the digital naira does not pose a threat to the financial stability of the country.<\/li>\n<li>Deutsche Bank and Standard Chartered have conducted the first transfer and exchange of digital currencies via\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43191\/deutsche-bank-and-standard-chartered-pilot-network-for-stablecoins-and-cbdcs\" target=\"_blank\" rel=\"noopener\">UDPN<\/a>, an alternative to SWIFT that currently has 25 participating banks from Australia, Europe, Latin America and the US.<\/li>\n<li>Mastercard has created a\u00a0<a href=\"https:\/\/www.mastercard.com\/news\/ap\/en\/newsroom\/press-releases\/en\/2023\/mastercard-demonstrates-interoperable-cbdc-for-trusted-web3-commerce-in-australia-and-beyond\/\" target=\"_blank\" rel=\"noopener\">new solution<\/a>\u00a0to allow CBDCs to be wrapped in multiple blockchains, giving consumers the ability to engage in commerce across multiple blockchains with enhanced security.<\/li>\n<li>Central banks within the EU intend to introduce a wholesale\u00a0<a href=\"https:\/\/www.coindesk.com\/policy\/2023\/10\/03\/eu-plans-for-wholesale-cbdc-out-within-weeks-french-central-banker-says\/?utm_medium=referral&amp;utm_source=feedly&amp;utm_campaign=headlines\" target=\"_blank\" rel=\"noopener\">CBDC<\/a>\u00a0in the coming weeks.<\/li>\n<li>Deutsche Bank and SC Ventures have\u00a0<a href=\"https:\/\/bfsi.economictimes.indiatimes.com\/news\/banking\/stancharts-sc-ventures-and-deutsche-bank-complete-currency-transfer-mark-milestone-for-universal-digital-payments-network\/104679007\" target=\"_blank\" rel=\"noopener\">tested<\/a>\u00a0a SWIFT analogue for CBDCs and stablecoins.<\/li>\n<li>Vladimir Gorgadze, head of the Blockchain Department at MIPT,\u00a0<a href=\"https:\/\/plusworld.ru\/articles\/57307\/\" target=\"_blank\" rel=\"noopener\">discusses<\/a>\u00a0processes for introducing digital currencies in Central Asia.<\/li>\n<\/ul>\n<p><strong>#Miscellaneous<\/strong><\/p>\n<ul>\n<li>The\u00a0<em>Fintech Summit<\/em>\u00a0<a href=\"http:\/\/www.gbmevents.az\/en\/event\/finance-and-technologies-expo-fintex-istanbul\" target=\"_blank\" rel=\"noopener\">will be held<\/a>\u00a0in Istanbul on December 5\u20136 with the theme \u201cNew Trends in the Banking and Financial Ecosystem: Innovative Solutions, Fintech and Security\u201d.<\/li>\n<li>Elon Musk\u00a0<a href=\"https:\/\/www.theverge.com\/2023\/10\/26\/23934216\/x-twitter-bank-elon-musk-2024\" target=\"_blank\" rel=\"noopener\">expects<\/a>\u00a0to add financial services to X (formerly Twitter) by the end of next year.<\/li>\n<li>Mastercard has\u00a0<a href=\"https:\/\/www.pymnts.com\/fraud-prevention\/2023\/mastercard-targets-friendly-fraud-with-first-party-trust-program\/\" target=\"_blank\" rel=\"noopener\">launches<\/a>\u00a0the\u00a0<em>First-Party Trust Program<\/em>\u00a0to protect small businesses from fraud.<\/li>\n<li>Revolut now offers users the\u00a0<a href=\"https:\/\/rus.delfi.lv\/biznes\/37598593\/finances\/56051002\/revolut-predlagaet-investirovat-v-akcii-na-evropeyskih-fondovyh-birzhah\" target=\"_blank\" rel=\"noopener\">opportunity<\/a>\u00a0to buy shares in more than 70 European companies listed on stock exchanges.<\/li>\n<li>David Velez, co-founder and CEO of neobank Nubank,\u00a0<a href=\"https:\/\/fortune.com\/crypto\/2023\/10\/09\/future-of-finance-nubank-ceo-david-velez-brazil-fintech-latin-america-crypto-digital-banking\/\" target=\"_blank\" rel=\"noopener\">believes<\/a>\u00a0that the future of finance, especially retail finance, is primarily associated with the emerging markets Brazil, China and India.<\/li>\n<li>American fintech company\u00a0<a href=\"https:\/\/www.fintechfutures.com\/2023\/10\/us-fintech-payzen-launches-new-product-to-boost-healthcare-affordability\/\" target=\"_blank\" rel=\"noopener\">PayZen<\/a>\u00a0has launched the PayZen Care Card to solve the problem of affordability for medical services in the US.<\/li>\n<li>British startup\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43085\/uk-startup-taps-open-banking-technology-to-help-people-build-their-credit-score?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">BuildMyCreditScore<\/a>\u00a0has begun operations, hoping to help users effortlessly improve their credit score through daily debit card spending.<\/li>\n<li>Citizens of Central Asian countries\u00a0<a href=\"https:\/\/journal.sovcombank.ru\/news\/grazhdane-25-stran-smogut-udalenno-otkrivat-scheta-v-rossiiskih-bankah\" target=\"_blank\" rel=\"noopener\">will be able to remotely<\/a>\u00a0open bank accounts in the Russian Federation.<\/li>\n<\/ul>\n<p dir=\"ltr\"><strong>Ukraine<\/strong><\/p>\n<ul>\n<li>The Antimonopoly Committee is\u00a0<a href=\"https:\/\/amcu.gov.ua\/news\/komitet-nadav-dozvil-kompaniyam-mastercard-europe-s-i-visa-international-service-association-na-zmenshennya-rozmiru-vnutrishnoderzhavnih-mizhbankivskih-komisij\" target=\"_blank\" rel=\"noopener\">allowing<\/a>\u00a0Mastercard and Visa to reduce the amount of domestic interbank commissions.<\/li>\n<li>The National Bank of Ukraine has\u00a0<a href=\"https:\/\/bank.gov.ua\/ua\/news\/all\/chat-bot-kontaktnogo-tsentru-nbu-vidteper-maye-okremiy-funktsional-dlya-rer\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0a chatbot to answer questions from national public figures and their family members (i.e. politically exposed persons).<\/li>\n<li>Most Ukrainians prefer Tether (USDT), Bitcoin and BNB for\u00a0<a href=\"https:\/\/minfin.com.ua\/2023\/10\/11\/114096587\/\" target=\"_blank\" rel=\"noopener\">storing savings<\/a>.<\/li>\n<li>The\u00a0<a href=\"https:\/\/www.ema.com.ua\/business\/conferences\/global-payments-day-2023\/\" target=\"_blank\" rel=\"noopener\"><em>Global Payments Day Conference<\/em><\/a>\u00a0will be held in Kyiv on November 9. The event will feature key speakers from Revolut, PWC Legal Ukraine, Berlin Group, the Association of Banks of Georgia and the National Bank of Ukraine.<\/li>\n<li>Privatbank and the European financial service ZEN.COM have\u00a0<a href=\"https:\/\/t.me\/PrivatBank_insider\/2321\" target=\"_blank\" rel=\"noopener\">extended<\/a>\u00a0the program of free transfers to Ukraine until the end of the year.<\/li>\n<li>Representatives of Ukrainian crypto companies\u00a0<a href=\"https:\/\/psm7.com\/ru\/cryptocurrency\/legalizaciya-kriptovalyuty-v-ukraine-i-innovacionnye-produkty-otrasli-intervyu-s-predstavitelyami-topovyx-kriptokompanij.html\" target=\"_blank\" rel=\"noopener\">discuss<\/a>\u00a0their thoughts on the prospects for legalizing digital assets in Ukraine.<\/li>\n<li>The Ministry of Digital Transformation of Ukraine has\u00a0<a href=\"https:\/\/thedigital.gov.ua\/news\/regulyuvannya-shtuchnogo-intelektu-v-ukraini-prezentuemo-dorozhnyu-kartu\" target=\"_blank\" rel=\"noopener\">presented<\/a>\u00a0a roadmap for regulating AI.<\/li>\n<li>Beginning December 21, Binance\u00a0<a href=\"https:\/\/www.binance.com\/en\/support\/faq\/frequently-asked-questions-on-binance-card-eea-program-closure-d6c54984df904db7a0705f2914827381\" target=\"_blank\" rel=\"noopener\">will stop<\/a>\u00a0servicing the crypto cards of Ukrainians in Europe.<\/li>\n<li>Neobank\u00a0<a href=\"https:\/\/psm7.com\/ru\/izibank\/ukrainskij-neobank-zapuskaet-keshbek-ot-otechestvennyx-brendov.html\" target=\"_blank\" rel=\"noopener\">izibank<\/a>\u00a0has launched cashback options from Ukrainian brands.<\/li>\n<li>Privatbank is giving Ukrainian businesses a free test drive of a\u00a0<a href=\"https:\/\/newpromos.privatbank.ua\/test_drive_valyutnoho_prostoru\" target=\"_blank\" rel=\"noopener\">platform<\/a>\u00a0that allows them to buy and sell currency without commissions for three months.<\/li>\n<\/ul>\n<p><strong>Kazakhstan<\/strong><\/p>\n<ul>\n<li>The volume of\u00a0<a href=\"https:\/\/lsm.kz\/cifrovizaciya-kreditovanie-plus-forum\" target=\"_blank\" rel=\"noopener\">non-cash payments<\/a>\u00a0in Kazakhstan has grown 16 times over the past five years.<\/li>\n<li>Kazakhstani crypto users can convert digital currencies on the Intebix exchange into bonuses for the purchase of goods and services in the\u00a0<a href=\"https:\/\/tengrinews.kz\/kazakhstan_news\/v-kazahstane-predstavili-proekt-konvertatsii-kriptovalyutyi-513780\/\" target=\"_blank\" rel=\"noopener\">Technodom<\/a>\u00a0chain.<\/li>\n<li><a href=\"https:\/\/bizmedia.kz\/2023\/10\/30\/v-kazahstane-transgranichnye-perevody-za-2-goda-vyrosli-24-raza\/\" target=\"_blank\" rel=\"noopener\">Cross-border transfers<\/a>\u00a0to Kazakhstan have grown 2.4 times over two years.<\/li>\n<li>Tim Draper, a pioneer in venture business from the US, has\u00a0<a href=\"https:\/\/kapital.kz\/finance\/119838\/tim-dreyper-kazakhstan-namnogo-operezhayet-ssha-v-oblasti-tsifrovykh-servisov.html\" target=\"_blank\" rel=\"noopener\">stated<\/a>\u00a0that Kazakhstan is far ahead of the US in digital services.<\/li>\n<li>President Kassym-Jomart Tokayev has\u00a0<a href=\"https:\/\/24.kz\/ru\/news\/top-news\/item\/621867-data-tsentry-postroyat-v-kazakhstane\" target=\"_blank\" rel=\"noopener\">ordered<\/a>\u00a0the construction of data centers specializing in AI. The President is also insistent that Kazakhstan develop its venture capital market to drive\u00a0<a href=\"https:\/\/lsm.kz\/tokaev-poruchil-maksimal-no-razvivat-iskusstvennyj-intellekt\" target=\"_blank\" rel=\"noopener\">innovation<\/a>\u00a0and technological progress.<\/li>\n<li>A course on the basics of AI from Google will\u00a0<a href=\"https:\/\/mtrk.kz\/ru\/2023\/10\/13\/ministerstvo-nauki-i-vysshego-obrazov\/\" target=\"_blank\" rel=\"noopener\">become<\/a>\u00a0mandatory for students in Kazakhstan.<\/li>\n<\/ul>\n<p><strong>Kyrgyzstan<\/strong><\/p>\n<ul>\n<li>Kazakh payment companies\u00a0<a href=\"https:\/\/t.me\/FinTechRetail\/342\" target=\"_blank\" rel=\"noopener\">continue<\/a>\u00a0to lead the Kyrgyz market.<\/li>\n<li>Savings in electronic wallets\u00a0<a href=\"https:\/\/www.tazabek.kg\/news:2007604\" target=\"_blank\" rel=\"noopener\">will be protected<\/a>\u00a0in the same way as other deposits in Kyrgyzstan.<\/li>\n<li>The National Bank of Kyrgyzstan has\u00a0<a href=\"https:\/\/www.nbkr.kg\/contout.jsp?item=3526&amp;lang=RUS&amp;material=116368\" target=\"_blank\" rel=\"noopener\">proposed<\/a>\u00a0changes to the legislation on the issuance of electronic money.<\/li>\n<li>The\u00a0<a href=\"https:\/\/www.akchabar.kg\/ru\/news\/testirovaniya-platezhnyh-kart-o-dengi-prodlyat-do-2024-goda\/\" target=\"_blank\" rel=\"noopener\">testing<\/a>\u00a0of the \u2018Oh! Money\u2019 payment cards will be extended until 2024.<\/li>\n<li>In the second quarter of this year, 165,000 transactions (worth KGS 74.7 million) were\u00a0<a href=\"https:\/\/www.akchabar.kg\/ru\/news\/v-kyrgyzstane-summa-platezhej-v-polzu-socsetej-vyrosla-v-116-raz\/\" target=\"_blank\" rel=\"noopener\">carried<\/a>\u00a0out via social networks. This is 116 times more than the previous year.<\/li>\n<li>The national payment system Elkart has\u00a0<a href=\"https:\/\/www.akchabar.kg\/ru\/news\/v-prilozhenii-elkart-mobajl-vnedrili-udalennuyu-verifikaciyu\/\" target=\"_blank\" rel=\"noopener\">launched<\/a>\u00a0remote biometric verification.<\/li>\n<li>MBANK\u00a0<a href=\"https:\/\/forbes.kz\/economy\/finance\/kak_mbank_stal_pervyim_tsifrovyim_bankom_kyirgyizstana\" target=\"_blank\" rel=\"noopener\">plans<\/a>\u00a0to cover 90% of the Kyrgyz market by the end of 2023. MBANK also\u00a0<a href=\"https:\/\/24.kg\/biznes_info\/277965_MBANK_priznan_luchshim_mobilnyim_bankom_porezultatam_premii_PLUS_Award\/\" target=\"_blank\" rel=\"noopener\">received<\/a>\u00a0the PLUS Award for \u2018Best Mobile Bank\u2019.<\/li>\n<\/ul>\n<p><strong>Tajikistan<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/halva.tj\/articles\/analytics\/ulugbek_urunov_o_fintech_v_tadzhikistane_uslugakh_megafon_i_rabote_s_klientami\/\" target=\"_blank\" rel=\"noopener\">The banking<\/a>, transport and retail sectors have the highest interest in financial technologies.<\/li>\n<\/ul>\n<p><strong>Uzbekistan<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/uzvca.uz\/wp-content\/uploads\/2023\/10\/Market-Research-2023_%D1%80%D1%83%D1%81%D1%81.pdf\" target=\"_blank\" rel=\"noopener\">According<\/a>\u00a0to the Uzbekistan Venture Capital Association and the analytical company Innotechnics, the fintech industry leads in terms of venture funding in Uzbekistan.<\/li>\n<li>The Central Bank of Uzbekistan and VISA are\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2023\/10\/04\/financial-literacy\/\" target=\"_blank\" rel=\"noopener\">launching<\/a>\u00a0<em>World of Finance<\/em>, an interactive educational online project.<\/li>\n<li>Uzbekistan has become a participant in the\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2023\/10\/18\/mastercard-tourism\/\" target=\"_blank\" rel=\"noopener\">Mastercard<\/a>\u00a0Center for Tourism Innovation, which will work to develop payment infrastructures, provide analytical data and design strategies for promoting Uzbekistan as a tourist destination.<\/li>\n<li>Ecosystem services\u00a0<a href=\"https:\/\/bank.uz\/news\/servisy-ekosistemy-uzum-zavoevali-3-nagrady-natsionalnoy-platezhnoy-sistemy-uzcard\" target=\"_blank\" rel=\"noopener\">Uzum<\/a>\u00a0and\u00a0<a href=\"https:\/\/kapital.uz\/alif-nagrada-forum-uzcard\/\" target=\"_blank\" rel=\"noopener\">Alif Tech<\/a>\u00a0won awards at the UZCARD FORUM.<\/li>\n<li>The Ministry of Digital Technologies of Uzbekistan and Wildberries have agreed on a strategic\u00a0<a href=\"https:\/\/retail-loyalty.org\/news\/wildberries-i-ministerstvo-tsifrovykh-tekhnologiy-uzbekistana-dogovorilis-o-strategicheskom-partners\/\" target=\"_blank\" rel=\"noopener\">partnership<\/a>.<\/li>\n<li><a href=\"https:\/\/cointelegraph.com\/news\/crypto-mining-license-rules-approved-uzbekistan\" target=\"_blank\" rel=\"noopener\">According<\/a>\u00a0to a regulation issued by the National Agency for Prospective Projects, only legal entities will be able to legally mine cryptocurrency in Uzbekistan.<\/li>\n<li>The Uzum marketplace and international investment funds intend to invest about USD 300 million in the development of the\u00a0<a href=\"https:\/\/uz.kursiv.media\/2023-10-04\/uzum-investiruet-300-mln-v-czifrovuyu-ekosistemu-uzbekistana\" target=\"_blank\" rel=\"noopener\">digital ecosystem<\/a>\u00a0of Uzbekistan.<\/li>\n<\/ul>\n<p><strong>Azerbaijan<\/strong><\/p>\n<ul>\n<li>Five Azerbaijani fintech companies have\u00a0<a href=\"https:\/\/report.az\/ru\/finansy\/associaciya-azerbajdzhanskie-finteh-kompanii-vyshli-na-zarubezhnyj-rynok\/\" target=\"_blank\" rel=\"noopener\">entered<\/a>\u00a0markets in Kazakhstan, Pakistan, Turkey and Uzbekistan.<\/li>\n<li>CBC TV\u00a0<a href=\"https:\/\/youtu.be\/w7_E41IwQZI?si=M_yAg7PTv-3pIbCH\" target=\"_blank\" rel=\"noopener\">reports<\/a>\u00a0on\u00a0<em>Baku Fintech Forum 2023<\/em>.<\/li>\n<\/ul>\n<p><strong>Georgia<\/strong><\/p>\n<ul>\n<li>The Georgian National Bank\u00a0<a href=\"https:\/\/nbg.gov.ge\/en\/media\/news\/the-national-bank-of-georgia-plans-to-select-a-single-technology-partner-for-the-digital-g\" target=\"_blank\" rel=\"noopener\">plans to pilot<\/a>\u00a0a CBDC with the participation of Ripple Labs, Augentic, Bitt, Broxus Holdings, Currency Network, DCM, eCurrency Mint, FARI Solutions and Sovereign Wallet.<\/li>\n<li>The FinTech Association of Georgia is\u00a0<a href=\"https:\/\/www.trend.az\/azerbaijan\/business\/3817250.html\" target=\"_blank\" rel=\"noopener\">ready to cooperate<\/a>\u00a0with Azerbaijan.<\/li>\n<\/ul>\n<p><strong>Moldova<\/strong><\/p>\n<ul>\n<li>Card-to-card money\u00a0<a href=\"https:\/\/tv8.md\/2023\/06\/10\/transferuri-fara-taxe-din-2024-statul-vrea-sa-elimine-taxele-de-transfer-pentru-carduri-indiferent-de-banca-emitenta\/241193\" target=\"_blank\" rel=\"noopener\">transfers<\/a>\u00a0will become free in Moldova from February 2024.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-17348 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Bank of Russia to pilot new financial ecosystem'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bank-of-russia-to-pilot-new-financial-ecosystem\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/03\/two-developers-planning-their-work_3446-569-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9279\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/03\/two-developers-planning-their-work_3446-569-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/03\/two-developers-planning-their-work_3446-569-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/03\/two-developers-planning-their-work_3446-569.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-1-9279'>\n\t\t\t\tBank of Russia to pilot new financial ecosystem\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Scotland\u2019s FinTech Skills Academy hailed as great success'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/scotland-s-fintech-skills-academy-hailed-as-great-success\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/03\/scotland-s-fintech-skills-academy-hailed-as-great-success-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12467\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12467'>\n\t\t\t\tScotland\u2019s FinTech Skills Academy hailed as great success\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Key innovations changing Russia\u2019s financial services industry'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/key-innovations-changing-russia-s-financial-services-industry\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/12\/key-innovations-changing-russia-s-financial-services-industry-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14205\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14205'>\n\t\t\t\tKey innovations changing Russia\u2019s financial services industry\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 Data from\u00a0MarketsandMarkets\u00a0suggests that the financial sector&#8217;s cloud computing market is likely to expand from USD 135.6 billion in 2023 to USD 268.1 billion in 2028. According\u00a0to Goode Intelligence estimates, there &hellip;<\/p>\n","protected":false},"author":12,"featured_media":17344,"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\/17348"}],"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=17348"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17348\/revisions"}],"predecessor-version":[{"id":17349,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17348\/revisions\/17349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/17344"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=17348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=17348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=17348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}