Open banking represents a promising opportunity for incumbent banks and up and coming fintechs to develop and deliver innovative digital financial services to consumers everywhere. Nowhere is this potential more promising than in the emerging markets of Africa, where the World Bank estimates that up to 65% of adults in sub-Saharan Africa are unbanked. To
Tag: Banking
The race for digital banking license in Malaysia intensifies. (Photo by STR / AFP) Submissions for digital banking license applications have closed on June 30, 2021 It is now up to the central bank to issue up to five digital bank licenses in 2022. A look at the contenders shows a slew of large organizations
MANILA, Philippines–(BUSINESS WIRE)–Voyager Innovations (“Voyager” or the “Company”), the leading technology company in the Philippines, announced that it raised US$167 million to fast-track financial inclusion in the Philippines through its financial technology arm, PayMaya Philippines (“PayMaya”). Participating in the funding were existing shareholders PLDT Inc. (“PLDT”) (NYSE: PHI) (PSE: TEL), the Philippines’ largest integrated telecommunications
The growth in online banking has been – and will continue to be – rapid. From a valuation of $11.43 billion in 2019, the projections are that it will reach $31.81 billion by 2027, at a CAGR of 13.6%. For the incumbent banking system, this rapid growth poses a real and ongoing challenge, as it
New initiative will help unbanked Black and African Americans, Hispanics, and Native Americans have easier access to low-cost banking Wells Fargo today announced the Banking Inclusion Initiative, a 10-year commitment to help unbanked individuals gain access to affordable, mainstream, digitally-enabled transactional accounts – a meaningful entry point to fully participating in the economy and achieving
An extract from The Banking Regulation Review, 12th Edition Introduction The Reserve Bank of India (RBI), as the central bank of the country, was set up in April 1935 on the basis of the recommendations of the Hilton Young Commission, under the aegis of the Reserve Bank of India Act 1934 (the RBI Act). Since