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Financial services, digital and fintech An account from the Asian Development Bank (ADB) illustrates the state of Bhutan’s financial services sector around 2010. In terms of financialinclusion, 76 per cent of the population had a savings bank account, and just over one-fifth had access to loans.
Southeast Asias fintech industry is flourishing, driven by soaring adoption of digital payments, alternative lending, and wealthtech. It notes that while COVID-19 accelerated the digital shift, Asia-Pacific (APAC) still face significant financialinclusion challenges with 820 million unbanked and 1.8 billion underbanked adults.
Airtel Payments Bank is committed to empowering India with accessible and inclusive banking. With women at the heart of this mission, the Bank ensures that women are central to driving financialinclusion across the nation.
This week’s edition of Finovate Global features news from the fintech industry in Nigeria. Africa’s newest fintech unicorn raises $110 million African fintech Moniepoint is the continent’s latest fintech unicorn. The Nigerian fintech is one of seven African startups to make this year’s list.
The fintech unicorns in Asia are moving to reshape the very fabric of how people and businesses interact with money. From digital payments to decentralised finance (DeFi), these companies are solving real-world challenges like financialinclusion and cross-border transactions, while setting new global standards for innovation.
equity stake in Jingle Pay , one of the fastest growing fintechs in the MENAP region. The Bank’s fintech investment underscores its commitment to driving digital transformation and fostering financialinclusion across key markets. Jingle Pay was recently awarded the top global fintech for remittances into Pakistan.
The Vietnam Consumer Trends 2024 report, released in October, explores key drivers set to fuel Vietnam’s growth and opportunities, highlighting that digital payment methods are gaining dominance, and helping improve financialinclusion and accessibility. Adoption of fintech products in Vietnam is expected to grow further.
A Tracxn Technologies report highlights that the Southeast Asia fintech ecosystem experienced its zenith in 2021, marking the highest annual equity funding in the last decade. A visual overview of the SEA fintech sector’s funding trajectory from 2017 to 2024, showcasing the sharp decline after a record-breaking 2021.
New Africa Technology (NAT) , a fintech company based in Senegal, joins forces with Mastercard to introduce a virtual and physical prepaid card for individuals through NAT’s existing digital wallet solution, ‘’Flash’’. This alliance highlights our dedication to advancing financialinclusion and economic development in the region.
Payments giant Mastercard is joining forces with Ethio Telecom , a telecommunications service provider in Ethiopia, in a move to enhance financialinclusion and wealth creation in East Africa. Mastercard also provides advanced analytics, anti-fraud systems, and digital identity verification to ensure secure payment solutions.
Payments giant Mastercard is expanding its collaboration with Paymentology , the global issuer processor, to facilitate card issuance for fintech companies in South Africa. “We are equipping fintech companies with market-relevant solutions that enable them to scale effectively. .
Kenyan fintech startup Leja has achieved remarkable growth, processing $2 billion in B2B payments since launching its B2B payments service in Kenya earlier this year. By leveraging its innovative data-driven credit scoring and payment solutions, Leja aims to drive revenue growth while advancing financialinclusion.
Yet, they often face financial challenges, struggling to access credit, manage cash flow, and navigate complex financial systems. Fintech solutions are changing this landscape, offering SMEs tailored tools to overcome these barriers. Fintech companies see this gap as an opportunity to innovate.
This strategic expansion aims to boost financialinclusion by providing efficient, affordable cross-border payment solutions to one of the world’s fastest-growing economic regions. High remittance fees have historically hindered financialinclusion in the region. to send USD 200.
Cebuana Lhuillier in the Philippines and Yellow Card in Africa will be the first Xoom partners to integrate PYUSD, enhancing financialinclusion in these regions. A micro-financial services provider in the Philippines, Cebuana Lhuillier brings an extensive network of 3,500 branches and 25,000 partner agents to the partnership.
Network International (Network), a leading payment solutions provider in the Middle East and Africa, has signed a memorandum of understanding (MOU) with GIM-UEMOA , the regional payment scheme which promotes electronic payments across the banking, financial and public administration sectors in West Africa.
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.
It underscores Visa’s commitment to supporting fintech innovation and financialinclusion in the region.” ” The post Cake by VPBank Leverages Visa for Cloud-Based Card Management appeared first on Fintech Singapore.
PayMint , a leading financial technology company, has announced that it has obtained final approval from the Central Bank of Egypt to launch its first Meeza prepaid cards in partnership with Abu Dhabi Islamic Bank Egypt (ADIB-Egypt).
Nigerian fintech Moniepoint has secured investment from digital payments giant Visa , enabling it to continue its mission to ensure financialinclusion for people across Africa. ” The post Visa Invests in Nigerian Moniepoint to Help Bolster FinancialInclusion Across Africa appeared first on The Fintech Times.
To date, Paycode has facilitated the secure disbursement of $250m in aid and social payments, helping drive financialinclusion through biometric identity, offline digital wallets, and real-time payments.
The report highlights key milestones, insights, and the organizations transition into an independent foundation, further strengthening its ability to drive financialinclusion across the continent.
Network International (Network) ( www.Network.ae ), a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider.
Ultimately, the AFC argued the new act could hinder financialinclusion as it would impose unnecessary burdens on responsible financial institutions and consequently make custodial accounts prohibitively expensive to offer. Underserved consumers relying on these services would be the ones feeling this impact the most.
Deutsche Bank has joined the extended Series B funding round for blockchain-based fintech firm Partior , bringing the total raised to US$80 million and marking the close of the round. The platform is expanding its presence across the Americas, EMEA, and Asia, collaborating with banks, central banks, and fintech firms to drive adoption.
Catch up with Finovate VP and host of the Finovate Podcast Greg Palmer as he interviews some of the most interesting entrepreneurs, analysts, and thought leaders in fintech today. The technology is purpose-built to support the demand of businesses and traditional financial institutions.
Stablecoins also address financialinclusion challenges. Featured image credit: Edited from Freepik The post Coinbase Sets Sights on Thai Baht and Philippine Peso Stablecoins appeared first on Fintech Singapore.
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.
Ghana’s fintech landscape is rapidly evolving, characterized by high mobile phone penetration and a robust mobile money ecosystem. Remarkably, 60% of foreign exchange is received through mobile money platforms, demonstrating the critical role they play in the financial lives of Ghanaians.
This move is part of the Saudi Central Bank’s (SAMA) strategy to support the financial technology sector, as the bank continues to work toward enhancing the effectiveness and flexibility of the financial sector in the Kingdom.
The Monetary Authority of Singapore (MAS) and the Singapore Fintech Association (SFA) have launched a global call for nominations for the 2025 Singapore Fintech Festival (SFF) Fintech Excellence Awards. Meanwile, three individuals will be selected for the Fintech Mentor Award.
Indonesian fintech company JULO has launched a new feature to ensure quick loan disbursement, introducing the “Instant Disbursement Guarantee.” The card allows users to manage various expenses, including e-wallet top-ups and healthcare payments, aiming to enhance financialinclusion in a market with low credit card penetration.
Network International (Network) ( www.Network.ae ), a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider.
The current cross-border payment system imposes high costs on businesses and economies worldwide, stifling economic potential and limiting financialinclusivity. Challenges to financialinclusivity Cross-border payment challenges disproportionately affect low-income individuals and small businesses in developing regions.
BKN301 Group , a London-based digital payments and banking-as-a-service (BaaS) solutions company, is organising a series of roadshows to drive financialinclusion. This is critical to the growth of the regional financial sector, where both individuals and businesses can thrive by adopting cutting-edge fintech solutions.
A new whitepaper titled The Future of Global Payments & Fourth Generation Payment Networks (4GPN) has been jointly released by the Thunderbird School of Global Management and fintech firm Wiseasy. The global digital payments market is expected to grow from US$10.18 trillion in 2024 to US$32.07
This launch operationalises the partnership established in 2022, aimed at promoting intra-African cross-border trade and enhancing financialinclusion. The service improves financial interoperability by making transactions faster, more convenient, and cost-effective for small and medium-sized enterprises (SMEs) and individuals.
Outlined under Decree 94 issued on 29 April, the initiative introduces a regulatory sandbox for fintech innovations in the banking sector, set to begin on 1 July. The pilot is designed to evaluate emerging financial technologies under controlled conditions while balancing innovation with risk management.
Arturo Planell Arturo Planell, Group Country Manager, Regional Southeast Asia at Visa, said, “This milestone reflects Visas commitment to digital and financialinclusion in Cambodia, supporting tourism businesses and small enterprises.” ” Dr. Chea Serey H.E.
Curve , the ultimate digital wallet today announced a strategic partnership with Infact , the UK’s fintech credit bureau, to report usage on its Flex product in real-time through Infact’s Reporting API.
Latin America remains a strategic priority for Paysend, as the region accounts for over $150 billion in annual remittance flows globally, and a population where over 70% of adults are either underbanked or unbanked, creating a significant opportunity to drive financialinclusion.
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. Sending cross-border payments, for example, often comes with heavy processing costs and conversion fees.
As we look ahead, we remain steadfast in advancing financialinclusion and delivering exceptional digital banking experiences for all. The post Vietnam’s Cake Digital Bank Marks Profitability Milestone After 3 Years appeared first on Fintech Singapore.
The collaboration will advance financialinclusion and contribute to an even more accessible digital economy by facilitating the movement of funds from Jordan to 37 countries. According to the World Bank , Jordans remittance value reached USD4.94 billion in 2023, an increase from USD4.91 billion in 2022.
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