FINANCIAL INCLUSION
IMF Emphasizes Digitalization in Financial Inclusion Agenda
IMF Managing Director Kristalina Georgieva emphasizes the role of digitalization in expanding financial inclusion. She calls for a balanced approach that includes regulation to ensure financial stability. The IMF has also been active in digital finance, recently presenting a crypto-risk assessment tool.
Global Microfinance Market Projected to Reach $506 Billion by 2030
The global microfinance market, valued at $200 billion in 2022, is expected to grow to $506 billion by 2030, according to a new report by ResearchAndMarkets.com. The market is set to expand at a CAGR of 12.3% from 2022 to 2030. Microenterprises are identified as a vital growth driver for Microfinance Institutions (MFIs). The report also highlights the role of emerging technologies like AI and blockchain in shaping the industry.
BIS Survey: 93% of Central Banks Engaged in CBDCs, 15 Retail and 9 Wholesale CBDCs Expected by 2030
The Bank for International Settlements (BIS) has released a survey revealing that 93% of central banks are now engaged in some form of Central Bank Digital Currency (CBDC) work, with retail CBDCs taking the lead over wholesale CBDCs.
Shapella Upgrade, Privacy Concerns, Hacks, and Financial Inclusion
The DeFi space had a busy week with the successful completion of the Shapella upgrade on Ethereum, concerns over privacy related to staking, a major DeFi hack, and a partnership between Fonbnk and Tanda to increase financial inclusion in Africa. The top 100 DeFi tokens had a bullish week, and Glassnode predicted only a small percentage of staked ETH would be withdrawn.
Fonbnk and Tanda Partner to Launch Airtime Trading Marketplace in East Africa
Fonbnk and Tanda have partnered to launch an airtime trading marketplace in East Africa, allowing micro-entrepreneurs to earn revenue and store their profits in dollarized stablecoins. The partnership increases liquidity in the marketplace through the buying and selling of prepaid airtime for profit, providing more earning opportunities and creating a growth flywheel effect through improved liquidity and marketplace efficiency.
BlackRock CEO Highlights Digital Assets and Tokenization
Larry Fink's annual letter to BlackRock highlights the potential of digital assets and tokenization, citing advancements in digital payment solutions for financial inclusion in emerging markets.
Fasset to Drive Financial Inclusion in Indonesia with Mastercard
Digital assets-based fintech startup Fasset Technologies has partnered with payments giant Mastercard to drive financial inclusion in Indonesia.
Digital Currency and the Financial Inclusion Drive: The Journey So Far
With the digital currency ecosystem running toe-to-toe with traditional finance, here is a brief look into the journey thus far on the industry's financial inclusion drive.
World Economic Forum Views Cryptocurrency as Pivotal Tool for Financial Inclusion
The WEF thinks cryptocurrencies can be pivotal in offering financial services to one-third of the world’s adults, approximately 2 billion people, who are unbanked.
FUSANG Exchange Announces CCB $3 Billion Digital Bond Listing Suspended
FUSANG exchange announced that the listing of the $3 billion digital bond backed by China Construction Bank has been suspended.
FUSANG Exchange Lists First Publicly Available Blockchain-Based Digital Bond Backed by CCB
Asia’s first digital security exchange FUSANG is partnering with heavy weight China Construction Bank (CCB) to offer the first ever digital, tokenized, blockchain-based bond.
PARSIQ Integrates Chainlink Oracle Price Feeds to Trigger Off-Chain Actions and Trading Decisions
Blockchain monitoring and automation platform PARSIQ has integrated Chainlink price oracles to trigger off-chain actions and trading decisions.
Paxful to Boost Financial Inclusion with Its First Crypto Debit Card
Bitcoin trading platform Paxful announced that it will be adding a crypto debit card to its financial services.
Bitcoin Can’t Drive Financial Inclusion for Unbanked But CBDC Can says Mastercard CEO
Ajay Banga, the CEO of Mastercard believes Bitcoin is unable to function as an inclusive currency for the world’s unbanked due to volatility, CBDCs are a different story.
The Bahamas Becomes First Country to Launch its CBDC, the ‘Sand Dollar’
The Bahamas has launched the Sand Dollar, making it the first country in the world to officially release a central bank digital currency (CBDC) beyond the testing phase.
