Tagged: financial inclusion

CFPB’s Decision to Abandon Open Banking Rule Sparks Controversy

Mr. Potter Banker Banking (1)

The Consumer Financial Protection Bureau (CFPB) has decided to abandon its proposed open banking rule, prompting sharp criticism from the Financial Technology Association (FTA). The FTA, an advocate for fintech innovation, has labeled the move a “handout to Wall Street banks,” arguing it undermines efforts… Read More

FINCA and Thought Machine to Introduce Operating Platform to Enable Financial Inclusion

FINCA, a global enabler of inclusive finance, has partnered with Thought Machine, the banking technology company, to launch “361 by FINCA”, a transformative operating platform to scale financial inclusion. To date, financial services providers (FSPs) have struggled to support the financial wellbeing of low-income customers,… Read More

Bahrain’s Labour Fund to Explore Mastercard Strive Program for Advancing Financial Readiness of SMEs

The Mastercard Center for Inclusive Growth and the Bahrain’s Labour Fund (Tamkeen) announced a partnership to explore the launch of the Mastercard Strive program in the Middle East, aimed at advancing financial and digital readiness for SMEs in Bahrain. This collaboration seeks to empower Bahraini… Read More

Stablecoins Are Viable Payments Option in Emerging Markets for Unbanked Consumers – Report

In emerging markets, where economic instability, currency devaluation, and limited access to traditional banking systems are persistent challenges, stablecoins are emerging as a transformative force. With a market capitalization exceeding $220 billion, these digital assets—pegged to stable currencies like the U.S. dollar or euro—are no… Read More

Consumer Fintech Chime Remains Committed to Financial Inclusion with New Initiatives

Chime, the San Francisco-based fintech company known for its consumer-centric banking services, continues to make strides in promoting financial progress for everyday Americans. Recent updates from US consumer Fintech Chime highlight its commitment to financial empowerment, community engagement, and thought leadership. These initiatives include a… Read More

Fintech Scotland Announces Fintechs Receiving £250K for Product Development

Fintech Scotland noted that five fintech firms have each been awarded £50,000 to propel developments that support financial inclusion, accelerate financial resilience and deepen consumer engagement in financial services. FinTech Scotland, in partnership with the University of Strathclyde and University of Glasgow, announced the outcome… Read More

Global Fintech nsave Introduces Investment Platform

nsave, the provider of “compliant” accounts abroad to people from countries with high inflation, announced the launch of an investment product, enabling people at risk of financial exclusion to “protect and grow” their wealth. The company confirmed an $18mn Series A investment led by TQ… Read More

Alif Secures $20m Debt Investment to Boost Financial Inclusion in Uzbekistan

Fintech firm Alif has announced securing a $20 million debt investment from Accial Capital, a U.S.-based impact private credit fund manager, to strengthen its Nasiya installment service and expand financial inclusion in Uzbekistan. The transaction was facilitated with advisory support from Nairang Capital and TMT… Read More

Paxos to Expand to Blockchain Payments and Remittances focused Stellar Network

Paxos recently revealed that it’s planning an expansion to the Stellar Network which would be in collaboration with the  Stellar Development Foundation. Paxos confirmed that it will integrate with the Stellar network, which is desribed as an open-source blockchain that’s used for a range of… Read More

Digital Banking Services Provider CaixaBank to Expand Mobile Office Services to Enable Financial Inclusion in 800+ Municipalities

During the first half of the year, CaixaBank expanded its mobile offices services to guarantee the financial inclusion to reach a total of 804 towns, “amounting to a 27% increase compared to the number of towns reached by the financial institution’s mobile offices service in… Read More

Digital Inclusion Strategy in Colombia Expected to Boost Financial Inclusion in LatAm Nation, Researchers Claim

Camilo Tellez-Merchan, Head of Digital Payments Innovation Hub, Better Than Cash Alliance, United Nations Capital Development Fund (UNCDF), and Gisela Davico, the Latin America & Caribbean Lead and Global Gender Lead, Better Than Cash Alliance have shared key insights that have released in a blog… Read More

CBDCs: Central Bank Digital Currencies May Boost Middle East’s Financial Inclusion, Payment Efficiency – Report

Central bank digital currencies or CBDCs can boost Middle East’s financial inclusion, payment efficiency, according to a comprehensive update from the IMF. 19 countries in the Middle East and Central Asia are exploring issuing a CBDC, the IMF update noted. Almost two-thirds of countries in… Read More

Financial Inclusion: Elphinstone to Transform Pakistani Investing with Seamless USD Accessibility

In the “bustling” landscape of Pakistan, Elphinstone claims that it stands as a beacon of financial empowerment, offering “a gateway for the country’s burgeoning middle class to unlock their financial potential.” Co-founded by Farooq Tirmizi and Uzair Mahmud in 2020, Elphinstone addresses a critical pain… Read More

Efficient Cross-Border Payment Services have Potential to Improve Lives by Enabling Economic Growth – Report

Faster, cheaper, and more transparent cross-border payment services have “the potential to improve many lives by supporting economic growth, international trade, global development, and financial inclusion.” This, according to an update shared by the International Monetary Fund (IMF). The Group of Twenty has prioritized such… Read More

425 Million Consumers Own Crypto and 83% of G20 Nations Are Working on Regulatory Guidelines for Digital Assets – Report

Cryptocurrency isn’t just here to stay – it’s the “future of money,” according to an update from Coinbase (NASDAQ:COIN). The largest crypto exchange in the US has outlined the status of digital assets while predicting a bullish future for crypto. Even in the aftermath of… Read More

Fintech Firm Centi Announces Completion of Financing Round Led by Archblock and Bloomhaus Ventures

Centi is announcing the successful completion of its seed financing round led by Archblock and Bloomhaus Ventures with continued investments from existing shareholders and founders. Recognized for its proficiency in processing transactions as small as a cent, Centi claims that it  is now poised “for… Read More

Digitt+, an Agri-Fintech Firm, Granted Full Commercial Approval by State Bank of Pakistan (SBP)

Digitt+, an agri-fintech company, has been granted with a full commercial approval by the State Bank of Pakistan. This recent achievement marks “the culmination of an exciting journey that began with pilot approval, during which they onboarded 10,000 customers, facilitated transactions of worth PKR 400… Read More

Almond Fintech Secures $7M to Remove Financial Barriers Globally

Almond Fintech, a B2B technology company bridging the worlds of fiat and digital currency, is excited to announce a new funding milestone of $7 million. The funding from the investment round will aim to help broaden Almond’s rapidly expanding network in Asia, the Americas, while… Read More

Fintechs Pathward and TabaPay to Enable Money Movement Solutions for Clients

Pathward, N.A., a U.S.-based financial empowerment company driven by its purpose to power financial inclusion, announced the expansion of its partnership with TabaPay, a money movement platform for merchants and leading fintech brands. The firms first announced partnering in 2020 and “the deeper alliance provides… Read More

Markus Prommik of Finfra: Industry Exec Comments on Embedded Lending and the New Fintech Rules

We recently spoke with Markus Prommik, CEO and Co-founder of Finfra, a Fintech platform that develops white-labeled lending products for non-Fintech companies seeking to integrate financial services into their platforms. Based in Jakarta, Indonesia, Finfra not only provides practical embedded lending solutions to their clients… Read More

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