Most SE Asians remain underbanked, or unbanked

Underbanked

Rinkesh Sharma, Regional Director of PayerMax, reminded the audience at the recent Singapore Fintech Festival that six in ten Southeast Asians remain underbanked, or unbanked. He said: “Technology is opening doors to newer solutions to enable financial inclusion and we expect to see the digital transformation of banking only grow with time. The on-going payments … Read more

Use of digital wallets in Bahrain tripled last year

Digital wallets

The number of payments in Bahrain which were made using digital wallets last year has tripled. The value of transactions rose 112%. The figures come from a new report by the Central Bank of Bahrain (CBB). The first edition of Bahrain Digital Payment Landscape Report highlighted the increased popularity of digital wallets, especially after the … Read more

African Development Bank backs First City Monument Bank

The African Development Bank has backed First City Monument Bank (FCMB) to the tune of $50m. The line of credit has been created support access to finance for small and medium-sized and women-owned businesses. FCMB will use the credit to expand lending activities to boost the country’s post-pandemic economic recovery and drive more inclusive and … Read more

Portuguese fintechs break $1bn barrier

Portuguese fintechs

For the first time, Portuguese fintechs have raised over $1bn. The Portugal Fintech Association’s annual report for 2022 calculates that the country’s fintechs have raised an aggregate of €1.08bn to date. Some 48% of this money was raised from international investors. Lisbon remains the fintech powerhouse, with 55% of fintechs based there, with Porto coming in … Read more

Unicorns ride in Lisbon

The Unicorn Factory Lisboa has launched with the intention to support innovation and entrepreneurship. Together with the private sector, it has invested €8m to help over 20 scale-ups and 40 new projects per year. Things kick-off in 2023 with two programmes: The Scaling Up and The Soft Landing. Lisbon mayor Carlos Moedas did the honours … Read more

Boost Mobile boosts underbanked

US Boost Mobile is launching a new money service aimed at underbanked customers. The prepaid mobile service provider’s OmniMoney product means users can secure payments, make withdrawals, transfer money and send remittances. VISA is the scheme provider, offering a virtual and physical card. Store cash deposits are available at various locations. “We’re looking to provide … Read more

Electronic wallet fintech Tekmo licenced

Tekmo

Electronic wallet fintech Tekmo has been licenced by the Saudi Central Bank. The total number of companies licenced by the Central Bank to provide payment services is now 22. In an official statement, the Bank said: “This step comes from the role of the Saudi Central Bank in enabling the financial technology sector by allowing … Read more

Maya app users get digital wallet boost

Digital wallets

The Maya app users can now fund their digital wallet with a few taps on their smartphones. This has been made possible after a partnership between payment infrastructure platform Xendit and the China Banking Corp. The pair have launched the China Bank Direct Debit. This new feature allows customers to safely and easily fund their … Read more

Bank accounts rise in Morocco by 10%

bank accounts

The number of bank accounts in Morocco rose by 10% last year. There are now 29 million accounts, compared to 26.5 million in 2020. Why it matters. This boosts financial inclusivity in Morocco and shows its emerging status. The figures come from a recent report published by Morocco’s central bank, Bank Al-Maghrib. Round of applause? Not … Read more

Dramatically fewer European fintech start-ups

fintech starts-ups

The number of European fintech start-ups continues to decline steeply year on year. In 2017, there were 1,553 new finetch start-ups – last year, there was just 225, down 51% from when 456 made their entrance in 2020. Does it matter? The fintech industry isn’t that big to start with, nor is it very old, so … Read more

Microfinance boost for Indian women

Private sector lender Induslnd has expanded its microfinance lending to women borrowers in the rural Indian communities of Jharkhand, Uttar, Pradesh and Bihar following a US$150m from the United States International Development Finance Corporation.

New app for Philippines underbanked

A new app has been launched by the Agribusiness Rural Bank to serve the underbanked communities of Philippines. The app was developed by digital banking software provider Geniusto. The app means Agribusiness can publish new services and products in real time.

GafaPay teams up with SaveChain

👉 GafaPay and SaveChain have teamed up to help millions of Africans access to a US bank account, international money transfers and mobile payments. 👉 GafaPay provides a mobile wallet with over 300,000 users in Sub-Saharan Africa. 👉 SaveChain is a global neobank for unbanked people which allows anyone to open a US bank account. 👉 … Read more