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Fintechs account for nearly two-thirds of the $4.9 billion that was raised by African technology firms during the past year. Fintech groups also dominate in terms of funding that exceeds $50 million, with a 40% share of the total number of tech firms. The Covid-19 Factor Out of the $4.9 billion
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China’s social media giant, Wechat has said it will support the digital yuan in a move that is expected to increase the of Chinese residents that use the central bank’s digital currency (CBDC). Wechat’s support of the digital yuan potentially avails the digital currency to the social media’s 800 million
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According to an internal administrative circular viewed by coindesk, the upgrading of that unit into its own department is aimed at promoting innovation in the sector, identifying the challenges and opportunities associated with it and addressing them in a timely manner, and providing a framework for further research on the
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The Jamaican central bank successfully completed the pilot testing of its central bank digital currency, a statement from the bank has said. The statement however reveals that only one payment service provider participated in the pilot. Only One Payment Provider Participated in the Pilot The Bank of Jamaica (BOJ) recently revealed that
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Barbados, a paradise island in the West Indies, is known for its azure beaches, tidal waves, shipwrecks, homegrown grown Barbadian (Bajan) hospitality, and more recently, an influx of remote workers. Now, one can add cryptocurrency innovations to that list as well. Bitt, a Bajan fintech firm developing blockchain technology, has
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The Argentinian Chamber of Fintech, a membership-based organization whose goal is to lead the digitization and modernization of the financial services industry, issued a series of recommendations for the upcoming regulation of virtual assets in the country. The proposed framework asks the government to follow FATF recommendations, and it calls
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Tymebank, a South Africa-based digital bank, recently completed its Series B funding round with $70 million invested in the firm by Tencent and U.K. development financier, CDC Group. Funds to Support Tyme’s Expansion Into New Markets Tymebank, a digital bank from South Africa, recently raised an additional $70 million from its latest
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Along with the growing popularity of cryptocurrencies, Ukrainians are enjoying an expanding range of related services and products. Besides new options to buy and trade coins, crypto users in the country will be offered two cards that will allow them to spend their digital currencies in stores and online. Wirex
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A Kenya based fintech, Kwara has raised $4 million in a seed round that was led by Breega VC firm. The funds will be used to create an app that allows members of credit unions to access financial services. The Rising Demand for Financial Services by Credit Union Members Kwara, a
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French crypto-friendly fintech startup Lydia has raised $100 million in a Series C funding round, per a report in TechCrunch. The latest capital raise reportedly helped Lydia attain unicorn status with a valuation of over $1 billion. The $100-million fundraise comes nearly a year after its Series B funding round of $86
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