Global fintech Trends
Africa Fintech Network
A platform that unites Africa fintech leaders, organizations and stakeholders.
2024 Finance Bill passes second reading despite OccupyParliament protests
Kenya’s parliament has voted for the controversial Finance Bill 2024 to enter the committee stage despite spirited demonstrations by OccupyParliament protesters, civil society groups, and opposition lawmakers.
204 MPs voted yes to the bill while 115 voted no.
The bill will now move to the committee stage and a third reading. If it passes the third reading, it will be sent to President William Ruto for assent.
Majority of MPs from the ruling Kenya Kwanza coalition and a few from the opposition Azimio coalition voted for the bill, approving the tax hikes that the national treasury argues the country badly needs. The government claims those taxes will help raise an extra KES 346 billion to pay the country’s debt and fund development projects.?
Worldcoin to resume Kenya operations after police drop investigation
NAIROBI, June 20 (Reuters) - Kenyan police have dropped an investigation into allegations that Worldcoin had illegally collected and transferred users' personal data, according to a police document, paving the way for the cryptocurrency project to resume its operations.
Authorities suspended Worldcoin in August last year, following privacy objections over its scanning of users' irises in exchange for a digital ID to create a new "identity and financial network".
Read more here: https://www.businessdailyafrica.com/bd/corporate/companies/worldcoin-returns-to-kenya-after-police-drop-investigations--4664218#google_vignette?
Mastercard’s vision for Africa: Connecting communities through innovation and trust
Ed McLaughlin, President and Chief Technology Officer at Mastercard, shares insights on the company’s commitment to leveraging technology to foster financial inclusion, enhance cybersecurity, and secure transactions across Africa.
With the rapid transformation of the digital landscape, Mastercard is adapting and innovating to meet the changing needs of consumers. McLaughlin emphasizes that the company’s primary focus is on connecting people in new and meaningful ways.
“We are in a time of tremendous change, particularly in technology. But what’s most important is how we can bring that change to market and to our consumers,” McLaughlin notes. Mastercard is driving this change through contextual commerce, blending the physical and digital worlds to create new capabilities and opportunities for financial inclusion.
Read more here: https://www.forbesafrica.com/brand-voice/2024/06/21/mastercards-vision-for-africa-connecting-communities-through-innovation-and-trust/?
Technology has driven financial service access - experts
Kenya's financial technology (fintech) strides has assisted millions of people locally and in the region access loan services and finances by customising Artificial intelligence.
Stakeholders in the sector meeting in Naivasha have hailed the technology for accelerating various financial services including insurance policies.
Safaricom Head of Credit and Financial services, Lucy Kiai said financial technologies have enhanced customer satisfaction, improved payment solutions and accelerated last mile inclusion to customers in far-flung regions.
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Read more here: https://www.the-star.co.ke/business/kenya/2024-06-21-technology-has-driven-financial-service-access-experts/?
Binance to pay $2.25m fine to India’s FIU over AML deficiencies
Cryptocurrency exchange Binance has been hit with an INR 188.2 million ($2.25 million) fine by India’s Financial Intelligence Unit (FIU) for allegedly violating the country’s Prevention of Money Laundering Act (PMLA).
According to the order filed this week, the fine is the result of “Binance’s ongoing provision of services to Indian clients and operations within India without adhering to its statutory obligations under the PMLA”.
Binance was among nine cryptocurrency websites barred by the Indian government in January for operating without proper compliance to local financial regulations. Around the same time, it was also announced that Binance CEO and founder, Changpeng Zhao, was to step down from his position after the exchange pleaded guilty to US federal charges relating to anti-money laundering (AML), unlicensed money transmitting and sanctions violations.
Despite these setbacks, Binance soon sought to relevel its operations in India by registering as a Virtual Digital Asset Service Provider (VDASP) with the FIU in May.
Read more here: https://www.fintechfutures.com/2024/06/binance-to-pay-2-25m-fine-to-indias-fiu-over-aml-deficiencies/?
Central Bank Digital Currency seen important priority for Gulf countries, says IMF blog
Close on the heels of Qatar laying the foundation for the central bank digital currency (CBDC) regime, an International Monetary Fund (IMF) blog has said CBDC appears to be an important priority for oil exporters and the Gulf countries.
"CBDCs can potentially help improve the efficiency of cross-border payment services. This appears to be an important priority for oil exporters and the Gulf Co-operation Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE," an IMF blog said, quoting a recent departmental paper 'Central Bank Digital Currencies in the Middle East and Central Asia.'
Reasoning for the priority, the report said it was because cross-border payments tend to have frictions like varying data formats and operating rules across regions and complex compliance checks. CBDCs that can address these inefficiencies could significantly cut transaction costs.
Read more more: https://www.zawya.com/en/world/middle-east/central-bank-digital-currency-seen-important-priority-for-gulf-countries-says-imf-blog-dhg4sehk?
Mexican fintech unicorn Clip lands $100m investment
Mexican digital payments and commerce platform Clip has bagged $100 million from investment funds managed by Morgan Stanley Tactical Value (MSTV), the bank’s non-control private venture division, and from an unnamed West Coast mutual fund manager.
Clip has earmarked the new funds to drive product development and “expand and strengthen our offerings to empower more stakeholders across Mexico’s economy”, as stated by company founder and CEO, Adolfo Babatz.
Clip says the investment values the company “in line with the Series D round completed in 2021”, when it raised $250 million led by SoftBank Latin America Fund and Viking Global Investors LP at a value of $2 billion.
In an interview with Bloomberg, Babatz reveals that the company is on the “brink of profitability” and is looking to increasing its workforce by around 150 employees in the coming years.
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