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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.
Episode Six (E6), a leading global provider of enterprise-grade payment processing and ledger infrastructure, today announces a partnership with payment solutions and services provider Secupay to provide asylum seekers with payment cards, enabling them access to financial support from the German Government.
This collaboration will support fintechs with the expertise, infrastructure, and rapid go-to-market capabilities needed to navigate the complexities of issuing cards unlocking new opportunities for financialinclusion and digital transformation.
King Jigme Khesar Namgyel Wangchuck serves as the head of state, while Prime Minister Lotay Tshering leads the government. Banks By 2020, Bhutan’s financial sector included five banks, three insurance companies, one CSI bank, five microfinance institutions, one pension institution, two telecom companies as well as a single stock exchange.
The Payments Association , the trade group representing the payments sector, has launched its Payments Manifesto for 2025, urging the UK government to modernise the payment infrastructure to ensure consumer protection. This follows the publication of the governments National Payments Vision and Strategy (NPV&S) late last year. .”
Mexico in Focus: Open Banking and FinancialInclusion A briefing for banks and fintechs, with key insights and details of the opportunities available in LatAm’s third-largest nation. Open Banking represents an important possibility for both financial institutions and the Mexican population.
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. rate in 2023.
The report highlights key milestones, insights, and the organizations transition into an independent foundation, further strengthening its ability to drive financialinclusion across the continent. Providing technical expertise, capacity building, and advocacy to policymakers, financial institutions, and payment providers.
Vietnam’s government has approved a two-year pilot programme to test peer-to-peer (P2P) lending, credit scoring, and open API-based data sharing, according to Vietnam News. The pilot is designed to evaluate emerging financial technologies under controlled conditions while balancing innovation with risk management.
The launch ceremony, led by NBC Governor Dr. Chea Serey, brought together about 300 participants, including representatives from government ministries, international payment firms, and private companies. The app also enables users to transfer funds to their individual Bakong accounts, offering an alternative to cash transactions.
Sibstar, the UK’s leading debit card and app for people living with dementia, is today calling for banks and governments to work closer together to ensure safer spending for financially vulnerable people. I hope that today’s call to action acts as a pivotal moment in driving financialinclusion across the sector.
Payment giant Visa and FPT Corporation, a Vietnamese technology firm, have signed a Memorandum of Understanding (MOU) to advance digital transformation within the government sector. The partnership focuses on modernising government services and improving accessibility, particularly for small and medium-sized enterprises (SMEs).
Thailand’s Prime Minister Paetongtarn Shinawatra announced that a portion of the government’s 450 billion baht (US$13.1 The government has delayed the programme due to funding concerns but insists it will adhere to fiscal discipline when implemented in the final quarter of the year.
In 2021, the military overthrew the elected government of Aung San Suu Kyi and her National League for Democracy party, sparking ongoing protests and unrest. Western nations have imposed various sanctions on the ruling junta, including restrictions on their access to financial services.
In a strategic move to accelerate digital payments, financialinclusion, and modernizing the country’s payment ecosystem, BPC , a global leader and payment solutions provider, is announcing the expansion of its operations in Nigeria.
It also aims to encourage innovation and improve the experience of financial transactions, aligning with its goals of increasing financialinclusion and providing financial services to various segments of society.
Financialinclusion opportunities for Southeast Asia’s fintechs The report, released in December, explores the driving factors and key trends in Southeast Asias fintech market, highlighting Southeast Asias robust fundamentals which have been propelled the fintech sectors rapid growth. billion underbanked adults.
Digital payments company Visa has teamed up with TECH5, a biometrics and digital identity management company, to focus on the development and enhancement of digital government ecosystems on a global scale. ” The post Visa and TECH5 Team Up to Advance Global Digital Government Ecosystems appeared first on The Fintech Times. .
From Singapores Smart Nation initiative to Australias Consumer Data Right (CDR) and Indonesias open banking ambitions, governments across the region are actively promoting digital transformation within the financial sector.
This milestone aligns with the banks continuous efforts to collaborate with FinTech companies to provide flexible solutions that contribute to advancing financialinclusion in line with the vision of the Egyptian government and the Central Bank of Egypt.
This approval is a testament to our ongoing commitment to supporting financialinclusion and economic growth in Africa. Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home.
Approving the launch aligns with the Central Bank of Egypt’s efforts to collaborate with more fintechs to provide solutions that advance financialinclusion in line with the Egyptian government’s vision.
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. Visa Inc., We are thrilled to embark on this strategic collaboration with TECH5.
Transfiya, a blockchain-based funds transfer system, is transforming payments in Colombia for the benefit of underbanked and financially excluded consumers.
Payment partners are being chosen based on their sustainability and overall commitment to Equality, Sustainability and Governance. As part of our goal of reaching ultimate financialinclusivity, we have made significant commitment to increasing accessibility and equality for Ecommpay clients and their customers, continued Miranda McLean.
The Payments Association , a trade group representing the payments sector, today sees the official launch of its Payments Manifesto 2025, containing key policy recommendations to support the government’s vision for a world-class payments industry. It also includes a foreword written by Lord McNicol of West Kilbride, House of Lords.
Over 350 million adults in Africa live on a cash-only basis ( [link] ), without access to financial accounts, credit cards, or lending facilities. Digital currency systems could prove to be key in improving financialinclusion and opening up new opportunities to large underbanked communities in many African countries.
At Yuze, financialinclusion is at the core of everything we do. We believe that businesses and freelancers deserve more from their financial technology. Supported by government initiatives such as Digital India and increasing investments, the Indian market provides fertile ground for Yuze to foster financialinclusion.
Natalie Lewis, partner, fintech, market infrastructure & payments, at Travers Smith , notes the importance of accessibility and design simplicity, especially in underbanked regions: The key point is that for CBDCs to aid financialinclusion, they need to be a digital equivalent to cash.
Inputs from academia, industry leaders, and government bodies informed the design and architecture of the wholesale Digital Rupiah. Collaborative efforts align with the Indonesia Payment System Blueprint 2030, which prioritises innovation, financialinclusion, and economic sustainability.
billion, exceeding the 1 billion transactions targeted in 2023, Fitria Irmi Triswati, director of Bank Indonesia (BI)’s payment system policy department, said during a government QRIS press event held in December 2023 and quoted by the Jakarta Post. Between January and October 2023, QRIS transaction volume reached 1.6
This milestone marked a pivotal moment for the country’s financialinclusion efforts. This initiative aims to advance sustainable development across ASEAN by aligning environmental, social, and governance (ESG) metrics. In 2024, Indonesia’s fintech scene reached new heights, with one of the top highlights being.
Throughout January, The Fintech Times has been exploring the theme of ‘fintech for good,’ focusing on how fintech solutions support financialinclusion. McKenna shared how FinTech Scotland aims to create economic and social impact through financialinclusion initiatives.
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.
Visa is joining forces with the United States Agency for International Development (USAID) to improve access to digital government and payment systems across the world.
The Indonesian government has also played a critical part in fostering digital payments. E-wallets gain momentum in the Philippines amid financialinclusion efforts In the Philippines, e-wallet adoption has surged due to the country’s large unbanked population and ongoing efforts from the government to improve financial access.
“As governments in the region implement forward-thinking policies, the interplay between regulation and businesses becomes increasingly vital. Establishing a unified system akin to other regions could streamline processes, enhance cross-border transactions, and promote greater financialinclusion.
As Asian markets surge, they face the dual challenge of safeguarding digital infrastructure while ensuring financialinclusion and bridging technological gaps between advanced and developing economies. This trend is fostering innovation and competition in the financial services sector.
The State Bank of Pakistan (SBP) has awarded Mashreq Pakistan a restricted license for pilot operations as part of the government’s strategy to unlock Pakistan’s digital potential and provide greater access to financial services to underserved consumer groups.
The Democratic nominee has not gone as far as some progressives in support of financialinclusion, but ideas such as postal banking, a government-run credit reporting system and universal bank accounts would likely gain traction under a Biden administration.
Future 100 is a national initiative led by the UAE Ministry of Economy and the Office of Government Development and the Future. Ohood Bint Khalfan Al Roumi, Minister of State for Government Development and the Future. The announcement took place in the presence of H.E.
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. Despite this digital advancement, only seven per cent of the population utilises traditional financial services.
SEAs young, tech-savvy population, a growing consumer base, reliance on informal financial systems, and supportive government initiatives aimed at financialinclusion serve as robust drivers for long-term growth. Yet, optimism abounds. Moreover, the regulatory landscape remains a critical variable.
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