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Cambodian Association of Finance and Technology (CAFT) Partners with the Ministry of Post and Telecommunications during CAFT 2nd Annual General Meeting

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The Cambodian Association and Finance and Technology (CAFT) held its 2nd Annual General Meeting and MoU Signing with the Ministry of Post and Telecommunications (MPTC) last Friday, March 4, 2022 at the SOSORO – Preah Srey ICANAVRMAN Museum.

The MoU was signed by H.E. So Visothy, Secretary of State of MPTC and Mr. Remi Pell, CAFT Board Chairman and witnessed by by H.E. Dr. Chea Vandeth , Minister of Post and Telecommunications, H.E. SOK Puthyvuth, Secretary of State of MPTC, H.E. Dr. Chea Serey and CAFT Board Director Secretary General Mr. Tomas Pokorny, CAFT Board Treasurer Frandara Khuon and CAFT Board Member Sanjay Chakrabarty.

The MoU aims to strengthen CAFTs vision of collaboration by gathering and bringing together the diverse parts of the Cambodian finance and tech public and private community, advocating for a unified voice of the Cambodian finance and tech ecosystem, facilitating a great network where people in the Cambodian finance and tech industry connects, and to teach by learning from existing and past leaders to nurture the next generation of talent.

In his welcome speech Mr. Remi Pell Chairman of CAFT mentioned that the association’s readiness in addressing the Cambodian industry’s challenges. “CAFT has conceived strategic objectives to give us guidance on how we address the challenges that we face as an industry – 1) the need the expand the tech talent pool and create opportunities for upskilling, 2) creating education of developing innovation skills for implementation and utilization, 3) increase the SME digitalization and adoption, 4) financial literacy and financial inclusion. These are the challenges that make up who we are an association and it’s our mission to address them and make progress, which at times seems incremental, but holistically its steadily forward,” he said.

H.E. Dr. Chea Serey, Assistant Governor and Director General of the National Bank of Cambodia on her collaborative remark, stated: “Fintech is believed to provide convenient and affordable access to finance that could improve financial inclusion and provide social-economic benefits to SMEs and people who have no access to financial services. The MoU between CAFT and the MPTC was an important step in building synergy between the private and public sectors to promote a diverse digital economy in Cambodia.

Meanwhile, H.E. Dr. Chea Vandeth, Minister of Post and Telecommunications, highlighted the importance of the Memorandum of Understanding during his collaborative remark. He said, “The collaboration between MPTC and CAFT is a good example of the private and government sector coming together towards one goal in improving finance, technology, startups, entrepreneurship, commerce, marketing, networks, skill capacity building, and knowledge which would enable financial inclusion, digitalizing and digitizing technological and finance startups, transforming the current digital ecosystem, and promoting the development of infrastructure for Cambodia’s economy to be aligned with and fully benefit from Industry 4.0.”

During the AGM CAFT Board Director – Secretary General Mr. Tomas Pokorny presented the milestones of CAFT for 2021. Albeit a challenging year, CAFT was able to persevere and highlighted the success of CamTech Summit powered by Prudential with hope that it has put Cambodia on the map as a Fintech powerhouse and that this year CamTech Summit Powered by Prudential will be held in person.

As part of CAFT’s continued advocacy, Tomas Pokorny on his presentation announced the Strategic Partnership with Prudential (Cambodia) Life Assurance. The partnership will highlight Prudential’s unending and continued support of CAFT initiatives and their contribution as CamTech Summit’s Title Sponsor.

Sanjay ChakrabartyPrudential CEO and CAFT Board Member, said, “We are pioneering digital health and insurance in Cambodia. Our efforts are aided by a thriving Fintech sector. CAFT has been doing an incredible job developing the Fintech sector in Cambodia. We’re now in our 3rd year of this strategic partnership and we’re looking forward to furthering capacity building and knowledge sharing in Cambodia through CamTech and other planned events.”

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Other partnerships were also announced with Cambodia Internet Startup Association which is led by Mr. Jack Lee, International Business Chamber chaired by Mr. Paul Clements and Ecosystem Partner – 500 Global with Carrie Liauw, Regional Director, Programs, APAC. These partnerships are vital for CAFT’s future and its commitment to their members and public.

To recap his presentation Pokorny highlighted the creation of the FINTECH ASEAN roundtable which would bring together ASEAN states for collaborative meetings to examine key issues and challenges affecting the region and to determine how to further push the sector forward.

“We’re finally starting to show, through our efforts and efforts of many others, that Cambodia is ready to communicate with the rest of the world when it comes to technology, and when it comes to financing,” Pokorny said.

Also present during the event were Madam Ambassador Tina Redshaw British Ambassador to Cambodia; H.E. TOUCH Yarandy, Under Secretary of State of MPTC; H.E. CHEA Sereyvath, Advisor to MPTC; H.E. NEANG Mao, Director General of General Department of Information Communication Technology; H.E. MOK Rady, Director General of General Department of Administration; H.E. SAM Sethserey, President of Institute of Digital Research & Innovation of Cambodia Academy of Digital Technology (CADT) and Mr. Ouk Sarat, Director of Payment System Department, National Bank of Cambodia.

Lastly, the event could not have been possible without CAFT’s board‘s, executive committee‘s, members’, and partners’ continued support as well as the AGM sponsors iCare Benefits Group, Sathapana Bank, Tilleke & Gibbins and TrueMoney Cambodia.

SOURCE Cambodian Association of Finance and Technology

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Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform

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xMoney Global, the global, inter-bank and cross crypto/fiat integrated payments platform has appointed award-winning economist Dr. Greg Siourounis as Co-Founder and CEO. The company is a Mastercard principal member, with strategic European licenses, such as e-Money and VASP.

As the digital landscape continues to evolve with the coming MiCA regulation, xMoney Global intends to lead Europe into this new transformative EU regulated stablecoin era. Greg Siourounis will lead the integration of xMoney’s advanced blockchain-enabled payments infrastructure with its upcoming stablecoin program. Stablecoins are a key driver of blockchain adoption in today’s market, now surpassing Bitcoin, remittances, and PayPal in annual transaction volume. As such, xMoney’s Global reputation positions it to bridge Web3 innovation with traditional finance, leading Europe into a new transformative EU regulated stablecoin era.

Dr. Greg, who has played a pioneering role in the growth of Sui Foundation as its former Managing Director and who previously founded Everypay, will drive xMoney Global’s next wave of growth. Beyond the standard reference of his academic work in 2024’s Nobel Prize in Economics, Dr. Greg’s career is also decorated with awards such as the 2005 Young Economist Award from The European Economic Association and the 2008 Austin Robinson Prize from The Royal Economic Society. His immediate target will be to focus on partnerships, regulatory alignment and market expansion, as xMoney Global looks to build a comprehensive payments platform that bridges legacy financial systems with the potential of decentralized finance.

Commenting on his appointment, Dr. Greg Siourounis, CEO of xMoney Global, said, “As Europe prepares to embrace MiCA regulation, xMoney Global is positioned to redefine what compliant, secure, and seamless digital payments can be. Our goal is to deliver a solid and trusted ecosystem that combines the strengths of traditional finance with the flexibility of blockchain technology to create a future-ready payment experience.”

Beniamin Mincu, Co-founder of MultiversX, said, “xMoney Global’s mission aligns perfectly with the vision of MultiversX to bring scalable and secure blockchain solutions to mainstream finance. This appointment marks a significant step toward building a more inclusive and resilient financial system.”

The launch of xMoney Global aims to offer a next-gen blockchain-as-a-service module backed by its native stablecoin, with key white-labeled services including acquiring, issuing, onramps/offramps and a sticky loyalty program, all backed by MultiversX’s state-of-the-art sharding technology. Following the surge in crypto markets after Trump’s pro-crypto Presidential win, xMoney will be ideally placed to accelerate real-world adoption as the easiest way for everyone (consumers, retail and e-commerce) to seamlessly access fiat and crypto currencies in an app, card or payment gateway.

The post Former MD of SUI Foundation, Greg Siourounis, Joins xMoney Global as Co-Founder and CEO to build MiCA-Regulated Stablecoin Platform appeared first on News, Events, Advertising Options.

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Fintech Pulse: A Daily Dive into Industry Innovations and Developments

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The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.


Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet

Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.

This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.

Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.


Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital

Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.

Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.

Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.


India’s Yubi Plans a Fundraising Push

Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.

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India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.

Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.


Provenir and Hastings Financial Services Win Global Recognition

Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.

Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.

Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.


Microf and Quantum Financial Technologies Forge New Alliances

Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.

This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.

Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.


Key Takeaways for the Fintech Ecosystem

  1. Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
  2. Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
  3. Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
  4. The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
  5. Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.

Looking Ahead: Challenges and Opportunities

The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.

This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.

 

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Fintech Latvia Association Releases Fintech Pulse 2024: A Guide to Latvia’s Growing Fintech Hub

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The Fintech Latvia Association has launched the latest edition of its annual publication, Fintech Pulse 2024, unveiling insights and resources that position Latvia as a thriving hub for European fintech.

Announced at this year’s Fintech Forum, the magazine is now available in digital format, offering a comprehensive guide for fintech professionals and entrepreneurs navigating the Latvian market and exploring its advantages.

This issue covers essential topics, from support tools provided by Latvijas Banka and newcomer roadmaps to Riga’s investor resources and fintech education opportunities. Readers will find the latest fintech news from Latvia, coverage of this year’s key industry events, and member insights on the future of fintech. The Fintech Landscape section provides a comprehensive overview of the Latvian fintech ecosystem.

Tina Lūse, Managing Director of Fintech Latvia Association, expressed excitement about the ecosystem’s growth: “We are excited to unveil the third annual edition of Fintech Pulse. This year has been pivotal for our ecosystem, and together with public sector stakeholders, we are enhancing financial inclusion, democratizing investments, and driving innovation throughout the sector. This is a testament to Latvia’s emergence as a fintech hub, establishing itself as an equal partner in innovation and support within the Baltic region.”

Minister of Finance Arvils Ašeradens highlighted Latvia’s fintech potential in the magazine, stating: “Latvia has already made strides in adapting its regulatory framework to support a stable financial system. Now, we encourage financial market players to invest in modern technologies to meet the growing demand for inclusive financial services and solidify Latvia’s position in the fintech landscape. We are confident that with the combined offer of the government, Latvijas Banka and Riga city, we are a great place to start your next scalable European FinTech!”

Minister of Economics Viktors Valainis expressed Latvia’s ambition in the magazine, stating: “Latvia wants to become a WEB 3.0. innovation hub and solidify itself as one of the leaders of a newly regulated EU crypto-asset market. We welcome international companies to choose Latvia, a flexible and fast-paced country, where you can obtain a MICA license in just 3 months. Open your office in Latvia, receive a MICA license and serve the whole EU market!”

The Fintech Latvia Association brings together fintech and non-banking financial service providers to represent their interests at both the national and international levels. It promotes sustainable development in Latvia’s financial sector by fostering reliable, responsible, and long-term industry practices that earn trust from consumers and regulatory authorities. The association is committed to supporting innovation and growth opportunities within the fintech landscape.

The post Fintech Latvia Association Releases Fintech Pulse 2024: A Guide to Latvia’s Growing Fintech Hub appeared first on News, Events, Advertising Options.

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