Stay up-to-date on all the latest FinTech news and information from around the world in the BFC FinTech Monitor.
Around the World#Payments
- Mastercard plans to drop password requirements and the manual entry of card data for online purchases by 2030. »»»
- Montenegro and Albania have joined the Single Euro Payments Area (SEPA). »»»
#Artificial Intelligence (AI)
- OpenAI, Google and Anthropic are all facing setbacks with the development and deployment of their new AI models. »»»
- Meta is developing its own AI search engine. »»»
- Banking software developer Temenos and NVIDIA are designing specialized AI solutions for financial institutions. »»»
- Blockchain platform Near has unveiled plans for the world’s largest open-source AI model. »»»
- The Reserve Bank of India (RBI) intends to develop MuleHunter.ai to combat fraud. »»»
#Innovations, Neobanks and Open Banking
- Revolut has received a license to trade shares in the UK and EU. »»» It has also announced plans to introduce an AI assistant, mortgages, ATMs and a credit product for businesses in 2025. »»»
#Cryptocurrencies, Blockchain, Non-Fungible Tokens (NFTs) and Decentralized Finance (DeFi)
- Bitcoin is maintaining a value above USD 100,000 as investors embrace risk and central banks ease policies. »»»
- Coinbase has integrated Apple Pay to streamline fiat-to-crypto transfers. »»»
- Leading fintechs have launched a global dollar network and stablecoin (USDG). »»»
- Binance will use Amazon AI for KYC procedures. »»»
- President-elect Trump’s team may create a policy role in the White House for all things crypto, heralding a “golden era” for cryptocurrencies. »»»
- Arkham Intelligence crypto platform analysts report that Bhutan’s government has transferred more than USD 66 million in bitcoins to a Binance wallet. »»»
- Visa and Coinbase are partnering to launch instant crypto card payments. »»» Visa has also teamed with Tonhub, WhiteBIT and Wallester AS to launch debit cards for crypto payments.
- Tether, the company that created the USDT stablecoin, has released an AI-enabled crypto wallet development kit. »»»
- The UK aims to finalize a crypto regulatory framework by early 2025. »»»
#Central Bank Digital Currencies (CBDCs)
- The European Central Bank (ECB) has issued a second progress report on the digital euro. »»»
- India is preparing to transition to an economy based on CBDC. »»»
- 70% of New Zealanders oppose the introduction of a CBDC over fears of losing access to cash. »»»
#Miscellaneous
- Financial services in Central Asia and the Caucasus are expected to go increasingly digital. »»»
- Neobank myTU has launched a business debit card for the European Economic Area (EEA). »»»
- Visa has launched the Visa Airport Companion app for airport lounge access. »»»
MENA Region:
- MNT-Halan has expanded its presence in the UAE, offering financial services to low-income groups. »»»
- The Saudi Arabian Central Bank (SAMA) has launched Samsung Pay through its national payment system mada. »»»
- Qatar Islamic Bank (QIB) is partnering with fintech PayLater to deliver Shariah-compliant buy-now-pay-later (BNPL) services. »»»
- MyFatoorah and Mastercard are teaming up to improve the payment experiences of 75,000 users in the Middle East. »»»
- Commercial Bank International (UAE) has partnered with Areeba, becoming the first in the country to offer comprehensive payment management. »»»
- Gcore and Qareeb Data Centres are collaborating to build digital cloud infrastructure in the Gulf Cooperation Council (GCC). »»»
Ukraine:
- Digital Transformation Minister Mykhailo Fedorov believes that legalizing the cryptocurrency market could add up to UAH 15 billion to Ukraine’s budget. »»»
- Representatives of Ukraine’s financial sector will take part in the Baltic Payment Forum in Vilnius on March 5, 2025. »»»
- Ukrainian firm GlobalLogic, a Hitachi Group company, was named a generative AI leader by ISG Provider Lens. »»»
- Privatbank clients in Poland will be able to send SWIFT transfers to Ukraine without a commission through Bank Pekao S.A. »»» Privatbank has also temporarily waived business fees for payments made through the Terminal app. »»»
- The National Bank of Ukraine has partnered with the International Finance Corporation (IFC) to develop digital financial services and tackle problem assets. »»»
- NovaPay intends to obtain a simplified banking license. »»»
- Ukraine’s Ministry of Defense plans to launch a virtual currency in the Army+ app. »»»
Kazakhstan:
- The National Bank of Kazakhstan has launched the Digital Investment Coin Project. »»»
- The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARFRM) is proposing that banks be given the right to create fintech startups. »»»
- Binura Zhalenova, Chair of the National Bank of Kazakhstan, discussed how the digital tenge will improve government spending efficiency. »»»
Kyrgyzstan:
- Bakai Bank has been nominated for both ‘Breakthrough of the Year’ and ‘Achievements in Innovation and Technology’ by the American Chamber of Commerce in Kyrgyzstan. »»»
- Commercial Bank KYRGYZSTAN (MBANK) has unveiled MISLAMIC, a new service for Islamic clients. »»»
- The Ministry of Economy and Commerce has drafted a bill to allow cryptobanks to offer virtual asset-based services. »»»
- The National Bank of Kyrgyzstan and IFC hosted a roundtable on open banking in Kyrgyzstan. »»»
- Kyrgyzstan has banned fees for transfers made in soms from November 23, 2024 through December 31, 2025. »»»
- QR code payments surge as commercial banks and payment organizations place 51,000 QR codes across various enterprises. »»»
Tajikistan:
- Alif Bank, Bank Arvand and TT Mobile (MegaFon Life) have won the ‘Best Fintech Project’ award at the National E-Commerce Awards. »»»
Uzbekistan:
- TBC Bank has introduced the Osmon Card, its first credit card. »»»
- The Fintech Association of Uzbekistan is inviting WeFinTech women graduates to apply for microgrants under the WeGrant Program. »»»
- Uzbekistan’s IT Park explores expanding the global presence of Uzbek companies during the Singapore Fintech Festival. »»»
- The Indian electronic payment system Unified Payments Interface (UPI) intends to integrate with the Uzbek payment systems Humo and Uzcard. »»»
- The Uzcard payment system and Tajikistani fintech zypl.ai have formed 1ziyo.ai to bring AI to Uzbekistan’s finance sector. »»»
Azerbaijan:
- Several Azerbaijani banks are ready to implement open banking, with others expected to follow in the near future. »»»
Armenia:
- Global Finance & Technology Network (GFTN), which was created by the Monetary Authority of Singapore, and Araratbank have signed a memorandum of understanding to boost the bank’s digital and fintech infrastructure. »»»
- Armenian Card (the national payment system of Armenia) has launched ArCa Pay, a platform for instant money transfers. »»»
Georgia:
- The National Bank of Georgia had published a national fintech strategy that was developed jointly with the World Bank. »»»
- Mestia City Hall is urging residents of Chuberi and Khaishi to shut down crypto mining amid power shortage risks. »»»
- Crypto exchange Bybit has registered as a virtual asset service provider in Georgia. »»»