Fidor exits the UK...and signs deal to take Kazakhstan cashless

By Daniel Lanyon on 4th July 2019

Challenger Banks

The digital bank may have shut up shop but the bank building arm of the wider group has a new project.

Fidor exits the UK...and signs deal to take Kazakhstan cashless
Image source: Fidor

Fidor Solutions, digital banking platform arm of the wider Fidor Group, says it has signed of a Memorandum of Understanding with Kazakhstan to prompt the country into going cashless yesterday, the same day the group’s UK digital bank said it was closing.

The MoU, with the government-backed Astana International Financial Centre Authority will precipate initiatives to support the development of a cashless economy in Kazakhstan and support developing a fintech marketplace to boost financial market innovation in the country.

These include, apart from the development of a cashless economy in Kazakhstan:

-          Development of joint fintech education programmes with key regional universities.

-          Support in developing the AIFC fintech marketplace to boost financial market innovation and collaboration while driving e-commerce activities.

-          Mentorship and partnership on accelerator programmes.

Kairat Kelimbetov, Governor of AIFC, stated: “AIFC has great ambitions for its fintech innovation programme that go beyond borders. We are proud to be growing our fintech network by signing an MoU with Fidor, a European fintech that has successfully developed internationally. Their contribution will be valuable to all our members and partners.”

Gé Drossaert, Board Member and Group CCO of Fidor, commented: “We are glad to be joining AIFC’s fintech innovation programme. Fidor share similar core values to AIFC, such as openness and knowledge sharing. We are glad to put this into action by offering our expertise in launching this fintech education programme, and financial marketplaces while mentoring regional fintechs. The collaboration between our organisations will pave the way for fintech success in the region with a direct impact on the digital economy and financial access.”

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