Blockchain technology will continue its deployment into other areas of use in 2026. Its application for tokenizing assets, cryptocurrencies, and digital finance will deepen.

Other sectors will seek to leverage blockchain technology to the fullest, such as governance, where states could “begin implementing distributed ledger technology (DLT) systems to replace traditional paper-based systems.”

In marketing, blockchain is useful for measuring the reach of advertising campaigns and assisting in the collection of data on customer behavior.

The uses of this innovation in the medical field could be geared toward the development of “applications to manage patient data, control the supply of medications, automate transactions for medical examinations and treatments, and more.”

M.Pino

Source: bap-software

(Reference image source: Jakub Żerdzicki on Unsplash)

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La entrada Future uses of blockchain technology apareció primero en Bitfinance.

The need to reduce paperwork in data management and provide greater security for citizens has led to the creation of the European Digital Identity Wallet, or EUDI Wallet, which will come into effect in 2026.

This wallet will serve to store, manage, and share verified identity data on a single device. It is expected that the benefits can be leveraged in sectors such as tourism, public services, e-commerce, banking, among others.

The digital identity platform Signicat is involved in this European initiative aimed at complying with the new eIDAS regulation.

The benefits of this digital wallet for businesses are already being outlined, as it will allow for remote contract signing, without paperwork or wasted time; online data verification; and the elimination of steps such as scanning documents or entering passwords.

For Spain, a key country in digital innovation, “EUDI Wallets will streamline customer interactions, improve security, and simplify cross-border transactions. Whether for opening bank accounts, verifying tax residency, or booking travel, this technology will simplify procedures in both the public and private sectors.”

Unlike traditional electronic identities (eIDs), the EUDI Wallet “integrates authentication, electronic signatures, and the management of multiple credentials, making processes such as user onboarding, payments, and official verifications faster and more secure.”

M.Pino

Source: eleconomista

(Reference image source: Marielle Ursua on Unsplash)

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La entrada Europe moves toward the creation of a Digital Identity Wallet apareció primero en Bitfinance.

According to the holiday calendar of the Superintendency of Banking Sector Institutions (Sudeban), next Monday, Septembrer 16, bank branches will remain closed for the day of the Virgin of Coromoto.

Users of the national banking system will be able to carry out their transactions through the online system. In addition, they will be able to use the ATMs located throughout the territory to make deposits, withdrawals and inquiries.

Through mobile payment from the cell phone, a method widely used in the country, payments can be made to third parties. On the other hand, payments in stores with debit and credit cards will be fully active.

Sudeban urges Venezuelan banking users to use digital channels from home or the office, in a comfortable and safe way.

M.Pino

With information from Sudeban and national media

(Reference image: Unsplash+, in collaboration with Getty Images)

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La entrada Monday, September 16th will be a bank holiday apareció primero en Bitfinance.

On Monday, August 19, there will be no public attention at the box office in the country’s banking agencies, since according to the calendar of the Superintendency of Banking Sector Institutions (Sudeban) it corresponds to the holiday for the Assumption of Our Lady.

Customers will be able to make their payments, balance inquiries, and transfers through digital channels. On the other hand, they will be able to withdraw cash through ATMs located throughout the country.

Through telephone customer service, you can also obtain information and advice from qualified personnel.

Sudeban invites citizens to use online banking during bank holidays from the comfort of home, through the channels established by each banking entity, in an easy and secure manner.

Detailed information about upcoming bank holidays is available through its website in order to make forecasts according to the convenience of users of the national banking system.

M.Pino

With information from national media, Sudeban and social networks

(Reference image source: file)

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La entrada Monday, August 19 will be a bank holiday apareció primero en Bitfinance.

The Venezuelan Vice Minister of Digital Economy, Banking, Insurance and Securities, Román Maniglia announced on Thursday, June 27, that the country assumed the vice presidency of the Organization of the Petroleum Exporting Countries (OPEC) Fund for International Development (OFID) for the period 2024-2025.

Venezuela shows its commitment to the development of emerging economies and will be at the head of said vice presidency to accompany, especially, “the countries of the global south, with a pluripolar and multicentric vision,” according to Maniglia in his account on social network X.

The official participated in the 45th OFID Ministerial Council, with a packed agenda that included “attendance at the III OFID Development Forum, the 188th Board of Governors and a bilateral meeting with Dr. Abdulhamid Alkhalifa, president of the OPEC Fund”, where Venezuela’s key role in this important financial multilateral was ratified.

It is timely to remember that the OPEC Fund for International Development “is the only development institution with a global mandate that exclusively provides financing from member countries to non-member countries.”

Cumpliendo las instrucciones del Pdte @nicolasmaduro participamos en el 45º Consejo Ministerial del Fondo OPEP para el Desarrollo Internacional (OFID), en el que Venezuela asume la Vicepresidencia para el período 2024-2025 de esta instancia. pic.twitter.com/IwveyKC99x

— Román Maniglia (@romanmanigliave) June 27, 2024

M.Pino

Source: elciudadano

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada Venezuela assumed vice presidency of the OPEC Fund for International Development apareció primero en Bitfinance.

In an effort to accentuate its presence in the west of the country, bank more Venezuelans, position its brand and promote the sport for its intimate relationship with well-being and quality of life, Bancamiga participated in the fourth edition of the Gran Fondo Collado del Condor, in the state of Mérida, an event that brought together more than 1,000 cyclists from all over Venezuela.

The presence of Bancamiga touched on several lines of action that included sponsorship, realization of an operation to open accounts and deliver the debit card, hydration point and support five kilometers from the finish, and the participation of a team of collaborators, accompanied by Ambassador Amanda Dudamel, who covered 42 kilometers starting at 2,206 meters above sea level. A few days before, Dudamel accompanied the Executive President Ariel Martínez and the Director Alberto Camardiel, in the Conecta2 program which also made reference to the cycling event from Mérida.

This Saturday, the competitors in the four distances that were in dispute faced a demanding route, in a heavenly atmosphere that changed according to altitude. The 125 kilometres started from Estanques at 456 m asl; 80 km from Mérida at 1,630 m asl; 42 km from Escagüey at 2,206 m asl and 26 km from Mucuchíes at 2,983 m asl.

The president of the Board of Directors of Bancamiga, Carmelo De Grazia, said that the institution is committed to promoting sport in the country, especially when it benefits communities that drive the economic and tourism development of the country, such as, in this case, those of the state of Mérida.

“The Gran Fondo Collado del Cóndor has been a great opportunity to position the brand and bring Venezuelans closer to our innovative products and services. During Thursday and Friday we were with an operation at the Belensate Hotel, which allowed the inhabitants of Merida, as well as competitors and relatives to open their accounts with us, and learn about our financial facilities,” he said.

Triumphs with records

From the support point of Bancamiga, five kilometers from the finish, each of the cyclists could be seen on their way to the finish at almost 4,200 meters above sea level, one of the most emblematic places of the Venezuelan Andes. They passed by exhausted, almost unable to speak but all with the only desire to reach the top.

And the first to do so in the longest and most demanding event of this fourth edition, the 125 kilometers, was Alfonso Márquez, who had just won in 2023 with 6 hours 17 minutes. This year he did it with record time at 6 hours.

“I end with emotions in the flesh. If you catch me coming, you get me crying. This is an event that brings me a lot of nostalgia and is by far the best in the country. I’m just looking forward to next year’s. I thank Bancamiga for helping to make it happen.”

He said that during the long journey from Estanques he thought a lot about a phrase of his brother: “Happiness is a way to travel to a destination. That’s why I always go happy.”

In women’s, Marlene Goncalves also repeated. He said he felt “super good” and that the hardest part of the competition was the lack of oxygen after the 2,500m, which definitely affects your performance. “Height makes this very difficult,” he added.

The young cyclist invited other women to try and start with small distances. “The challenge is to overcome yourself. My goal was to improve my time and I managed to finish in 6h22 minutes (6h58m in 2023). This is a competition against yourself. And thanks to Bancamiga for their support.”

A unique experience

Among the 1,000 participants was a team of Bancamiga and allied companies formed by Alberto Camardiel, Jonel Reyes, Ángel García, Rodolfo Aponte, Carlos Rosales, Gustavo Gómez, Daniel Torres, Jhonny Frías, Francisco Vásquez and Thomas Silveira.

Ángel García, director of Planning and Budget, was doing so for the first time. He said that “it was more of a personal challenge than competing. As the world’s largest ascent by bike, reaching Collado del Condor is an unforgettable experience.”

“Last year I wanted to come but I wasn’t ready, so from March 2023 I started shooting and from August on a more consistent basis. We did it on weekends and sometimes during the week.”

He said he loved cycling, because it is a discipline that is synonymous with health, because it strengthens the cardiovascular system, muscles, allows to see spectacular landscapes and provides the opportunity to share and forge new groups of friends.

Another member was Rodolfo Aponte, manager of Financial Operations and with nine years in cycling. He indicated that he came again to do the 125 kilometers, after the hard experience of last year.

“Reaching the Condor is unforgettable. This year I felt better and that was because I had more experience, I knew the route better and I had better training.”

One who debuted was Daniel Torres, Human Management Compensation and Benefits Coordinator. He was drawn to participate for several reasons, including “their beautiful landscapes.”

“My family is from Boconó, Trujillo state, which, like Merida, has spectacular places. I’ve always wanted to ride a bike through the Andean moors. I couldn’t do it in 2023 and my sports plan was 80 km.”

On this occasion, the Bancamiga team was accompanied by the institution’s ambassador Amanda Dudamel. With her medal in hand she said that “this is a triumph of the Bancamiga team and of the whole of Venezuela. Today we show that together we are a team.”

While thanking her partner (Daniel), who also did the 42 kilometers and had to face some setbacks, the former universal viceroy of beauty and entrepreneur said that “one of the lessons that this challenge leaves us is the ability to fall, get up and overcome obstacles.”

With information and images provided by Bancamiga Banco Universal

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La entrada Gran Fondo Collado del Cóndor: Bancamiga boosted its brand and banked more Venezuelans apareció primero en Bitfinance.

Banks have been gradually moving towards a more agile, customer-centric model, adopting cloud-based technologies powered by artificial intelligence (AI). This emerges from the findings of the report ‘The Digital Horizon: Banking’s Shift from Mainframe to AI-Driven Cloud Infrastructure’, presented by NTT DATA, a digital business and IT services firm.

The research, which surveyed 650 leaders of financial institutions worldwide, reveals a growing collaboration with artificial intelligence and cloud services. While legacy systems based on legacy infrastructure still persist, the report highlights that 63 % of banks still operate on legacy systems, despite 89 % identifying themselves as innovators.

However, more than 60 % of respondents say that generative AI is facilitating the transition of applications to the cloud, marking a significant shift in adoption of these technologies.

The report also highlights that board support is high, with nine out of ten executives reporting that their AI and cloud initiatives are backed by their respective boards. While most banks are already integrating AI into their technologies, 30% are still in the early stages of adoption. In addition, it is highlighted that 80 percent% lack a strategic framework for the adoption of generative AI.

As for the cloud, 36 % of respondents cite flexibility and scalability as key factors for migration, indicating a shift in concerns beyond costs. On the other hand, 25 % recognise a growing trend in migration to the cloud driven by advances in AI.

José Manuel Pérez Bajo, Banking Partner at NTT DATA, commented: “Driving change, while a great challenge, is also an opportunity for banking transformation. Understanding the current landscape, the options available and recognising the barriers makes it easier to modernise technology with greater clarity and fewer risks.”

Kaz Nishihata, Director and Senior Executive Vice President of NTT DATA Group Corporation, noted that “this technological force is driving banks towards a deeper understanding of customer needs, enabling them to deliver faster, safer and more personalized services.”

K. Tovar

Source: Yahoo Finanzas

(Reference image: Hitesh Choudhary, Unsplash)

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La entrada Banks move towards cloud and AI, according to NTT DATA report apareció primero en Bitfinance.

In order to encourage Venezuelans to have ever-increasing quality accommodation and tourist services in the country, Bancamiga has signed an alliance with the Circuito de la Excelencia, whose objective is to implement a joint strategy to strengthen initiatives aimed at the banking of its partners, suppliers and third parties, through a value offering based on Bancamiga’s portfolio of products and financial services.

This Civil Association is made up of 25 members who seek to ensure high quality standards in services and strengthen the cultural values of each region.

Signed by the Executive President of Bancamiga, Ariel José Martínez, and by the President of the Association, Aura Rosa Ovalles, the alliance will provide financing for the replacement of equipment, inputs and furniture, while implementing a joint strategy to strengthen the bank’s initiatives aimed at the banking of associates, suppliers and third parties linked to the Circuit.

The chairman of the Board of Directors of Bancamiga Banco Universal, Carmelo De Grazia, said the agreement will offer the possibility to bank not only the employees and providers of the inns but also the citizens of those communities where the accommodations are located, which are usually located in isolated and remote areas, according to a statement from the financial institution.

Bancamiga creatively boosts national tourism and banking

This agreement includes, among other accommodations, Tola Gourmet Eco Posada, in the state of Aragua; Camp Wakulodge, Bolivar; Posada Santa Margarita and Hacienda El Recreo, Carabobo; Hato Las Caretas, Guarico; Casablanca Posada Restaurant, La Guaira; Posada El Encanto, Posada Altos de Veracruz and Posada Alto Viento, Lara; Posada Casa Sol and Estancia La Cañada, Merida; Cabins Loma Paraíso, Monagas; Posada Finca La Huérfana, Posada Ventisquero and Posada Piedemonte, Táchira; and Posada Granja Moments and Ecological Reserve Guáquira, in Yaracuy.

In addition to publicizing its innovative products and services among the staff of these tourist spaces and in neighboring communities, Bancamiga will also have the opportunity to hold events with allies, suppliers and related third parties, within the facilities of any of the members of the Association.

Executive President Ariel Martinez said that for Bancamiga it is essential to boost the quality of life of its employees, who with this agreement will get special discounts of 15% or more on accommodation rates.

He said that among the beneficiaries of the alliance, whose duration is automatically renewable for one year, there are also members of the VIP Club, concludes the information report.

With information and images provided by Bancamiga

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La entrada Bancamiga will promote the development of tourist accommodation in the Circuit of Excellence apareció primero en Bitfinance.

Venezuela, like other countries in the region and the world, faces challenges in the field of cybersecurity. These challenges include the need to strengthen technical resources, provide ongoing training for professionals in the field, foster collaboration and cooperation to share information and best practices, and educate and prepare users to protect themselves against phishing threats perpetrated by cybercriminals with in order to obtain private data.

In this context, the Venezuelan Banking Association (ABV) has organized a meeting for the creation of the Cybersecurity Technical Committee, in which national bank officials from various areas participated, including security, technology, technological risk, systems and prevention of risks, among others.

Pedro Pacheco Rodríguez, executive president of the ABV, emphasized the importance of having this union committee, whose main objective is to promote a solid culture of cybersecurity. This culture must be extended not only within the financial sector, but also to other sectors of the economy and to the general public, including users of banking products.

The Cybersecurity Committee will carry out a series of activities, including the creation of a financial education project on this matter and the promotion of greater cooperation in the sharing of relevant information for the entire banking industry, in order to to prevent computer crimes that may compromise security.

In addition, the committee plans to hold annual events with the participation of national and international experts, addressing various aspects related to risks and how to deal with them in case of contingencies.

The executive president of the ABV stressed that the Cybersecurity Technical Committee is based on four fundamental pillars: trust, capacity for associative relationships, civic awareness and ethical behavior. The objective is to protect not only the activities of a crucial sector for the economic development of the country, but also the disclosure of information on cybersecurity that affects bank users and society in general.

K. Tovar

Source: Bancaynegocios

(Reference image source: Jefferson Santos, Unsplash)

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La entrada Venezuela advances in cybersecurity with the creation of the Technical Committee apareció primero en Bitfinance.

An increase of 2,915 % in net profit was recorded by Venezuelan banks from January to June of this year, thanks to innovation in the sector, the offer of new products and services, and an increase in the loan portfolio.

The amount reached by the sector was 7,694.8 million bolivars, which far exceeds the same period for 2022.

“Universal banking, which concentrates 96 % of the banking system’s assets, spent 18 weeks of the semester without being able to cover the legal reserve requirement, which implies a very severe liquidity restriction.”

With respect to operating income, in the first half of the year banking reached 48.29 % of total income, below 70.94 % in the same period of the previous year.

This was due to the “increase in financial income, which rose 2,422.9 % in the year, going from 464.9 million to 11,722.4 million bolivars accumulated between the first half of 2022 and the same period of 2023.”

M.Pino

Source: noticierovenevision

(Reference image source: Kanchanara, Unsplash)

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La entrada Net profit of Venezuelan banks increased 2,915 % apareció primero en Bitfinance.