Cross Border Payment

Giesecke+Devrient: Ghana CBDC Nullifies the Need for Multiple Intermediaries in Cross-Border Payments

July 25, 2024

The recently completed proof of concept by the Bank of Ghana and the Monetary Authority of Singapore demonstrated that the latter’s central bank digital currency enables cross-border payments, excluding many intermediaries and associated costs. Giesecke+Devrient (G+D) stated that the proof of concept (POC) demonstrated the effectiveness of utilizing digital credentials for international trade and cross-border…
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China and UAE Praise Potential Role of CBDCs in Cross-Border Trade

June 3, 2024

China and the United Arab Emirates (UAE) have acknowledged the crucial role of central bank digital currency (CBDC) in facilitating cross-border trade and investment. In a joint statement, the two countries expressed their commitment to deepening bilateral and multilateral cooperation with respect to their CBDCs. China also expressed appreciation for the UAE’s recent direct cross-border…
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Ripple Partners With Onafriq to Enable Faster Cross Border Payments to Africa

November 14, 2023

Ripple and the Africa-focused payment fintech startup Onafriq recently said they are collaborating to enable crypto-based cross-border payments between Africa and the Gulf Cooperation Council (GCC), the U.K., and Australia. Using Ripple’s platform helps Onafriq achieve its goal of making borders “matter less when it comes to payment within, to, and from Africa.” Accelerating Financial…
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Governments See CBDCs Making Their Countries ‘More Economically and Financially Efficient’ — Venom Foundation CEO

August 29, 2023

According to Christopher Louis Tsu, the CEO of Venom Foundation, governments that are seeking to introduce central bank digital currencies (CBDCs) are not being driven by the fear that privately issued digital currencies may soon become the preferred method for cross-border and micropayments. Instead, some countries view CBDCs as a technology that could make their…
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Crypto Has Evolved From Being Seen as an ‘Anti-Establishment Rebellion Asset’ Says FCA Executive Director

April 26, 2023

From being seen as a small “anti-establishment rebellion asset” more than ten years ago, crypto has grown to “become more widespread,” says Sarah Pritchard, an executive director at the United Kingdom’s Financial Conduct Authority (FCA). Pritchard said while the FCA has routinely warned consumers of risks associated with crypto, the watchdog has “always been open…
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TBD and Yellow Card to Enable Fiat On and Off-Ramp Payments in 16 African Countries via BTC

April 18, 2023

TBD and the Africa-focused cryptocurrency exchange platform Yellow Card recently partnered to launch a fiat on and off-ramp that enables payments in some 16 African countries through Bitcoin rails. The objective of this arrangement is to make cross-border payments not only more affordable and accessible, but compliant as well. Hedging Against Inflation With BTC TBD,…
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FTX Collapse: African Crypto Industry Leaders’ Perspective and Advice to Regulators

November 16, 2022

The collapse of FTX and subsequent calls for tougher regulation by the likes of U.S. Senator Elizabeth Warren have increased the likelihood of regulators adopting even stricter crypto laws. In Africa, crypto industry participants warn of the unintended consequences arising from rushed and over-restrictive regulations. The Game-Changing Role of Crypto in Africa As the crypto…
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Cryptocurrencies a ‘Good Alternative to Traditional Settlement Processes’ — Study

July 25, 2022

Cryptocurrencies can be a good alternative to conventional settlement processes because they are underpinned by blockchain technology which enables the instant finalization of transactions without the involvement of intermediaries, a new report has said. Some players in the cross-border money transfer industry perceive the blockchain and cryptocurrencies as technologies that can enhance remittance processes. Cryptocurrencies…
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Co-Founder of Africa Focused Fintech: Traditional Banks Not Optimized to Serve the Unbanked

June 2, 2022

For years, traditional financial institutions in different parts of the world have been attempting to narrow the financial exclusion gap by extending their services to the unbanked population. Yet for many reasons, these institutions still cannot avail their products and services to everyone that needs them. Regulatory Hurdles While there are several reasons cited for…
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Report: Number of African Cryptocurrency Users up by Nearly 2,500%

March 22, 2022

The number of cryptocurrency users in Africa grew by almost 2,500% between January 2021 and January 2022, while the average number of monthly transactions went up by 1,400%, a new report by Kucoin has said. Widespread Adoption of Cryptocurrencies According to a new report by crypto exchange Kucoin, the number of cryptocurrency users in…
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Category: Cross Border Payment