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
- Despite the fintech sector’s focus on innovations like stablecoins, A2A payments, and open banking, payment cards are far from obsolete: Juniper Research forecasts the modern card issuing market will more than double, growing from $1.8 billion in 2025 to over $4.2 billion by 2030. »»»
#Insights & Benchmarks
- Mastercard and LoanPro have teamed up to launch Loan on Card in 2026, a card-based lending solution that lets approved borrowers access loan funds instantly via virtual or physical Mastercard cards, blending fixed-term installment loans with the flexibility of Mastercard’s global network and Installments Program. »»»
- The Bank for International Settlements, working with several major central banks and private companies, successfully completed the second phase of Project Leap, which tested post-quantum cryptography in an operational payment system. »»»
- SWIFT is transitioning to the ISO 20022 CBPR+ standard, synchronizing systems across 11,000 financial institutions. This will enable international transfers in a unified digital format compatible with blockchains and central bank digital currencies. »»»
- UK neobank Monzo secures full Irish and European banking licence. »»»
- Revolut is entering the UK mobile operator market. »»» ТThe company also announced the completion of a share sale that valued it at $75 billion. »»»
- Visa is launching three new digital wallets in Europe in partnership with BBVA, Klarna and Vipps MobilePay. These are Visa’s first wallets supporting NFC technology with Host Card Emulation capability on iOS. »»»
- PayPal is returning to the UK market, where customers will gain access to the new PayPal+ loyalty program as well as debit and credit cards. »»»
- Mastercard announced a partnership with Kee Platforms in the UAE to provide financial solutions for small and medium-sized businesses. The move is expected to deliver faster and more inclusive credit access to underserved enterprises in the Middle East region. »»»
#Artificial Intelligence (AI)
- A recent Bloomberg survey of over 300 European financial services leaders shows that AI is now a competitive necessity, with nearly half warning that lagging in AI adoption risks market share loss, and 75% citing profitability declines or obsolescence as the top consequences of falling behind. »»»
- Microsoft is investing $17.5 billion in artificial intelligence and cloud computing in India. »»»
- The Bank of England warned of increasing risks to the country’s financial system due to rising valuations of AI companies. »»»
- Visa is expanding its AI-driven Intelligent Commerce framework in Asia-Pacific, with pilot programs set for early 2026, enabling automated AI agents to securely conduct purchases on behalf of consumers using existing digital payment technologies. »»»
- Mastercard is rolling out Agent Pay in Latin America and the Caribbean starting in 2026, an AI-driven payments program that enables secure, transparent, and scalable transactions for merchants and consumers, with early adoption by partners like Bemobi, Checkout.com, and Davivienda. »»»
- Xepelin secures over $300M for LATAM SMEs, accelerates growth by selling loan portfolios via SPVs. »»»
#Open Banking
- Swiss banks launched a multi-banking system for private clients based on SIX’s bLink open platform. This allows customers to securely consolidate accounts from different banks in one banking app or integrate them into non-banking applications. »»»
- SBS launched a new version of its SBP open platform in Europe to support banks in providing next-generation digital payments and embedded finance solutions. »»»
- New rules supporting the launch of open banking in New Zealand took effect on December 1. Customers of state-owned Kiwibank will gain access to new budgeting tools, mortgage lending options and additional payment methods. »»»
#Cryptocurrencies, Blockchain, Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi)
- USD-pegged stablecoins USDT and USDC could undermine national currencies in emerging markets, leading to capital outflows, according to a December 2025 report by the International Monetary Fund. »»»
- The Swiss Bankers Association launched a pilot project examining the use of blockchain-based deposit tokens. »»»
- The UK passed legislation recognizing cryptocurrency as personal property. »»»
- Visa announced a partnership with digital asset platform Aquanow to accelerate settlements using stablecoins. »»»
- US-based Cross River Bank unveiled a new system for stablecoin payments that eliminates fragmentation in money movement between fiat and blockchain networks. »»»
- Cryptocurrency exchange Bybit announced a strategic partnership with Circle Internet Financial, LLC (NYSE:CRCL), with the aim of expanding access to the USDC stablecoin across its global ecosystem. »»»
- Argentina’s central bank intends to authorize banks offering cryptocurrency trading and digital asset solutions. »»»
- Bolivia’s government is integrating cryptocurrencies and stablecoins into the country’s financial system. »»»
#Central Bank Digital Currencies (CBDCs)
- Cryptocurrency surge driving fast-track CBDC development in developing economies, according to research published in the Journal of Risk and Financial Management. »»»
- South Africa’s Reserve Bank suspended its CBDC launch program, deciding instead to allocate resources toward modernizing and expanding the national instant payment system. »»»
MENA Region:
- Mastercard launched its Agent Pay system in the UAE, allowing users to compare offers and make purchases through AI-powered digital agents. »»»
- US-based BlackLine, a cloud software provider, plans to enter the Saudi Arabian market in partnership with Google Cloud Platform. »»»
- Crypto exchange Binance received authorization from the Financial Services Regulatory Authority in Abu Dhabi under the Abu Dhabi Global Market platform. »»»
- Mastercard Gateway received certification from the Saudi Central Bank for online transactions through a new e-commerce payment banking interface. »»»
- BENEFIT and Ant International launched cross-border QR payments using Alipay+ in Bahrain. »»»
- UAE-based Mashreq launched its Mashreq NEO service to provide digital financial market services in Pakistan. »»»
- HSBC will expand its tokenized deposit service for corporate clients in the UAE in the first half of next year. »»»
Ukraine:
- More than 400 participants, including representatives from the International Finance Corporation, the World Bank, Mastercard and regulators, attended the UAFIN.TECH conference. »»»
- The majority of Ukrainian fintech companies (76 percent) achieved break-even status, according to research by the Ukrainian Association of FinTech and Innovation Companies. »»»
- PrivatBank, Visa and esports organization NAVI announced the creation of Ukraine’s first financial ecosystem for gamers. »»»
Kazakhstan:
- A state fund for investments in digital assets will launch in Kazakhstan by year-end. »»»
- Kazakhstan’s regulated cryptocurrency market is showing strong growth, with trading volume on platforms licensed by the Astana International Financial Centre reaching $6.8 billion in the first three quarters of 2025. »»»
- Several technology companies are considering obtaining basic banking licenses in Kazakhstan, according to Timur Abilkasymov, first deputy chairman of the Agency for Regulation and Development of the Financial Market. »»»
Kyrgyzstan:
- Kyrgyzstan’s Financial Market Supervision Service approved an order on percentage scoring for virtual asset market participants. »»»
- Kyrgyz President Sadyr Japarov promised to resume cryptocurrency mining farm operations in the country after the cold season ends. »»»
- Kyrgyzstan announced the issuance of USDKG, the world’s first government-backed stablecoin secured by physical gold. »»»
Tajikistan:
- International fintech holding OSON announced the launch of its B2B operations in Tajikistan. »»»
- Tajikistan’s parliament approved criminal code amendments imposing fines of $1,650 to $4,070 for illegal mining. »»»
- The National Bank acknowledged the absence of adequate cryptocurrency regulations in Tajikistan. »»»
Uzbekistan:
- Uzbekistan plans to implement open banking by September 2026. »»»
- CWallet in Telegram, a digital asset service integrated into the messaging app, officially launched in Uzbekistan. »»»
- Small and medium-sized business representatives and financial sector participants attended a session on the future of SME financing in Uzbekistan during the Swiss Days 2025 business forum. Participants discussed the current state of SME financing, key obstacles, fintech’s growing role, and measures to stimulate economic growth. Michael Kortenbush, managing director Business & Finance Consulting, moderated the discussion. »»»
- Uzbekistan is revising digital asset regulations to permit stablecoin use in payments. »»»
- Payment systems UZCARD and UnionPay will launch joint QR solutions. »»»
Azerbaijan:
- Azerbaijan is developing its own SWIFT alternative, according to Edgar Abdullayev, chairman of the Azerbaijan FinTech Association. »»» He also reported that the country is preparing a legal framework for cryptocurrency regulation. »»»
- The central bank plans to implement unified open banking standards. »»»
- Baku hosted the two-day Ninth International Banking Forum under the theme “Reliable, Secure and Sustainable Banking.” »»»
- Financial services expert Deniz Guven discussed how Azerbaijan’s fintech sector will develop amid global digital transformation. »»»
- Use of KYC in Azerbaijan’s fintech sector exceeded 90 percent. »»»
- m10, a fintech solution within the Bir ecosystem, and Mastercard are launching a new digital card. »»»
Armenia:
- The newly established Crypto Business Union NGO has voiced concern over a draft law on crypto regulation. »»»
- Armenia’s national payment system Armenian Card is preparing to issue co-branded cards with international payment systems MasterCard and UnionPay. »»»
- Payment system Arca, Bank of Georgia and Ameriabank signed a memorandum on launching instant money transfers between Georgia and Armenia. »»»
Georgia:
- Georgia ranks among the top ten countries globally by Bitcoin reserve volume. »»»
- The share of mining data centers in Georgia’s energy consumption jumped to 5 percent. »»»
Moldova:
- Moldova is gradually integrating into the European financial system by joining the Single Euro Payments Area and developing the MIA instant payment system, according to Prime Minister Alexandru Munteanu. »»»
- Moldova is accelerating the transition to digital payments and digital banking, according to Mastercard research. Half of residents paid for purchases using smartphones, with 19 percent making it their primary payment method. »»»
- Sweden continues supporting the development of Moldova’s fintech ecosystem under the Innovate Moldova program. »»»
- Moldova is getting closer to a unified European financial market, opening the path to capital movement liberalization and free circulation of financial services, according to National Bank of Moldova Governor Anca Dragu. »»»