This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Mexico in Focus: Open Banking and FinancialInclusion A briefing for banks and fintechs, with key insights and details of the opportunities available in LatAm’s third-largest nation. Open Banking represents an important possibility for both financial institutions and the Mexican population.
The Saudi CentralBank (SAMA) has announced the granting of a license to HyperPay Inc. Saudi Arabia for Information Systems Technology to operate digitalpayment services via an electronic wallet in the Kingdom.
Mastercard has announced a new virtual testing platform for CentralBankDigital Currencies (CBDCs). The testing tool comes as the global economy embraces digitalpayments and centralbanks investigate how to support innovation while maintaining financial stability as they issue the currency.
In Mexico, the pandemic is moving the needle toward digitalpayments — specifically mobile payments — to become more widely embraced by businesses and consumers alike. There are some key differences in place between CoDi and what might be seen elsewhere.
SecurityTech company Giesecke+Devrient (G+D) is making digitalpayments independent of online connectivity. Even in today’s digital-first economy, connectivity issues can present challenges for digitalpayment transactions, especially in rural areas. billion unbanked people worldwide.
India has embraced its model for digitalpayments so much that it intends to take it global. Since its debut four years ago, India’s Unified Payments Interface (UPI), the instant payment system developed by the National Payments Corp. UPI was established by the centralbank and is owned by a group of local lenders.
The country is focusing on fintech solutions like mobile payments and cross-border systems to boost financialinclusion and economic growth. Key developments in the fintech and digital ecosystem have emerged over recent years. Laos is also experimenting with centralbankdigital currencies (CBDCs).
Digital currency systems could prove to be key in improving financialinclusion and opening up new opportunities to large underbanked communities in many African countries. Statista indicated that the Digital Assets market in Africa is projected to reach a revenue of US$3,115.0m by 2024.
Digitalpayments are transforming global financial systems, reshaping how individuals and businesses transact. In the fintech space, digitalpayments represent a major driver of innovation. The Rise of Embedded Finance Embedded finance is revolutionising the way businesses interact with financial services.
The CentralBank of Brazil has authorised the digitalpayments organisation, PagBrasil to operate as a payment institution (PI) in the electronic money issuer category. This achievement marks a significant milestone for PagBrasil as the digitalpayments solutions market continues to grow.
Cambodia is leveraging fintech innovations and strategic reforms to boost economic growth, financialinclusion and international partnerships, positioning itself as a key player in the Southeast Asian digital economy. Cambodia has also ventured into centralbankdigital currencies (CBDCs).
This strategic partnership aims to empower Trinidad and Tobago to establish a reliable and efficient real-time payments platform for both person-to-person (P2P) and person-to-merchant (P2M) transactions, expanding digitalpayments in the country and fostering financialinclusion.
ZainCash Iraq , a payment service provider and subsidiary of March Holding , has implemented Temenos’ core banking and payments platform to drive the growth and innovation of its digitalpayment services.
Mastercard with CentralBank of Jordan (CBJ) collaborates to develop a payment ecosystem digitization blueprint for the country. The CentralBank of Jordan will benefit from Mastercard’s global expertise to accelerate economic and paymentsdigitization and improve acceptance.
In line with Saudi Vision 2030, the project has been launched to build stronger payment platforms and ecosystem, drive digital transformation, and strengthen the national economy through locally relevant technology.
HyperPay , a payment gateway operating in the Middle East and Northern Africa (MENA), has secured a digitalpayment licence from the Saudi CentralBank (SAMA). With its newly obtained licence, HyperPay can now operate digitalpayment services via an electronic wallet in the Kingdom of Saudi Arabia.
For example, in Rwanda, I&M Bank (Rwanda) Plc. , the oldest bank in Rwanda and licensed by the CentralBank of Rwanda , and Network International (Network) have partnered to improve financialinclusion in the country.
Mastercard has signed a memorandum of understanding (MoU) with The BENEFIT Company (BENEFIT), leading fintech company in Bahrain, and the national electronic payment infrastructure operator, to explore opportunities for collaboration in driving innovation and financialinclusion in the country’s dynamic payments ecosystem.
Arab Financial Services (AFS) , a pioneering digitalpayments solutions provider and fintech enabler in the Middle East and Africa, has raised $50 million in capital. The additional capital will enable AFS to expand its operations, enhance its product offerings, and drive innovation in the digitalpayments landscape.
The idea that digital assets are exclusively some form of currency has been slowly dispelled, as new use cases emerge and are rapidly adopted across the globe. But digital currencies are far from irrelevant. By leveraging cryptocurrencies, these individuals gain access to financial tools and services previously unavailable to them.
Ziina , a UAE-based financial platform supporting consumers and entrepreneurs, has secured the Stored Value Facility (SVF) licence from the UAE CentralBank , enabling it to expand its range of financial services.
UAE-based Comera Pay, the fintech arm of Comera Financial Holding, has received preliminary approval from the CentralBank of the UAE to operate under two key financial licences. This means Comera Pay can now launch payment solutions that provide simpler, more secure transactions for merchants and consumers.
There is room for optimism Time for change There have been various government initiatives across the region to help bring about greater financialinclusion. For instance, the Fiji government is currently implementing its National FinancialInclusion Strategy 2022-2030. appeared first on The Fintech Times.
The CaaS model will provide banks, non-financial institutions, universities and fintechs with a comprehensive suite of digitalpayments services. The post Mastercard Collaborates with eNovate to Modernize Payment Platforms in Egypt appeared first on FF News | Fintech Finance.
According to the project report containing conclusions and key learnings recently released by the Bank for International Settlements Innovation Hub (BISIH) Singapore Centre, there is a sizeable flow of intra- and extra-ASEAN payments that could be processed through Nexus. trillion by 2025. Nexus Scheme Organisation (NSO) structure.
SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and Giesecke+Devrient (G+D) successfully completed a proof-of-concept (PoC) on the Universal DigitalPayments Network (UDPN). Meanwhile, the the direct model is where centralbanks manage wallets and settlements within a centralised CBDC system.
E6 will power Loop’s cards, wallets and instant payment solutions to fulfill Loop’s strategic goal to become a digitalfinancial services enabler. The Kingdom is bolstering from a growing digitalpayments scene, recently reaching a market share of 62%, only eight points below its 2025 target of 70%.
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 financialinclusion for citizens of Timor-Leste.
The first event was the introduction of the Unified Payments Interface (UPI) by the National Payments Corporation of India (NPCI), a nonprofit organisation backed by India’s centralbank and leading banks. The CBDC pilot programme now has over five million users and includes participation from 16 banks.
If this happens, [India’s] financialinclusion program would be severely impacted, as millions of beneficiaries under the government’s Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, who withdraw subsidies in the form of cash through ATMs, may find their neighborhood ATM shut,” said CATMi, which warned that there will be long lines to get cash out.
Armenia Population: +2,967,000 Capital, financial hub and largest city: Yerevan Gross domestic product (GDP) per capita: +$8,500 Access to a formal financial account (adults): 52.3 per cent CentralBank of Armenia (CBA) Armenia’s growth has been driven in part by its young, tech-savvy population.
Last week, Mastercard announced its virtual testing platform for centralbankdigital currencies (CBDCs). The testing tool comes as the global economy embraces digitalpayments and centralbanks investigate how to support innovation and maintain financial stability as they issue the currency.
The CentralBank of Sri Lanka has a call out for tech companies that can help it develop a blockchain-based know-your-customer (KYC) platform. The bank made the announcement on its website on Nov. It is expected that this would facilitate several potential use-cases that will increase efficiencies in the financial sector.
Temenos (SIX: TEMN) today announced that ZainCash , a subsidiary of March Holding and a leading payment service provider in Iraq, has gone live with Temenos core banking and payments to power the rapid growth and innovation of its digitalpayment services.
According to CEO Dan Schulman , the hope for the expansion is to help grow the global use of virtual coins and to prepare the firm for a future where there are more coins in play in the care of centralbanks and corporations.
3 Programmable Money: Advancing FinancialInclusion or Creating Walled Gardens, Powered by J.P. The discussion will cover key aspects such as the impact on cross-border payments, liquidity funding needs, and the broader implications for financialinclusion and the global movement of money.
Benefits of digital wallets The surge in e-wallet popularity underscores the real demand to address the unbanked population and bolster financialinclusion, fundamentally reshaping the lives of millions of individuals. Here’s why. Firstly, the regulatory environment in the Philippines is conducive to fintech innovation.
We will continue to empower more businesses and enhance the digitalpayment ecosystem across regions, driving value and growth for clients around the world. ” Furthermore, as the first Asian fintech company to secure the UAE’s payment license, PayerMax is strengthening its presence and expanding operations across the Middle East.
Earlier this month, as PYMNTS noted , the Federal Reserve said its Boston bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Centralbankdigital currencies (or CBDCs) have been gathering steam, at least as a concept.
Or at least it presents the start of one, as it pushed Jordan’s centralbank to develop JoMoPay , the nation’s national mobile payment system. Designed as part of the centralbank’s national financial-inclusion strategy, JoMoPay provides the regulatory framework under which Dinarak operates.
Security technology company Giesecke+Devrient (G+D) has launched a new token-based payment solution, ‘G+D Filia Unplugged’, enabling secure offline payment transactions. “Offline payments are the missing link in the digitalpayment sphere.
The provision of bank transfer services will be the first of many new expansions into the region, with SPAYZ.io The total transaction value in digitalpayments in Africa is projected to total $236.1 now offers services through GCash P2P, the countrys most popular digital wallet. billion in 2025, and $611.20
During the pandemic, we have seen continued demand for our offline mobile money agency, and online digitalpayment, which remain core of our business,” the company said in a statement, according to Bloomberg. The CentralBank of Nigeria has been looking to license more payment providers, PYMNTS reported last December.
The Saudi Arabian Monetary Authority (SAMA) is introducing an open banking policy to advance digital innovation in the financial services sector. Saudi Arabia’s centralbank said the plan is for open banking to go live in the first half of 2022.
We organize all of the trending information in your field so you don't have to. Join 5,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content