Africa’s forays into fintech continue apace as a new hub opens in South Africa, while sharing knowledge across the continent continues to be crucial for success.

New contenders are challenging the dominance of Swift in the cross-border payments space, compelling it to improve on its flaws.

In addition to developing innovative products, many banks are looking within to better meet the needs of an increasingly digital society.

African nations are at the vanguard of the new movement towards central bank digital currencies, in a desperate bid to regain the initiative in the wake of rising cryptocurrency usage across the continent. 

Five regional central banks have announced plans to enable QR code-based cross-border payments. Furthermore, they want to link such a network to other regional payments platforms and eventually to central bank digital currencies. 

Some 60% of European users surveyed by McKinsey said they would consider a fully digital solution for all their banking needs, but banks are struggling to profit from online channels.

While the CPMI provides a review of current interlinking arrangements, being a bit more prescriptive may help the industry in its quest to connect faster payment systems internationally. Heather McKenzie reports.

Ernie Diaz, head of US consumer distribution and wealth, TD Bank, talks about learning how a bank becomes part of a community. 

Many jurisdictions are following the EU’s proposed regulation of artificial intelligence. Firms that have not begun to develop their AI systems to comply with the new regulation are being advised to do so now.

Is the increased regulatory activity around buy now, pay later good news or bad for the financial services industry? Heather McKenzie reports.