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James Hurren explores what early CBDC deployments across Asia, the Caribbean, and Europe reveal about usage, adoption, and the future of cross-border digital money. Central bank digital currencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments.
Fintech is playing a pivotal role in the economic growth of Armenia, Azerbaijan, and Georgia. With advancements in payment systems, blockchain exploration, and digital currencies, these nations are harnessing technology to transform their financial landscapes and drive future development.
Post-Independence (1947 - 1990s): Building the Foundation After independence, India focused on strengthening its financial infrastructure and extending banking services. Nationalization of Banks (1969, 1980): A major policy shift aimed at increasing financialinclusion and directing credit to priority sectors.
Collaborative efforts align with the Indonesia Payment System Blueprint 2030, which prioritises innovation, financialinclusion, and economic sustainability. Furthermore, the project aligns with broader economic goals by fostering financialinclusion and supporting sustainable growth.
It highlights major trade-offs in security, privacy, and policy that must be addressed before offline CBDC payments can scale. If implemented, offline CBDC capability could introduce new consumer behaviours, shift merchant requirements, and alter the economics of digital payment acceptance. Why is it important? What’s next?
Through this partnership, fintech companies are set to be able to develop propositions on the enza platform that provide consumers and businesses with embedded Mastercard payment solutions capabilities. Fintechs will be able to configure pre-paid or post-paid accounts, as well as issue physical or virtual Mastercard cards.
Driving development and inclusion The digital payment market in the country continues to grow, driven by the use of PromptPay, which was developed by NITMX and built on Mastercard’s RTP technology. The solution was launched eight years ago and has seen rapid adoption, with a 13% YoY increase in transaction value.
X (formerly Twitter) has made its first decisive step into fintech, announcing a partnership with Visa to power its ambitious new digital wallet, X Wallet. CEO Linda Yaccarino framed the move as a leap forward, but the real story is bigger: tech giants are no longer just facilitating payments, theyre actively reshaping the financial industry.
Over 350 million adults in Africa live on a cash-only basis ( [link] ), without access to financial accounts, credit cards, or lending facilities. Digital currency systems could prove to be key in improving financialinclusion and opening up new opportunities to large underbanked communities in many African countries.
In addition, the deal launches in a context where financialinclusion still faces significant challenges. According to the 2024 National Survey of FinancialInclusion (ENIF) recently published by INEGI, although 71.8%
The FATF also strengthened its Recommendation 1 earlier in 2025 to encourage countries to promote financialinclusion and to reinforce the expectation that AML, CFT, and CPF controls have to be implemented through a proportionate and risk-based process.
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 Digital Payments Network (UDPN). Meanwhile, the the direct model is where central banks manage wallets and settlements within a centralised CBDC system.
While 134 countries and currency unions, representing 98 per cent of global GDP, are currently exploring a central bank digital currency (CBDC), the Bank of Canada has revealed it is officially putting efforts to introduce a digital version of the Canadian dollar on pause. Could a CBDC still be in Canada’s future?
But as to what a CBDC might look like in the eurozone, ECB executive board member Yves Mersch said a speech earlier this year that retail central bank digital currency (CBDC) is a game-changer and that retail CBDCs would be a “main focus.”
This month, The Fintech Times is focusing on the world of digital assets. Cryptocurrencies, central bank digital currencies (CBDCs) and stablecoins remain prominent and continue to see innovation worldwide; particularly in the Middle East and Africa (MEA). But digital currencies are far from irrelevant.
With the rise of digital payments, cryptocurrencies, and fintech innovations, CBDCs represent a new frontier in the evolution of money. This article covers what CBDCs are, how they have evolved until 2024, their impact on payments, and the future they could shape. What Are CBDCs? Any decision to issue a CBDC in the U.S.
The Singapore Fintech Festival (SFF) has announced the finalists for its 2024 Fintech Excellence Awards, organised in partnership with the Singapore Fintech Association (SFA) and supported by PwC Singapore. A new category was introduced to recognise progress in artificial intelligence and quantum technology.
As the fintech landscape continues to evolve rapidly, Money20/20 Asia 2024 , held in Bangkok from 23 to 25 April, stands out as a pivotal event for industry professionals. 3 Programmable Money: Advancing FinancialInclusion or Creating Walled Gardens, Powered by J.P.
As many as 80 percent of the 66 central banks polled by the Bank of International Settlements said they were at some stage of CBDC development. China has been at the forefront of those efforts, at least as measured in terms of debuting an actual CBDC, and is in the midst of testing its digital yuan in various settings.
Our final Finovate Global column of 2023 celebrates the conversations we’ve had this year with fintech innovators from around the world. Stay tuned in 2024 for more interviews with some of the most interesting founders, entrepreneurs, and thought leaders in fintech and financial services.
The introduction of a token-based solution such as G+D Filia® Unplugged not only strengthens payment resilience but also has the potential to drive financialinclusion for nearly 1.4 The success of several CBDC pilot projects around the globe has demonstrated the importance of offline payments. billion unbanked people worldwide.
The Monetary Authority of Singapore (MAS) has unveiled the finalists for the 2024 Global Fintech Hackcelerator. The winners of the competition will be announced on 7 November 2024 during the SFF Fintech Excellence Awards. Here Are the 18 Finalists for Global Fintech Hackcelerator 2024 1.
This investment, made through Accenture Ventures, will support EMTECH in its efforts to transform central banks’ financial and technology infrastructure and make it easier for central banks to regulate and supervise fintechs in an increasingly digital economy. Terms of the investment were not disclosed.
As the fintech landscape continues to evolve rapidly, Money20/20 Asia 2024 , held in Bangkok from 23 to 25 April, stands out as a pivotal event for industry professionals. 3 Programmable Money: Advancing FinancialInclusion or Creating Walled Gardens, Powered by J.P.
Could fintech be the catalyst it needs to see a revival? 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. Since these actions were taken, the fintech sector has continued to grow in Sri Lanka.
billion, India – the world’s most populous country – has immense potential to set benchmarks in fintech as part of its broader economic development. The country’s journey from a cash-dominated economy to a digital leader began to take shape in 2016, a pivotal year for India’s financial arena.
Money20/20 Asia made its debut in Bangkok on April 23, 2024, bringing together key players from across Asia’s financial landscape, including banks, payment providers, startups, retailers, fintech companies, and regulators. Day 1 of Money20/20 Asia 2024 showcased a series of insightful sessions and discussions.
This trend highlights efforts to enhance monetary sovereignty, boost financialinclusion, and modernise payment systems in an increasingly digital world. Similarly, the Philippine central bank has launched a peso stablecoin pilot to explore its potential for financialinclusion and cross-border remittances.
In APAC, financialinclusion has emerged as a driving force behind digital innovation. Many nations within the region have recognised the transformative potential of extending financial services to underserved populations. The absence of proper documentation and financial education presents significant hurdles.
Banco do Brasil reinforces its pioneering commitment to financialinclusion technologies and takes an important step towards making offline payment with digital money a reality in Brazil. 2 The Central Bank of Brazil plans to launch the CBDC DREX by the end of 2024.
The Fintech industry is constantly evolving with innovations and technologies coming up often. Though many concepts are built on fundamental fintech ideas, the terms and jargon related to fintech are rapidly diversifying. This technological approach eliminates the use of physical cards or PINs during financial interactions.
In 2024, China’s fintech landscape is playing an increasingly central role in its economic development, as the country continues to solidify its position as the world’s second-largest economy. The government has also been proactive in supporting fintech growth. China’s fintech ecosystem spans a variety of subsectors.
They will discuss how the recently published white paper on "Faster Payments and FinancialInclusion" illustrates the pain points and barriers to financialinclusion, actions, and solutions to expand, requirements of the underserved, action and solutions for issues, and considerations for faster payment stakeholders.
Fostering fintech innovation: Mastercard’s collaborative approach Ed McLaughlin: I would say partnership has always been the heart of Mastercard because we are a network. Through the years, you have seen us build and grow through partnership, and fintech has been an essential part of that. That is what we do all day.
This project aims to create a multi-central bank digital currency (CBDC) platform for instant cross-border payments and settlements, leveraging distributed ledger technology (DLT). Several commercial banks have already started using the mBridge platform to facilitate cross-border CBDC payments among participating jurisdictions.
It explores the challenges faced by financial institutions in correspondent banking relationships, shedding light on regulatory compliance, security concerns, foreign exchange rate risks, and the impact of fintech players entering the field. The post U.S.
Money20/20, one of the world’s leading fintech shows, has arrived in Thailand for the first time, serving up three days of insights into the latest fintech trends. HSBC announced a memorandum of understanding (MoU) with the Thai Fintech Association to help further engage the next generation of Thai tech unicorns.
Other payment trends in Asia preceding 2024 including the rise of B2B buy now pay later (BNPL), growing prominence of central bank digital currency (CBDC), and prevalence of composable, cloud-based ‘as-a-Service’ IT architecture models have helped shape much of what we anticipate for 2024.
The Clearing House's real-time payments offering, the RTP ® network, continues to gather steam with financial institutions (FIs), FinTechs and their business customers in this week's Payment Rail Innovation roundup. The new infrastructure aims to broaden financialinclusion, digitization transactions, and bolster government revenue.
With Filia Unplugged, we are helping to bridge this gap,” explained Raoul Herborg , managing director of Central Bank Digital Currency ( CBDC ) at G+D. The post Giesecke+Devrient Solution Looks to Remove Connectivity Pain Points for Digital Payment Transactions appeared first on The Fintech Times.
This week, Finovate Global looks at recent fintech developments in France. Over the years, Finovate has been proud to showcase a number of fintech innovators based in France. Here’s a look at some of French fintechs that have demoed their technology on the Finovate stage in recent years.
Stakeholders across payments, smart mobility and digital ID can now access the industry’s most complete set of consultancy and testing services via Fime, supporting financialinclusion and innovation while enabling cost and time savings. Gallant Capital Acquires Fime To learn more about Fime, visit our website.
This week’s edition of Finovate Global takes a look at recent fintech developments and news from Sweden. Over the years, Finovate has been proud to showcase a number of fintechs from Sweden, a country with a population of more than 10.5 Here is our look at fintech innovation around the world. Sub-Saharan Africa U.K.-based
This marks a critical milestone in the exploration of a Central Bank Digital Currency (CBDC). This phase, part of the Immediate State of Project Garuda, focused on testing a distributed ledger technology (DLT)-based wholesale cash ledger system to assess its feasibility, security, and compatibility with Indonesia’s financial ecosystem.
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