Canada-Africa Fintech Summit – Canada-Africa Fintech Convergence – Nurturing Talents, Fueling Growth, Forging Cross-Border Prosperity for Sustainability
For more info., check here: www.cafsummit.com
Egyptian FinTech unicorn MNT-Halan launches in the UAE
This policy paper explores the transformative potential of digital remittances in Southern and Eastern Africa, highlighting their role beyond mere financial transactions. Digital remittances have become increasingly significant due to the proliferation of mobile networks, the rise of fintech startups, and government initiatives promoting digital payments. The transition into the digital age and the adoption of digital remittances present a new set of challenges. From regulatory challenges to cybersecurity concerns, the journey toward digital remittances is fraught with hurdles.
Despite these challenges, the paper emphasizes the immense opportunities digital remittances present. These include enhanced access to banking services through mobile platforms, the empowerment of microfinance initiatives, and the potential for integrating insurance and investment products. The paper also identifies the development of digital public infrastructure, innovative financial services, and active engagement with the diaspora as critical enablers for the growth of digital remittances. Addressing the identified challenges and leveraging the opportunities and enablers of digital remittances can significantly contribute to the economic stability and development of Southern and Eastern African countries.
Read more: https://www.un.org/osaa/content/digital-remittances-in-southern-and-eastern-africa
South Africa’s Payshap introduces payment request functionality
The new payment request functionality is the latest enhancement to the PayShap service, expanding access to the digital economy by making interbank requests and real-time payments simpler and faster. PayShap Request will enable users to initiate payment requests instantly through their bank channels, accelerating payment across personal, business, and corporate use cases.
As of 2 December, the participant banks that will offer PayShap Request are African Bank, Capitec, Discovery, FNB, Investec, Nedbank, Standard Bank, and TymeBank. Other banks will offer the capability during 2025. At launch, some participant banks will roll-out the service for personal banking, others for business and/or corporate banking and others for personal as well as business and/or corporate banking. It is anticipated that the service will be more widely available across participant bank customer segments in the coming months as they roll out the service.
Mastercard, MTN to digitise one million African SMEs
This policy paper explores the transformative potential of digital remittances in Southern and Eastern Africa, highlighting their role beyond mere financial transactions. Digital remittances have become increasingly significant due to the proliferation of mobile networks, the rise of fintech startups, and government initiatives promoting digital payments. The transition into the digital age and the adoption of digital remittances present a new set of challenges. From regulatory challenges to cybersecurity concerns, the journey toward digital remittances is fraught with hurdles.
Despite these challenges, the paper emphasizes the immense opportunities digital remittances present. These include enhanced access to banking services through mobile platforms, the empowerment of microfinance initiatives, and the potential for integrating insurance and investment products. The paper also identifies the development of digital public infrastructure, innovative financial services, and active engagement with the diaspora as critical enablers for the growth of digital remittances. Addressing the identified challenges and leveraging the opportunities and enablers of digital remittances can significantly contribute to the economic stability and development of Southern and Eastern African countries.
Read more: https://www.un.org/osaa/content/digital-remittances-in-southern-and-eastern-africa
Wise to Power Morgan Stanley’s Cross-Border Payments for Corporate Clients
Morgan Stanley has partnered with Wise Platform to enhance its cross-border payment capabilities for corporate and institutional clients.
The collaboration makes Morgan Stanley the first investment bank to offer foreign exchange international settlements through Wise’s infrastructure.
By leveraging Wise Platform’s technology and pairing it with Morgan Stanley’s integrated approach, the bank aims to provide fast, cost-effective, transparent, and easy international payment solutions for its sophisticated corporate and institutional clients.
Read more: https://fintechnews.sg/105423/payments/morgan-stanley-wise/
AstroPay releases multi-currency wallet
The wallet enables individuals to hold, exchange, and transact in multiple currencies through a single secure app. Designed for global citizens, it empowers users to navigate the complexities of international finance, whether traveling, working remotely, or conducting business globally.
“Our multicurrency wallet is more than just a product—it’s a step forward in breaking down the barriers of traditional finance,” said Marc Sacal, CEO, AstroPay. “We’re making it easier for users to manage their money and take control of their finances, regardless of where they are or what currencies they need. “This launch is a pivotal step in our mission to unlock opportunities for individuals to thrive in the global marketplace and empower millions to conduct secure, cross-border transactions with unmatched speed and ease.”
Read more: https://www.finextra.com/pressarticle/103650/astropay-releases-multi-currency-wallet
