‘Money shapes economies, economies shape nations, nations shape history.’ This quip from Larry Summers, though pithy, contains a kernel of truth. It is equally true that through history, bursts of technological innovation have intersected with changing needs of the economy to generate profound implications for society. Look no further than the introduction of paper money…
Maheen Rehan In recent years, digital financial ecosystem has experienced significant advancements in Pakistan. According to the State Bank of Pakistan, the number of mobile banking users surged to 16.3 million by 2024, marking an approximately 8 percent increase from the previous year. Moreover, internet penetration has reached 45.7 percent, with over 111 million…
The advent of blockchain technology has brought transformation in various industries. The implementation of blockchain technology in the banking sector is growing at a brisk pace due to its key advantages. Blockchain technology offers numerous advantages over traditional banking systems including enhanced security, faster transactions, and reduced costs. Here’s a rundown of the impact of…
The Social Development Bank (SDB) has launched the Fintech Hub program in partnership with the United Nations Conference on Trade and Development (UNCTAD) and the Empretec program in cooperation with the supporting partner “Fintech Saudi”, as the first-of-its-kind program to empower future leaders in financial technology. The Fintech Hub program, which took place from September…
It will take three to five years for Shanghai to become a leading global financial technology center, according to a new action plan released by the city government on Friday. Financial technology, or fintech, refers to the innovation of products and services provided by the traditional financial industry through various technological means for more efficiency…
By Robert Turner, Senior Vice President and General Manager of U.S. Financial Services at Kyndryl The financial services industry is undergoing a transformation driven by new technologies and changing consumer behaviors. Digitally-savvy customers are accelerating the move away from physical currency, creating a cashless economy. What’s more, they demand convenience at every step, particularly during…
According to Forrester’s (Nasdaq: FORR) Digital Experience Review™: Australian Mobile Banking Apps report, 75% of Australian online adult banking customers have used their mobile banking app in the past month, up from 59% in 2022. Yet most customers who used their bank’s mobile app give it a Customer Experience Index (CX Index™) score of just OK, and…
Hampshire, UK – 9th September 2024: A new study from Juniper Research, the foremost experts in fintech & payment markets, has found that the volume of global transactions via A2A (Account-to-Account) payments will rise from 60 billion in 2024 to 186 billion by 2029; an increase of 209%. A2A payments, which are bank-to-bank transfers that do not…
The Bank of Russia wants the country’s largest banks to support a digital ruble for retail and commercial use by July next year. The banks will need to enable their customers to “open and top up digital ruble accounts, make transfers, and accept digital rubles in their infrastructure,” the central bank said Thursday. After that,…
By Gloria Methri Over half (54%) of banks in Europe and the US are planning to leverage generative artificial intelligence (Gen AI) for the shift to instant payments and other payment modernization projects, research from RedCompass Labs has revealed. The report, ‘AI in payments: The future of payments modernization?’ states that four in ten (42%)…