EMEA

Fintech on Track to Shape Future of Islamic Finance

The results of the inaugural World Islamic Fintech Awards, a new competition organised by industry platform IFN Fintech held in Manama, Bahrain last month, showed a clear trend of innovative financial technologies advancing into a number of sectors of the Shariah-compliant finance industry.

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Iran Completes Development of Rial-Supported National Cryptocurrency

Iran has finalized the development of its national cryptocurrency, which is backed by the local fiat unit, the rial. Once the Central Bank of Iran (CBI) approves its use, the yet-to-be-named digital currency will then be issued to banking institutions for testing in payments, internal and interbank settlements according to local media reports.

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Digital Payments on the Upward Trend in Emerging Asia and CEMEA

Non-cash payments are recording a rapid growth, owing largely to developing markets. However, innovation if challenged by regulatory and technical complexities, according to a the World Payments Report 2018 by Capgemini and BNP Paribas. Non-cash payments reported a compound annual growth rate (CAGR) of 10.1 in 2015-16.

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Cash Remains King for Swiss Households: National Bank Survey

The typical Swiss carries 133 francs (135) around in cash and prefers debit cards to credit cards and online payments, a survey by the Swiss central bank showed, underscoring the traditional Swiss fondness for banknotes. FILE PHOTO: The new 50 Swiss Franc note seen on a screen of the Swiss National Bank (SNB), April 6, […]

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British FX Firm Currencies Direct Pilots Ripple Tech

A foreign exchange (FX) brokerage based in the UK has announced that it successfully tested distributed ledger startup Ripple’s xRapid product, which uses the digital asset XRP.

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U.S. Banks May Be at Risk From Italy’s Political Turmoil

The ripples from Italy’s political turmoil are reaching American shores. U.S. banks are coming under pressure in pre-market trading as the Mediterranean nation prepares for a fresh election that may become a de facto referendum on its membership in the euro currency union.

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Tap to Tip: Buskers Start Offering Contactless Card Payments

London is to introduce a contactless payment scheme for buskers in what organisers say is a world first. Busk in London, a Mayor of London initiative, has partnered with technology company iZettle to give card readers to performers.

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Bank of England Open to Idea of Central Bank-Issued Digital Currency

Mark Carney, the governor of the United Kingdom’s central bank – the Bank of England – spoke on a recent panel in Stockholm on the future of central banking where he stated that he is open-minded about the idea of a central-bank-issued digital currency.

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Adyen Confirms an IPO in Amsterdam, Valuing the Payments Giant at $7B-$11B

The floodgates are definitely open for IPOs in the tech world right now, and the latest is coming out of Europe.

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Banking by Mobile App ‘To Overtake Online by 2019’

Image copyright Getty Images More consumers will use apps on their smartphone than a computer to do their banking by as early as next year, according to forecasts.Last year, 22 million people managed their current account on their phone, industry analyst CACI said.

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UK Payments Community Calls on Open Banking to Do More to Enable Access for Fintechs

A UK payments industry trade body is calling on the Open Banking Implementation Entity (OBIE) to force banks to do more to enable access for fintech firms. The Open Banking era, enabling Brits to share their banking data with trusted third parties, has gotten off to a subdued start in its first few months.

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GDPR Versus Open Banking: Two Sides of the Same Coin

Two hotly anticipated legislations of 2018, PSD2 and GDPR, are products of a new digital dawn. The former was met with wholehearted embrace from a host of third party fintech startups and the wider banking community who envisioned a more customer-centric and competitive Open Banking sector; ripe ground for healthy innovation.

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