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Pillar’s alternative credit-scoring model uses global credit insights and non-traditional data to solve this, assessing eligibility and helping users build a financial footprint from day one. There have been slight improvements, but we still can’t offer equitable access to bank accounts or credit cards to someone from another country.
This April, The Fintech Times is focusing on all things embedded finance, the integration of financial services into non-financial products and services. Banking-as-a-Service (BaaS) describes the concept that enables non-bank platforms to access banking capabilities traditionally only offered by licensed banks.
Fair Finance , a non-profit social business tackling financial exclusion, has teamed up with Vanquis , a specialist finance provider for financially underserved customers, to launch a new decline referral scheme. This follows calls from regulators and the government for a collaborative approach that prioritises customer well-being.
In simple, layman’s terms, embedded finance is when financial services – like payments, loans, or insurance – are integrated directly into non-financial platforms. Open banking and APIs will continue to drive innovation, enabling even more seamless integration of financial services. Financial inclusion will remain a key focus.
With access to more than 95 per cent of the worlds banked population, Rajnish Kumar , co-founder and CEO of Instapay Technologies, commented: This collaboration enables us to leverage Mastercards vast global payment network and cross-border transfer expertise. They can also conveniently track payments, fees and estimated delivery times.
year-over-year (YoY), according to the National Bank of Cambodia (NBC). Wing Bank, TrueMoney among most used services for e-commerce payments Findings from the study featured in the Profitence report further underscore the rapid rise of digital payments and digital banking in Cambodia. million transactions in 2023, up 28.7%
However, in recent decades, the government has engaged in efforts to diversify the economy to include other agricultural products, as well as non-agricultural sectors such as tourism and natural resources like oil, gas, and gold. Historically, Senegals economy has centred around agriculture, particularly peanuts.
From open banking to open finance and beyond: The future of financial data-sharing March 18 2025 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? The evolution of open banking into open finance, examining regional regulatory approaches and adoption trends. Why is it important?
The pandemic has exposed the pain points of all verticals when it comes to payments, and especially when it comes to transacting in person, in a tactile environment, with cash, and where banking conduits are limited. Banks have been inching into the space; cash still remains a hallmark. Looking Toward Underserved Markets .
New research from Economist Impact supported by Temenos has revealed that almost half of European banks are investing in fintech start-ups while 36 per cent are building their own greenfield digital bank or fintech company. It set out to understand emerging trends in the banking industry.
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 This transformation will enable low-cost access to financial systems, empowering underserved communities and fostering inclusion.
The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, has urged the US Senate to expand access to responsible and affordable credit in a new letter.
Revenue of digital financial services in Southeast Asia by vertical, Source: 2024 e-Conomy SEA, Google, Temasek and Bank and Company, Nov 2024 Digital lending: the main driver of fintech revenue In particular, digital lending remained the biggest revenue driver in Southeast Asia’s DFS industry. fold between 2022 and 2024 to US$11 billion.
Indigenous Banking (Shroffs and Mahajans): Long before modern banks, India had a thriving indigenous banking system. These banks introduced formal ledger-based accounting and cheque payments. This was a significant step towards non-cash payments but was slow and prone to errors.
As returns from cash management offers are forecasted to drop 12 percent, trade finance revenues for banks are poised to fall by 8 percent in 2020. But a somewhat fast bounce-back for transaction banking revenues is forecasted to take place next year, the Global Trade Review (GTR) reported, citing a Greenwich Associates report.
Partnerships with leading financial institutions, including Credit Saison, Bank Sampoerna, and Superbank, have further supported its growth. JULO also recently expanded its offerings by launching non-credit products such as insurance and continues to build on these new services.
Bank Alfalah, one of Pakistan’s largest commercial banks has already invested in Qist Bazaar, leading the seed round. ” Strategic Backing from Industry Leaders Qist Bazaar has benefitted from an early equity partnership with Bank Alfalah, which led their seed round. billion in assets under management (AUM).
House committee this week began reviewing the idea of allowing the likes of Amazon or Facebook to receive charters to operate as banks — an idea that’s already gotten plenty of pushback from traditional financial institutions (FIs). However, the banking industry doesn’t like that one bit. “We Specific Concerns .
million (THB 844 million) in Thai Credit Bank Public Company Limited to boost small business financing in the country with a particular focus on women-owned or led firms. The investment, a part of the Thai Credit Bank’s Initial Public Offering (IPO), marks IFC’s first foray into the Thai banking sector as a cornerstone investor.
Launched in 2019, LoanTube is a UK-based digital credit marketplace that connects underserved borrowers with FCA-regulated lenders, offering real-rate comparisons and transparent eligibility decisions in real time. We’re not a lender, but we help connect consumers, especially non-prime ones, with a wide variety of FCA-regulated lenders.
Brear — the banking battlefield, fintech for SMEs & financial ecosystems globally In today’s episode, Kailee Costello hosts David Brear, the CEO and co-founder of 11:FS and one of the hosts of the Fintech Insider podcast. The banking battlefield. We discussed strategies that incumbent banks can take to stay competitive.
That is including digital wallets, instant bank transfers, and buy-now-pay-later options, particularly tailored for regional preferences. However, Checkout.coms unique positioning enables it to carve out niches where flexibility, global reach, and performance are non-negotiable. Localisation is another key advantage.
He will advise on PayFutures expansion strategy, as it targets high-growth underserved markets across the Middle East, Africa, South East Asia and Latin America. Global insurtech bolttech has appointed Ridhi Chaudhary , chief investment officer, Dragon Fund by Liquidity and MUFG , to its board as a non-executive director.
Although the COVID era continues to have an outsized impact on small businesses, frontline lending experts say SMBs have recently begun to catch a break when it comes to getting loans through FinTechs and other non-bank lenders. In contrast, the big banks have gone in the other direction.”.
The lending market, which consists of duly registered non-bank digital lenders and digital banks, is set to see much larger growth than previous years. Digido revealed that in terms of market structure, non-bank digital lenders are expected to make up 55.2 per cent or $451million. per cent or $451million.
Unfortunately, an estimated 3 billion people worldwide fall outside the credit mainstream – they either don’t have a bank account or they have so little data at the credit bureau that lenders may skip over them, or classify them as very high risk. The path to a better lifestyle includes access to credit.
Paymentology , the global issuer-processor, has joined forces with Diamond Trust Bank , a tier-one East African commercial bank, in a move hoping to help drive financial inclusion in Kenya through the embedding of financial services, and deployment of Cards-as-a-Service (CaaS).
EAZY Financial Services ‘EazyPay’, a Bahraini financial institution specialising in point-of-sale (POS) and online payment gateway acquiring services, has teamed up with Tarabut , the MENA region’s regulated open banking platform. Conister Bank Limited has launched an online deposit system for its UK retail customers.
Fingular, a Singapore-based global neobank, is getting ready to rapidly launch an innovative digital lending business in Bangladesh through a strategic partnership with a local licensed Non-Banking Financial Institution, with disruptive long-term goals in accelerating financial inclusion in one of the most financially underserved country around the (..)
The list, produced by CNBC in collaboration with market research firm Statista, highlights the world’s top 250 fintech companies across eight market categories: payments, wealthtech, business process solutions, neobanking, alternative finance, financial planning, digital assets and banking solutions. billion (US$4.4
In an effort to bridge what is increasingly being known as the “inclusion gap” for minorities, Visa is finding promise in supporting products for financial inclusion in the credit union and community bank portfolio. To hurdle the financial gap that exists for these underserved populations in North America.
Home Credit , a global non-bank consumer lender, has successfully reduced its credit risk while maintaining loan volumes and keeping approval rates steady by incorporating the FICO® Score X Data to optimize its loan process in China.
An industry survey conducted for the report found that 67% of fintech founders in India prefer VD, neck-and-neck with bank loans, with 80% stating that VD constitutes more than 11% of their raised debt capital. Essentially, the fintech startup places a deposit with the bank, which acts as a safety net to absorb initial borrower defaults.
Data from the World Bank’s Global Findex Database reveal that, in 2021, men were 6% points more likely than women to use digital payments, a gender gap that had remained consistent across developing economies since 2014 in part because of the broader gender gap in access to digital services.
The Central Bank of Kenya introduced regulations enabling mobile money systems like M-Pesa to thrive. This regulatory flexibility allowed non-banking institutions to offer financial services. Consequently, Kenya witnessed a surge in mobile payment adoption, improving financial access for underserved populations.
. “With their global expertise and reach within the financial inclusion space, they will be instrumental in further expanding GCash’s social impact, especially to the underserved. This week, Bloomberg reported that the company may pursue a Philippine digital banking license , as well.
The event will explore cybersecurity careers within the banking, finance, and fintech sectors, particularly in response to the increasing frequency of cyber attacks. The session will be moderated by Urs Bolt, a Fintech and Banking Expert.
4) chose four firms to receive digital banking licenses, including “digital full bank” licenses for Singapore-based Sea Ltd. to receive “digital wholesale bank” licenses. to receive “digital wholesale bank” licenses. MAS expects the new digital banks to commence operations in early 2022.
Borrowers can now apply for loans, track progress, and make payments through digital platforms and mobile apps, eliminating the need for physical branches and banking hours. Open banking is revolutionizing finance, driven by API standardization and strong security. billion in 2024 to an impressive $1,074.12 billion by 2032.
As a proliferation of payment options promises to streamline banking and commerce, regulators, fintechs, and financial services companies are looking for ways to make sure that the challenges to these new payment optionsfrom technical complexity to new forms of fraud and financial crimeare met. And thats a really positive development.
The bank guarantees invoice payments and has a “PayArmour” feature for same-day funding, which is available as an app in Google Play and the Apple App Store. “We Our platform not only saves time, but also reduces uncertainty and mitigates the risk of late and non-payment.”. economy,” said Accion CEO Michael Schlein.
Many fintechs and financial institutions often make big claims that they can enhance support to the previously underserved, positively impact the environment, or improve peoples lives in many other ways. But often, firms fall short of these claims.
It enables financial institutions, especially those without core banking systems or with systems lacking API integration, to manage bulk transactions. Integrated with bank accounts and digital wallets in Pakistan, Hakeem provides customers with easy disbursement options. ThitsaWorks Pte.
Challenger bank Tide wants the U.K. to allow eMoney non-bank institutions to be able to compete for Royal Bank of Scotland (RBS) bail out funds , according to reports. Prill said this structure may actually reinforce leading banks’ existing market advantages. The Daily Telegraph reported Sunday (Sept.
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