AGPAYTECH LTD.’s Post

Modernized #payments solutions are increasingly becoming faster, more inclusive, and transparent across the globe based on Ripple’s research. The adoption of #openbanking and #realtimepayment is driving significant changes, enhancing efficiency and inclusion. However, regional variations in adoption rates and regulatory frameworks present distinct challenges and opportunities. Financial inclusion remains a critical issue, while cybersecurity and interoperability are ongoing concerns. Public private collaboration is essential to maximize the benefits and, despite challenges, advancements in digital payments are paving the way for a more streamlined and efficient global payments landscape. Key Points by Region: ➡ North America: Open Banking gaining traction with standardized messaging and secure data exchange with FedNow and #ISO20022 standard are modernizing infrastructure. Increased regulatory clarity and consumer demand are driving growth with significant progress in #a2a payments and partnerships to enhance digital payments. ➡ Latin America: cash transactions are declining, with a shift to digital wallets and online banking. Real-time payment systems like Brazil's #Pix are expanding rapidly, albeit not ubiquitously, and interest in CBDCs is growing, driven by economic instability and a need for financial inclusion. Regulators are focused on improving interoperability and reducing costs. ➡ Europe: #ips with the EU and UK are leaders in the global landscape, supported by regulatory frameworks like #PSD and #PSR. The #FasterPayments System in the UK and initiatives like the New Payments Architecture (NPA) are enhancing real-time capabilities. Adoption of ISO20022 is improving data quality and efficiency but pan-European initiatives face challenges due to conflicting interests and lack of critical mass. ➡ Asia Pacific: Instant Payments and #DigitalBanking are leading the world in instant payments with widespread adoption of mobile wallets and digital banking. Innovations like #UPI in India and cross-border #QRcode payment systems are transforming the landscape with financial inclusion and real-time settlement being key focus areas. Privacy and security concerns, along with fragmented consumer behavior, are challenges. ➡ Africa: #Crypto and #MobilePayments in a context in which #mobilemoney is dominant, with Africa accounting for 70% of the world’s mobile money value. Financial inclusion is expanding through mobile-first solutions while crypto adoption is growing as an alternative to traditional banking, especially for #crossborder #remittances. #Interoperability and #cybersecurity remain significant challenges in view of the diverse approaches and varying levels of progress in modernizing payment systems across different regions. Each region's unique challenges and opportunities shape their payment trends and adoption of new technologies. Source: https://lnkd.in/dq_BzezD

𝐝𝐋𝐨𝐜𝐚𝐥'𝐬 𝐏𝐢𝐱 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐁𝐫𝐚𝐳𝐢𝐥, 𝐒𝐩𝐞𝐧𝐝𝐞𝐬𝐤'𝐬 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧 𝐢𝐧 𝐄𝐔, 𝐚𝐧𝐝 𝐁𝐄𝐍𝐄𝐅𝐈𝐓 𝐚𝐧𝐝 𝐓𝐚𝐫𝐚𝐛𝐮𝐭'𝐬 𝐎𝐩𝐞𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐌𝐨𝐯𝐞 𝐢𝐧 𝐁𝐚𝐡𝐫𝐚𝐢𝐧 All this and more in Edition #144 of the Future of Fintech Newsletter - Your Weekly Fintech Brew ☕ 📰 Last week's fintech news bulletin saw players leveraging digital-first strategies, open banking, and blockchain to meet evolving regulatory requirements, enhance operational efficiency, and cater to underserved markets. 👌🏽 Indulge your curious tastebuds to explore the #Top3 fintech highlights of the week: ➊ Open Banking and Payment Ecosystems Expanding Globally ➥ dLocal’s certification for Pix, and The BENEFIT Company and Tarabut’s centralised open banking authentication highlight how the adoption of open banking frameworks in diverse regions like Brazil and Bahrain underlines a global trend of harmonising financial ecosystems to promote inclusivity and seamless consumer experiences. ➋ Rise of Fintech Players Offering Financial Institution Services ➥ Spendesk launching Spendesk Financial Services and Reem Finance collaborating with Temenos for a digital bank in the UAE demonstrate how fintechs and traditional players are converging, with fintechs building full-service financial platforms and traditional banks accelerating their digital transformation through partnerships. ➌ Blockchain and Tokenisation Gaining Momentum ➥ Deutsche Bank’s investment in Partior, and CNMV’s approval of the Tokenisation Licence in Spain showcase how blockchain and tokenisation are becoming mainstream enablers for both financial innovation and compliance, driving operational efficiency and new asset-class opportunities. 🔗 𝐏𝐋𝐔𝐒! Dive into fintech learning resources waiting for you at the end, featuring: PYMNTS, The Paypers, Paypr.work [ˈpeɪpəwəːk], Matt Brown's Notes, and the latest from WhiteSight! ________________ 𝐆𝐞𝐭 𝐲𝐨𝐮𝐫 𝐟𝐢𝐱 𝐨𝐟 𝐛𝐢𝐭𝐞-𝐬𝐢𝐳𝐞𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐭𝐡𝐚𝐭 𝐬𝐚𝐯𝐞 𝐲𝐨𝐮 𝐭𝐢𝐦𝐞, 𝐰𝐡𝐢𝐥𝐞 𝐤𝐞𝐞𝐩𝐢𝐧𝐠 𝐲𝐨𝐮 𝐚𝐡𝐞𝐚𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐫𝐯𝐞. 🚀 🗞️ 𝐇𝐨𝐰 𝐨𝐮𝐫 𝐧𝐞𝐰𝐬𝐥𝐞𝐭𝐭𝐞𝐫 𝐡𝐞𝐥𝐩𝐬: Get bite-sized insights that save you time, perfect for busy professionals on-the-go. Discover the latest fintech players and the trends shaping the industry. Gain valuable insights into the themes ecosystem players are leveraging to win. Ready to take a sip? Subscribe now and join our savvy fintech community! ➡️: https://lnkd.in/g7B8EW8P via WhiteSight #fintech #embeddedfinance #digitalfinance #openfinance #DeFi #infrastructurefinance

🚀 Why People Are Shifting from Traditional Banks to Fintechs 🌐 In today’s fast-paced world, the financial landscape is evolving rapidly, and fintechs are leading the charge in transforming how we manage and interact with our money. Here’s why more people are making the switch from traditional banks to fintech solutions: 1. Convenience at Your Fingertips 📱: Fintechs offer seamless digital experiences that allow users to manage their finances anytime, anywhere. From instant account setup to real-time transactions, fintechs prioritize user convenience and accessibility. 2. Innovative Solutions 💡: Fintechs are at the forefront of financial innovation, providing cutting-edge solutions such as AI-driven investment advice, personalized financial planning, and blockchain technology. They offer features that traditional banks often lack. 3. Lower Fees 💸: Many fintechs operate with lower overhead costs and pass those savings onto users. Whether it’s reduced transaction fees, no maintenance charges, or competitive interest rates, fintechs are making financial services more affordable. 4. Enhanced Customer Experience ⭐: Fintechs focus on creating user-centric platforms with intuitive interfaces and responsive customer support. They leverage technology to offer a more engaging and personalized experience compared to traditional banking. 5. Transparency and Control 🔍: Fintechs often provide greater transparency in fees and services, along with enhanced control over financial management. Users can easily track spending, set budgets, and access detailed insights into their financial health. 6. Speed and Efficiency ⚡: From instant transfers to rapid loan approvals, fintechs streamline processes that traditionally involved lengthy paperwork and bureaucracy. This efficiency is a game-changer for today’s fast-moving consumers. 7. Security and Privacy 🔒: Modern fintechs prioritize robust security measures, including encryption and biometric authentication, to protect user data. They are often more agile in adopting the latest security technologies compared to traditional banks. As the financial industry continues to evolve, fintechs are proving to be more than just a trend—they’re shaping the future of finance. Whether you’re looking for convenience, innovation, or cost savings, fintechs are here to offer a compelling alternative to traditional banking. Are you considering making the switch to a fintech? Share your thoughts or experiences in the comments! 👇💬 #Fintech #DigitalBanking #FinancialServices #Innovation #TechTrends #CustomerExperience

𝗕𝗿𝗶𝘁𝗶𝘀𝗵 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗴𝗶𝗮𝗻𝘁𝘀 𝗮𝗿𝗲 𝗯𝗲𝘁𝘁𝗶𝗻𝗴 𝗯𝗶𝗴 𝗼𝗻 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝘁𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗳𝗶𝗻𝘁𝗲𝗰𝗵 𝗮𝗹𝗹𝗶𝗮𝗻𝗰𝗲𝘀 The rapid advancements in technology, including Artificial Intelligence (AI), blockchain, and data analytics, have sparked fierce competition within the financial technology (FinTech) industry. By 2029, the UK FinTech market is projected to reach a value of USD 24.06 billion.Traditionally, banks around the world have prioritized stability and security over adopting new technologies. However, many financial institutions are still burdened by outdated IT infrastructure and legacy systems that hinder their ability to innovate or integrate new technologies. The adoption of cloud technology has also been relatively slow in the UK compared to the United States due to perceived risks associated with emerging technologies. Despite these challenges, there have been positive developments in the UK industry such as initiatives promoting mobile banking and open banking. As of 2024, an impressive 86 per cent of UK adults - approximately 46 million people - utilize online banking; however only 53 per cent employ mobile banking services while digital-only bank accounts have seen significant growth from 24 per cent in 2023 to a noteworthy increase up to reaching at least now at present which is equivalent more than one-third this year. For traditional banks competing against agile FinTech firms for both existing customers and next-generation clients it's vital not just advantageous but essential for them make their move towards digital transformation a priority keeping pace witn Fintechs who are always ahead on technological frontiers In order for traditional institutions especially those located within The United Kingdom where competition among fintech companies is high must adopt transformative strategies hence embracing change becomes imperative if they want not only endure but thrive during this digital age emphasizing customer-centric approaches should be integrated into their core business models as demonstrated by successful retail or media businesses those operating successfully today This shift requires more than simply replacing core systems rather large-scale rethinking regarding architecture design strategy architectures must take place along with strategic planning . This will ensure that Banks can offer personalized experiences similar what’s provided through modern retail outlets-in doing so becoming nimble agile #Fintech #Collaboration #Opportunity #2024trends

On June 27, 1967, in the tranquil town of Enfield, London, a curious crowd congregated around a mysterious, curtain-draped apparatus. Once unveiled, this machine, a novel invention at the time, required users to insert a specially treated cheque followed by a unique personal identification number. In return, it dispensed £1 notes, up to a total of £10. Marking the #debut of the world’s first automated teller machine (#ATM), this event revolutionized the banking industry and set the stage for a wave of self-service technologies that have since modernized sectors such as healthcare, retail, transportation, and hospitality. The ATM is one of many examples that link the history of banking to the evolution of technology, with innovations in the financial services sector consistently serving as catalysts for broader societal transformation. This dynamic is particularly pronounced in Africa, where the sector is playing a pivotal role in driving the continent's digital agenda. In regions characterised by widespread mobile adoption but limited traditional banking infrastructure, innovations such as mobile money and app-based banking solutions have become essential in enabling millions to access financial services for the first time, fostering financial inclusion, boosting small and medium enterprises, and accelerating economic growth. Such advancements are directly aligned with the African Union’s Agenda 2063 and Digital Transformation Strategy, which envisions the continent achieving parity with the global community as an integrated e-economy and information society. The plan emphasizes robust digital markets, characterized by enhanced financial inclusion, fair competition, and advanced consumer protection, with a focus on digital trade and financial services. As early adopters and innovators in the digital space, financial institutions are key enablers in this regard. With 76 percent of banks ranking digital transformation as either their top priority or among their top three – and having already embraced technologies such as #digital #wallets and payment services, #artificial #intelligence, #blockchain, and cloud computing – the sector is streamlining operations and creating forward-looking products and services which can be leveraged to enhance accessibility, improve security, and foster cross-border integration. #africasdigitalfuture #digitalbanking #agenda2063 #digitaltransformation #cloudcomputing #bankinginnovation #fintechafrica https://lnkd.in/dqRUvN7G

How Much Does It Cost to Build an App Like N26 You must have heard banks saying they need big technology budgets for digital success.  Well, the ground picture is - despite hefty investments, they’re still struggling! Take Germany, curating at 4th rank globally with a bank cost-to-income of 88.62% compared to the Netherlands' 61.51% in 2021. Here’s the scoop - The global average bank cost-to-income ratio is 54.8%.  The reason behind this difference can be the slow adoption of the technology or not using the right technology. Take N26, (an epitome in neobanking) for example, revolutionizing the banking landscape. How Much Does It Cost To Create An App Like N26? https://lnkd.in/gBdkqXJs #fintechsolutions #fintechappdevelopment #N26businessmodel #bankingapp #bankingappdevelopment #bankingsolutions

📍 Why Banks and Fintechs Should Partner with a Processor Like areeba 📍 In today’s digital financial landscape, banks and fintech companies need flexible, secure, and innovative partners. areeba, with its in-house development approach, stands out from other processors by providing unique advantages that help both banks and fintechs gain a competitive edge. Here’s why choosing a processor like areeba makes a difference: 1. Flexibility and Customization According to Deloitte, 80% of financial institutions view customization as essential for competitiveness. areeba’s in-house model allows for tailored solutions that meet the unique needs of each client, whether banks or fintechs. In contrast, other processors often lack customization options, limiting their responsiveness. 2. Enhanced Security IBM reports that financial data breaches cost an average of $5.85 million per incident. areeba’s direct control over its systems enables proactive security measures, safeguarding data and ensuring regulatory compliance. Other processors, dependent on vendors for updates, may face delays that expose clients to vulnerabilities. 3. Faster Innovation For fintechs, speed to market is crucial. areeba’s in-house team enables rapid deployment of new features like digital wallets and contactless payments, keeping partners at the forefront of digital finance. Other processors may struggle to adapt quickly due to vendor-controlled update cycles. 4. Cost Efficiency McKinsey indicates that in-house processing can cut costs by up to 40% over time. By eliminating ongoing licensing fees, areeba provides long-term savings and a higher ROI for banks and fintechs, while other processors often pass recurring vendor costs to clients. 5. True Partnership Accenture research shows that 75% of banks with strong tech partnerships report better customer satisfaction. areeba collaborates closely with clients, providing strategic guidance and responsive support, unlike other processors who act as intermediaries, often creating communication gaps. 6. Future-Proofing With trends like blockchain, AI, and embedded finance reshaping the industry, fintechs and banks need partners that can quickly integrate new technologies. areeba’s in-house approach ensures our clients are future-ready, while other processors may lag due to vendor dependencies. areeba as a Fintech Enabler areeba supports fintechs in launching digital-first solutions, expanding into new markets, and enhancing customer experiences. With our in-house capabilities, we empower fintechs to scale rapidly, offering flexible APIs, secure infrastructure, and innovative solutions. #Areeba #Fintech #BankingInnovation #DigitalTransformation #Payments #InHouseProcessing #FutureReady #processing #cards #UAE #Africa #lebanon #Egypt #banks #libya #GCC

𝐏𝐥𝐚𝐢𝐝 𝐏𝐞𝐫𝐤𝐬 𝐔𝐩 𝐎𝐩𝐞𝐧 𝐅𝐢𝐧𝐚𝐧𝐜𝐞, 𝐒𝐭𝐫𝐢𝐩𝐞 𝐋𝐢𝐧𝐞𝐬 𝐔𝐩 𝐰𝐢𝐭𝐡 𝐍𝐞𝐰𝐥𝐢𝐧𝐞, 𝐚𝐧𝐝 𝐌𝐨𝐧𝐳𝐨 𝐆𝐞𝐭𝐬 𝐂𝐥𝐨𝐮𝐝𝐲 𝐰𝐢𝐭𝐡 𝐒𝐀𝐏 𝐟𝐨𝐫 '𝐆𝐑𝐎𝐖'𝐭𝐡 All this and more in Edition #130 of the Future of Fintech Newsletter - Your Weekly Fintech Brew ☕ 🗞️ Fintech's Week in Review: Partnerships across banks, platforms, and tech providers are fueling innovation - from embedding payments to revamping core banking infrastructure. Open finance took center stage with new tools to boost user control and simplify compliance. Meanwhile, the global fintech landscape expanded with advancements in digital payments security, cloud adoption, and CBDCs. 👌🏽 The #Top3 freshly brewed fintech insights: ➊ Evolving Regulatory Landscape The draft framework on alternative authentication mechanisms for digital payment transactions by the Reserve Bank of India (RBI), and Bank of England's plans to experiment with CBDC depict that regulatory developments are increasingly focused on enhancing security and exploring new technological advancements. These initiatives are crucial for maintaining the integrity and robustness of financial systems. ➋ Open Finance and Enhanced Consumer Control Plaid's launch of two new open finance products, and SDK.finance partnering with Salt Edge to develop open banking-enabled financial services demonstrates how open finance is gaining momentum, with significant developments aimed at increasing API connectivity and giving consumers more control over their financial data. These initiatives are not only enhancing transparency and compliance but also fostering innovation by enabling new financial applications and services. ➌ Leveraging Advanced Technologies for Innovation Monzo Bank’s partnership with SAP to utilise its ERP solution GROW with SAP, and the development of the AI-powered CBDC super app “Drex” by the Banco Central do Brasil showcase how institutions are increasingly investing in technologies like AI and cloud computing to enhance operational efficiency, offer new services, and stay ahead in the competitive landscape. 🔗 𝐏𝐋𝐔𝐒! Dive into fintech learning resources waiting for you at the end, featuring: Convera, Accenture, Mastercard, NatWest, and the latest from WhiteSight! ______________ 𝐆𝐞𝐭 𝐲𝐨𝐮𝐫 𝐟𝐢𝐱 𝐨𝐟 𝐛𝐢𝐭𝐞-𝐬𝐢𝐳𝐞𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐭𝐡𝐚𝐭 𝐬𝐚𝐯𝐞 𝐲𝐨𝐮 𝐭𝐢𝐦𝐞, 𝐰𝐡𝐢𝐥𝐞 𝐤𝐞𝐞𝐩𝐢𝐧𝐠 𝐲𝐨𝐮 𝐚𝐡𝐞𝐚𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐫𝐯𝐞. 🚀 🗞️ 𝐇𝐨𝐰 𝐨𝐮𝐫 𝐧𝐞𝐰𝐬𝐥𝐞𝐭𝐭𝐞𝐫 𝐡𝐞𝐥𝐩𝐬: Get bite-sized insights that save you time, perfect for busy professionals on-the-go. Discover the latest fintech players and the trends shaping the industry. Gain valuable insights into the themes ecosystem players are leveraging to win. Ready to take a sip? Subscribe now and join our savvy fintech community! ➡️: https://lnkd.in/g7_u9r-Y via WhiteSight #fintech #news #embeddedfinance #digitalfinance #openfinance #infrastruturefinance #greenfinance #DeFi

Digital remittances continue to rapidly evolve as it is driven by technological development and innovations, changing consumer behaviors, and regulatory developments. Although digital in nature, remittances are still human to human interactions facilitating the movement of money from one place to another. Oftentimes, these are from migrant workers sending back to their home country. In a report made by Visa’s Money Travels: 2024 Digital Remittances Adoption Report, it examined the remittance patterns, instances, digital app adoption, and barriers for frictionless remittance payments and also highlighted the key trends, challenges and opportunities in the market. Key Findings: 1. Increased Adoption: Digital remittances are experiencing widespread adoption globally, fueled by the convenience and cost-effectivity compared to traditional methods. 2. Technological Innovations: Advancements in blockchain technology and mobile payment solutions streamlined cross-border transactions, reducing transfer times and costs. 3. Regulatory Developments: Governments are increasingly recognizing the importance of digital remittances and are developing regulatory frameworks to ensure security and consumer protection. 4. Market Expansion: Emerging markets are witnessing significant growth in digital remittances, driven by smartphone penetration and improving internet connectivity. 5. Challenges: Despite growth, challenges such as regulatory compliance, cybersecurity risks, and access to banking services in remote areas persist.   Market Trends 1. Blockchain Integration: Digital remittance platforms are integrating blockchain technology to enhance security, transparency, and transaction speed. 2. Mobile Wallets: The rise of mobile wallet solutions is enabling users to send and receive remittances directly from their smartphones, bypassing traditional banking infrastructure. 3. Partnerships and Collaborations: Fintech companies are forming strategic partnerships with banks and payment processors to expand their reach and offer competitive services. Opportunities include financial Inclusion where digital remittances can improve financial inclusion by providing access to financial services for underserved populations; cost efficiency to lower transaction fees associated with digital remittances make it an attractive option for both senders and recipients and market diversification to explore untapped markets and demographics by offering tailored digital remittance solutions. The future of digital remittances looks really promising as technology continues to advance and consumer preferences shift towards more convenient and affordable payment options.  https://lnkd.in/eGTi9xwH #digitalremittance #financialtechnology #digitalera #moneymovement