Stay up-to-date on all the latest FinTech news and information from around the world in the BFC FinTech Monitor.
Around the World#Reports and Research
- World Economic Forum’s “Future of Global Fintech: From Rapid Expansion to Sustainable Growth – Second Edition (2025)” surveys 240 fintechs across six regions/verticals to assess market performance, regulation, tech adoption, and inclusion impacts, offering evidence-based insights and policy/industry recommendations for a more sustainable growth phase (global benchmarking and action points). »»»
- IMF Fintech Note 2025/005 maps technology options for CBDC in low/no connectivity, comparing stored-value cards, device-to-device (NFC/BLE/QR), and SMS/USSD, with guidance on form factors, security/operational risks, privacy trade-offs, and limits/hops for reconciliation (practical recommendations for offline CBDC design and deployment). »»»
- World Bank Global Findex 2025 provides updated, country-level indicators on account ownership, payments, savings, credit, digital use and safety (2011–2025), highlighting 2024 behavior shifts and enabling data-driven inclusion strategies, with downloadable datasets and tools for analysis (global financial inclusion metrics and trends). »»»
- Visa’s APAC remittance analysis highlighted accelerating consumer shift to digital remittance apps and card-rail interoperability, underscoring lower fees, speed, and transparency as key adoption drivers. »»»
- The European Banking Authority (EBA) warned that rapid financial sector digitalization is amplifying anti-money laundering (AML) and counter-terrorism financing (CTF) risks. »»»
- The Swiss-based Green Fintech Network released “The Green Fintech Theory of Change,” outlining strategic pathways for financial technology to accelerate environmental transition through sustainable finance innovations and climate-focused digital solutions. »»»
#Payments
- Klarna introduced a debit-first card across Europe to expand everyday payments usage beyond BNPL, integrating budgeting and rewards within its super-app experience. »»»
- Google partnered with Wise, Ria Money Transfer and Xe to make remittances more accessible through seamless integrations, improving cross-border transfers with transparent fees and speed. »»»
- Visa launched its Cybersecurity Advisory Practice, establishing a dedicated division to provide enterprise-grade risk assessment and threat mitigation services. »»»
- Revolut introduces a Pay by Bank option, enabling direct account-to-account payments that bypass card networks to reduce costs and increase security for merchants and customers. »»»
#Artificial Intelligence (AI)
- Malaysia launched RYT Bank, an AI-powered digital bank focused on hyper-personalized financial services and autonomous finance capabilities. »»»
- Industry pushback mounted in the US tech sector against emerging state-level AI rules, with companies preparing to challenge fragmented requirements impacting AI deployment in financial services. »»»
#Open Banking
- Visa is reportedly shutting down its US open banking unit, signaling strategic reassessment of data access plays amid competitive and regulatory shifts. »»»
#Cryptocurrencies, Blockchain, Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi)
- Crypto market cap roars to new all-time high of $4.15 Trillion, shaking off slight pullback as strong sentiment persists. »»»
- S&P issued its first-ever credit rating for a DeFi protocol (SKY at B), marking a milestone for institutional risk frameworks applied to decentralized systems. »»»
- Crypto industry participants urged US policymakers to block or cap bank fees on open banking API access. »»»
- Stripe unveiled Tempo, a purpose-built blockchain to settle stablecoin payments for internet-scale commerce, entering private testnet ahead of broader rollout. »»»
- MetaMask was reported to be preparing a USD stablecoin initiative (MUSD), signaling wallet-driven entry into issuer economics and new revenue lines. »»»
- Mastercard and Circle announced a digital settlement collaboration for acquirers in EEMEA, enabling stablecoin-based merchant settlement and improved cross-border efficiency. »»»
- China reportedly plans to pilot yuan-backed stablecoins for cross-border trade and digital settlement scenarios. »»»
- Western Union explored launching its own stablecoin to compete in cross-border payments, aiming to reduce costs and settlement friction. »»»
- El Salvador’s National Bitcoin Office (ONBTC) implemented a strategic bitcoin reserve distribution across multiple 500-BTC wallets, proactively addressing potential quantum computing threats to cryptocurrency security infrastructure. »»»
- Google Play clarified that its new policy changes will not impact non-custodial crypto wallets. »»»
- Finera launched a global crypto processing solution targeting merchant acceptance and compliant settlement, aiming to simplify fiat–crypto conversion for businesses. »»»
- Riva Money secured $3 million in pre-seed funding led by Project A, with participation from executives at Revolut, Monzo, and JPMorgan. Founded by former Revolut and Wise executives Niklas Heyman and Mahendra Katoch alongside Goldman Sachs and Citigroup veterans, the startup leverages blockchain infrastructure and stablecoins to revolutionize cross-border payment rails. »»»
- Japan is poised to greenlight its first yen-based stablecoin under the revised legal framework, paving the way for broader institutional usage. »»»
#Central Bank Digital Currencies (CBDCs)
- EU institutions accelerated digital euro preparations following progress on US stablecoin legislation, focusing on legislative timelines, privacy safeguards, and retail design choices. »»»
- The US CBDC debate resumed in Congress post-recess, with renewed scrutiny of monetary sovereignty, privacy, and the role of stablecoins as alternatives. »»»
- Japan Post Bank reportedly targets a 2026 launch for a digital yen product, aligning with stablecoin and tokenized deposit developments in the market. »»»
- European lawmakers debated privacy and operational risks around the digital euro, emphasizing offline functionality, data minimization, and anti-surveillance guarantees. »»»
MENA Region
- Mastercard partnered with Qlub to streamline restaurant payments across the Middle East, expanding tap-to-pay and tokenized checkout experiences in hospitality. »»»
- Mastercard and Zain Cash teamed to drive digital payments in Jordan, supporting financial inclusion through wallets, cards, and merchant acceptance. »»»
- IrisGuard signed a deal to deploy iris biometrics to secure salary payments in Jordan, bolstering anti-fraud and identity verification for payroll disbursements. »»»
- The UAE moved closer to launching the digital dirham, with regulators and central bank partners finalizing pilots and cross-border settlement designs. »»»
- Revolut received in-principle approval from the UAE Central Bank for payment and custody service licenses. »»»
Ukraine
- Parliament advanced draft law 10225-d to legalize and tax virtual assets. »»»
- Google committed new support for Ukraine’s digital initiatives, including funding and AI-enabled education projects in Kyiv’s Mriia ecosystem. »»»
- NBU said virtual asset companies’ turnover reached roughly $7B in H1 2025, calling to finalize the legal framework for market legalization. »»»
- Government to finance creative startups via the “Own Business” program. »»»
- NBU plans to update BankID requirements to enhance security and interoperability across financial services. »»»
Kazakhstan
- Kazakhstan introduced comprehensive digital financial asset (DFA) regulations within new banking legislation while formally establishing digital tenge as legal tender with equivalent status to the national currency. »»»
- President Kassym-Jomart Tokayev mandated creation of a State Digital Assets Fund based on the National Bank’s investment corporation infrastructure, signaling institutional commitment to digital asset market development. »»»
- BlackRock increased its Freedom Holding Corp stake to 0.85% ($88.9 million) while reducing Kaspi.kz holdings from 1.19% to 0.76% through an $80 million divestment, reflecting evolving institutional preferences in Kazakhstan’s fintech sector. »»»
- Digital asset administration chief Talgat Adilov announced Kazakhstan will begin collecting transaction data from international cryptocurrency exchanges starting in 2027, implementing comprehensive market surveillance capabilities. »»»
- The latest Finmentor Podcast episode explored Islamic finance prospects in Kazakhstan, examining Sharia-compliant financial product development and market expansion opportunities. »»»
- Veon Ltd., Beeline Kazakhstan’s parent company, unveiled plans to offer Starlink satellite internet services through partnership with Elon Musk’s space-based connectivity platform. »»»
- Digital Development Minister Zhaslan Madiyev announced public availability of AlemLLM, Kazakhstan’s largest indigenous language model designed specifically for Kazakh-language applications and services. »»»
- Halyk Bank and fintech company re:Kassa formalized a strategic partnership focused on small and medium business support through advanced digital cash register solutions and integrated financial services. »»»
- Kazakhstan’s National Bank outlined plans to expand digital tenge usage across government procurement systems and private sector vehicle purchasing operations. »»»
- White Hill Capital managing partner Aslan Sultanov identified fintech as Central Asia’s most promising investment vertical, highlighting the region’s untapped potential for financial technology innovation and market penetration. »»»
- Freedom Holding Corp CEO Timur Turlov outlined an ambitious transformation strategy for Central Asian fintech markets, envisioning revolutionary changes in regional financial services infrastructure and digital adoption. »»»
Kyrgyzstan
- DemirBank Kyrgyzstan and Uzum Bank Uzbekistan established a strategic alliance to advance Central Asian fintech development through cross-border collaboration and integrated financial technology solutions. »»»
- Kyrgyzstan’s Parliament approved comprehensive crypto asset market legislation introducing “state mining” and “state cryptocurrency reserve” concepts while regulating stablecoin issuance and asset-backed token frameworks. »»»
- A consumer credit self-prohibition system launches October 1st through the Tunduk government portal, enabling citizens to voluntarily restrict loan access. »»»
- Kyrgyzstan’s cryptocurrency market reached 1 trillion soms ($11.8 billion) during January-July 2025, according to Economy and Trade Minister Bakyt Sydykov. »»»
- The Russian-Kyrgyz Development Fund (RKDF) announced expanded banking sector partnerships to develop next-generation digital platforms utilizing blockchain infrastructure and artificial intelligence. »»»
- Binance confirmed preparations to launch Binance Pay services for Kyrgyz users. »»»
- Kyrgyzstan’s National Bank announced plans to scale QR code payment adoption across retail establishments, government agencies, and municipal service providers. »»»
Tajikistan
- Tajikistan’s authorities reported over $3 million in losses from illegal cryptocurrency mining operations. »»»
- The National Bank of Tajikistan actively researches regulatory frameworks for cryptocurrencies, digital currencies, and virtual assets as the country considers formal market recognition. »»»
- The UN General Assembly unanimously adopted Tajikistan-promoted Resolution on “The Role of Artificial Intelligence in Creating New Opportunities for Sustainable Development in Central Asia,” emphasizing regional technology cooperation. »»»
- Tajik neobank Alif launched commission-free money transfers to Chinese Alipay and WeChat wallets through Visa partnership, facilitating bilateral trade and remittance flows. »»»
Uzbekistan
- Uzbekistan’s Parliament deliberates Islamic banking legislation designed to align with international AAOIFI and IFSB standards governing Sharia-compliant financial institutions and products. »»»
- The Central Bank of Uzbekistan will coordinate fintech sector reforms through a specialized office responsible for project evaluation, startup incubation, and investment facilitation. »»»
- Alif Uzbekistan announced intentions to secure a full banking license, transitioning from fintech services to comprehensive banking operations. »»»
- Uzum ecosystem prepares for a $300 million debut Eurobond issuance in H1 2026 and potential 2027 IPO on Hong Kong, Abu Dhabi, or Nasdaq exchanges. »»»
- Billz co-founder Rustam Khamdamov analyzed barriers preventing foreign startup market entry in Uzbekistan. »»»
Azerbaijan
- Azerbaijan’s Central Bank completed initial cryptocurrency project testing phases, approving two of four pilot solutions for continued development. »»»
Armenia
- Ameriabank joined the Union of Advanced Technology Enterprises (UATE), connecting with over 240 technology organizations to enhance fintech innovation capabilities and market collaboration. »»»
Moldova
- The inaugural Fintech Moldova Conference will convene October 3rd at Chisinau’s Digital Park, bringing together regional fintech leaders, regulators, and investors to discuss market development opportunities. »»»
