{"id":17489,"date":"2024-02-16T11:15:33","date_gmt":"2024-02-16T11:15:33","guid":{"rendered":"https:\/\/bulletins.bfconsulting.com\/?p=17489"},"modified":"2024-02-16T11:15:33","modified_gmt":"2024-02-16T11:15:33","slug":"bfc-fintech-monitor-january-2024","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-january-2024\/","title":{"rendered":"BFC FinTech Monitor (January 2024)"},"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 new report has found that UK businesses save an average of 150 hours per year in financial data management and invoice processing thanks to open banking.\u00a0<a href=\"https:\/\/fintech.global\/2024\/01\/30\/uk-firms-embrace-open-banking-for-150-hour-annual-savings\/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=uk-firms-embrace-open-banking-for-150-hour-annual-savings\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Liminal is projecting that the authentication market will grow from USD 18 billion in 2024 to USD 38.9 billion in 2028.\u00a0<a href=\"https:\/\/www.biometricupdate.com\/202401\/liminal-says-biometrics-favored-in-authentication-market-set-to-be-worth-38-9b\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>According to Juniper Research, biometric POS terminals are expected to process 46 billion retail transactions worldwide in 2024, double the amount processed in 2023.\u00a0<a href=\"https:\/\/www.biometricupdate.com\/202401\/juniper-sees-major-growth-for-the-biometric-pos-terminal-market\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>#Payments<\/strong>\u00a0<strong>#Reports and Studies<\/strong><\/p>\n<ul>\n<li>X (formerly Twitter) plans to introduce payment features by mid-year.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/x-payments-speculation-crypto-community\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Bloomberg reports that Visa&#8217;s net profit for the first fiscal quarter rose 8% to USD 4.94 billion, primarily due to increased credit card usage spurred by economic growth in the U.S.\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-25\/visa-profit-climbs-8-as-economic-growth-fuels-card-spending?srnd=industries-finance\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Razorpay, an Indian fintech startup, introduced an instant refund feature for POS transactions that reduces the usual 5-6 business day turnaround time to 3 seconds.\u00a0<a href=\"https:\/\/thepaypers.com\/mobile-payments\/razorpay-launches-an-instant-refund-system--1266400\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Mastercard and Booking.com aim to streamline B2B payments by accelerating the use of virtual cards and supporting the Pay-by-Booking model.\u00a0<a href=\"https:\/\/thepaypers.com\/payments-general\/mastercard-strengthens-collaboration-with-bookingcom--1266454\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a>\u00a0Mastercard is also collaborating with digital platform 4thWave to facilitate B2B payments in the Middle East, North Africa and Eastern Europe (EEMEA) region.\u00a0<a href=\"https:\/\/thepaypers.com\/payments-general\/mastercard-and-4thwave-simplify-b2b-payments-in-eemea--1266136\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Chinese fintech giant Ant Group plans to acquire Dutch-based payment company Multisafepay as part of its expansion into Western markets.\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43501\/ant-group-eyes-up-200-million-acquisition-of-multisafepay?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>#Artificial Intelligence (AI)<\/strong><\/p>\n<ul>\n<li>Google Research and Google DeepMind have developed a method for supplementing a large language model (LLM) with other language models.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/google-taught-artificial-intelligence-ai-model-40-better-at-coding\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a>\u00a0Google has also renamed the Bard chatbot \u2018Gemini\u2019 and released a separate mobile app for Android to replace Google Assistant.\u00a0<a href=\"https:\/\/blog.google\/technology\/ai\/google-gemini-update-sundar-pichai-2024\/?utm_source=kw-newsletter&amp;utm_medium=email&amp;utm_campaign=02082024&amp;utm_content=cta\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Apple has released MGIE, a new open-source AI model.\u00a0<a href=\"https:\/\/venturebeat.com\/ai\/apple-releases-mgie-a-revolutionary-ai-model-for-instruction-based-image-editing\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The European Commission (EC) has proposed creating an AI factory and other similar initiatives to aid European startups and MSMEs in developing reliable AI.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/eu-commission-proposes-ai-factories-startups-sme\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Banking software developer Temenos has launched an AI-based service to optimize the process of modernizing financial products.\u00a0<a href=\"https:\/\/thepaypers.com\/online-mobile-banking\/temenos-launches-leap--1266318\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Mastercard has introduced a new AI fraud detection tool capable of scanning a trillion data points to determine the authenticity of a transaction.\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43636\/mastercard-supercharges-fraud-detection-with-genai?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a>\u00a0The payment giant has also begun developing a small business AI tool that offers personalized recommendations and mentoring to small business owners.\u00a0<a href=\"https:\/\/www.mastercard.com\/news\/press\/2024\/january\/mastercard-announces-development-of-inclusive-ai-tool-to-provide-personalized-real-time-assistance-to-small-business-community\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Regtech platform Model Office has launched a new version of its ChatGPT-based chatbot to support companies involved in asset, risk and compliance management.\u00a0<a href=\"https:\/\/www.finextra.com\/pressarticle\/99369\/model-office-ships-generative-ai-compliance-chat-bot?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>#Innovations, Neobanks and Open Banking<\/strong><\/p>\n<ul>\n<li>HSBC plans to launch the Zing app, which could become a competitor to Wise and Revolut.\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-01-02\/hsbc-challenges-fintech-startups-revolut-wise-with-new-forex-app\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Taiwan has progressed to the third phase of open banking development, which encompasses deposits, credit cards, payments and mobile banking.\u00a0<a href=\"https:\/\/www.regulationasia.com\/taiwan-advances-to-third-phase-of-open-banking\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Revolut has simplified international money transfers via mobile wallets, facilitating transfers based only on basic identification data (i.e. name and phone number\/email).\u00a0<a href=\"https:\/\/thepaypers.com\/online-mobile-banking\/revolut-launches-mobile-wallets-to-support-international-transfers--1266407\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a>\u00a0Revolut has also been included on the European Central Bank (ECB)\u2019s list of banks subject to monitoring\u00a0<a href=\"https:\/\/www.bankingsupervision.europa.eu\/ecb\/pub\/pdf\/ssm.listofsupervisedentities202312.ga.pdf?965c9c7794b0377e34a0eda8cd088dbd\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a>\u00a0and is facing a multimillion-dollar lawsuit related to storing the biometric data of U.S. users.\u00a0<a href=\"https:\/\/www.uktech.news\/fintech\/revolut-court-case-biometric-data-20240110\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>#Cryptocurrencies, Blockchain, Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi)<\/strong><\/p>\n<ul>\n<li>Ripple predicts major changes in crypto market structures in 2024.\u00a0<a href=\"https:\/\/ripple.com\/insights\/q4-2023-xrp-markets-report\/?utm_campaign=&amp;utm_medium=organic_social&amp;utm_source=twitter\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Crypto wallet users can now sell digital assets and withdraw funds to Visa cards through a partnership with Transak.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/visa-crypto-withdrawals-cards-145-countries\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Vast Bank, the first U.S. crypto bank, has ceased its cryptocurrency operations.\u00a0<a href=\"https:\/\/www.bankingdive.com\/news\/vast-bank-oklahoma-discontinues-crypto-mobile-app\/706467\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Kristalina Georgieva, managing director of the International Monetary Fund (IMF), views cryptocurrency as purely an investment tool.\u00a0<a href=\"https:\/\/finance.yahoo.com\/news\/imf-managing-director-kristalina-georgieva-on-crypto-its-not-money-140044463.html\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>EU cryptocurrency firms now fall under money laundering and terrorist financing regulations.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/eu-banking-authority-aml-ctf-guidance-crypto-firms\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>TRM Labs reports that North Korea-linked groups are responsible for approximately 33% of all cryptocurrency stolen in 2023 via hacks.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/north-korea-hackers-stole-crypto\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>According to Bloomberg, Binance is struggling to return to the British market as it is unable to find a local partner company.\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-02-01\/binance-attempts-to-restart-uk-business-hampered-by-new-marketing-rules?sref=323RPL5z\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Argentina will not require citizens to pay taxes on undeclared crypto assets over USD 100,000.\u00a0<a href=\"https:\/\/news.bitcoin.com\/argentine-government-drops-crypto-legalizing-opportunity-from-omnibus-bill\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Minnesota Republican Tom Emmer has backed former U.S. President Donald Trump\u2019s opposition to the digital dollar.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/congressman-emmer-and-trump-unite-against-cbdcs-citing-privacy-concerns\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>\u00a0A new report from Chainalysis highlights that stablecoins dominated illicit transaction volumes in 2022\u20132023.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/stablecoins-illicit-transactions-bitcoin-chainalysis-report\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>#Central Bank Digital Currencies (CBDCs)<\/strong><\/p>\n<ul>\n<li>ECB shared a draft set of rules for digital euro payments.\u00a0<a href=\"https:\/\/www.ecb.europa.eu\/paym\/digital_euro\/investigation\/governance\/shared\/files\/ecb.degov240103_RDG_digital_euro_schemes_update.en.pdf\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a>\u00a0The regulator has also opened applications for vendors to supply components and related services for a potential CBDC.\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43490\/ecb-issues-digital-euro-vendor-call?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The Reserve Bank of India (RBI) is exploring offline solutions for the large-scale adoption of the digital rupee.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/metaverse-adoption-middle-east-governments-economy\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The Chinese CBDC will support the new HarmonyOS operating system.\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/digital-rmb-huawei-cbdc-iot\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The Central Bank of the United Arab Emirates has conducted the first cross-border digital dirham transfer using the mBridge platform.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/uae-digital-dirham-transfer-mbridge-cbdc\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The Bank of England and HM Treasury have stated that, if a digital pound is introduced, primary legislation will ensure user privacy and control.\u00a0<a href=\"https:\/\/www.crowdfundinsider.com\/2024\/01\/220835-bank-of-england-and-hm-treasury-release-response-to-consultation-on-digital-pound\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>ECB has published a document outlining a bank run scenario with CBDC usage.\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/ecb-cbdc-bank-run-trilemma\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Egypt plans to introduce a CBDC by 2030.\u00a0<a href=\"https:\/\/www.ledgerinsights.com\/egypt-targets-cbdc-by-2024-to-head-off-crypto\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Several U.S. states have proposed bills that would prohibit the classification of a CBDC as money.\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/us-senate-bills-exclude-cbdcs-money-definition\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>#Miscellaneous<\/strong><\/p>\n<ul>\n<li>FIS has launched the\u00a0<em>Fintech Hangout 2024<\/em>\u00a0initiative, which is aimed at connecting participants in the\u00a0<em>FIS Fintech Accelerator<\/em>\u00a0program with fintech startups, investors, financial institutions and experts.\u00a0<a href=\"https:\/\/www.finextra.com\/pressarticle\/99516\/fis-launches-fintech-hangout-series?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>ECB, with the participation of more than 100 banks, will conduct thematic stress tests on resistance to cyber threats.\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43483\/ecb-to-run-first-cyber-resilience-stress-tests?utm_medium=rssfinextra&amp;utm_source=finextrafeed\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>China&#8217;s Ministry of Industry and Information Technology (MIIT) has established a working group to develop metaverse standards.\u00a0<a href=\"https:\/\/www.cryptotimes.io\/china-forms-metaverse-standards-team-with-tech-giants\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Mastercard has introduced a biometric authentication service in line with FIDO standards. The service allows multi-factor authentication to be replaced with\u00a0 biometric systems already built into users&#8217; smartphones and laptops.\u00a0<a href=\"https:\/\/www.biometricupdate.com\/202401\/mastercard-turns-to-biometrics-for-passwordless-authentication\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The Bank for International Settlements (BIS) announced six new projects for this year, including on cybersecurity, combating financial crime, a CBDC and green finance.\u00a0<a href=\"https:\/\/www.finextra.com\/pressarticle\/99389\/bis-innovation-hub-discloses-first-six-projects-for-2024-work-programme\/risk\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The Computer and Communications Industry Association of the United States (CCIA) opposes the proposals of the Consumer Financial Protection Bureau (CFPB) to regulate the financial activities of technology giants.\u00a0<a href=\"https:\/\/www.finextra.com\/newsarticle\/43506\/big-tech-firms-begin-fight-back-over-regulatory-oversight-of-digital-wallets\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>FintechOS solutions will be available on the Microsoft Azure Marketplace.\u00a0<a href=\"https:\/\/www.finextra.com\/pressarticle\/99267\/fintechos-joins-microsoft-azure-marketplace\/cloud\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p dir=\"ltr\"><strong>Ukraine<\/strong><\/p>\n<ul>\n<li>The National Bank of Ukraine (NBU) has updated its strategy in order to better expand financial inclusion as well as more effectively manage non-cash and cash transfer limits through self-service terminals.\u00a0<a href=\"https:\/\/bank.gov.ua\/ua\/news\/all\/realizatsiya-onovlenoyi-strategiyi-nbu-spriyatime-rozshirennyu-inklyuziyi-ta-formuvannyu-bezbaryernoyi-finansovoyi-sistemi\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Digital Transformation Minister Mikhail Fedorov has signed an agreement with the President of the World Economic Forum to establish a government technology center in Kyiv.\u00a0<a href=\"https:\/\/t.me\/zedigital\/4144\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Ukrainian fintech experts highlight industry trends expected to dominate the country this year.\u00a0<a href=\"https:\/\/psm7.com\/ru\/fintech\/fintex-trendi-yaki-budut-dominuvati-v-ukra%d1%97ni-v-2024-roci-panelna-diskusiya-na-psm-awards-2023.html\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Monobank reports that it has lost UAH 4.25 billion since Russia&#8217;s invasion.\u00a0<a href=\"https:\/\/kyivindependent.com\/monobank-interview\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a>\u00a0The neobank has also announced its launch of Base, a Patreon-like monetization tool.\u00a0<a href=\"https:\/\/psm7.com\/ru\/news\/monobank-zapuskaet-analog-patreon-kak-vospolzovatsya.html\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Ukrainian-British fintech startup Carmoola has raised USD 19.7 million in investments.\u00a0<a href=\"https:\/\/tech.eu\/2024\/01\/16\/carmoola-secures-a-further-ps155m-investment-to-change-the-future-of-car-financing\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Privatbank has launched the free delivery of cards throughout Ukraine and six EU countries.\u00a0<a href=\"https:\/\/t.me\/PrivatBank_insider\/2415\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a>\u00a0The bank also now allows the opening of multiple cards under the\u00a0<em>\u0454\u0412\u0456\u0434\u043d\u0456\u043d\u043d\u044f<\/em>\u00a0program.\u00a0<a href=\"https:\/\/t.me\/PrivatBank_insider\/2453\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Diya app\u2019s source code will be made public for review by foreign developers.\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=lbX8c73MJII\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Digital finance platform Trustee Plus is partnering with Binance Pay.\u00a0<a href=\"https:\/\/blog.trusteeglobal.com\/uk\/integracziya-binance-pay-u-trustee-plus-novyj-riven-zruchnosti-roboty-z-kryptovalyutoyu\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>Kazakhstan<\/strong><\/p>\n<ul>\n<li>The Anti-Corruption Agency and the National Bank of Kazakhstan have been tasked with scaling projects on the use of the digital tenge.\u00a0<a href=\"https:\/\/orda.kz\/tokaev-poruchil-ispolzovat-cifrovoj-tenge-dlja-borby-s-korrupciej-382314\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Kaspi.kz raised nearly USD 1 billion in a U.S. initial public offering (IPO).\u00a0<a href=\"https:\/\/www.vedomosti.ru\/investments\/news\/2024\/01\/19\/1015888-aktsioneri-kaspikz-privlekli\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Kazakhstan will launch a digital investment platform this year.\u00a0<a href=\"https:\/\/primeminister.kz\/ru\/news\/natsionalnuyu-tsifrovuyu-investitsionnuyu-platformu-zapustyat-v-kazakhstane-v-2024-godu-26948\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>President Tokayev has ordered an independent IT audit of the Finance Ministry&#8217;s systems.\u00a0<a href=\"https:\/\/vlast.kz\/novosti\/58803-provesti-nezavisimyj-audit-vseh-informsistem-minfina-porucil-tokaev.html\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Digital Business, in cooperation with Visa and the National Payment Corporation, have published a guide on what to know before opening a fintech company in Kazakhstan.\u00a0<a href=\"https:\/\/digitalbusiness.kz\/2024-01-12\/na-god-mne-ponadobilos-400-tisyach-chto-nuzhno-uchest-pered-otkritiem-finteh-kompanii-v-kazahstane\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Kazakhstan is creating a high-performance supercomputer for working with big data.\u00a0<a href=\"https:\/\/vlast.kz\/novosti\/58814-kazahstan-sozdast-superkomputer-dla-raboty-s-bolsimi-dannymi.html\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>E-commerce training centers will be opened in all regions of Kazakhstan.\u00a0<a href=\"https:\/\/primeminister.kz\/ru\/news\/tsentry-obucheniya-elektronnoy-torgovle-otkroyut-vo-vsekh-regionakh-kazakhstana-26981\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>AI will be integrated into the online platform of public services.\u00a0<a href=\"https:\/\/lsm.kz\/kazahstan-vnedryaet-sobstvennyj-iskusstvennyj-intellekt\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>Kyrgyzstan<\/strong><\/p>\n<ul>\n<li>The\u00a0<em>Digital Code<\/em>\u00a0is expected to be adopted in 2024 and drive a digital breakthrough in Kyrgyzstan.\u00a0<a href=\"https:\/\/www.akchabar.kg\/ru\/news\/v-kr-80-ekonomicheski-aktivnogo-naseleniya-obespecheny-cifrovymi-dokumentami\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The\u00a0<em>Second International PLUS Forum<\/em><em>:<\/em><em>\u00a0Digital Kyrgyzstan<\/em>\u00a0will take place in Bishkek on February 28, 2024.\u00a0<a href=\"https:\/\/dk.plus-forum.com\/#dkg-regcards\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Fintech Farm, a British company with Ukrainian roots, plans to launch a neobank in Kyrgyzstan in the second quarter.\u00a0<a href=\"https:\/\/www.fintech-farm.com\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The Oh! Money service has become the first fintech in Kyrgyzstan to offer Visa cards compatible with Google Pay and Garmin Pay.\u00a0<a href=\"https:\/\/oper.kaktus.media\/doc\/493827_odengi_pervyy_finteh_v_kyrgyzstane_zapystivshiy_karty_visa_s_podderjkoy_google_pay.html\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Kyrgyzstan plans to use AI for tax calculations.\u00a0<a href=\"https:\/\/kaktus.media\/doc\/494823_glava_kabmina:_bydem_ispolzovat_iskysstvennyy_intellekt_dlia_podscheta_nalogov.html\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The Cabinet of Ministers has approved biometric identification methods.\u00a0<a href=\"https:\/\/kg.akipress.org\/news:2050516\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>Tajikistan<\/strong><\/p>\n<ul>\n<li>Wildberries, the largest Russian online retailer, is considering expansion into Tajikistan, Turkmenistan as well as the UAE and other Gulf states.\u00a0<a href=\"https:\/\/ria.ru\/20240205\/bakalchuk-1925040498.html\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The MegaFon Life app was one of the most downloaded in 2023.\u00a0<a href=\"https:\/\/khovar.tj\/rus\/2024\/01\/desyat-plyus-megafon-life-ukrepil-status-samogo-poleznogo-superapp-v-tadzhikistane\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Freedom plans to open a subsidiary bank in Tajikistan.\u00a0<a href=\"https:\/\/forbes.kz\/economy\/finance\/freedom_otkroet_docherniy_bank_v_tadjikistane\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>Uzbekistan<\/strong><\/p>\n<ul>\n<li>Markswebb will conduct a study on digital customer experiences in Uzbek mobile banks. The results of the study are expected to be presented in April 2024.\u00a0<a href=\"https:\/\/markswebb.ru\/report\/mobile-banking-rank-uz-2024\/type\/?utm_source=telegram&amp;utm_medium=messenger&amp;utm_content=mbruz24_announce&amp;utm_campaign=markswebb\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The National Agency for Promising Projects intends to file a lawsuit to collect fines from the Binance crypto exchange.\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2024\/02\/06\/binance-punishment\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>ENTERPRISE UZBEKISTAN, a digital tech center, has been established in Uzbekistan.\u00a0<a href=\"https:\/\/www.gazeta.uz\/ru\/2024\/02\/02\/digital-center\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The National Agency for Prospective Projects has made changes to the procedure for licensing cryptocurrency service providers.\u00a0<a href=\"https:\/\/napp.uz\/ru\/news\/kripto-aktivlar-aylanmasi-provayderlari-licenziyalash-tartibi-t-risidagi-nizomga-kiritildi\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a>\u00a0New legislation has also introduced criminal and administrative liabilities for illegal activities related to cryptocurrencies.\u00a0<a href=\"https:\/\/forklog.com\/news\/v-uzbekistane-vveli-shtrafy-i-sroki-za-nelegalnye-operatsii-s-kriptovalyutami)\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>The Fintech Association of Uzbekistan, with support from USAID, is organizing free trainings for women under the\u00a0<em>WE FINTECH Program<\/em>.\u00a0<a href=\"https:\/\/docs.google.com\/forms\/d\/e\/1FAIpQLSeqivm3Ge3r1BFXun6LvLXOZHS4wt-I0IvmZ3zced8hG-xqcA\/viewform\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>National payment systems processed more than UZS 224 trillion in 2023.\u00a0<a href=\"https:\/\/cbu.uz\/upload\/iblock\/10a\/ejzznaufo9djnzjyh7tyoyvmg53hko5e\/Tolov-tizimlari-faoliyatiga-oid-tahliliy-raqamlar.pdf\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Spanish bank Santander plans to enter the Uzbek market.\u00a0<a href=\"https:\/\/dunyo.info\/ru\/ekonomicheskaya-diplomatiya\/v-madride-obsuzhdeny-voprosy-vhozhdeniya-krupneyshego-banka-ispanii-v-rynok-bankovskih-uslug-uzbekistana\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Dutch venture fund DOMiNO Ventures plans to invest in five Uzbek technology startups this year.\u00a0<a href=\"https:\/\/www.spot.uz\/ru\/2024\/01\/12\/domino-ventures\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>Azerbaijan<\/strong><\/p>\n<ul>\n<li><em>Fintech Summit 2024<\/em>\u00a0will be held in Baku May 14\u201315, 2024. This year, the event will focus on innovative solutions in fintech and security.\u00a0<a href=\"https:\/\/report.az\/ru\/finansy\/v-baku-v-mae-projdet-ocherednoj-finteh-sammit\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Visa has introduced new innovative payment technologies in Azerbaijan, including those utilizing tokenization, digital wallet, embedded finance and contactless travel payment solutions.\u00a0<a href=\"https:\/\/report.az\/ru\/ikt\/obzor-finteh-trendov-v-azerbajdzhane-kakie-tehnologii-visa-vliyali-na-razvitie-beznalichnoj-ekonomiki-v-2023-godu\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<li>Ruslan Talibov, chairperson of the Association of Financial Technologies (AzFina), discusses how embedded finance has become a key trend in Azerbaijan&#8217;s fintech market.\u00a0<a href=\"https:\/\/www.trend.az\/azerbaijan\/business\/3846584.html\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>Armenia<\/strong><\/p>\n<ul>\n<li>TalkBank, Digital Asia and PLUS Consulting have published a technological rating of Armenian banks.\u00a0<a href=\"https:\/\/plusworld.ru\/journal\/2024\/plus-1-2-2024\/tekhnologicheskiy-reyting-bankov-armenii-\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<p><strong>Moldova<\/strong><\/p>\n<ul>\n<li>The\u00a0<em>Digital Transformation for Financial Institutions<\/em>\u00a0conference will be held in Chisinau on March 29, 2024.\u00a0<a href=\"https:\/\/fintech.md\/dtfi24\/\" target=\"_blank\" rel=\"noopener\">\u00bb\u00bb\u00bb<\/a><\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-17489 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Moscow to host compliance conference in May'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/moscow-to-host-compliance-conference-in-may\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/03\/OGN3SA0-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14650\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14650'>\n\t\t\t\tMoscow to host compliance conference in May\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Georgia\u2019s future bright with cryptocurrencies'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/georgias-future-bright-with-cryptocurrencies\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/09\/Georgia\u2019s-future-bright-with-cryptocurrencies-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-6757\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/09\/Georgia\u2019s-future-bright-with-cryptocurrencies-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/09\/Georgia\u2019s-future-bright-with-cryptocurrencies-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-1-6757'>\n\t\t\t\tGeorgia\u2019s future bright with cryptocurrencies\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Revolut plans invasion of the Russian market'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/revolut-plans-invasion-of-the-russian-market\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/02\/revolut-plans-invasion-of-the-russian-market-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12283\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12283'>\n\t\t\t\tRevolut plans invasion of the Russian market\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 new report has found that UK businesses save an average of 150 hours per year in financial data management and invoice processing thanks to open banking.\u00a0\u00bb\u00bb\u00bb Liminal is projecting &hellip;<\/p>\n","protected":false},"author":12,"featured_media":17490,"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\/17489"}],"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=17489"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17489\/revisions"}],"predecessor-version":[{"id":17492,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/17489\/revisions\/17492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/17490"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=17489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=17489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=17489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}