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Mastercard has announced a new virtual testing platform for CentralBankDigitalCurrencies (CBDCs). The testing tool comes as the global economy embraces digital payments and centralbanks investigate how to support innovation while maintaining financial stability as they issue the currency.
CentralBankDigitalCurrencies (CBDCs) have received attention in recent years as centralbanks worldwide explore the potential to evolve the way we conduct financial transactions. CBDCs in Other Countries China : The Digital Yuan (e-CNY) is one of the most advanced CBDC projects.
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. Centralbankdigitalcurrencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments.
Over 350 million adults in Africa live on a cash-only basis ( [link] ), without access to financial accounts, credit cards, or lending facilities. Digitalcurrency systems could prove to be key in improving financialinclusion and opening up new opportunities to large underbanked communities in many African countries.
In Mexico, the pandemic is moving the needle toward digital payments — specifically mobile payments — to become more widely embraced by businesses and consumers alike. Getting there, he told Webster, involves expanding financialinclusion through digital transactions that, effectively are — for the merchants and consumers involved– free.
Indonesia has reached a significant milestone in its journey toward exploring the potential of CentralBankDigitalCurrencies (CBDCs) with the completion of the Proof of Concept (PoC) for the wholesale Digital Rupiah under the auspices of Bank Indonesias Project Garuda.
The race toward centralbankdigitalcurrencies (CBDCs) is tightening, with Brazil reportedly looking to launch one by 2022 in a bid to help digitize payments. After that, I think you have all the ingredients to have a digitalcurrency. We think we will have it in 2022.”.
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 digitalcurrencies are far from irrelevant. CBDC overview across the MEA region in 2024 But why are so many countries adopting CBDC initiatives?
America Biometric Payments 2 Global, especially mobile-first markets Cash Payments 5 Emerging Markets, some developed regions CentralBankDigitalCurrencies (CBDCs) 1 Asia, Caribbean Credit Cards Overview : Credit cards allow consumers to make purchases on credit, paying later and often with interest.
Accenture (NYSE: ACN) announced that it has invested in EMTECH , a global financial technology company that provides software-as-a-service platforms to help centralbanks streamline, connect and modernize their processes and operations. Terms of the investment were not disclosed.
With advancements in payment systems, blockchain exploration, and digitalcurrencies, these nations are harnessing technology to transform their financial landscapes and drive future development. per cent CentralBank of Armenia (CBA) Armenia’s growth has been driven in part by its young, tech-savvy population.
Centralbankdigitalcurrencies (CBDCs) are exciting many in the digital assets world, but what can these mean for those who are less engaged and on the fringes of financial services altogether? Read more
Facebook’s Libra cryptocurrency project has drawn vast political pushback, but also more tangible government action as nations globally consider centralbank supported digitalcurrencies. It’s also sparking a potential bottom-up approach in New York.
IMF head Christine Lagarde called on centralbanks to seriously consider issuing digitalcurrency to fill the gap left by the declining use of cash. Lagarde said by embracing digitalcurrenciescentralbanks can supply money to the digital economy. reported the Financial Times.
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. However, Senegal remains a developing economy with significant challenges in financialinclusion , particularly in rural areas.
4) it inked a partnership with Banque Régionale de Marchés (BRM) to provide a digitalcurrency in the West African Economic and Monetary Union (WAEMU). The secure digital instrument can be used across all existing payment platforms and will be equivalent in value to physical legal tender, eCurrency said in the press release.
According to a study by the Bank for International Settlements (BIS), centralbankdigitalcurrencies (CBDCs) will be available for 20 percent of the world’s population in the next three years. In the past four years, 86 percent of centralbanks have been actively doing some kind of work on CBDCs, according to BIS.
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 centralbankdigitalcurrencies (CBDCs).
2), said that FinTech companies have some "key advantages" over traditional banks in terms of developing a customer base and curbing risk. He praised financialinclusion, with microloans and mobile payments bridging a gap for rural residents but said protecting peoples' private information is still challenging.
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 centralbankdigitalcurrencies (CBDCs).
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 With Filia® Unplugged, we are helping to bridge this gap,” explains Dr. Raoul Herborg, Managing Director CentralBankDigitalCurrency at G+D.
This year, the summit will begin in Malaysia before moving to a series of Southeast Asian countries, bringing together industry leaders and experts under the theme “Revolutionising Banking and Insurance through Digitalisation.” Discussions will address regulatory challenges, financialinclusion, and evolving consumer expectations.
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 centralbanks manage wallets and settlements within a centralised CBDC system.
These experts covered some of the industry’s hottest trends and most urging issues, including artificial intelligence (AI), quantum computing, digital assets, next-generation transactions, and financialinclusion. The regulatory attributes are finalized, and the centralbank is now working on legislation, he said.
Will Marwick CEO, IFX Payments The Payments Report 2024 highlights the growing impact of digitalcurrencies, particularly stablecoins, as transformative payment solutions. The report notes how stablecoins, supported by regulatory developments, are driving advancements in digital commerce and cross-border transactions.
Centralbankdigital coins on the Continent – but plenty of room for cash. In Berlin, where last week saw a two-day meeting of financial officials from Europe, central bankers discussed digital payments and the confines of digital, national currencies.
Since 2009, the financial landscape has been undergoing a transformation with the emergence of cryptocurrencies. As digitalcurrencies grow in popularity , merchants around the world are exploring the potential benefits of accepting payments in cryptocurrency. This is covered in the below section. What are Stablecoins?
Other payment trends in Asia preceding 2024 including the rise of B2B buy now pay later (BNPL), growing prominence of centralbankdigitalcurrency (CBDC), and prevalence of composable, cloud-based ‘as-a-Service’ IT architecture models have helped shape much of what we anticipate for 2024.
Cuttino noted that things like early wage programs can come with high transfer fees, and said markets have generally not solved the problem of financialinclusion. Charles Cascarilla, CEO and co-founder of stablecoin company Paxos, said stablecoins and digitalcentral-bankcurrencies are “critical” for financial infrastructure.
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 digitalcurrency. Centralbankdigitalcurrencies (or CBDCs) have been gathering steam, at least as a concept.
The organization said in its report, “digital identity is the fundamental building block and a key area for governments to focus on … another important building block … is having digital versions of national currencies on the blockchain , for example, through blockchain-based centralbankdigitalcurrencies (CBDCs).”.
Much has been written about how delivering fiat currenciesdigitally can boost financialinclusion and perhaps streamline financial services. It’s a system that has been in place for a while, with oversight and regulation (and centralbanks) in place to keep fiat front and center in traditional banking.
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. It was also exploring the idea of public input on the prospect and thoughts on open banking. Could fintech be the catalyst it needs to see a revival?
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.
This is what distinguishes tokenisation from being solely a security measure: its enabling of cross-border capital flows, fractional ownership models, and financialinclusion. Das disagrees, citing the very different purposes for which asset tokenisation and network tokenisation are built.
The report underscores the increasing pace of change in cross-border payments, mentioning key developments such as SWIFT’s gpi, the global rollout of the ISO 20022 standard, the exploration of Distributed Ledger Technologies, the use of APIs, and the rise of CentralBankDigitalCurrencies. The post U.S.
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.
N ine out of ten centralbanks worldwide are actively exploring centralbankdigitalcurrencies (CBDCs). The enterprise blockchain market is predicted to grow to $246 billion by 2030 , the same year Boston Consulting Group says real-world asset tokenization will become a $16 trillion industry.
However, there is slight shift these days as Asian markets are now embracing stablecoins that are linked to their own respective local currencies. This trend highlights efforts to enhance monetary sovereignty, boost financialinclusion, and modernise payment systems in an increasingly digital world.
Global currency, anyone? In the age of Libra, in a new decade where at least some centralbanks are exploring their own fiat issued in bits and bytes, would a global currency set the stage for relative calm? billion unbanked individuals into the world of financialinclusion.
Problem statements for G20 TechSprint 2025 These efforts aim to promote wider adoption of fast payment systems and support financialinclusion and economic growth. Previous editions have explored topics such as green finance, centralbankdigitalcurrencies, and cross-border payments.
Beyond offering convenience, super apps also play a crucial role in addressing financialinclusion challenges. Platforms such as Grab and Gojek embed services like micro-lending and mobile payments, providing essential financial tools to communities that have been traditionally underserved by banks.
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 CentralBank of Brazil plans to launch the CBDC DREX by the end of 2024.
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. Digital payments are fast becoming the norm, positioning the region as a global payment leader.”
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