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This collaboration will support fintechs with the expertise, infrastructure, and rapid go-to-market capabilities needed to navigate the complexities of issuing cards unlocking new opportunities for financialinclusion and digital transformation.
Tucked between the giant economies of China and India, the Kingdom of Bhutan has traditionally kept itself isolated, relying heavily on rural agriculture and local industries. Yet, as the country opens its doors to the world with a commitment to sustainability, it is also embracing digital innovation to reshape its financial sector.
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.
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.
The launch ceremony, led by NBC Governor Dr. Chea Serey, brought together about 300 participants, including representatives from government ministries, international payment firms, and private companies. The app also enables users to transfer funds to their individual Bakong accounts, offering an alternative to cash transactions.
The regions strong fundamentals, coupled with a growing digital economy, promise continued growth and innovation in the coming years, a new report by Royal Park Partners (RPP), a fintech-focused corporate finance advisory firm, says. These platforms are bridging credit gaps, playing a crucial role in the supporting local economies.
In 2021, the military overthrew the elected government of Aung San Suu Kyi and her National League for Democracy party, sparking ongoing protests and unrest. Western nations have imposed various sanctions on the ruling junta, including restrictions on their access to financial services.
Sibstar, the UK’s leading debit card and app for people living with dementia, is today calling for banks and governments to work closer together to ensure safer spending for financially vulnerable people. I hope that today’s call to action acts as a pivotal moment in driving financialinclusion across the sector.
Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home. This approval is a testament to our ongoing commitment to supporting financialinclusion and economic growth in Africa.
Africas digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments economy is expected to reach $1.5 trillion by 2030.
Pakistan has debuted a government-run instant digital payment system to help with financialinclusion and government revenue, Reuters reports. One goal for the company, according to Reuters, is to boost the role of women in the formal economy.
Designed to serve the needs of micro and small businesses (SMEs) and freelancers, Yuze offers financial solutions that look to support local businesses and fuel growth in Indias economy. At Yuze, financialinclusion is at the core of everything we do. At Yuze we believe in financialinclusion for everyone.
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.
The State Bank of Pakistan (SBP) has awarded Mashreq Pakistan a restricted license for pilot operations as part of the government’s strategy to unlock Pakistan’s digital potential and provide greater access to financial services to underserved consumer groups.
UPI has made formal financial services accessible to millions and has had a clear impact on Indias digital economy. The Platform has transformed the digital economy of India by making more seamless transactions and increasing financialinclusion.
Payment trends in Asia are changing how businesses and people transact from the digital-first economies of China and Singapore to the quickly changing markets of Indonesia and Vietnam. This article explores five key trends changing how we pay today while pushing the narrative for a more efficient, powerful financial ecosystem in Asia.
Senegal is one of many countries across the Middle East and Africa trying to diversify its economy and future-proof itself by hosting financialinclusion by employing fintech solutions. Historically, Senegals economy has centred around agriculture, particularly peanuts.
Future 100 is a national initiative led by the UAE Ministry of Economy and the Office of Government Development and the Future. Abdulla Bin Touq Al Marri, UAE Minister of Economy and Chairman of Investopia 2025; H.E. Ohood Bint Khalfan Al Roumi, Minister of State for Government Development and the Future.
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.
From digital payments to decentralised finance (DeFi), these companies are solving real-world challenges like financialinclusion and cross-border transactions, while setting new global standards for innovation. Each plays a key role in transforming how Indonesians save, spend, invest, and access financial services.
Throughout January, The Fintech Times has been exploring the theme of ‘fintech for good,’ focusing on how fintech solutions support financialinclusion. Scotlands financial and professional services sector contributesover 14billion annuallyto the UK economy and employs 160,000 people.
Thailand’s Prime Minister Paetongtarn Shinawatra announced that a portion of the government’s 450 billion baht (US$13.1 The digital handout, a central part of the ruling Pheu Thai Party’s election platform, aims to stimulate the Thai economy, which grew by 2.3%
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 financialinclusion and reduce the world’s unbanked population. Yet, as the developed world progresses further into cashless living, for the 1.7
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’s economy is projected to grow by 5.8 The country’s GDP now stands at nearly $1,760.
This collaboration marks a significant step towards accelerating digital transformation within Vietnam’s business community, fostering greater financialinclusion and operational efficiency for enterprises of all sizes. “Visa is committed to driving financialinclusion and innovation in Vietnam. ” Mr.
The Indonesian government has also played a critical part in fostering digital payments. E-wallets gain momentum in the Philippines amid financialinclusion efforts In the Philippines, e-wallet adoption has surged due to the country’s large unbanked population and ongoing efforts from the government to improve financial access.
Produced in collaboration with The Centre for Economics and Business Research , the second ‘ Real-Time Payments: Economic Impact and FinancialInclusion ‘ report from ACI Worldwide reveals an empirical link between real-time payments and financialinclusion. By 2028, 167.2 By 2028, 167.2
In the last five years, Sri Lanka’s economy has struggled greatly. Back in 2012, Sri Lanka had the highest financialinclusion 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.
Eighty-three per cent of firms indicated that digitisation will be key for growth, as they focus on enhancing digital payments, financialinclusion and sustainability initiatives. As digital transformation accelerates, SMEs are unlocking new opportunities through digital payments and financialinclusion. ” J.K.
The country is focusing on fintech solutions like mobile payments and cross-border systems to boost financialinclusion and economic growth. Economic reforms in the 1980s, known as the ‘New Economic Mechanism,’ helped shift the country from a centrally-planned to a market-oriented economy.
This move aligns with the strategic goals of the Iraqi government and the central bank to enhance financialinclusion and expedite the digital transformation of the national economy. The post ZainCash Adopts Temenos Technology to Expand FinancialInclusion in Iraq appeared first on The Fintech Times.
One of them is that too many people in the world are denied access to banking and financial services of any kind. That this lack of financialinclusion excludes them from participating in most of the payments and commerce activities that most of those reading this take for granted. The second? What’s Next.
ACI Worldwide’s second Real-Time Payments: Economic Impact and FinancialInclusion report leverages data from 40 countries and reveals—for the first time—an empirical link between real-time payments and financialinclusion. Top five countries for financialinclusion uplift (number of newly banked citizens): Pakistan – 63.5
Small and medium enterprises (SMEs) are the backbone of emerging economies. In many regions, they create jobs, drive innovation, and stimulate local economies. Yet, they often face financial challenges, struggling to access credit, manage cash flow, and navigate complex financial systems.
The report leverages data from 40 countries and reveals for the first time an empirical link between real-time payments and financialinclusion. Real-time payments act as a powerful catalyst for economic growth and societal transformation in modern, digital economies. Moreover, over the next four years, 167.2
PayTabs Group , MENA’s award-winning payment orchestration powerhouse today announced the successful acquisition of majority stake in PayTabs Egypt , solidifying its commitment to driving digital transformation and financialinclusion across Egypt. We are excited to take this next step in strengthening our presence in Egypt.
Key trends will include the acceleration of cross-border, real-time and instant payments and the rise of cashless economies. The growing adoption of mobile and internet technology and rising consumer expectations for instant payment experiences will drive financialinclusion forward.
In fact, according to the Lowy Institute ‘s Pacific Aid Map , no other economy in the world was as impacted by development assistance. In fact, according to the Lowy Institute ‘s Pacific Aid Map , no other economy in the world was as impacted by development assistance. This is due in large part to tourism.
This portal enables individuals, government entities and businesses to electronically access various services provided by SAMA. This integration of Google Pay into Saudi Arabia’s payment options aims to address market demands and bolster the countrys position in the global fintech landscape.
The region has become a hotbed for embedded finance, thanks to its mobile-first economy and digitally savvy population. Open banking and APIs will continue to drive innovation, enabling even more seamless integration of financial services. Financialinclusion will remain a key focus.
According to the Asian Development Bank (ADB), the country’s economy is dominated by agriculture and capital-intensive extractions of gold, oil, copper and silver. The informal economy also plays a major role in the country, as 87 per cent of the population relies on it for their livelihood.
Dmitry Borodin, head of decision analytics at Creditinfo, discusses the importance of using alternative data to achieve fair and accessible finance for underserved populations, including those with little or no credit history, small and medium enterprises (SMEs), and young and female demographics in emerging economies.
While this represents a significant step forward, should financialinclusivity have moved further ahead by now? Solving credit invisibility requires more inclusive and creative solutions that open up financial opportunities for everyone, not just a select few. Then we’ll make real progress.”
Commenting on the findings of the third edition of the SME Confidence Index, Dimitrios Dosis, President, Eastern Europe, Middle East and Africa, Mastercard, said: SMEs are the backbone of economies, driving innovation, creating jobs and enhancing resilience.
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