India’s Pradhan Mantri Suraksha Bima Yojana (PMSBY) has enrolled nearly 48 crore individuals for accident insurance, disbursing over 1.47 lakh claims. The Pradhan Mantri Jan Dhan Yojana (PMJDY) boasts over 54 crore beneficiaries, boosting financial inclusion and empowering millions. Both schemes represent significant milestones in India’s social and economic development.
Banco de Crédito del Perú (BCP), a leading financial institution in Peru, is undergoing a major digital transformation with a $650 million investment over five years. Partnering with Microsoft and Kyndryl, BCP aims to modernize its IT systems with hybrid cloud solutions, enhance the digital customer experience, and expand financial inclusion in Peru. This initiative positions Peru as a leader in technological innovation in Latin America.
Visa and USAID have partnered to improve global access to secure and inclusive digital government systems. This five-year collaboration will focus on developing and implementing digital platforms that connect citizens to essential services, fostering economic growth and financial inclusion in emerging markets.
Avalanche has launched the Avalanche Card, a crypto payment card that enables users to spend their digital assets like USDC and AVAX at any Visa-accepting location. The card, initially available in Latin America and the Caribbean, is designed to promote financial inclusion and facilitate seamless crypto spending. This initiative represents a significant step in making cryptocurrency a mainstream payment method, bridging the gap between traditional and digital finance.
Citadel Credit Union has reached a settlement with the U.S. Department of Justice, pledging to expand its services and financial support within Philadelphia. This agreement includes opening new branches, providing mortgage loan subsidies, and dedicating resources to community outreach and development. Citadel emphasizes its commitment to building a brighter future for all communities it serves.
El Salvador’s President Nayib Bukele acknowledges that Bitcoin adoption has been slower than anticipated but maintains optimism about the long-term benefits of the experiment. He highlights the positive impact on branding, investment, and tourism, while acknowledging the challenges in achieving widespread acceptance.
The Pradhan Mantri Jan Dhan Yojana (PMJDY), a national mission for financial inclusion, has completed 10 years, bringing banking services to millions of Indians, particularly women, youth, and marginalized communities. The scheme has facilitated access to bank accounts, savings, insurance, and credit, transforming the financial landscape and empowering individuals.
Mastercard is transforming the lending landscape with its Open Banking for Lending initiative, offering innovative solutions that simplify the process and empower consumers with greater control over their finances. By leveraging consumer-permissioned data, including income verification, cash flow analysis, and rent history, Mastercard is creating more inclusive pathways for individuals to access credit and participate fully in the digital economy.
Brian Nelson, Under Secretary of the Treasury for Terrorism and Financial Intelligence, will attend the Pacific Banking Forum in Brisbane, Australia, to discuss de-risking and financial inclusion in the Pacific region. The forum, co-hosted by the US and Australian governments, aims to address the decline in correspondent banking relationships in the Pacific, which hinders access to financial services for local populations.
India’s rural and semi-urban areas continue to face significant underpenetration of financial services, primarily due to limited awareness of digital technology and financial inclusion. MD and CEO of PayNearby, Anand Kumar Bajaj, highlights the challenges faced by these regions, including lack of infrastructure, unreliable internet connectivity, and absence of physical branches. He emphasizes the need for assisted digital banking to enhance accessibility for underserved populations.
