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:
- According to a new study by NVIDIA, financial institutions are actively using AI to increase revenue and create new business opportunities. 70% of surveyed financial institutions reported a revenue boost of 5%+ due to AI, and 60% saw cost reductions of at least 5%.
- EIN Research suggests that the global API market will reach USD 41.5 billion by 2031.
#Payments:
- Mastercard and Payrails are teaming up to accelerate the digital transformation of payments for large enterprises.
- X (formerly Twitter) is partnering with Visa to launch the X Money wallet. Visa is also collaborating with Qashio (UAE) to create an innovative product for travel business (B2B) payments.
- Western Union and Eastern Caribbean digital wallet provider Penny Pinch are launching international money transfers via the Pinch app.
- Vietnam and Laos have introduced a new local currency settlement system as well as a cross-border QR code payment system.
#Artificial Intelligence (AI):
- US President Donald Trump has canceled former President Joe Biden’s executive order on AI, deeming it an obstacle to technological innovation.
- According to the International Scientific Report on the Safety of Advanced AI, advanced AI systems could create extreme new risks, including massive job losses, support for terrorism and the loss of control over technology.
- Bloomberg Intelligence experts estimate that global banks could cut up to 200,000 jobs in favor of AI solutions over the next 3–5 years.
- American research and consulting company Forrester predicts that AI will remain one of the key trends in the fintech sector in the Asia-Pacific region, with leading companies prioritizing AI-driven improvements.
- Visa has invested at least USD 11 billion in AI development over the past 5 years.
- OpenAI CEO Sam Altman has announced that the GPT-5 and GPT-4.5 AI models will be released this year. He also noted that the first AI agents could become part of the workforces of large tech companies this year as well.
- Wiz Research researchers have discovered that DeepSeek has leaked data.
- Chinese company Baidu intends to release the next generation of its AI model in the second half of this year.
- Japanese company Rakuten (the owner of Viber) is developing an AI assistant for organizing travel and making purchases.
#Innovations, Neobanks and Open Banking:
- Revolut will soon begin issuing loans for the purchase of commercial real estate.
- BMO has presented the Sync solution for integrating online banking with ERP and other accounting systems.
#Cryptocurrencies, Blockchain, Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi):
- According to the Blockchain and Cryptocurrency Market Report 2025, the volume of tokenized bonds is expected to reach USD 1 trillion by 2028.
- The European Securities and Markets Authority (ESMA) is pushing companies to limit the sale of stablecoins that do not comply with the EU’s new Markets in Cryptoassets Regulation (MiCA).
- While Mastercard tokenized 30% of transactions in 2024, it argues that the use of stablecoins and other cryptocurrencies could disrupt the traditional financial system.
- European Central Bank (ECB) President Christine Lagarde has stated that bitcoin will not be included in EU central bank reserves.
- Binance Pay is partnering with xMoney to enable direct payments from Binance accounts to merchants and businesses, reducing processing times and simplifying ordering processes.
- Cryptocurrency exchange Kraken has received an EU license through its acquisition of a Cypriot company.
- Swedish fintech startup Klarna plans to use cryptocurrencies on its platform in preparation for a possible IPO in the US.
- Stripe, one of the largest fintech startups in the US, has announced a deal to acquire fintech company Bridge, which facilitates payments through stablecoins.
- Italian energy giant Enel Enel Group has announced a partnership with crypto wallet Conio to tokenize solar panels on the Algorand blockchain. This will allow residents to offset their electricity bills through partial ownership of solar farms on the Algorand platform.
- Telegram crypto services will completely switch to the TON blockchain.
- Malaysia may pass cryptocurrency and blockchain legislation to keep up with other countries.
#Central Bank Digital Currencies (CBDCs):
- US President Donald Trump has signed an executive order that effectively bans the creation of a CBDC in the US.
- A recent survey by think tank OMFIF has found that nearly 72% of central banks plan to issue a CBDC.
- The Bank of England is still studying the possibility of a digital pound, including the creation of a sandbox to experiment with potential use cases.
- The Bank of Papua New Guinea has successfully completed its first CBDC tests.
#Miscellaneous:
- US President Donald Trump’s company Trump Media and Technology Corp(TMTG) is launching Truth.Fi, a brand for financial services and fintech operations.
- Apple is in talks with Barclays to replace Goldman Sachs as a credit card issuer.
MENA Region:
- Arab Financial Services, a leading digital payment solutions provider in the Middle East and Africa, is partnering with pan-African payment processor Nsano to improve the payments ecosystem in sub-Saharan Africa by combining mobile money and card payments technologies. Arab Financial Services will also expand its presence in the UAE by partnering with local businesses and regulators to create an inclusive digital ecosystem.
- Fintech Galaxy has received approval from the Jordanian regulator to participate in the JoRegBox regulatory sandbox, allowing it to test and implement open banking services in a controlled environment.
- Payment gateway provider Akurateco will partner with DineroPay to improve mobile payments in Saudi Arabia. The companies have already implemented optimized mobile wallet solutions (Apple Pay and Google Pay) tailored to the local market.
Ukraine:
- Neobank Revolut has started providing services in Ukraine, with user verification carried out via the state’s Diia service.
- Finance Minister Serhiy Marchenko has stated that, in the process of European integration, banking secrecy for tax service employees will be abolished.
- The National Bank of Ukraine has updated the rules for instant credit transfers to make them available for users around 24/7, including on weekends and holidays. The regulator also introduced an interbank service to allow P2P transfers by phone number.
- The Ministry of Digital Transformation has launched a new competence center for AI as part of a strategy to stimulate the growth of Ukrainian AI startups by 50% annually.
- Kuna, the first Ukrainian crypto exchange, has been blocked from operating based on an appeal from the Bureau of Economic Security of Ukraine. The company has announced the termination of operations in all countries.
- Ukrainian AI startup Pebbles AI has raised USD 1 million in funding. The project is unique in that it uses a network of AI agents that use neuromarketing principles to develop personalized marketing strategies.
Kazakhstan:
- The National Bank of Kazakhstan is preparing amendments to the legislation on digital assets that will make cryptocurrencies more accessible to citizens.
- The National Bank of Kazakhstan is considering using stablecoins as an investment instrument. It also recently published the annual On the Development of the National Digital Financial Infrastructure report.
- Binance has launched USD-margined and coin-margined cryptocurrency futures in Kazakhstan.
- VISA is introducing tap-to-add card technology in Kazakhstan.
- Bank CenterCredit has begun issuing UnionPay cards.
- Authorities in Kazakhstan plan to strengthen controls over citizens’ mobile transfers.
- Kazakhstan intends to join the Global Partnership on Artificial Intelligence (GPAI).
- President Kassym-Jomart Tokayev has called for accelerating the development of AI in Kazakhstan and urgently expanding the country’s cryptocurrency infrastructure.
- Starting this year, banks will begin to transfer data on individual entrepreneurs receiving mobile transfers in excess of established volumes to the State Revenue Committee.
- Mastercard has launched the Crypto Credential solution in Kazakhstan and the UAE to simplify cryptocurrency transactions.
- Magzhan Madiyev, the CEO of the international technopark Astana Hub, was a guest on the East-West Connect program of Euronews.
- Kaspi Bank and Home Credit Bank have suspended the opening of debit card accounts for non-residents.
Kyrgyzstan:
- Kyrgyz budget revenues from the cryptocurrency mining tax amounted to KGS 53 million in 2024, KGS 40 million less than in 2023.
- The State Financial Supervision Service of Kyrgyzstan refused to register the virtual asset MCN Coin.
- Prime Minister Adylbek Kasymaliev has signed a resolution on the creation of the National Council for the Development of Artificial Intelligence.
- Melis Turgunbaev, Head of the National Bank of Kyrgyzstan, discusses the liquidity of cryptocurrencies, including why the national regulator is cautious about including them with gold and foreign exchange reserves.
- Parliament has adopted the draft Law on Amendments to Certain Legislative Acts of the Kyrgyz Republic on the Legal Status of the National Digital Currency – the Digital Som in the Kyrgyz Republic. An estimated USD 5–10 million is needed to implement the CBDC.
- The number of e-wallets in Kyrgyzstan in the first 9 months of 2024 was 3.4 million, a 44% year-on-year increase.
Tajikistan:
- Tajikistan, in partnership with the UAE, intends to create a national AI language model and a technopolis in Dushanbe.
- Spitamen Bank, one of the largest banks in Tajikistan, has announced a strategic partnership with the international fintech company TransferGo.
- Saidullo Nasulloev, Head of the Digital Department of Eskhata Bank, discusses the bank’s experiences with digital transformation initiatives.
Uzbekistan:
- Cryptocurrency exchange Binance has received permission to operate in Uzbekistan.
- Oracle Corporation is interested in the Central Asian market, particularly Uzbekistan.
- Banks and payment systems are introducing mandatory identification (Face ID) for making transfers through mobile applications.
- The Central Bank of Uzbekistan will issue licenses for the operation of microfinance banks in the country.
- President Shavkat Mirziyoyev has ordered a simplified procedure for issuing online loans, criticizing state-owned banks for lagging behind in the development of remote services.
- The Competition Committee of Uzbekistan recognizes Payme as the dominant digital platform operator in the country.
- The Humo payment system was sold for USD 65 million to Paynet JSC.
Azerbaijan:
- Ruslan Talibov, Chairman of the Fintech Association of Azerbaijan, is calling for new opportunities for the development of Azerbaijani fintech projects, including a central platform for innovative solutions that involves leading experts from both the state and private sector.
- Azerbaijani bankers are becoming more familiar with the use of AI in the financial sector.
Armenia:
- Prime Minister Pashinyan has instructed that the draft Law on Cryptocurrency Regulation be finalized and submitted for approval.
- Two upcoming conferences: (1) Capital Markets Armenia on March 20, 2025 and (2) FINTECH360 on April 16–19, 2025.
