Astrid Cruz’s Post

In developing nations, MSEs (micro and small enterprises) are a major source of employment and economic growth, and #DigitalPayments can have wide-ranging impacts. A new report from ODI Global and Visa explores how digital finance and payments can promote the economic empowerment and competitiveness of MSEs, and addresses potential challenges in the shift to digital. With findings from 109 national strategies and in-depth case studies of #SouthAfrica and #Colombia, the study identifies five key recommendations for governments: 1. Clear identification of where and how to expand digital payment access 2. Effective partnerships to create a strong national payments ecosystem 3. Meaningfully consulting and engaging with MSEs 4. Active coordination of institutions and capabilities 5. Careful policy development and communication Read the full report: https://lnkd.in/eZdxEhZN #MSE #SMB #DigitalTransformation #ODI #Visa #FinancialInclusion

Building the Financial Infrastructure for Expanded MSME Financing - The APFF-ASEAN BAC Southeast Asia Conference had a session to discuss how APEC and ASEAN can accelerate key elements developed by ABAC, APFF and ASEAN BAC to promote MSME access to finance in Southeast Asia. These include secured transactions reforms, digital supply chain finance, expanded cross-border data flows, and interoperable open finance and open data systems. These were discussed by PayPal Thailand Managing Director Jirapun Pongpanite (representing the Emerging Payments Association Asia), APFF Secured Transactions Working Group Sherpa and Wells Fargo Head of Channel Finance Chris Wohlert, Future of Privacy Forum Asia-Pacific Policy Manager Dominic Paulger and Go Negosyo Senior Adviser Josephine Romero, and moderated by IFC Country Manager for Thailand and Myanmar Jane Yuan Xu. #apec #asean #apff #abac #smefinance #payments #opendata #openfinance #ifc #paypal #wellsfargo #futureofprivacyforum #dataflows #gonegosyo #privacy #securedtransactions #uncitral

We are delighted to announce our new partnership with Evocabank, an Armenian bank with strong modern digital solutions for multiple banking needs and focus on medium-sized enterprises (SMEs) support. Through a USD 10 million facility, with USD 9 million dedicated to SME financing and USD 1 million for trade finance, we are providing Armenian businesses with the resources they need to grow, innovate, and expand into new markets. This new partnership reflects our continued commitment to strengthening the real sector and fostering economic cooperation across the Black Sea region. By helping SMEs enhance their competitiveness and engage in cross-border trade, we are contributing to Armenia’s economic development and regional integration. Upon signing the loan agreement, Dr. Serhat Köksal, President of Black Sea Trade & Development Bank (BSTDB) said: “Supporting the development of the SME sector is a core strategic priority for BSTDB, not just in Armenia but across all our member countries. Small and medium-sized enterprises are the backbone of any economy, and in Armenia, they play a crucial role in driving growth, innovation, and employment.  The funds we are providing will support these businesses in enhancing their operations and building resilience, ultimately contributing to the overall development and sustainable growth of the country’s economy.” More details: http://bit.ly/4hDRa7g #BSTDB #Evocabank #Armenia #SME #Finance #RegionalTrade #EconomicGrowth

IDB Lab and the World Economic Forum announce the launch of the second phase of our Payments to Advance Growth for All (PAGA) Initiative PAGA, unites 100+ stakeholders from public and private sectors to discuss #DigitalPayments in #LatinAmerica and the #Caribbean. Our goals:  ☑️Develop regulatory practices for smoother cross-border payments  ☑️Foster public-private collaboration for #MSMEs inclusion in cross-border trade  ☑️Drive tech innovation and adoption  ☑️Explore digital trade agreements for secure cross-border payments As we kick off PAGA II, we're seeking successful digital payment use cases enabling MSMEs to conduct cross-border transactions. Digital payments are vital in our growing digital economy, and we're dedicated to fostering an environment where innovative solutions thrive. We invite you to submit successful use cases by October 11, 2024 here: https://lnkd.in/eWfNFVG2 Sergio Navajas, Jimena Sotelo, Eric Parrado, Marcelo Cabrol, Irene Arias Hofman, CFA, Inter-American Development Bank, Fernando Campero, Marisela Alvarenga, James P. Scriven, IDB Invest

Africa, why the NDA document? Are payments a new invention in Africa? I think payments has become a standard capability that we should share knowledge in order to scale and bring onboard all stakeholders. Africa should get to a point where standards exist that can enable new entrants from the grassroots sprout to take the technology to everybody. Stitching together the highly fragmented African Payments methods has been the strength of Cellulant. Navigating the unique regulatory frameworks from one country to another remains a frontier that regional bodies such as SADC Secretariat, African Union Commission, WAEMU and others would be striving to harmonize an an enabler to digital payments growth across Africa.

The future for fintech in #Africa is bright, with the market projected to reach a value of $65 billion by 2030. The unique demographic of the continent makes it a most promising landscape for fintech, with over 85% mobile and internet penetration rates across Africa. Challenges remain however, with investors often being discouraged by perceptions of geopolitical volatility and wider uncertainty in African markets, which regularly overshadows the immense promise harboured within African fintech.  Join us in London this Thursday as Dr. Ademola Bamgbose, Senior Associate at Hogan Lovells, moderates a discussion between Charlie Bird, Head of FX Trading at Verto, Theresa Henshaw, Chief Executive Officer at UBA UK and Nkosi Moyo, Head, Global Payments and Mobile Sales at Crown Agents Bank, as they discuss strategies to address challenges in cross-border payments, repatriation issues, reliability, access and scale in #Africa. Register here: https://lnkd.in/d2wNrhRf #Fintech #Africa #DigitalFinance #Trade #Investment 

❗ Canada is one of the best G20 countries for doing business. I will be addressing Canada's growing FinTech ecosystem, including: 🍁The market landscape 🍁Opportunities in the industry 🍁Key areas for innovation in financial services 🍁Canadian government support for foreign investment 🍁Regulatory highlights #fintech #financialservices Global Affairs Canada | Affaires mondiales Canada Singapore FinTech Association (SFA)

IsDB announces the winner of the Most Impactful ICD Investee Company of the Year: Tunisia’s Wifak Bank Tunisia’s Wifak Bank made the transition a fully-fledged Shariah compliant bank in 2016, while the ICD participated in the capital increase reserved for strategic partners including the Tunisian sovereign wealth fund and other Tunisian investors. In line with ISO 26000 standards, Wifak is quantifying its carbon footprint and is attempting to reduce it while also making progress on SDGs 5, 8, 9, and 17. Wifak’s Fitch rating outpaces the sovereign rating as it provides 55,000 individuals/SMEs with access to financial resources and employed over 300 local talents while collaborating with a fintech company to introduce digital payments. https://lnkd.in/dy3_CMfc #PSFAwards #PrivateSectorForumAwards #IsDBGroup #ICIEC #ICD #ITFC #ShariahCompliant #TradeFinance #PrivateSectorDevelopment #FinancialInnovation #IslamicFinance #FinanceAwards #IndustryRecognition #InnovationAwards

The prospect for Africa looks promising with the World Bank's dedication to advancing digital innovation throughout the region. This initiative is poised to boost economic development and narrow the technological gap. By concentrating on enhancing digital infrastructure, expertise, and regulatory frameworks, there are positive implications for both businesses, innovators, and the general population. https://buff.ly/3wybDHB #AfricaRising #DigitalTransformation #WorldBank #Africantech #EconomicDevelopment

🌍 The AU and its member states aim to implement an integrated and inclusive digital economy to lower trade barriers by 2030. 📱 The rise in the number of instant payment systems in Africa is a substantial achievement, but despite their proliferation, the majority are not inclusive. Nominally, 56% do not provide all-to-all interoperability, which means their users are not able to make payments to/ from all other potential payment systems. Ennatu Domingo Soler and AfricaNenda’s Jacqueline Jumah and Sabine Mensah argue that instant payment systems play a crucial role in Africa’s digital public infrastructure, but that there are still many barriers to its interoperability – which Europe can help address. Read the full commentary 👉 https://bit.ly/3UtDrGh Digital for Development (D4D) Hub, Better Than Cash Alliance, CGAP, Collaboration on International ICT Policy for East and Southern Africa (CIPESA) #DigitalTransformation #Africa #AfricanUnion