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The round also featured participation from Google’s Africa Investment Fund, Verod Capital, and Lightrock. Speaking on behalf of DPI , Adefolarin Ogunsanya praised the company for its “combination of innovative technology, fast growth, and positive impact on the continent.”
The State Bank of India (SBI) has partnered with APIX , a global innovation platform connecting financial institutions and fintechs, to launch the SBI Innovation Hub at the Singapore Fintech Festival. The goal of the hub is to accelerate digital transformation and advance financialinclusion.
Nigerian fintech Moniepoint has secured investment from digital payments giant Visa , enabling it to continue its mission to ensure financialinclusion for people across Africa. “Together, we aim to deepen financialinclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.
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.
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.
The report highlights key milestones, insights, and the organizations transition into an independent foundation, further strengthening its ability to drive financialinclusion across the continent.
By bringing local currencies “onchain,” he said, blockchain technology simplifies onboarding, providing users with seamless access to digital financial systems without requiring them to fundamentally rethink their existing relationship with money. Stablecoins also address financialinclusion challenges.
This system allows for direct payments at approximately 100 participating merchants, further streamlining the payment process and promoting the adoption of digital currencies within Thailand. Users can make instant mobile payments via a closed-loop QR code system. The Rubie Wallet app is available for download here.
The regions strong fundamentals, coupled with a growing digital economy, promise continued growth and innovation in the coming years, a new report by Royal Park Partners (RPP), a fintech-focused corporate finance advisory firm, says. billion underbanked adults. million registered users.
Financialinclusion is a critical issue, but simply providing access to financial products isn’t enough. True inclusion requires financial literacy, empowering individuals to make informed decisions. AI’s ability to revolutionise money management is undeniable.
To promote financialinclusion and accessibility, TerraPay , a leading global money movement company, has partnered with Yape , the superapp of Peru. Diverse Functionality: Users can immediately utilize the received funds across various app features, promoting a cashless economy and fostering greater financialinclusivity.
I hope that today’s call to action acts as a pivotal moment in driving financialinclusion across the sector. Sara Davies said: “By empowering the financially vulnerable with the tools and support they need, we can reduce social isolation, improve mental health problems, and foster a more inclusive economy.
Under the agreement, Visa and FPT will collaborate to enhance the national e-marketplace for procurement, encourage greater SME participation, and improve payment systems. The collaboration aims to foster ongoing cooperation and innovation in the public sector. ” said Dung Dang, Visa Country Manager of Vietnam and Laos.
Almost 70 market participants including merchants, fintech companies, start-ups, banks and other payment service providers have signed up to work with the ECB to explore digital euro payment functionalities and use cases. The pioneers workstream is investigating how conditional payments in digital euro (i.e.
Paysend and Mastercard have partnered to launch Paysend Libre in Mexico in a move to drive financialinclusion in a region where the majority of the population is still underbanked or unbanked. Paysend is taking a lead in financialinclusion throughout the LATAM (Latin American) Region with the launch of Paysend Libre in Mexico.
Such innovations streamlined operations and paved the way for exploring sophisticated financial instruments like Delivery Versus Payment (DvP) mechanisms. For example, the observer node feature implemented during the PoC allowed Bank Indonesia to monitor transactions without compromising participants’ confidentiality.
ATMIA selected Atleos for this honor based on these criteria: Long-term Positive Influence on Improving the Industry: Atleos has consistently driven advancements in the financial technology sector, setting new standards for innovation and customer satisfaction. We will continue to innovate and strive for excellence in all that we do.”
The financial industry is heavily regulated, for good reason. However, strict regulations can sometimes stifle innovation, especially for fintech startups trying to disrupt the status quo. They are one of the most important tools regulators have introduced to support responsible financialinnovation.
This innovative solution is the first of its kind in Vietnam and is now available on Cake’s platform, significantly advancing payment processing modernization. It promotes operations-driven sustainability and scalability to meet demand and adaptability for future payment innovations and growth.
In a significant move towards enhancing digital financialinclusion, Salaam Somali Bank , in collaboration with Mastercard , has announced the launch of a digital-first co-branded multi-currency prepaid card designed to revolutionize digital payment solutions. Together, we are not just adapting to the future; we are defining it.”
The ninth edition of the Singapore Fintech Festival (SFF) wrapped up on 8th November, concluding a dynamic week-long of celebration of fintech that brought together tens of thousands of participants from around the world. The year’s conference featured an impressive lineup of over 900 speakers across more than 400 sessions.
This proactive approach, driven by the Monetary Authority of Singapore (MAS), seeks to enhance the nation’s financial infrastructure. The goal is to attract investment and innovation, maintain Singapore’s competitive edge in the global arena, and expand financialinclusion.
By displaying real-time rates based on what other users are willing to pay, the platform creates a liquid ecosystem, lowers remittance costs, and empowers users to trade confidently, allowing greater financialinclusion. Our growth in a short period of time reflects the underlying demand for better global payments.
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.
In doing so, they risk missing the core innovation that digital money promises: the ability to transfer value directly, securely, and potentially without the need for intermediaries. By leaning heavily on custodial models and surveillance-driven frameworks, many central banks are limiting the utility and inclusiveness of CBDCs.
MTN Mobile Money (U) Limited, in partnership with Mastercard , Diamond Trust Bank and Network International, has launched the Virtual Card by MoMo, an innovative payment solution designed to enable MTN MoMo subscribers to perform secure online transactions without needing a physical card or bank account.
Championed by the Central Bank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financialinclusion and enhancing economic stability. This innovation brings speed and security to daily transactions, empowering businesses and individuals to embrace a cashless economy.
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.
During the last quarter of 2024, Payments Canada also made significant progress in developing an integrated fraud solution having agreed on a fraud strategy with members and participants and on high-level requirements for an effective fraud mitigation system. “Our last quarterly update was in October.
In many regions, they create jobs, drive innovation, and stimulate local economies. Yet, they often face financial challenges, struggling to access credit, manage cash flow, and navigate complex financial systems. Fintech companies see this gap as an opportunity to innovate.
This is financial exclusion on a global scale, and as we emerge into 2021, I believe the private sector and governments everywhere must work more closely to improve financialinclusion and reduce the world’s unbanked population. Yet, as the developed world progresses further into cashless living, for the 1.7
Fintech is transforming financial services across Asia at an unprecedented pace. With rapid digital adoption, evolving regulations, and AI-driven innovations, the region is at the forefront of global fintech growth. The Asia-Pacific fintech market is projected to reach USD $171.32 billion in 2025 and surge to USD $359.83
These dynamics set the stage for the burgeoning adoption of crypto-assets and decentralized finance (DeFi), hailed for their potential to enhance financialinclusion. Surveys conducted by Statista further underscore the significant ownership and usage of crypto-assets among populations in Malaysia, Vietnam, and Thailand.
Payment technology and innovation are accelerating across the fintech industry, with more companies recognising the importance of adapting to changing customer needs, with non-cash transactions projected to hit 2.3 Reserve banks mandating reduced cash use will enhance security and economic participation. trillion transactions by 2027.
The use of keys and QR codes make the technology accessible to unbanked people and businesses while it adheres to the highest security standards, promoting innovation, financialinclusion and minimising fraud. How is Bre-B building on the success of Pix in LatAm to accelerate financialinclusion?
billion people lack access to financial services. “We do have really significant opportunities for digital financialinclusion and for driving cashless across the continent,” explained Williams. ” The prospect for innovation in financial technology to uplift Africa’s digital economy is clearly substantial. .”
Joining the SFA strengthens Tribes growing presence within one of the worlds most dynamic fintech ecosystems and signals its commitment to fostering innovation and collaboration within the region. We believe that Tribes innovation with its modular issuer and acquirer processing solutions will thrive in the region through Singapore.
The Saudi Arabian Monetary Authority (SAMA) is introducing an open banking policy to advance digital innovation in the financial services sector. Through the initiatives in the policy, the goal is to foster the advancement of digital technologies and create new financial services and products.
This accessibility is levelling the playing field and accelerating innovation across industries. With advancements in AI, we’ll likely see hyper-personalised financial services. Open banking and APIs will continue to drive innovation, enabling even more seamless integration of financial services. What’s Next?
Shortly after expanding into Asia Pacific (APAC) by opening its Singapore office in October 2024, Tribe Payments aims to strengthen its presence in the region by joining the Singapore FinTech Association (SFA), signalling its commitment to fostering innovation and collaboration across APAC.
One of them is that too many people in the world are denied access to banking and financial services of any kind. That this lack of financialinclusion excludes them from participating in most of the payments and commerce activities that most of those reading this take for granted. The second?
Since the turn of the century, smartphones have been accomplishing one milestone after another, with innovators constantly working on new ways to get the most out of the small devices people carry around with them.
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 partnership aims to broaden financialinclusion as well as improve access to remittances by enabling funds sent via TerraPay’ s network to be received directly within the Yape app. We share a mutual commitment to financialinclusion and innovation, and together we will enhance the user experience for millions of Peruvians.”
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