Dr. Lars Hupel’s Post

Last week the African Fintech ecosystem stood on #innovation!🚀 From the launch of a 60 secs settlement #rail, to the launch of an African #currency trading platform, to a new payment #operations technology, to funding for #ai in fintech and more! The infographic below highlights the top 7 updates, and they feature African Export-Import Bank (Afreximbank), BankservAfrica, BFREE, MoneyHash, MoMo from MTN, Mastercard, Visa, Royal Air Maroc, and ADFinance. They are a notable few of the exciting developments that are taking place in African fintech. What are your thoughts on them? Let’s have a conversation in the comments! Curious to learn more about these stories and their implications? Our weekly newsletter delivers an in-depth analysis of all the key moves, funding rounds, and trends shaping the landscape. 📍Subscribe now and stay informed: https://lnkd.in/dHFUwZgi #fintech #fintechnews #paymentlogue #funding #crossborderpayments #settlements #crypto #paymentcard #tech #africa #virtualcards

“I think there are several possible benefits to the introduction of CBDCs (central bank digital currencies). These include, for example, payments modernization and digitalization, the potential to reduce the cost and complexity of maintaining physical cash…however, these benefits could also be provided by other payment instruments…” — Lyle Horsley, Divisional Head of Fintech, South African Reserve Bank. Be a part of the next edition of the Africa Fintech Summit coming to Lusaka, Zambia, this November (2-3). #AFTSLusaka2023 will deliver insights from fintech founders, investors, regulators, and other stakeholders from across Africa and the globe. Get tickets: https://lnkd.in/dCcib7Zi #fintech #financialservices #fintechevent #techevent #techsummit #fintechsummit #africa #centralbankdigitalcurrency #cbdc #digitalcurrency

The Evolving Landscape of Payment Infrastructure in 2024 !! 💡 New solutions, like the European Payments Initiative ( EPI Company )'s digital wallet "wero", are transforming #P2P and retail payments across Europe. 💰 Cross-border payment integration gains momentum, facilitating trade and financial inclusion while reducing dependence on the US dollar. Pan-African Payment and Settlement System (Pan-African Payment & Settlement System - PAPSS) chosen by 11 central banks in the Caribbean for intra-regional payments. 💳 Central Bank Digital Currencies (CBDC's) continue to soar, with Nigeria, Jamaica, and several Caribbean nations leading the way. Speculation rises on Brazil's Drex and India's Digital Rupee launch in 2024. 20 countries are currently in the pilot stage ( cf Atlantic Council’s CBDC tracker ). 🔄 Legacy systems receive an upgrade as ISO 20022 payment messages enhance efficiency, transparency, and data richness in global transactions. CHIPS (US) & Faster Payments (UK) among those embracing ISO standardization. Article and Infographic Source from Joe Baker for FXC Intelligence #ISO20022 #GlobalTrade #FinancialInclusion #CBDC #DigitalCurrencies #PaymentInfrastructure #DigitalTransformation #Fintech #DigitalPayments Swift Ripple Pay.UK The Clearing House African Export-Import Bank (Afreximbank) CARICOM: Caribbean Community Banco Central do Brasil Central Bank of Indonesia

Worldwide we are experiencing a transformative shift with over 100 countries in various stages of exploring, piloting, and launching CBDC, it is eminent that we will soon be using Digital counterparts of Dollar, Rupee, and Euros for our day-to-day dealing. Let’s do a round-up on countries worldwide and various stages of involvement for CBDC: 💠 11 Countries have launched their CBDC: Bahamas was the 1st country to launch CBDC back in 2020 known as the Sand Dollar (B$). Providing financial services to remote areas and enhancing digital payments, the Sand Dollar underscores the potential of CBDCs in promoting financial inclusion and reducing reliance on traditional banking systems. This was followed by Nigeria with eNaira, making it the 1st country in the African sub-continent to launch CBDC 💠 21 countries in the Pilot stage of CBDC: China and India are prominent names in this list. China today is running the largest CBDC pilot in the world. 💠 32 countries in the Development stage of CBDC: The United States, United Kingdom, Brazil, Mexico, and European Union are in advanced stages of development 💠 45 countries in the Research stage of CBDC Many others like Argentina, Bangladesh, and SriLanka are in the research stages. 🌐 19 of the G20 countries are in advanced stages of development, with 9 countries already in pilot An excellent resource to track the CBDC project's status by country is https://lnkd.in/dZ-3dUJA What are the motivations for making CBDC? 💸Why is it so important that countries comprising 95% of the world's GDP are exploring this as a way of payment? 💹 We will cover that in the next post.. so do stay tuned for more CBDC bytes. Image courtesy: statista #cbdc #payments #fintech #innovation #banking #rbi #digitalpayments

XRP/Ripple presents a potential catalyst for fintech growth in Africa due to its efficient cross-border payment capabilities. The cryptocurrency's fast and low-cost transactions can facilitate seamless money transfers, reducing the current challenges associated with traditional #banking systems. This can be particularly impactful in regions with limited access to banking infrastructure. In #Africa, where a significant portion of the population remains unbanked or underbanked, XRP's technology could empower individuals by providing them access to digital financial services. Its decentralized nature and focus on financial inclusion align with the growing demand for digital banking solutions in the continent. This presents a bright opportunity for the finance sector in Africa to evolve, as XRP/Ripple has the potential to drive innovation, financial accessibility, and economic growth. #xrparmy #xrp #xrpcommunity #africanentrepreneur #africanews #africanews 🇳🇬 #nigeriansincanada #nigerianews

🌐 Financial inclusion: Bridging financial gaps for a better tomorrow 👉 Swipe now and discover key insights from our MD Americas and Chief Strategy Officer, Michele Tucci and a comparative outlook on financial inclusion in LATAM vs APAC. Here are some key points from this segment: 🔹 A world post-Covid: How financial inclusion can help marginalised communities 🔹 A Comparative Outlook: LATAM vs APAC 🔹 Examples of key initiatives driving financial inclusion: 1. In LATAM, Colombia launched Ingreso Solidario, which promotes using digital financial services such as digital accounts, mobile wallets, e-wallets or mobile money. 2. In APAC, Thailand worked on two types of digital financial services, ensuring the continuity of present electronic payments and paving the way for the potential use of Central Bank Digital Currency (CBDC) and cryptocurrencies. 🔗 Read more here: https://lnkd.in/gSWPeFu7 #FinancialInclusion #EconomicGrowth #UnbankedPopulations #LATAMvsAPAC #credolabcontent

"Currently, the Asia-Pacific (APAC) region has the largest number of countries that have CBDC pilots launched, including Australia, Japan, South Korea, China, Hong Kong, India, Singapore, Thailand and Malaysia." - World Economic Forum The APAC region is also involved in several cross-border CBDC projects within the region and across regions, including Project mBridge and Project Dunbar. ◾ Project mBridge, is a wholesale CBDC initiative for cross border CBDC that aims to launch their MVP this year. The project has four founding central banks and over 25 observing members including the Reserve Bank of Australia. Should the project prove a success, it could offer an alternative to Swift’s dominant payment infrastructure. ◾ Project Dunbar tested a multi-CBDC platform for better cross-border payments, involving Bank for International Settlements – BIS, Reserve Bank of Australia, Bank Negara Malaysia, Monetary Authority of Singapore (MAS), and the South African Reserve Bank, successfully proving the concept's technical feasibility. mBridge: https://lnkd.in/gChtiamh WEF CBDC Interoperability Principals: https://lnkd.in/gevcASrz #CBDC #Banking #digitalcurrency #payments

Why 🏦 banks must prepare for Instant Payments. Around the world, new Instant Payment schemes are taking over – both domestically and across borders. The report explains why banks need to grasp the instant payments opportunity – and how they should manage the serious risks that are emerging in this new environment. Even as you read this paper, Instant Payments, or Faster Payments, are changing the way people pay. In the last ten years, the growth of instant payments has been stratospheric, at 29.1% per year: it’s predicted they will account for one in three of all consumer transactions globally by2029. One in three payments will be instant by 2029 ♦️ Are you seeking guidance on applying for a license to conduct virtual assets regulated activities in #Dubai or #AbuDhabi ❓Look no further❗️ Drop us a line⤵️ ➡{Contact@cryptosconsultancy.com} ✅ If you found this type of content valuable, 👍 Like 🔁 Repost #Banks #Dubai #UAE #GCC #EU #Europe #VirtualAssets #Crypto #License

The Digital Dollar Project published a pilot study together with Western Union, BDO Unibank and Accenture. The pilot study focused on whether and how a simulated retail US #CBDC could improve remittances in the US-Philippines corridor. It was the goal of the study to increase understanding and familiarity of the digital dollar, utilize a CBDC sandbox to simulate a transfer and inform future CBDC remittance use cases and business model opportunities Key observations:  1️⃣ CBDC can improve remittance processing by settling a P2P payment in less than 10 seconds. 2️⃣ The key driver is atomic settlement, which reduces counterparty risk and optimized liquidity. 3️⃣ Also costs could be reduced as CBDC settlement allows for transferring value and message in a single transaction, which is settled atomically. For the pilot, a tokenized digital dollar in the form of a bearer instrument was used. 📝 Source: https://lnkd.in/epCyYQ4Z