This January 14th, the heartbeats of hundreds of thousands of people will unite in Barquisimeto to honor the Divina Pastora. In a massive pilgrimage, considered one of the largest in the world alongside those of Our Lady of Guadalupe (Mexico) and Our Lady of Fatima (Portugal), hundreds of thousands of Venezuelans walk from the town of Santa Rosa to the Barquisimeto Cathedral.

With faith and carrying the image of the Divina Pastora (Divine Shepherdess), perhaps printed on a t-shirt or a scarf, but surely deeply rooted in their hearts, many of these faithful walk carrying in their wallets or pockets the special edition Bancamiga Debit Card, with a design alluding to the Divina Pastora.

Since Bancamiga began distributing the cards last Friday, more than 3,000 customers have requested them, expressing their gratitude to the institution for its support of the celebration.

With this financial instrument, people can pay at national and international points of sale, make online purchases quickly and securely, withdraw cash from international ATMs, and subscribe to streaming platforms. The card is issued exclusively at the following branches: Barquisimeto Centro, Crepuscular Shopping Center; Bancamiga Este, Ciudad París Shopping Center; and Mercabar, Industrial Zone III, ITC Shopping Center.

Support and hydration for the faithful community

During the procession on January 14, Bancamiga set up an igloo to support the faithful, and on Vargas Avenue at the corner of Venezuela Avenue, dozens of its employees distributed water, tangerines, and fans from a platform.

Also, from this Thursday until Saturday, January 17, the Bancamiga Mobile unit will conduct a special banking outreach event in the vicinity of the Barquisimeto Cathedral. This is an opportunity for people to open accounts in bolivars and foreign currency with minimal requirements: national identity card, valid Taxpayer Identification Number (RIF), telephone number, and personal email address; receive a Mastercard Debit Card; or acquire modern point-of-sale terminals.

Since January 5th, with the lowering of the sacred image of the Divina Pastora in Santa Rosa, Venezuelans have been experiencing the moment with fervor. For Bancamiga, being present at the Divina Pastora celebrations is a way to reinforce its commitment to the country’s values ​​and traditions.

With information and images provided by Bancamiga Banco Universal

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La entrada Bancamiga distributes 3,000 Divina Pastora Cards apareció primero en Bitfinance.

The second goal was a gem of a match, arriving in the final minutes and unleashing indescribable euphoria among the fans, who celebrated the historic feat with jubilation, passion, and pride.

This triumph is not only a sporting milestone, but also a reflection of the strong alliance between Bancamiga and Trujillanos FC, which continues to grow. Far beyond the ball. The financial institution was the only one to offer an exclusive card for a second-division Venezuelan soccer team. More than 600 debit cards with three exclusive designs have been distributed. The most appealing aspect is that each fan can choose the one that best represents their loyalty to the club.

During the match, Bancamiga deployed a special banking initiative that included opening accounts, establishing kids’ accounts for young fans, and distributing point-of-sale terminals, bringing financial services closer to the Trujillo community with genuine commitment.

The enthusiasm extended into halftime with brand activations: the launch of official caps and t-shirts, which further strengthened the Trujillo fans’ connection with the brand in the stands.

This partnership not only celebrates Trujillanos FC’s victory on the field but also symbolizes a determined push towards financial inclusion and social development, consolidating an inspiring model of collaboration between banking and sports in Venezuela.

The Warriors of the Mountain now shine even brighter, both on and off the field. Court!

With information and images provided by Bancamiga Banco Universal   

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La entrada Bancamiga accompanies Trujillanos FC in their promotion to the First Division apareció primero en Bitfinance.

Mexico is one of the countries in America with the greatest growth in the adoption of cryptocurrencies through remittances that citizens abroad send to their families for daily sustenance, to help to establish a business, studies or other purposes.

Of course, it cannot be considered the panacea or solution to all the economic problems of Mexicans. But they do constitute a simple, safe and fast way to send money to those who receive low salaries, are unemployed, among others.

According to recent data on the crypto market, “more than 3.1 million Mexicans are already investing in cryptocurrencies, making Mexico one of the countries with the highest adoption of these technologies in Latin America.”

Remittances in cryptocurrencies have been a driving force “that boosts consumption, injecting vitality into the local economy.” This money is used by those who receive it in their accounts for “the purchase of food and medicine, investment in education and housing, remittances become a lifeline for many families, especially in rural areas and with fewer job opportunities.”

Younger people see digital assets as an investment opportunity, despite market volatility, thanks to the large number of crypto exchanges that offer services in Mexico.

In general, cryptocurrencies have promoted financial inclusion and access to financial services for those who remained excluded from the traditional system. New business opportunities are opening up for this segment.

M.Pino

Source: cointelegraph

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Given the growth of digital markets, Bancamiga promotes payment methods that enrich the experience of customers when making purchases. One of these methods is the use of tokenized cards on cell phones or watches.

In the tokenization process, sensitive data on payment cards is replaced by a unique code (token), which increases security for customers, as well as the speed of the transaction.

This is one of the innovations that Bancamiga is presenting until this Saturday at the second edition of the Venezuelan International Telecommunications Fair (Fitelven), which is taking place at the Poliedro in Caracas.

In this edition, which promises to be a key meeting point for the main telecommunications players in the country, Bancamiga will show Venezuelans the reasons that have led the bank to be one of the leaders in financial innovation in Venezuela, said José Simón Elarba, president of the Board of Directors of Bancamiga.

“Fitelven is a technological event that brings together the most innovative organizations in all of Venezuela. It is an ideal platform to show our innovations and our commitment to financial inclusion,” he added.

This year at the Venezuelan International Telecommunications Fair, Bancamiga Móvil is present, an agency on wheels that facilitates the opening of accounts in bolivars and foreign currencies, in addition to offering the Bancamiga debit card instantly.

Bancamiga Mobile will not only open accounts, but will also offer its points of sale, including the MPOS 2200, a cutting-edge device that redefines the payment experience for businesses and customers in the country.

Its size of just 8.8 cm, smaller than a card, and its connectivity to the phone make the Bancamiga MPOS 2200 Point of Sale the perfect ally for entrepreneurs, small business owners and businesses on the move.

The advantage of the payment button will also be revealed at Fitelven, a technological solution that can be integrated into your website, mobile application or even sent via WhatsApp. It offers the possibility for customers to complete a transaction with their debit or credit card through Bancamiga.

Bancamiga’s interactive stand at Fitelven

Another solution that Bancamiga will offer is its Business Debit Card, which allows entrepreneurs and small business owners to access a global program of discounts and promotions in digital stores.

By accessing the Mastercard platform (https://www.easysavingsspecials.com/es/) clients will find a wide range of possibilities to plan projects, use organizational tools and train their collaborators, with discounts and promotions from affiliated brands such as Adobe, Docusign, Googleworkspaces, Sixt, IStock, Amazon Web Services, Global Airport Concierge, Welcome Pickups, Trello, Notion, MailChimp, Whatsapp Marketing, 1password, British Council and EdX.

“We want every Venezuelan to have the opportunity to access quality financial services, and our presence at Fitelven is one more step towards that goal,” added Elarba.

Bancamiga will have an interactive stand at Fitelven where attendees will be able to participate in brand activations and experience contactless payments with tokenized cards in the Bancamiga Suite application and Garmin Pay.

“Technology is essential in the future of finance. We want our clients to have a unique experience that combines the best of the digital world with our financial solutions,” said Elarba.

Visitors to Fitelven will be able to learn more about Bancamiga products and enjoy activities that highlight the importance of digitalization. In this way, Bancamiga reaffirms the premise that banking can be accessible and exciting for everyone.

With information and image provided by Bancamiga Banco Universal

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Digital payments have experienced rapid growth in Central America and the Caribbean, according to the recent Inter-American Development Bank (IDB) report titled “Towards Greater Financial Inclusion for Development.”

The IDB published this Monday that “the percentage of adults in this region who own mobile money accounts has doubled, going from 4 % to 8 % between 2017 and 2021.”

According to the agency, the use of digital platforms facilitates savings, provides users with security and speed, in addition to reducing costs associated with domestic payments and international remittances.

Despite this increase in the use of digital channels, the IDB points out that the region still “must close gaps with other parts of the world both in the adoption of digital financial tools and in financial inclusion policies.”

Tomás Bermúdez, general manager of the IDB for the region of Central America, Mexico, Panama, the Dominican Republic and Haiti, cited in the report, highlights the need to promote policies that allow greater “availability and access to financial services such as credit, savings, payment of services.”

Digital payments constitute a key factor in electronic commerce in Latin America and the Caribbean. “In 2020, the value of transactions of this type exceeded 38 billion US dollars in the region and is expected to exceed 100 billion in 2025.”

M.Pino

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Peru will begin pilot tests for a central bank currency, or CBDC, according to the recent announcement by the Central Reserve Bank of Peru.

The local institution has indicated that the main objective is to promote financial inclusion “as an innovative solution in the market in a controlled manner.”

Through circular number 0011-2024BCRP, “Digital Money Innovation Pilot Regulations”, the regulatory body announced the initiative that will have technical assistance from the International Monetary Fund.

The pilot plan is aimed at “facilitating access to digital payment services for the unbanked population, ensuring that they make the population’s economic transactions more practical.”

During the tests, which will be carried out in a controlled manner, digital money issued by the Central Bank will be used, and the private sector will participate.

M.Pino

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The Ibero-American Fintech Alliance elected new authorities for the Board of Directors, in a renewal of its commitment to financial inclusion in the region.

The election of the new president was held at the beginning of this month, with the conviction that the new leaders will continue to strengthen the positioning of Latin America as a strong fintech market.

The Ibero-American Fintech Alliance is made up of 15 chambers from the countries in the area, which, in turn, are present through 2,600 fintech companies.

The new board was made up of Roberto Vargas, President (President of the Peru Fintech Association); in the vice presidency Rodolfo Grela, Secretary of the Uruguayan Chamber of Fintech; as treasurer Diego Pérez, President of the Brazilian Fintech Association.

Diego García, President of the Paraguayan Fintech Chamber, was assigned to the position of secretary, and Erick Chacón, President of the El Salvador Fintech Association, and Ernesto Calero, Executive Director of the Mexico Fintech Association, were assigned to the Ethics Committee.

According to the outgoing president of the Association, Mario López, Latin America has high potential in the fintech sector, which has generated thousands of jobs and affirmed the adoption of new technologies in the area of ​​finance. According to López, “25 % of fintech companies created were born in the region.”

The new president, Roberto Vargas, declared: “Peru receives with great responsibility the task of leading with Uruguay, Brazil and Paraguay the evolution of Fintech Ibero-America. The work of the board will be aimed at being an eligible partner for any stakeholder to promote the financial technology industry and financial inclusion through institutional development, increasing the level of business in Latin America and the generation of income and knowledge.”

M.Pino

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The speech by the director of the International Monetary Fund, Kristalina Georgieva, during the inauguration of the FinTech Festival in Singapore, was an exhortation to public institutions to prepare for the implementation of CBDCs as an instrument of financial inclusion.

The European official was optimistic about the creation and circulation of central bank digital currencies, although she noted that the trend is still in its initial stage.

In his opinion, few countries have made progress in creating a CBDC. Georgieva estimates that 60 % of nations are in the exploratory phase.

The IMF president maintains her commitment to CBDCs as an instrument for financial inclusion for unbanked populations, but weighs the fact that they could be the final blow for fiat money.

In her speech, he noted that “CBDCs can coexist with private money, being their safe and low-cost alternative.”

Likewise, he stressed the importance of having the necessary technologies to develop CBDCs, as well as investing in security measures to safeguard user data, in addition to the evaluation of risks related to cryptocurrencies and stablecoins.

The FinTech Festival was the setting for the presentation of the IMF’s CBDC virtual manual, by its director, who also addressed the importance of the Bank for International Settlements (BIS) in the framework of public sector digital money projects.

M.Pino

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La entrada IMF says CBDCs can promote financial inclusion apareció primero en Bitfinance.

In a statement issued after the XLI Meeting of Presidents of Central Banks of South America, held in Quito, the Central Bank of Ecuador reported that digital payments in the South American region experienced an impressive growth of 84 % in the annual volume of retail transactions between 2018 and 2022.

During this meeting, the monetary authorities of the region discussed various economic issues, including the impact of the United States monetary policy in South America, the role of central banks in the innovation of payment systems, the estimation of the interest rate neutral and the determining factors of inflation at a global, sectoral and local level.

One of the highlights was the crucial role of payment systems in the region during and after the Covid-19 pandemic. South American central banks have been promoting initiatives to advance regulation and innovation in this field, promoting the creation of instant payment platforms, greater interoperability between participants in the payments’ ecosystem, and financial inclusion.

In addition, the importance of estimating the neutral interest rate and its impact on the economic variables of the countries was discussed, with emphasis on the uncertainty in its estimation and structural changes. The inflationary dynamics in the region were also analyzed, highlighting the influence of local factors in Latin American countries.

Representatives from Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay participated in the meeting and agreed to convene the XLII Meeting in Colombia in the second half of 2024.

In the next edition, research on payment systems and cross-border payments will be delved into, methods for estimating potential gross domestic product in the region will be analyzed, and the determinants of inflation in the region will be explored, with contributions from different central banks.

K. Tovar

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Ron DeSantis, candidate for the presidency of the United States, reiterated his criticism of digital currencies issued by central banks (CBDCs), specifically opposing the possibility of implementing a digital dollar in the country.

During his speech at the Leadership Summit, DeSantis assured that, if elected president, he would ban CBDCs in the United States from his first day in office. During the event in Iowa, which featured six other Republican candidates, he said: “If I’m president, on day one, we’re going to ban central bank digital currency.

DeSantis has been an outspoken opponent of the implementation of a digital dollar in the United States. In May, he passed a Florida law that prohibits the use of federal CBDCs as a form of money, in addition to prohibiting the use of foreign CBDCs. His main argument is that these digital currencies could lead to a “massive transfer of power from consumers to a central authority.”

A digital currency issued by a central bank does not differ much from a traditional currency issued by it. In essence, it is a digital version of a national currency, which provides the advantages of digital assets.

However, the topic of CBDCs has generated controversy in the crypto community for a long time. Opponents argue that they threaten the privacy of citizens and could allow full government control, while others see them as a tool to encourage cryptocurrency adoption and a global use case for blockchain technology.

K. Tovar

Source: Cointelegraph

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