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With 44% of UK adults facing financial vulnerability, a national strategy seeks to close the gap through policy, innovation, and education. In December 2024, HMT announced the appointment of a FinancialInclusion Committee, tasked with advising the government on developing the first-ever National FinancialInclusion Strategy.
The Saint James Municipal Corporation and Mastercard have announced the signing of a Memorandum of Understanding (MOU) designed to foster digitalization as a catalyst for financialinclusion in the municipality.
Vietnam is undergoing a transformation and moving towards becoming a cashless economy, a shift that has been driven by innovativefinancial solutions and public initiatives, a new report by Chiming, a market research firm focusing on Vietnam and Indonesia, shows. This ecosystem is expanding rapidly. rate in 2023.
The future of payments is digital, inclusive, and transformativedriving financial access, innovation, and global economic empowerment. The global financial landscape is undergoing a profound transformation. trillion business opportunity by 2025.
Financialinclusion is a critical issue, but simply providing access to financial products isn’t enough. True inclusion requires financialliteracy, empowering individuals to make informed decisions. AI’s ability to revolutionise money management is undeniable.
A core pillar of promoting and sustaining widespread access to credit is ensuring high levels of financialliteracy. lags behind many other countries in financialliteracy, meaning millions of Americans lack the resources they need to chart a healthier financial future. FinancialLiteracy for All.
As BaaS evolves, it is helping fintech innovation reach new markets and underserved communities; which has the potential to greatly improve financialinclusion across the globe. Alana Levine, CRO at Fintel Connect “Financialinclusion starts with access – and that doesn’t always come easily through traditional banks.
Through three separate partnerships, Mastercard appears to be enhancing its focus on the UAE and surrounding Middle East region, with plans to simplify access to finance , enhance payment processes and bolster financialliteracy. Khalil , division president, East Arabia, at Mastercard.”We
In recent years, fintech apps have become pivotal in shaping financialliteracy among Millennials and Gen Z. These innovative platforms, often mobile-first and user-friendly, simplify complex financial topics. Traditional methods of financial education often failed to engage younger audiences effectively.
This milestone marked a pivotal moment for the country’s financialinclusion efforts. This framework aims to foster innovation while ensuring robust risk management and responsible technological progress in the financial sector. trillion (US$73.3 million) from shareholders Grab, Singtel, and KakaoBank.
Today, fintech and digital innovations are becoming key drivers in their continued growth, each nation adopting its own approach to integrate these technologies into their economic sectors. Despite these advancements, challenges such as financialinclusion remain. per cent holding a credit card. per cent in 2021.
The EU’s shift to open banking and finance presents both opportunities and challenges, demanding a balance between innovation, security, and regulation. Beyond the economic considerations, the complexity of managing and securing the free flow of financial data presents another significant hurdle. This is not an unfounded fear.
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.
Africas digital payment ecosystem is growing rapidly , making innovative and scalable financial products essential for sustained growth. Innovation is not just about building more products – its about solving real customer challenges and making payments more seamless, scalable, and accessible.
Nicolas Andine, CEO of NOW Money, expressed his enthusiasm about the partnership: “We are thrilled to partner with Mastercard, a global pioneer in payments innovation. Customers can handle payments, transfers, and other financial operations directly from their mobile phones.
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financialinclusion and helping people develop healthy financial habits. Are fewer people falling into debt?
Asia, a region known for its economic diversity, ranging from wealthy nations like Singapore, Japan, and South Korea to emerging powerhouses like China and India, has demonstrated notable unity in embracing financialinclusion. This innovation was followed by WeChat’ s similar launch in 2014.
Louise is a pioneer in the card and payments sector, having co-founded global fintech company GoHenry, the prepaid debit card and financial education app with a simple mission to make every kid smart with money.
In emerging markets, fintech is profoundly transforming financial services. These markets, often characterised by underdeveloped financial infrastructure , benefit significantly from fintech innovations. This article delves into how fintech is reshaping financial services in these regions.
We hear from industry experts on how embedded finance ensures the checkout experience is financiallyinclusive. “Taking this a step further would be customising financial offerings to meet the unique requirements of various sectors. As a result, firms must equally prioritise equity and innovation in their roadmaps.
These awards highlight companies and individuals whose fintech initiatives have contributed to advancing financial technology, promoting financialinclusion, and improving service delivery. Napier AI designs and engineers technological innovation to make a measurable difference in driving down financial crime.
The first-ever Future of Global Fintech: Towards Resilient and Inclusive Growth report reveals that the global response has been a testament to the agility and innovative spirit that defines the fintech ecosystem. This employment distribution signals a stabilisation of the sector, poised for sustained growth and innovation.
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financialinclusion and helping people develop healthy financial habits. “A fintech for good embeds purpose into its core. “This can change.
To make sure more people have access to these services, the government of Papua New Guinea has been putting a focus on financialinclusion. It was established to act as the industry’s apex organisation for coordinating, advocating and monitoring all financialinclusion activities in the country.
Emerging markets have become a hub for fintech innovation. They encourage innovation, attract investment, and increase financialinclusion. This regulatory flexibility allowed non-banking institutions to offer financial services. Regulators collaboration with industry players also fostered trust and innovation.
As LendUp CEO Sasha Orloff and Beneficial State Bank Co-CEO Kat Taylor told PYMNTS in a recent interview, banks and FinTechs need each other, and a very large segment of the population living on the margins of financial services in the United States need these two groups to work together as well. “I
The 18 finalists have been selected based on solutions to challenges in credit access, financialliteracy, cross-border payments, and personalized protection, among other areas. DigiChain Innovations (Australia) DigiChain Innovations is a full-fledged web 2.0
The companies also plan to explore innovative solutions like asset tokenization and sustainable investment options. To further support MSMEs, ANEXT Bank and Schroders will collaborate on initiatives to promote financialliteracy and make investing more accessible.
A complex set of geographic and institutional barriers, including the fragmentation of Filipinos across over 7,000 islands, and low levels of financialliteracy, are also hampering the use of financial services. Firstly, the regulatory environment in the Philippines is conducive to fintech innovation. Here’s why.
We often explore how fintechs are changing the banking and payments landscapes, and sometimes look into how their solutions are supporting financialinclusion and helping people develop healthy financial habits. Traditionally, fintechs are known for their agility, innovation and ability to disrupt traditional financial systems.
Velocity: Financial Awareness in the Digital Age Digital payments introduce both clarity and opacity in consumer finance. Analytics-Driven Spending: Wallets increasingly provide budget tools, smart categorization, and alerts—enabling real-time financialliteracy.
After successfully raising $14million in 2023, myZoi , a UAE-based fintech focused on financialinclusion and financialliteracy for the underbanked, has launched its first inclusive digital wallet. myZoi seeks to support six out of 17 UN’s Sustainable Development Goals.”
“SteelWave Digital can further bridge the financial accessibility gap by expanding its strategic partnerships with global liquidity providers to enhance capital flows into underserved markets. He adds how it is important this goal keeps customers at the heart of any of innovation.
Their international exposure, innovative approaches, and solid financial performances position them as leaders in the Southeast Asian market. GrabFood partners with local restaurants to provide convenient food delivery, and GrabPay offers financial solutions such as mobile payments, insurance, and lending.
The report, titled “Fintech – powering India’s US$5 trillion economy by fostering innovations, enabling inclusion and building a sustainable future”, provides an overview of the current state of fintech trends in India. Holistic inclusion, beyond financialinclusion Holistic inclusion is another key theme in the financial sector.
a world leader in digital payments and TECH5 , an innovator in the field of biometrics and digital identity management, have signed a strategic collaboration agreement focusing on the development and enhancement of digital government ecosystems on a global scale. Initiating programs for financialliteracy and digital inclusion.
The development is a major feather in the cap of India’s fintech industry and another great example of how countries in Latin America are embracing fintech innovation to promote financialinclusion. Last month, NIPL announced that it was working to bring a UPI-type payment system to Namibia.
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. Could fintech be the catalyst it needs to see a revival?
The move marks a significant milestone in Mercuryo’s drive to deploy digital token services to enhance financialinclusion across Indonesia and the Asia region. According to Statista figures, 97 per cent of Indonesians will have a smartphone by 2025.
The show will bring together over 3,000 senior decision-makers and 200+ speakers, sponsors, and exhibitors, and address key industry themes such as financialinclusion, sustainability, cybersecurity, and regulatory frameworks. Virtualization, heralding the future of finance, will take center stage.
This five-year initiative aims to advance digital financialinclusion for 20 million individuals, including women, small holder farmers (SHF), and nano, micro and small enterprise (NMSE) owners across low- and middle-income countries in Africa, Asia and Latin America.
SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and NEXT176, the venture arm of the Pan-African group Old Mutual, have announced the launch of a new wealth management platform. It targets a significant portion of the estimated US$2.4
The partnership aligns with NymCard’s commitment to deliver innovative payment solutions in the wider MENA region. “We are excited to partner with CWallet, a trailblazing fintech company expanding financial access in Qatar,” said Omar Onsi, CEO NymCard. NymCard will enable the issuance of scheme-branded prepaid cards.
This innovation not only promotes financialliteracy but also opens doors to new economic opportunities for underserved communities. UPI Circles impact goes far beyond convenienceits a catalyst for accelerating Indias financialinclusion How does UPI Circle Work?
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