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🌎 𝐌𝐚𝐬𝐭𝐞𝐫𝐜𝐚𝐫𝐝 𝐢𝐬 𝐛𝐨𝐨𝐬𝐭𝐢𝐧𝐠 𝐢𝐭𝐬 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐲 𝐢𝐧 𝐎𝐩𝐞𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠

The international payment system has announced a partnership with the BNPL company Zip and Worldpay, a specialist in merchant solutions. This partnership initiative is expected to enable customers to seamlessly exchange data with trusted service and product providers and quickly pay for them from their bank account. Mastercard's Open Banking platform eliminates the human factor, such as errors in providing details, automates consumer registration processes, and reduces risks in data storage.

🇷🇺 „𝐒𝐛𝐞𝐫𝐛𝐚𝐧𝐤“ 𝐞𝐱𝐩𝐚𝐧𝐝𝐬 𝐢𝐧𝐭𝐨 𝐈𝐧𝐝𝐢𝐚

The largest Russian bank has obtained a license as a foreign portfolio investor - you can find the corresponding record on the website of India's National Securities Depository. „Sberbank“ becomes the third major Russian financial institution to achieve this, following „Alfa Capital“ and UK „Pervaya“. VTB bank is next in line. This status as a foreign portfolio investor of the first category in India allows for more lenient rules regarding beneficial ownership disclosure, tax benefits, and engagement with foreign derivative instruments based on Indian stocks.

🇦🇪 𝐔𝐀𝐄 𝐭𝐨 𝐜𝐫𝐞𝐚𝐭𝐞 𝐚 𝐝𝐨𝐦𝐞𝐬𝐭𝐢𝐜 𝐜𝐚𝐫𝐝 𝐬𝐜𝐡𝐞𝐦𝐞

The Central Bank of the UAE, in collaboration with its subsidiary Al-Etihad Payments, a payment infrastructure provider, announced the imminent development of a national alternative to Mastercard and VISA. The objective is crystal clear: to establish strategic independence from the American payment giants' duopoly. The financial regulator's partner in this project is NIPL, a key developer of the Indian card scheme RuPay, led by former Mastercard executive Ritesh Shukla. Within the project, NIPL is tasked with creating the foundational infrastructure, ensuring fraud monitoring and data analysis. The rollout of the new card scheme is planned for 2024.

🇬🇧 𝐅𝐢𝐧𝐭𝐞𝐜𝐡 𝐢𝐬 𝐃𝐞𝐚𝐝, 𝐋𝐨𝐧𝐠 𝐋𝐢𝐯𝐞 𝐅𝐢𝐧𝐀𝐈

A summit with this provocative title recently took place at the British Parliament. Over 70 industry experts from the fintech sector, IT, and machine learning specialists gathered to discuss the impact of AI on the private and public financial sectors. The experts deliberated on various issues related to the application of artificial intelligence. They highlighted the new opportunities presented by genAI, which is soon to become an automated financial data analytics tool. However, business representatives expressed concerns about the lack of comprehensive regulatory standards for AI applications. According to the experts, this regulatory vacuum could have severe consequences for the financial health of businesses.

🎺 Returning after a short break with the latest fintech market news!

🇸🇪 𝐐𝐮𝐢𝐜𝐤 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞𝐬 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 “𝐬𝐦𝐚𝐫𝐭” 𝐀𝐈-𝐝𝐫𝐢𝐯𝐞𝐧 𝐭𝐨𝐨𝐥

Swedish fintech Klarna has equipped its mobile payment app with a new feature that allows customers to buy products by taking preliminary photos of them. Here's how it works: the customer snaps a photo of the item they're interested in. Afterward, an AI-driven shopping tool, powered by OpenAI technology, identifies the product, swiftly provides a summary of prices, sellers, and product reviews, and enables an instant purchase. This option can recognize over 10 million products across popular product categories. Klarna assures that the tool does not identify the bodies or faces of people. Interesting feature, but not a breakthrough.

🇨🇦 𝐒𝐚𝐥𝐭 𝐄𝐝𝐠𝐞 𝐢𝐬 𝐬𝐞𝐭 𝐭𝐨 𝐝𝐞𝐯𝐞𝐥𝐨𝐩 𝐎𝐩𝐞𝐧 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐢𝐧 𝐉𝐨𝐫𝐝𝐚𝐧

The provider of Open Banking solutions joined forces with banking technology provider Access to Arabia (A2A) to expand its offerings in the country. Together, they've unveiled a program aimed at helping local financial institutions meet the regulatory requirements of the Central Bank of Jordan when connecting banks using modern software. This program involves integrating domestic banks into a vast network of over 5,000 financial institutions, drawing on the successful experience of implementing Salt Edge's Open Banking technology.

🇬🇧 𝐍𝐚𝐭𝐖𝐞𝐬𝐭 𝐡𝐚𝐬 𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞𝐝 “𝐄𝐧𝐫𝐢𝐜𝐡𝐞𝐝 𝐓𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬”

The bank has come up with an innovative way to utilize customers' personal data. Under the guise of providing individual budget recommendations, the banking community gains access to aggregated information about people's financial lives. “Enriched Transactions” is a synthesis of Open Banking and Big Data technologies. With customers' consent, third-party companies will be able to use enriched data about their transactions to offer personalized budget management recommendations or carbon footprint reduction tips. Transactional activity provides insights into money-handling patterns and a person's financial capabilities.

🇨🇳 𝐂𝐡𝐢𝐧𝐚 𝐨𝐩𝐞𝐧𝐞𝐝 𝐚𝐧 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐩𝐚𝐫𝐤 𝐭𝐨 𝐟𝐮𝐫𝐭𝐡𝐞𝐫 𝐝𝐞𝐯𝐞𝐥𝐨𝐩 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐘𝐮𝐚𝐧

On Wednesday, a park started operating in Shenzhen, with its mission to establish a foundation for the development of the national e-CNY ecosystem. Residents are encouraged to move to this area with free rent and affordable loans. Fintech startups interested in developing projects related to the CBDC can receive up to 50 million yuan. Currently, the park is home to 9 major residents, including payment card issuers like Hengbao, as well as the payment provider Lakala Payment. It's anticipated that within the premises of this park, the People's Bank of China will conduct research on various aspects of e-CNY and testing cross-border payments.

🇨🇦 𝐒𝐰𝐢𝐟𝐭 𝐚𝐧𝐝 𝐕𝐢𝐬𝐚 𝐉𝐨𝐢𝐧 𝐅𝐨𝐫𝐜𝐞𝐬 𝐭𝐨 𝐄𝐧𝐡𝐚𝐧𝐜𝐞 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐁𝟐𝐁 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬

At the global Sibos conference in Toronto, Visa representatives announced a partnership with Swift. They are rolling out the Swift Pre-validation system for pre-checking B2B Connect payments, enabling the detection of potential errors before payment initiation. Together, these companies will enhance transparency in cross-border transactions using the updated Swift gpi tracking system. This new partnership aims to improve routing for business clients and provide real-time payment status updates.

🇩🇰 𝐌𝐚𝐬𝐭𝐞𝐫𝐜𝐚𝐫𝐝 𝐚𝐧𝐝 𝐒𝐚𝐱𝐨 𝐁𝐚𝐧𝐤 𝐰𝐢𝐥𝐥 𝐥𝐚𝐮𝐧𝐜𝐡 𝐨𝐩𝐞𝐧 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐭𝐨 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐬 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬

The partnership that has been formed will assist Saxo Bank's investment platform clients in transferring funds to their accounts using Mastercard's open banking APIs. Clients will no longer need to log into a separate account to manually initiate transfers to their investment accounts. This option is already operational in Denmark and has noticeably enhanced customer service quality over the past year. Now, when conducting fund transfers to investment accounts through open banking API, they receive an additional 20% in new funds.

🇬🇧 𝐑𝐞𝐯𝐨𝐥𝐮𝐭 𝐥𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝐑𝐞𝐯𝐓𝐚𝐠: 𝐚𝐧 𝐢𝐧𝐬𝐭𝐚𝐧𝐭 𝐟𝐫𝐞𝐞 𝐜𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐞𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦

Revolut is focusing on serving international businesses and challenging SWIFT. Revolut Business users can now make transactions using the individual or business's internal identifier within the Revolut Business app, without the need for IBAN or additional recipient details. On average, cross-border payment fees abroad are 3%, with transaction processing taking 12 hours. This offers the opportunity to make payments to employees and contractors in 29 currencies and 150+ countries worldwide. The only limitation is that, this technology operates within Revolut, serving 30 million retail customers and thousands of businesses, but the possibilities are vast.

🇷🇺 𝐑𝐮𝐬𝐬𝐢𝐚 𝐡𝐚𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐭𝐢𝐦𝐞 𝐩𝐚𝐢𝐝 𝐟𝐨𝐫 𝐡𝐞𝐚𝐥𝐭𝐡 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐰𝐢𝐭𝐡 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐨𝐮𝐛𝐥𝐞𝐬

In a groundbreaking move, VSK Insurance House, part of the Bank of Russia's pilot, issued the country's first health insurance policy paid for with digital rubles. The pioneering policyholder is a resident of Moscow.

The first Governor of the Bank of Russia, Olga Skorobogatova, had earlier announced the pilot project for the digital ruble starting on August 15. VSK is actively participating in this testing phase, which includes trials for opening digital ruble wallets for both banks and customers, peer-to-peer transfers, and the payment process using the new currency.

🇬🇧 𝐍𝐨 𝐧𝐞𝐞𝐝 𝐟𝐨𝐫 𝐚 𝐦𝐞𝐭𝐚𝐯𝐞𝐫𝐬𝐞. 𝐁𝐚𝐧𝐤𝐬 𝐚𝐫𝐞 𝐟𝐢𝐧𝐞 𝐢𝐧 𝐨𝐮𝐫𝐬

Interest in VR and AR technologies among banks is waning rapidly. This is according to a report from research firm Censuswide, which surveyed 150 executives at UK banks. When Facebook embarked on a rebranding in 2021 and ventured into its Metaverse, financial organizations eagerly followed the trend of adopting VR and AR tech. Banks' confidence was fueled by optimistic predictions that the metaverse economy would reach $13 trillion by 2030. However, two years later, it's evident that this trend hasn't panned out as expected. The number of UK banks investing in VR and AR decreased by more than a third. The vast majority of participants in the financial market are more interested in developing API technologies (25%) and cybersecurity systems (22%).

🇷🇺 𝐑𝐮𝐬𝐬𝐢𝐚𝐧 “𝐀𝐥𝐟𝐚-𝐁𝐚𝐧𝐤” 𝐢𝐬 𝐡𝐞𝐚𝐝𝐢𝐧𝐠 𝐭𝐨 𝐂𝐡𝐢𝐧𝐚

Earlier this year, the investment company owned by one of the country's largest banks received permission from Indian authorities to participate in local stock exchanges. And now, the primary financial institution announced the opening of branches in Shanghai and Beijing. Rumors about this move have been circulating for a while, and it's now known that applications for branch registration are about to be submitted to the People's Bank of China. The review process will take approximately six months. This is a path already taken by Russia's “Sberbank”, and “VTB” Bank has been operating in China since 2008.

🇪🇺 𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐛𝐚𝐧𝐤𝐬 𝐚𝐫𝐞 𝐣𝐨𝐢𝐧𝐢𝐧𝐠 𝐟𝐨𝐫𝐜𝐞𝐬 𝐭𝐨 𝐜𝐫𝐞𝐚𝐭𝐞 𝐚 𝐭𝐨𝐨𝐥 𝐭𝐨 𝐬𝐭𝐫𝐮𝐠𝐠𝐥𝐞 𝐟𝐫𝐚𝐮𝐝 𝐢𝐧 𝐢𝐧𝐬𝐭𝐚𝐧𝐭 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬

The pan-European payment infrastructure, EBA Clearing, engaged nine banks from six countries to train a data model aimed at detecting patterns in the actions of fraudsters and preventing their activities based on user feedback for instant payment services. EBA Clearing released the specifications for its pan-European Fraud Pattern and Anomaly Detection (FPAD) functionality and a testing “sandbox” for developers of cybersecurity API-based solutions. FPAD includes real-time fraud detection capabilities, such as identity and user details verification, as well as transaction and account risk assessment functions that users can utilize before making a payment transaction.

💳 𝐕𝐢𝐬𝐚 𝐥𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝐕𝐢𝐬𝐚 𝐂𝐫𝐨𝐬𝐬-𝐁𝐨𝐫𝐝𝐞𝐫 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬

In partnership with Currencycloud, the international payment giant is introducing a new product designed to offer cross-border money transfer services for fintech, banks, currency brokers, and other payment organizations.The solution combines cross-border and cash management offerings, leveraging solutions developed following Currencycloud's acquisition. The new product provides customers with a set of modular APIs for seamless integration of payment options into their IT infrastructure.

🎙️ Dear colleagues, let's continue acquainting you with the capabilities of our headline product → 𝗔𝗧𝗠 𝗖𝗼𝗱𝗲, the management software for ATMs, payment kiosks, and other self-service devices.

Just a quick reminder, this is an all-encompassing solution that not only allows comprehensive management of large ATM and payment kiosk fleets but also transforms each of these devices into a bank mini-branch. The software helps save on ATM maintenance and reduces the workload on branch staff. Today, however, let's discuss monitoring and why it's crucial to track ATMs performance.

🖥 Monitoring is a fundamental feature that any modern software managing ATMs and digital terminals should possess. ATM network operators need reliable access to information about the status of self-service devices. They require the capability to collect data on transactions and customer operations, control cash cassette replenishments, and more.

🛠 Included in 𝗔𝗧𝗠 𝗖𝗼𝗱𝗲 is a full-fledged the 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴 𝗦𝗲𝗿𝘃𝗲𝗿 module that facilitates the implementation of these and many other functions. This module doesn't require additional integration with base software, and it comes equipped with all essential 24/7 monitoring and self-service device management features.

Let's take a closer look at the 𝗠𝗼𝗻𝗶𝘁𝗼𝗿𝗶𝗻𝗴 𝗦𝗲𝗿𝘃𝗲𝗿 features:

𝗖𝗢𝗠𝗣𝗥𝗘𝗛𝗘𝗡𝗦𝗜𝗩𝗘 𝗥𝗘𝗠𝗢𝗧𝗘 𝗠𝗢𝗡𝗜𝗧𝗢𝗥𝗜𝗡𝗚
◾ Information on the general status and operability of self-service devices and peripheral equipment.
◾ Details about the OS image with management software deployed on the self-service devices.
◾ Collection information (timing, sum details, cassette-specific data).
◾ Data on captured cards, and more.

𝗨𝗦𝗘𝗥 𝗠𝗔𝗡𝗔𝗚𝗘𝗠𝗘𝗡𝗧
◾ User role management.
◾ User action auditing.

𝗥𝗘𝗠𝗢𝗧𝗘 𝗦𝗢𝗙𝗧𝗪𝗔𝗥𝗘 𝗨𝗣𝗗𝗔𝗧𝗘𝗦
◾ Updates via monitoring with minimal downtime.
◾ Automatic device restart when users are inactive.

🇬🇧 𝐎𝐩𝐞𝐧 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐯𝐨𝐥𝐮𝐦𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐊 𝐝𝐨𝐮𝐛𝐥𝐞𝐝 𝐢𝐧 𝐚 𝐲𝐞𝐚𝐫

In July 2023, users making regular financial transactions within open banking rose to 4.2 million—up 10.5% from June of the same year and a remarkable 68.2% from July 2022! Experts credit this growth to expanded government payment options and adding new major financial participants to the open banking platform. “Pay by bank” systems were introduced, allowing users to fund savings and investments.

Key payment operations within open banking include account top-ups, credit card bills, and e-commerce transactions. Transactions in these areas exceeded 10 million in the second summer month. Recurring payments have also climbed, with 872,000 transactions, marking a 28.7% increase from June 2022.

🇺🇸 𝐕𝐢𝐬𝐚 𝐚𝐧𝐝 𝐌𝐚𝐬𝐭𝐞𝐫𝐜𝐚𝐫𝐝 𝐚𝐫𝐞 𝐩𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐭𝐨 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐭𝐡𝐞 𝐟𝐞𝐞𝐬 𝐫𝐞𝐭𝐚𝐢𝐥𝐞𝐫𝐬 𝐩𝐚𝐲 𝐟𝐨𝐫 𝐜𝐫𝐞𝐝𝐢𝐭 𝐜𝐚𝐫𝐝 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬

The 1st wave of increases is scheduled for October, with the 2nd set for April. These changes will primarily affect online payments, estimating an additional $502 million annually that the retail market will have to bear. To put it in perspective, the total fees paid by American retailers to Visa and MasterCard for credit cards have nearly tripled in 10 years—from $33 billion in 2012 to $93 billion in 2022.

Interestingly, UnionPay outpaced Visa in the debit card market. Since 2011, Visa's debit card transactions dropped from almost 80% to 39.53%, while UnionPay's grew from almost negligible to 38.68% in 2021. Mastercard saw a similar trend, declining from 39.53% to 21.19% over the past decade.

🇷🇺 𝐈𝐧 𝐑𝐮𝐬𝐬𝐢𝐚, 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐰𝐚𝐬 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞𝐝 𝐮𝐬𝐢𝐧𝐠 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐮𝐛𝐥𝐞𝐬

Recently, at the Moscow office of Ingosstrakh, the first payment for accident insurance for travelers was made in the country using the new currency.

Among other operations, the company has already tested the opening, closing, and blocking of digital accounts, depositing and withdrawing funds, transfers between individuals, and transactions with deferred ex*****on dates. They've even tried returning a product with a refund in the new national digital currency to the buyer.

🇪🇹 𝐌-𝐏𝐞𝐬𝐚 𝐒𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥𝐥𝐲 𝐋𝐚𝐮𝐧𝐜𝐡𝐞𝐝 𝐢𝐧 𝐄𝐭𝐡𝐢𝐨𝐩𝐢𝐚

The mobile money service from Kenyan Safaricom has begun operating in Ethiopia, just 3 months after the company received a license from the National Bank of Ethiopia to issue payment instruments. All Safaricom users in Ethiopia can download the app, send and receive money within the country.

Additionally, they can receive funds from abroad, pay for goods and services, and top up their bank accounts. M-Pesa was launched in Kenya in the spring of 2007 and over the past 15 years, the service has garnered more than 50 million customers across seven African countries.

🇰🇿 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐓𝐞𝐧𝐠𝐞 𝐩𝐥𝐚𝐭𝐟𝐨𝐫𝐦𝐠𝐞𝐚𝐫𝐬 𝐮𝐩 𝐟𝐨𝐫 𝐥𝐚𝐮𝐧𝐜𝐡

The National Bank of Kazakhstan is actively developing the functionality of the Digital Tenge platform. By the end of this year, the CBDC will be launched in a pilot project involving key banks. The list of these banks is currently being finalized. In 2024, the National Bank will progressively enhance the platform's performance and onboard more participants while identifying any technical shortcomings for prompt rectification. The full-fledged operation of the platform and the official launch of the Digital Tenge are slated for the end of 2025.

🇷🇺 𝐏𝐨𝐩𝐮𝐥𝐚𝐫𝐢𝐭𝐲 𝐨𝐟 𝐢𝐧𝐬𝐭𝐚𝐧𝐭 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐑𝐮𝐬𝐬𝐢𝐚 𝐢𝐬 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐞𝐱𝐩𝐨𝐧𝐞𝐧𝐭𝐢𝐚𝐥𝐥𝐲

This week, the Bank of Russia released data showing that the usage of The Faster Payments System (FPS) has more than doubled this year. In the 2nd quarter of 2023, the system processed over 1.6 billion transactions totaling more than $75 billion, compared to 0.65 billion transactions for $31 million in 2022. Every 2nd resident of Russia uses the national instant payment system for transfers, while every 4th—utilizes it for paying for goods and services. The amount and number of purchases made through FPS have grown fivefold within a year. QR payments are accepted by 60% of all trade and service enterprises in the country.

🇦🇪 𝐌𝐚𝐬𝐭𝐞𝐫𝐜𝐚𝐫𝐝 𝐩𝐚𝐫𝐭𝐧𝐞𝐫𝐬 𝐰𝐢𝐭𝐡 𝐔𝐀𝐄 𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐭𝐨 𝐚𝐝𝐯𝐚𝐧𝐜𝐞 𝐀𝐈 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐢𝐝𝐝𝐥𝐞 𝐄𝐚𝐬𝐭

The payment giant established a global Centre for Advanced AI and Cyber Technology in Dubai to accelerate generative AI research. By partnering with the UAE government, the company is committed to helping the country transform into a technological hub for digital transformation and AI readiness. The memorandum signed by the UAE government and Mastercard aims to develop AI in combating financial crimes and ensuring the growth of ecosystems. UAE authorities highlighted the importance of this partnership to fulfill the country's aspirations in implementing the UAE Strategy for Artificial Intelligence 2031, which focuses on enhancing the nation's AI capabilities and fostering new technologies across various sectors.

🇹🇷 𝐅𝐢𝐧𝐭𝐞𝐜𝐡 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐂𝐨𝐥𝐞𝐧𝐝𝐢 𝐫𝐞𝐜𝐞𝐢𝐯𝐞𝐝 𝐩𝐞𝐫𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐭𝐨 𝐥𝐚𝐮𝐧𝐜𝐡 𝐚 𝐧𝐞𝐨𝐛𝐚𝐧𝐤 𝐢𝐧 𝐓𝐮𝐫𝐤𝐞𝐲

ColendiBank will become the country's first deposit-taking digital bank. It will build on the existing services of the fintech, which are used by 18 million people in the region. The key product is a decentralized credit scoring system, utilized by several payment providers. Over the last two years, Colendi has obtained licenses from local regulatory authorities for e-money, asset management, capital market, and insurance brokerage. ColendiBank plans to heavily rely on proprietary AI technology and the advantages of its subsidiary blockchain company, SETL.

🇸🇬 𝐈𝐧𝐝𝐨𝐧𝐞𝐬𝐢𝐚 𝐚𝐧𝐝 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐢𝐬 𝐠𝐨𝐢𝐧𝐠 𝐭𝐨 𝐥𝐚𝐮𝐧𝐜𝐡 𝐜𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐯𝐢𝐚 𝐐𝐑

Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) will integrate this technology into their payment systems by the end of 2023. Cross-border payment testing has been ongoing for nearly a year, during which the technical teams of financial regulators have fine-tuned more than 75% of the available operations. In this field, Singapore is one of the pioneers, having introduced the world's first unified payment QR code back in 2018. Since then, as part of the "Nexus" project, Singapore has successfully trialed instant transfer infrastructure involving Italy and Malaysia.

🇧🇷 𝐓𝐡𝐞 𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐁𝐫𝐚𝐳𝐢𝐥 𝐬𝐞𝐥𝐞𝐜𝐭𝐬 𝟏𝟔 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐟𝐨𝐫 𝐩𝐢𝐥𝐨𝐭𝐢𝐧𝐠 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐞𝐚𝐥

Nubank, Visa, Microsoft, and SETL are among the players gearing up for real-world testing of the Brazilian CBDC. The rollout of the digital real stands as a significant undertaking for Brazil's financial landscape in the coming years. Just last week, the nation's Central Bank unveiled the moniker "Drex" for this currency and revealed plans for its launch in 2024. In the initial pilot phase, a delivery versus payment (DvP) protocol will be employed to assess how well confidentiality and programmability can be upheld, particularly when dealing with a federal government bond between diverse institutions' customers. This scenario serves to gauge the seamless integration of novel services.

🇷🇺 𝐑𝐮𝐬𝐬𝐢𝐚𝐧 𝐕𝐓𝐁 𝐛𝐚𝐧𝐤 𝐫𝐞𝐩𝐨𝐫𝐭𝐞𝐝 𝐨𝐧 𝐭𝐡𝐞 𝐢𝐧𝐢𝐭𝐢𝐚𝐥 𝐨𝐮𝐭𝐜𝐨𝐦𝐞𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐮𝐛𝐥𝐞 𝐩𝐢𝐥𝐨𝐭 𝐰𝐢𝐭𝐡𝐢𝐧 𝐢𝐭𝐬 𝐦𝐨𝐛𝐢𝐥𝐞 𝐚𝐩𝐩

The Russian digital currency was tested by employees of the VTB bank: they opened real-time accounts, conducted transfers, and made payments for goods and services via QR codes. The next stage of the pilot project involves the application of smart contracts with the digital ruble for private clients. Based on this technology, the bank aims to introduce new products and services for financial management. It's reported that similar tests are being conducted by the other 12 banks participating in the platform of the digital ruble pilot program.

🇮🇳 𝐓𝐡𝐞 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐈𝐧𝐝𝐢𝐚 𝐢𝐬 𝐚𝐝𝐯𝐚𝐧𝐜𝐢𝐧𝐠 𝐭𝐡𝐞 𝐫𝐞𝐠𝐢𝐨𝐧'𝐬 𝐝𝐢𝐠𝐢𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐀𝐈

India's financial regulator introduced a system of instant conversational payments, enabling users to initiate and complete UPI payments using AI. The AI supports complex communication in both English and Hindi. UPI payments provide a quick way for peer-to-peer and peer-to-merchant transactions through mobile devices. To initiate the payment process, users of the payment system just need to provide a few voice commands to the AI. The regulator works now on adapting the system for other regional languages.

🇮🇳 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐈𝐧𝐝𝐢𝐚 𝐰𝐚𝐧𝐭𝐬 𝐭𝐨 𝐞𝐱𝐭𝐞𝐧𝐝 𝐔𝐏𝐈'𝐬 𝐟𝐮𝐧𝐜𝐭𝐢𝐨𝐧𝐚𝐥𝐢𝐭𝐲 𝐰𝐢𝐭𝐡 𝐀𝐈

(RBI) intends to explore the possibility of implementing "conversational" payments into the Unified Payments Interface (UPI)—the national system for instant money transfers—using AI. While developing new features for UPI, the financial regulator envisions employing machine learning technologies to engage users in dialogues with the payment system, aiming to optimize transaction initiation and processing. UPI is rapidly evolving: last year, UPI-Lite wallet was launched to expedite operations involving small amounts—today, it facilitates over 10 million transactions monthly.

🇬🇧 𝐔𝐊 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐢𝐧𝐭𝐞𝐧𝐝𝐬 𝐭𝐨 𝐥𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐎𝐩𝐞𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐟𝐨𝐫 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐨𝐟 𝐬𝐭𝐚𝐭𝐞 𝐟𝐞𝐞𝐬

The Deputy Director of Government Digital Services discussed a large-scale initiative to enhance payment of public services through GOV.UK Pay. This platform already offers Apple Pay and Google Pay for money settlements with local authorities. An example is the Clean Air Zone charges. Additionally, they aim to integrate GOV.UK Pay with Open Banking infrastructure by late 2023, enabling users to pay the public services through mobile application of their bank . The Open Banking revolution is led by the government's revenue and customs agency HMRC, which collected over £120 million online in a year.

🇷🇺 𝐑𝐮𝐬𝐬𝐢𝐚 𝐬𝐭𝐚𝐫𝐭𝐬 𝐭𝐞𝐬𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐑𝐮𝐛𝐥𝐞 𝐢𝐧 𝐫𝐞𝐚𝐥 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬

The pilot project starts on August 15, according to Olga Skorobogatova, First Deputy Governor of the Bank of Russia. The project will mainly involve testing operations like creating Digital Ruble wallets for banks' customers (individuals and businesses), digital ruble transfers between clients, and payments at service companies and merchants. 13 major banks completed preparations and are ready for the experiment. In the next phase, 16 more banks will join. Their customers can apply to join Digital Ruble testing as currency operations expand. The law for Digital Ruble started on August 1, and the Bank of Russia approved the new currency's logo on August 3.

🇳🇬 𝐓𝐡𝐞 𝐍𝐢𝐠𝐞𝐫𝐢𝐚𝐧 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐆𝐫𝐨𝐮𝐩 (𝐍𝐆𝐗) 𝐢𝐬 𝐠𝐨𝐢𝐧𝐠 𝐭𝐨 𝐥𝐚𝐮𝐧𝐜𝐡 𝐚 𝐝𝐨𝐥𝐥𝐚𝐫 𝐬𝐞𝐭𝐭𝐥𝐞𝐦𝐞𝐧𝐭 𝐩𝐥𝐚𝐭𝐟𝐨𝐫𝐦 𝐟𝐨𝐫 𝐟𝐢𝐧𝐭𝐞𝐜𝐡𝐬

NGX is establishing a unified settlement platform that will enable fintech startups to attract dollar investments. The project involves the Central Securities Clearing System and Euroclear. The organization notes that fintechs prefer private fundraising over public markets due to regulatory disclosure requirements and strict management demands. NGX has obtained approval from the United States Securities and Exchange Commission for more time-efficient capital attraction into technological projects.

🇪🇸 𝐓𝐡𝐞 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐠𝐢𝐚𝐧𝐭𝐬 𝐨𝐟 𝐒𝐩𝐚𝐢𝐧 𝐜𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐝 𝐭𝐡𝐞 𝐟𝐫𝐚𝐮𝐝𝐬𝐭𝐞𝐫𝐬

BBVA, Banco Santander, and CaixaBank have formed a partnership to fight financial fraud. They will develop an advanced toolkit called FrauDfense to combat cyber fraudsters. The goal is to tackle complex forms of fraud, such as admission fraud and digital or card payment fraud.

At the first stage, the partners will establish a united platform to share knowledge about fraud detection and prevention. Moving forward, the banking “trio” will extend the offer to collaborate with other players in the financial market.

🇷🇺 𝐑𝐮𝐬𝐬𝐢𝐚𝐧 𝐟𝐢𝐧𝐭𝐞𝐜𝐡𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐞𝐝 𝐚𝐛𝐨𝐮𝐭 $𝟔.𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐀𝐈 𝐨𝐯𝐞𝐫 𝐚 𝐝𝐞𝐜𝐚𝐝𝐞

The top fintechs in Russia invested approximately 600 billion rubles in AI over the past decade, resulting in an annual profit of 240 billion rubles. SMEs invest 500 times less in AI technologies than larger organizations, with yearly investments ranging from 100 to 300 million rubles.

Around 80% of companies have at least one data analysis division, but only 17% dedicated structures specializing in AI solutions. Nevertheless, 95% of companies in the financial market have already implemented AI technologies in their core processes. The main barriers to AI implementation are the shortage of specialized experts and the lack of domestic tools for machine learning.

🇹🇭 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝 𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞𝐝 𝐚 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐟𝐨𝐫 𝐥𝐨𝐜𝐚𝐥 𝐛𝐚𝐧𝐤𝐬, 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐢𝐧𝐠 𝐚𝐧 𝐎𝐩𝐞𝐧 𝐀𝐏𝐈 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞

National ITMX is leading the initiative, aiming to accelerate Open API technology, assist digital service providers, and foster industry competition. The active phase of the project will kick off in 2024.

This Open API infrastructure aligns with the Thai Bankers Association's roadmap to strengthen the local financial system and promote digitalization in accordance with core principles. We're keeping an eye on it with keen interest!

🇮🇩 𝐀𝐧 𝐈𝐧𝐝𝐨𝐧𝐞𝐬𝐢𝐚𝐧 𝐧𝐞𝐨𝐛𝐚𝐧𝐤 𝐞𝐱𝐩𝐚𝐧𝐝𝐬 𝐬𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐢𝐧 𝐒𝐨𝐮𝐭𝐡𝐞𝐚𝐬𝐭 𝐀𝐬𝐢𝐚

Finture is going to focus on supporting Japanese firms for digital transformation and growth. Through YUP platform, Finture will offer digital solutions for debit cards, savings accounts, insurance, personal loans, and micro business financing to fill Southeast Asian market gaps.

🇷🇺 𝐎𝐧 𝐀𝐮𝐠𝐮𝐬𝐭 𝟏, 𝐑𝐮𝐬𝐬𝐢𝐚 𝐢𝐦𝐩𝐥𝐞𝐦𝐞𝐧𝐭𝐞𝐝 𝐭𝐡𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐑𝐮𝐛𝐥𝐞 𝐥𝐚𝐰

The Russian national currency now comes in three forms—cash, cashless, and digital. The Central Bank will operate the Digital Ruble platform, interacting with users.

Digital Rubles offer advantages over traditional ones. For the next one and a half years, all transactions will be free. Starting from January 1, 2025, transfers for individuals will remain free, and the commissions for legal entities will be minimal, not exceeding 0.3%.

🤠 Dear friends, some time ago, our company successfully completed a case involving the installation of self-service kiosks on a network for a fairly large bank, using our 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗖𝗼𝗱𝗲 solution. Implementing this software allowed for efficient servicing of the bank's customers through their mobile app and internet banking, as well as connecting the functionality of these service channels with the ATM network through API integration.

🚦 If our esteemed partners give the “green light”, we will definitely share the details of this implementation with you. For now, let us briefly highlight the key advantages that client 1010Code Software gained by using 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗖𝗼𝗱𝗲.

✅ 𝗡𝗘𝗪 𝗦𝗘𝗥𝗩𝗜𝗖𝗘 𝗣𝗥𝗢𝗩𝗜𝗗𝗘𝗥

The bank needs to offer its clients wild range payments services and opportunity to pay via any remote channels: Internet and mobile banking, teller desks, ATMs.

To deliver high quality payments services the bank should have a dedicated solution. If the bank has not implemented that kind solution its clients can pay for less 500 providers via remote channels.

“Off the box” Payments Code is a centralized solution payments acceptance. It helps the bank to offer wild range payments services in all channels. Based on our experience the banks which implemented Payments Code accept payments for 1 000-10,000 service provider and more.

Using standard built-in tools without huge labor costs, you can set the gateways to the largest payment billing aggregators and state services or accept payments via direct contracts.

✅ 𝗜𝗡𝗖𝗥𝗘𝗔𝗦𝗘 𝗙𝗘𝗘 𝗥𝗘𝗩𝗘𝗡𝗨𝗘𝗦

Payments acceptance is profitable due-to fees. Instead of interest income fee revenues do not depend on market conditions and have not risks. Commission income is positive financial factor and stabilizes income structure.

Fee revenues depends on amount of commission To set commission amount flexibly the bank should have a dedicated solution.

Payments Code helps to set up different types of parameters for fees. For example, a branch or banking service channel, service provider, payment amount, time. Commission may be simple (percentage or fixed sum) and complicated ones (calculated with the formula). All fees calculate online.

✅ 𝗣𝗔𝗬𝗠𝗘𝗡𝗧𝗦 𝗦𝗘𝗖𝗨𝗥𝗜𝗧𝗬

Payments Hub contains a set of tools for successful secure transaction and saving from fraud. The solution helps to deliver transaction integrity, secure storage of keys, password policy, audit of employee’s activities, and other safety requirements. As a result Payments Hub complies with the requirements of information safety in the bank.

Also Payments Hub has in-built anti-fraud service which was developed to control the frauds during micro-payments. For example, handler with the white and black lists, analysis of payments details, identification of non-standard occasion, and others.

🇺🇲 𝗝𝗣 𝗠𝗼𝗿𝗴𝗮𝗻'𝘀 𝗳𝗼𝗰𝘂𝘀 𝗼𝗻 𝗔𝗜 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝘀𝘁𝗿𝗲𝗻𝗴𝘁𝗵𝗲𝗻𝘀

Tifin, a machine learning enterprise with JP Morgan as its investor, is looking to scale its “Tifin AI” technology to other fintech companies.

They plan to harness the potential of Tifin AI to create innovative IT solutions in areas such as client portfolio analysis for advisors, alternative investing, workplace capital management, and insurance. The leadership at JP Morgan speaks highly of Tifin's project, seeing it as a promising means to replicate AI-driven innovations.

🇷🇺 𝗥𝘂𝘀𝘀𝗶𝗮𝗻 𝗯𝗮𝗻𝗸𝘀 𝘄𝗶𝗹𝗹 𝗯𝗲 𝗼𝗯𝗹𝗶𝗴𝗲𝗱 𝘁𝗼 𝘁𝗵𝗼𝗿𝗼𝘂𝗴𝗵𝗹𝘆 𝗰𝗵𝗲𝗰𝗸 𝗮𝗹𝗹 𝗺𝗼𝗻𝗲𝘆 𝘁𝗿𝗮𝗻𝘀𝗳𝗲𝗿𝘀 𝗳𝗿𝗼𝗺 𝗶𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹𝘀 𝗳𝗼𝗿 𝗽𝗼𝘁𝗲𝗻𝘁𝗶𝗮𝗹 𝗳𝗿𝗮𝘂𝗱

Suspicious transactions will be put on hold for two days, and banks will have the authority to suspend services for suspected fraudsters. It sounds like comprehensive control and significant investments in IT infrastructure.

Publicly, the law is presented as a measure to protect people from fraud: two days should be enough time to realize the deception and reconsider the transaction. If not, the bank will have to reimburse the money that went to fraudulent accounts from the Bank of Russia database. The grounds for account blocking will be information from the Ministry of the Interior about the initiation of criminal proceedings or reports of a crime.

🇨🇳 𝗖𝗵𝗶𝗻𝗮'𝘀 𝘁𝘄𝗼 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝘁𝗳𝗼𝗿𝗺𝘀 𝗻𝗼𝘄 𝗮𝗰𝗰𝗲𝗽𝘁 𝗩𝗶𝘀𝗮, 𝗠𝗮𝘀𝘁𝗲𝗿𝗰𝗮𝗿𝗱, 𝗮𝗻𝗱 𝗝𝗖𝗕

From now on, foreign travelers in China can use the mobile apps Alipay and WeChat Pay to pay for goods and services using their linked international cards. The payment amount should not exceed 6,000 yuan (approximately over $800). For transactions above a certain amount, a 3% fee will be charged.

Although these apps first opened access to international users in 2019, until last week, WeChat Pay required a local credit card, and Alipay only accepted international cards if the user participated in a program with a 5% commission.
According to Nikkei Asia, the popularity of Alipay and WeChat Pay has led to a significant decrease in cash usage in China, and many sellers no longer provide change.

🇮🇳 𝗕𝗮𝗻𝗸 𝗼𝗳 𝗜𝗻𝗱𝗶𝗮 𝗼𝗽𝗲𝗻𝘀 𝘀𝗽𝗲𝗰𝗶𝗮𝗹 𝗯𝗿𝗮𝗻𝗰𝗵𝗲𝘀 𝗱𝗲𝗱𝗶𝗰𝗮𝘁𝗶𝗻𝗴 𝘁𝗼 𝘀𝗲𝗿𝘃𝗶𝗻𝗴 𝗳𝗶𝗻𝘁𝗲𝗰𝗵 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀

Located in Bengaluru, Mumbai, and New Delhi, these branches will offer banking services to fintech startups, serving as a hub for entrepreneurs within the ecosystem, with dedicated customer relationship managers.

This is part of a new initiative by India's financial regulator and government, which plans to open nine more similar branches to provide comprehensive support for fintechs.