Remove CBDC Remove Interoperability Remove Underserved
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The Journey of Payments and Clearing Systems in India

Finextra

Early Electronic Initiatives (late 1980s/early 1990s): Limited electronic fund transfers began to emerge, mainly within banks or for specific corporate clients, but were not widely interoperable. Its simplicity, interoperability, and low cost made it an instant success. For instance, CBDC could be programmed for specific uses (e.g.,

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Fintech in Singapore: 2023 in Review

Fintech News

Developments include cross-border quick response (QR) payment linkages, connectivity between real-time national payment schemes, and the ongoing Singapore Response Code Scheme (SGQR+) project focusing on furthering QR code payment interoperability. These efforts follow the launch of the Rwanda Imbaraga SME Ecosystem (RISE) program in June.

FinTech 109
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FPC 2023 Spring Member Meeting

Faster Payments Council

Whether we will see these services gain traction is tied to what many believe to be a major hurdle–interoperability. FedNow may not interoperate with RTP, and it doesn't seem to be a priority for either. 100B/yr US alone – sticky, underserved, corporate/gov't load (no consumer).

FPC 88
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FPC 2022 Fall Member Meeting

Faster Payments Council

They will discuss how the recently published white paper on "Faster Payments and Financial Inclusion" illustrates the pain points and barriers to financial inclusion, actions, and solutions to expand, requirements of the underserved, action and solutions for issues, and considerations for faster payment stakeholders.

FPC 88
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Addressing the Silent Crisis of Failed Payments

Fintech News

Many nations within the region have recognised the transformative potential of extending financial services to underserved populations. The impact of CBDCs on payments, financial inclusion, and monetary policy remains an ongoing discussion. In APAC, financial inclusion has emerged as a driving force behind digital innovation.

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Stablecoins in Asia Are Stably Reducing Dependency on USD

Fintech News

Furthermore, stablecoins enhance financial inclusion by providing an accessible entry point for the unbanked and underserved populations in Asia, effectively digitizing local currencies. Finally, stablecoins face competition from CBDCs, as many governments prioritise CBDC development over private stablecoins.

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SFF 2024 Awards Highlights Fintech Innovation with Updated Categories, New AI Focus

Fintech News

Finalists in the corporate categories were evaluated based on impact, sustainability, practicality, interoperability, and creativity, while individual submissions were assessed on contributions to the Singapore fintech sector. Four finalists were shortlisted in each category.

AI 108