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Centralbank digital currencies (CBDCs) have rapidly evolved from theoretical concepts into live pilots and national deployments. From Asia to the Caribbean and Europe, centralbanks are grappling with how to digitise public money while preserving trust, utility, and sovereignty.
Championed by the CentralBank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financial inclusion and enhancing economic stability. This innovation brings speed and security to daily transactions, empowering businesses and individuals to embrace a cashless economy.
Indonesia has reached a significant milestone in its journey toward exploring the potential of CentralBank Digital Currencies (CBDCs) with the completion of the Proof of Concept (PoC) for the wholesale Digital Rupiah under the auspices of Bank Indonesias Project Garuda.
Championed by the CentralBank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financial inclusion and enhancing economic stability. This innovation brings speed and security to daily transactions, empowering businesses and individuals to embrace a cashless economy.
Tokenisation is now a core enabler of secure, interoperable digital paymentspowering embedded finance, asset tokenisation, and evolving identity flows. Once a system for masking sensitive data, tokenisation has evolved into a foundational technology for enabling secure, interoperable, and scalable digital payments.
The Somalian financial ecosystem has taken its next step in the digital world as the CentralBank of Somalia’s (CBS) payments initiative, the Somalia Payment Switch (SPS), has successfully launched the country’s first instant payment system.
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. UPI enabled real-time, instant payments across multiple bank accounts via a single mobile application.
Ant International is also working with StraitsX to enable the efficiency and interoperability of payments made via PBM through the Whale platform, Ant International’s treasury management solution. Through this, we also hope to connect the diverse economies in Asia together to bring to reality a connected and inclusive digital economy.”
As interoperability between mobile wallets, bank transfers and global payment networks improves, markets across the region are already seeing increased transaction volumes and greater user engagement driven by seamless, frictionless payments.
iNet , the independent Saudi CentralBank-licensed network service provider (NSP), is supporting the growth of the Kingdom’s fintech sector by becoming a part of global paytech ACI Worldwide ‘s Retail Payment Solutions (RPS) for Postilion programme.
Payments providers will need to prioritise interoperability and compliance to unlock growth while addressing security and volatility concerns. This evolving landscape presents fertile ground for innovation, ensuring organisations remain competitive in an increasingly digital economy.
In 2025, PagBrasil received authorisation from the CentralBank of Brazil to operate as a payment institution (PI) in the electronic money issuer category. The PI license is a testament to our strength as a fintech now officially recognised by the CentralBank. What are you most excited about in 2025?
The ascent of digital wallets The evolution of digital wallets has mainly been shaped by advancements in technology, a demand for convenience, and the broader shift towards cashless economies. Initially, digital wallets served as simple online repositories for card details and were used primarily in e-commerce transactions.
The global economy is increasingly interconnected, and remittances play a crucial role in the financial well-being of millions worldwide. Based in Singapore, the NSO will be owned by the centralbanks and IPS operators of participating countries. The significance of cross-border payments has never been greater.
LANKAQR is a national initiative launched by the CentralBank of Sri Lanka to ensure all QR code-based transactions are standardized and interoperable in Sri Lanka.
The addition of stablecoin on- and off-ramps is expected to expand the platform’s interoperability between fiat and digital currencies. The company’s platform supports embedded financial services, including account provisioning, FX, and domestic and cross-border payments.
dollar on deposit with the bank, and here’s the kicker: unlike JPM’s earlier internal-only JPM Coin (which ran on a private network), JPMD is being launched on Coinbase’s public blockchain network, Base (built on Ethereum). International Ripples: Global Banking and Geopolitics in a Stablecoin Era The U.S.
Its fair to say that traditional financial systems left many people and communities underserved, but LPMsfrom mobile wallets in Africa to RTP schemes like UPI in Indiabridge this gap, and theyre empowering billions of consumers to participate in the digital economy. At Boku, we want to be at the heart of this transformation.
There is also support for maintaining a broad scope of data coverage, including data from occupational pension schemes and insurance undertakings, and for introducing interoperability mechanisms through the voluntary use of European Digital Identity Wallets.
The CentralBank of Bahrain has officially approved Pay10 , which is a big step in its plan to grow in the region. Harry Gill , Pay10 Chairman stated: “We are honored to receive this license from the CentralBank of Bahrain and to support the Kingdom’s progressive approach to financial innovation.
Pay10, a global alternative payment platform, has received a payment service provider licence from the CentralBank of Bahrain (CBB), clearing the way for the company to offer regulated digital payment services in the Kingdom. per cent in value, according to the CentralBank of Bahrain. per cent in volume and 14.6
UAE-based alternative payment method (APM) provider Pay10 has secured an open finance licence from the CentralBank of the UAE , enabling it to provide payment initiation services, including variable recurring payments across the country. The Open Finance licence is the final piece, enabling seamless payment initiation and fund flows.
Home Announcements Payments Pay10 secures Bank of Bharain licence External This content is provided by an external author without editing by Finextra. Pay10 secures Bank of Bharain licence The CentralBank of Bahrain has officially approved Pay10, which is a big step in its plan to grow in the region.
As of December 2023, 130 countries, representing 98 per cent of global GDP, were exploring centralbank digital currencies (CBDCs) according to the Atlantic Council ‘s CBDC tracker. Ninety-eight per cent of the global economy is reportedly already exploring digital versions of their currencies. .
Bank Indonesia (BI) and the Bank of Korea (BoK) have signed a memorandum of understanding (MOU) on cross-border payments. This MOU follows the 2022 bilateral cooperation agreement on centralbanking and was signed by BI Governor Perry Warjiyo and BoK Governor Rhee Chang Yong.
The CentralBank of Iceland (CBI) is debuting a new instant pay platform with partnership with SIA , a European company specializing in high-tech payment services and infrastructures, according to a press release. In October, SIA was bought by Italian digital payment company Nexi for $5.4 billion.
The race toward centralbank digital currencies (CBDCs) is tightening, with Brazil reportedly looking to launch one by 2022 in a bid to help digitize payments. Roberto Campos Neto, president of Brazil’s centralbank, said his country’s new digital currency will work in concert with its new instant-payments system. “To
In terms of collaboration, as noted in this space, the Federal Reserve is working in collaboration with seven other centralbanks and the Bank for International Settlements (BIS) to bring together a framework that would smooth the path to digital currency issuance. The Federal Reserve Bank has been exploring a digital currency.
And now, for digital currencies, it’s a group effort — among centralbanks, that is. Up until now, the explorations and considerations of digital currencies — as would be, potentially, issued by centralbanking systems to bring fiat into digital form — has been done on a country-by-country basis.
The CentralBank of Kenya (CBK) announces that the Kenya Electronic Payment and Settlement System (KEPSS) has been successfully migrated to the ISO20022 Global Messaging Standard (“ISO20022 Standard”). CBK has directed banks to inform their customers and provide necessary support to ensure seamless service.
Detailing similar efforts in India and the Asia-Pacific region, the new Tracker looks at faster payments systems getting built around the world to ignite whole economies. Sweden’s centralbank, Sveriges Riksbank, is the newest financial institution (FI) to connect to TIPS, for example.
This involves enhancing accessibility, affordability, connectivity with domestic and international payment networks in the times to come and ensuring interoperability. Through strategic collaborations with foreign centralbanks and governments, NIPL is committed to advancing India’s digital public goods across the globe.
may take its place alongside markets in Asia and, say, Brazil (where instant payments can be done across PIX, and all wallets that use QR codes are interoperable). Tencent said in a recent report titled “2020 Pandemic and the QR Code Economy Report” that in the first quarter, the WeChat QR code economy increased by 25.86
Real-time payment is also is finding traction in the gig economy, allowing employees to be paid on a regular basis, even daily. The vision has always been a traditional currency with the liability of a centralbank that could run on the public internet and underpinned by blockchain. Interoperability In Focus .
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.
This proven programme makes it simpler and faster for regulators to shape and implement their domestic open banking and open finance frameworks and policies. Helping reduce costs and enabling them to positively impact their citizens and economy drives a fairer and more inclusive society. It’s your North Star.
The pandemic has shifted priorities in regulatory policy tied to the financial services industry — and for Europe, it is heralding the emergence of a data-driven economy. Interoperability is Key — and so are Partnerships . Ready for Digital Currencies? .
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. Centralbank digital currencies (or CBDCs) have been gathering steam, at least as a concept. Interoperability Is Key.
As national payment infrastructures become more interoperable and networked on a regional, and soon global, scale, stablecoins may start to lose their perceived ‘indisputable’ advantages in the cross-border sector. Cue interoperable national payment schemes. Stablecoins have not. At least, not yet.
Ant International and LankaPay have officially launched Alipay+ in Sri Lanka through LANKAQR , the countrys national QR code standard introduced by the CentralBank of Sri Lanka.
In a press release , eCurrency Mint said BRM will issue the digital tender, eCFA, in compliance with eMoney regulations of Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), the centralbank of WAEMU. The aim of the currency is to secure universal liquidity, promote interoperability and provide transparency.
Unlike traditional currencies issued by governments and centralbanks, cryptocurrencies are typically based on blockchain technology, a distributed ledger that records all transactions across a network of computers. By accepting cryptocurrency payments, merchants contribute to a more inclusive global economy.
Pay10 , a leading Alternative Payment Method (APM) provider headquartered in the UAE announces that it has become the first fintech company to go live in production on the CentralBank of the UAE’s (CBUAE) Open Finance Framework, authorizing it to provide payment initiation services including variable recurring payment.
Digital assets are no longer a futuristic pipe dream in modern economy. That’s the third phase we see, when you interoperate between digital and traditional assets for liquidity and financing, but also to upgrade and make payment systems much more dynamic rather than static,” he said. It’s not a zero-sum game.”.
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