Are you up-to-date with the dynamic world of fintech?

🌐 FinTech is evolving at lightning speed, and every shift has profound implications for businesses worldwide. At UpGate, we don't just keep track of these developments—we dissect them, understanding their potential to reshape our strategies and services. We firmly believe in transparently discussing how these industry revolutions are refining our operations, ensuring we're always one step ahead and want to share our thoughts.

👉 Focus on Technology and AI Regulation: Regulators are increasingly monitoring the use of AI in financial services due to its growing presence. The aim is to ensure that AI systems in fintech adhere to strict data protection and consumer privacy regulations. (FintechGlobal)

👉 PCI DSS 4.0 Implementation: The first phase of PCI DSS 4.0, featuring 13 broad new requirements, had a compliance deadline of March 31, 2024. A second phase, consisting of 51 mostly technical requirements, has an implementation deadline set for the following year. (PCI Security Standards Council)

👉 Open Banking: After the 2024 fall economic statement, the federal government plans to propose a second bill on open banking. Businesses, merchants, and corporations are increasingly viewing open banking as a cost-effective method. In the UK, open banking payments are growing at a rate of 10% month-on-month. (Forbes) Notably, open banking is expected to be implemented in the USA this year, an event UpGate eagerly anticipates, recognizing its potential benefits for merchants.

👉 Expansion of Digital Banks and Financial Inclusion in Asia: Digital banks are on the rise in Asia, but their impact differs greatly across regions. They have less influence in affluent areas where there are already many banking options like:

Singapore: Trust Bank, GXS Bank, Anext Bank, Maribank, Green Link Digital Bank

Hong Kong: Airstar Bank, WeLab Bank, Livi Bank, Mox Bank, Ant Bank, Fusion Bank, Ping An OneConnect Bank, ZA Bank

Japan: Sony Bank, Jibun Bank, Minna Bank, PayPay Bank, Rakuten Bank, SBI Sumishin Net Bank, Seven Bank

Taiwan: Rakuten International Commercial Bank, Next Bank, Line Bank

However, in less affluent regions with underdeveloped financial systems, such as certain Southeast Asian and South Asian countries, digital banks play a key role in improving financial inclusion. (Forbes)

👉 Markets in Crypto Assets Regulation (MiCAR): MiCAR represents a significant milestone as it is the first comprehensive set of regulations for cryptocurrencies. Effective from June 30, 2024, MiCAR establishes clear rules for the issuance, operation, and governance of crypto-assets, including cryptocurrencies, security tokens, and stablecoins. (European Banking Authority)

🔗 We're not just observing the change; we're part of it. Unlock new markets and grow your business with UpGate: https://www.upgate.com/

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