Fintech News

JANUARY 7, 2024

Payments innovation in Indonesia holds significant promise for contributing to the nation’s economy and helping bring about a more inclusive, accessible, and equitable financial system. Indonesia also has the largest digital economy in Southeast Asia, a sector that reached a gross merchandise value of US$82 billion in 2023.

Financial Inclusion 109

Financial Inclusion Innovation Payments NOV 109

The Fintech Times

NOVEMBER 9, 2024

In the last five years, Sri Lanka’s economy has struggled greatly. Back in 2012, Sri Lanka had the highest financial inclusion rate in South Asia with two-thirds of its population having access to formal financial accounts. From being one of the strongest markets in South Asia, it has since fallen from grace.

Economy 96

Economy Online and Mobile Banking Central Bank Financial Inclusion 96

PYMNTS

JANUARY 22, 2021

This is financial exclusion on a global scale, and as we emerge into 2021, I believe the private sector and governments everywhere must work more closely to improve financial inclusion and reduce the world’s unbanked population. Yet, as the developed world progresses further into cashless living, for the 1.7

Financial Inclusion 73

Financial Inclusion Economy Agreements Small Business 73

The Fintech Times

AUGUST 23, 2024

Following the collapse of Soviet control, Mongolia rapidly transitioned to a free-market economy by 1992, embracing economic reforms that opened the door to global trade and investment. Mongolia is currently classified as a lower-middle-income economy, with a gross domestic product (GDP) per capita exceeding $5,000.

Economy 115

Economy FinTech Governance Government 115

PYMNTS

DECEMBER 1, 2019

In an effort to expand access to financial institutions (FIs), the Central Bank of Nigeria is planning to license more payment providers, Bloomberg reported on Saturday (Nov. The goal is to improve Nigeria’s financial inclusion rate by 20 percent, bringing it to 80 percent by the end of 2020.

Financial Inclusion 101

Financial Inclusion Central Bank FinTech Mobile Banking 101

Clearly Payments

OCTOBER 7, 2024

The COVID-19 pandemic has reshaped industries and economies worldwide. in 2020, reaching $4.28 Cash Usage Decline : The World Bank reported that cash usage in advanced economies declined by nearly 50% during the pandemic, with consumers opting for digital and contactless payment methods instead. billion in 2022, up from $7.5

Cross-Border 93

Cross-Border Processors Multi-Currency Contactless Payments 93

The Fintech Times

OCTOBER 23, 2024

According to the World Bank , the country has a gross domestic product per capita of around $2,389 – while its economy is reliant on energy resources in the Timor Sea. Tackling these challenges Despite these challenges, the fintech industry could certainly play a role in improving financial inclusion for citizens of Timor-Leste.

Financial Inclusion 101

Financial Inclusion FinTech Credit Union Financial Literacy 101

The Payments Association

NOVEMBER 27, 2024

Bahrain, the first country in the Middle East to introduce open banking, launched its open banking framework (OBF) in October 2020, following the initial set of rules released in December 2018. The new amendments are set to bring legal entities in line with the existing open banking framework.

Third-Party Service Provider 88

Third-Party Service Provider API Legal Financial Inclusion 88

Fintech News

DECEMBER 2, 2024

Vietnam is undergoing a transformation and moving towards becoming a cashless economy, a shift that has been driven by innovative financial solutions and public initiatives, a new report by Chiming, a market research firm focusing on Vietnam and Indonesia, shows. rate in 2023.

Financial Inclusion 67

Financial Inclusion Financial Literacy Point-of-Sale (POS) NOV 67

Fintech Finance

SEPTEMBER 20, 2024

CAGR between 2020 and 2024. We are proud to partner with Safaricom to build an inclusive digital economy that works for everyone, everywhere. We will enable the merchants to grow and contribute to the Kenyan economy,” said Amnah Ajmal, Executive Vice President, EEMEA, Mastercard.

Visa 87

Visa Cross-Border Financial Inclusion Payments 87

Fintech News

OCTOBER 21, 2024

Initiatives like QRIS (Quick Response Code Indonesian Standard), a national standard for QR code payments launched in 2019, have allowed for standardization, making it easier for businesses and consumers, while collaboration between the government and fintech firms have helped enhance financial inclusion through clear regulations.

Financial Inclusion 140

Financial Inclusion Embedded Finance Payments Push-to-Card 140

Fintech News

JUNE 26, 2024

MUFG has been actively expanding its commercial banking presence in the Asia-Pacific region, which is considered its second home market, investing in various digital startups and tech firms since 2020. Notable investments include Grab, Home Credit, Akulaku, the establishment of the Garuda Fund, and DMI Finance.

Financial Inclusion 114

Financial Inclusion Economy FinTech Digital Payments 114

PYMNTS

JANUARY 3, 2020

With a robust community of technological innovators, and a drive toward the digital economy, India currently stands as an exciting market in FinTech. As India continues its drive toward a larger, digital economy, supporting small businesses’ online migration and access to finance will be critical. Addressing The Digitization Gap.

Financial Inclusion 48

Financial Inclusion On-Demand FinTech Small Business 48

Fintech Finance

SEPTEMBER 12, 2024

Innovating for financial inclusion Zambia has taken great strides in narrowing its gap in financial inclusion. According to the latest data, levels of inclusion have improved ( [link] ) from 59.3% At Lupiya, we are driven by the mission to revolutionise financial inclusion across Africa.

Product 95

Product Financial Inclusion Debit Card Digital Payments 95

The Fintech Times

NOVEMBER 14, 2024

All four have historically been very cash-reliant, with access to traditional financial services being restricted. In fact, all their economies would be considered low-middle income based on gross domestic product (GDP), excluding Turkmenistan. To meet this demand, the government launched its Digital Uzbekistan 2030 Strategy in 2020.

FinTech 72

FinTech Online and Mobile Banking Financial Inclusion Central Bank 72

The Fintech Times

NOVEMBER 5, 2024

Bahrain, which was the first country in the Middle East to introduce open banking , launched its OBF in October 2020, following the initial set of rules released in December 2018. The amendments also require obtaining customer consent and authentication, licensee disclosures, and reporting API performance by service providers.

Accounts 64

Accounts Third-Party Service Provider Financial Inclusion API 64

Fintech News

MAY 28, 2024

Embrace Financial Inclusion One of the key drivers behind the success of Nubank has been its unwavering commitment to financial inclusion — a major focal area for APAC digital banks as well. This presents a massive untapped market for digital banks willing to prioritise financial inclusion.

APACS 121

APACS Financial Inclusion Online and Mobile Banking Disaster Recovery 121

The Fintech Times

OCTOBER 29, 2024

per cent from 2019 to 2020. Challenges to overcome Despite clear growth and advancement in its financial services ecosystem, Pakistan has a long way to go before it fulfils its fintech potential. Traditionally, Pakistan has been primarily reliant on cash for transactions, which is usually the case in developing economies.

FinTech 59

FinTech Financial Inclusion Consumer Protection Transactions 59

Fintech Finance

JANUARY 30, 2024

The multi-year collaboration will see the two companies boost financial inclusion among the country’s small businesses and freelancers. At Mastercard, we are committed to building a robust digital payments infrastructure and paving the way to a more inclusive society in Pakistan. Pakistan is home to over 5.2

Addressing 59

Addressing Visa Debit Card Financial Inclusion 59

The Fintech Times

OCTOBER 23, 2024

The robust growth of digital commerce in MENA in recent years saw digital payment volumes grow by 658 per cent since 2020, according to Checkout.com processing data. The robust growth of digital commerce in MENA in recent years saw digital payment volumes grow by 658 per cent since 2020, according to Checkout.com processing data.

Facilitators 72

Facilitators Government Governance Digital Payments 72

Fintech Finance

FEBRUARY 29, 2024

Mastercard and MTN Group Fintech have signed a multi-market agreement that will set in motion a new era of collaboration to connect millions of people and small businesses across Africa with digital tools to transact through secure mobile payments, expanding access to the benefits of the cashless digital economy.

Visa 52

Visa Financial Inclusion FinTech Online and Mobile Banking 52

The Fintech Times

JULY 29, 2024

per cent in gross merchandise value (GMV) to the digital economy in 2024. The forecast comes after UnaCash compared the volume of the Philippines’ BNPL market from 2020 to 2023 to the growth rate of the Philippine digital economy during the same period. per cent) and 2022 (4.19 per cent) values. .”

BNPL 59

BNPL Consumer Financial Inclusion Economy 59

Finovate

AUGUST 9, 2024

“With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved. Currently, six digital banks have been licensed to operate in the country since the introduction of the Digital Banking Framework in 2020.

Electronic Funds Transfer (EFT) 105

Electronic Funds Transfer (EFT) Cross-Border Payments Financial Inclusion Cross-Border 105

PYMNTS

JULY 26, 2020

Its proponents insist UPI has revolutionized financial inclusion in the county of 1.4 Asbe told the FT that UPI’s strength was its appeal across India’s fragmented economy, which ranges from poorer communities to wealthy consumers. “The billion, bringing bank accounts to hundreds of millions of residents for the first time.

Volume 123

Volume Transactions Digital Payments Online and Mobile Banking 123

The Fintech Times

SEPTEMBER 3, 2024

Further findings from the World Bank, also found that the country’s gross domestic product (GDP) per capita was around $3,950 establishing the country as a low-middle income economy. The Association of Southeast Asian Nations (ASEAN) has helped develop and diversify the economy by making infrastructure investments.

Accounts 59

Accounts Financial Inclusion FinTech Economy 59

The Fintech Times

SEPTEMBER 14, 2024

These economies have since developed into fully advanced nations. This became the key factor in driving industrial growth in next-generation smart machinery, Asian Silicon Valley, biotech and pharmaceuticals, green energy, national defence, new agriculture and circular economy.

Innovation 119

Innovation FinTech Payment APIs and Integration Non-Bank 119

PYMNTS

MARCH 12, 2020

With Mastercard’s Pay on Demand platform, people get improved access to financial services and other offerings, which drives financial inclusion and can bring about improved economic possibilities for individuals and businesses. More locations will be added throughout 2020.

On-Demand 72

On-Demand Visa Consumer Financial Inclusion 72

PYMNTS

JULY 2, 2020

The government ban happened when Lagos, the government hub of Africa’s largest economy, banned motorbike passenger service in January, according to director of marketing Osagie Alonge , Bloomberg reported. The operations affected include ride-hailing services ORide and OCar, and logistics service OExpress, Bloomberg reports.

Online and Mobile Banking 79

Online and Mobile Banking Central Bank Financial Inclusion Government 79

PYMNTS

SEPTEMBER 1, 2020

The Bank for International Settlements (BIS) said in a recent report that the number of correspondent banks — where banks and financial institutions (and domestic payment systems) are linked together — slipped 3 percent in 2019 vs. 2018 and declined a significant 22 percent from 2011 to 2019. A Reduction In The Number Of Corridors .

Correspondent Bank 123

Correspondent Bank Correspondent Cross-Border Cross-Border Payments 123

PYMNTS

JANUARY 6, 2021

While most financiers would run from an environment like that, CEO Toms Niparts of Jeff , an app-based lending platform based in Latvia, saw it as a huge opportunity. “We Compared to the West, Niparts said Jeff is “able to do a bit more stuff” in Asia due to looser data regulation and restrictions. “We

FinTech 129

FinTech Financial Inclusion Economy Finance 129

The Fintech Times

SEPTEMBER 25, 2024

Since 2020, interest in CBDC potential across the globe has skyrocketed. In May 2020, only 35 countries were exploring the idea of a CBDC at all. These include faster and cheaper payments domestically and internationally, transactions that are more secure and reliable, and enabling financial inclusion for the unbanked and underbanked.”

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CBDC Digital Currency Central Bank Privacy 75

Fintech News

AUGUST 19, 2024

“Our customer base of professional investors – corporate and institutional investors, brokers, financial institutions, accredited investors and family offices – recognised this too.” “These are the same value propositions that we set out to offer clients since our inception in 2020. “The market has validated our approach.

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Accreditation Bitcoin Cryptocurrency Best Practices 110

PYMNTS

MAY 12, 2016

MasterCard and the government of Rwanda have announced a collaboration to help bring more of its citizens into the financial fold. As part of its Vision 2020 initiative, Rwanda is promoting moving toward a cashless economy, which is where MasterCard’s aid comes into the mix.

Visa 40

Visa Online and Mobile Banking Financial Inclusion Payment Gateways 40

PYMNTS

JANUARY 14, 2021

In the move toward digital payments in cash-centric economies, building trust in bank accounts and payments done in bits and bytes is critical. This, of course, represents a significant opportunity for firms seeking to broaden financial inclusion. According to the World Bank , that represents a total of 100 million individuals.

Mobile Payments 93

Mobile Payments Financial Inclusion Payments Cross-Border 93

The Fintech Times

SEPTEMBER 10, 2024

As of April 2023, there were 1,000 active fintechs in Latin America (LatAm) with a vast majority focusing on financial inclusion, tackling the issue of 70 per cent of the population not having access to formal financial services. What are some unique challenges associated with the region/country in the payments space?

Payments Trends 59

Payments Trends Cross-Border Cross-Border Payments Payments 59

The Payments Association

DECEMBER 2, 2024

With major economies like the EU, China, and India leading the way, CBDCs are reshaping the payments landscape by introducing government-backed digital currencies designed for greater efficiency, inclusivity, and control. billion in 2020 , it is forecast to reach nearly $8.8 Valued at over $3.5 billion by 2026.

Embedded Finance 88

Embedded Finance Payments Fraud Detection AI 88

Fintech Finance

DECEMBER 8, 2023

“They become a bridge for digital and financial inclusion, bringing everyone into the digital economy. ” In 2020, instant and real-time payments had only a 16% share of digital commerce in LatAm. .” ” In 2020, instant and real-time payments had only a 16% share of digital commerce in LatAm.

Digital Payments 52

Digital Payments Instant Payments Cross-Border Payments Cross-Border 52