Al-Sharaa made the payment at a restaurant in Damascus’s Old City on Wednesday (August 26), with Central Bank Governor Mohammed Safwat Raslan present.

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The three ventures have piloted a system that settles mobile money top-ups using stablecoins, cryptocurrencies whose value is pegged to assets such as fiat currencies or precious metals.

As per the visa, the initiative is designed to bridge local mobile money systems with cross-border payment networks, addressing one of the biggest limitations of mobile money despite its rapid growth across Africa.

The timing of the pilot project is perfect, as according to telecom advocacy and lobbying organization GSMA, sub-Saharan Africa processed USD 1.4 trillion in mobile money transactions in 2025, up 26% from 2024. Transaction volumes reached 96 billion, a 16% increase over the previous year.

Visa’s senior vice president and head of solutions, Godfrey Sullivan, said mobile money had transformed domestic payments across Africa but remained constrained when it came to cross-border transactions.

“Mobile money has done a tremendous job and been widely adopted domestically in many markets. However, cross-border remittance challenges are still significant and are yet to be solved. I think stablecoins present an opportunity and will be adopted by banks, fintechs, and mobile network operators,” he said.

As per Sullivan, the DRC pilot has already demonstrated how stablecoins could operate behind the scenes without changing the customer experience.

“There is a use case that we have in DR Congo where we are settling M-Pesa mobile money top-ups with stablecoins through a partnership with Onafriq. We have launched a proposition called VisaPay, and, as you top up your M-Pesa wallet, the transaction is settled in stablecoins in the background,” the senior official remarked.

The DRC, known for its low ratio of financial inclusion, offers a favorable environment for testing new payment technologies. According to Financial Sector Deepening Africa (FSD Africa), only 30% of adults have access to formal financial services, compared with 84% in Kenya and 76% in Tanzania. The country is also looking to shift from a cash-based economy to the one powered by digital payment technologies, including stablecoins.

Visa said that as intra-African trade and regional integration deepen, banks, fintechs, and mobile network operators will increasingly need payment infrastructure that reduces the cost and friction of cross-border transactions.

“We will see banks, fintechs, and mobile network operators adopting stablecoins to solve challenges associated with cross-border payments, remittances, and business-to-business payments because existing solutions have not really cracked these problems yet,” Sullivan noted.

Africa remains the world’s largest mobile money market, accounting for 67% of the global value of mobile money transactions and 74% of transaction volumes in 2025.

By contributing 66% of transaction volumes and 58% of transaction value across the continent, East Africa dominates the sector.

Apart from its rapid ascendancy as the world’s largest mobile money market, Africa is also emerging as one of the most promising frontiers for fintech innovation due to tailwinds like rapid digital adoption, a mobile-first population, and a growing need for accessible financial services.

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Open Standard confirmed the move on 30 June 2026, launching Open USD, or OUSD, and pitching it as neutral infrastructure for payments, trading and the wider internet economy rather than any single company’s product. Visa, Mastercard and Google sit among the founding backers, with Fireblocks on board as a key infrastructure partner. The fuller roster stretches across traditional payments and crypto native firms, including Stripe, American Express, Coinbase, BlackRock, BNY, IBM and DoorDash.

The design is what sets OUSD apart. The token charges nothing to mint or redeem at any scale, and returns nearly all of its reserve income to the partners that distribute it rather than keeping it as issuer profit. Governance sits with a board drawn from those same partner companies rather than a single controlling entity. Zach Abrams, the Bridge co-founder installed as Open Standard’s founding chief executive, framed it plainly at launch. “It’s a stablecoin built for the internet economy, designed by the businesses growing it,” he said.

Bridge, the stablecoin infrastructure firm Abrams previously built, was bought by Stripe for roughly a billion dollars in 2024, which makes him an unusually well credentialled operator to steer a coalition this large. OUSD is expected to go live later this year, with Solana confirmed as a day one network and Stellar, Base and Polygon set to follow.

Markets reacted within hours. Circle’s shares fell as much as 18% on the announcement, as investors weighed the threat to USDC’s core revenue, the interest earned on the treasuries backing its reserves. Circle chief executive Jeremy Allaire pushed back publicly, arguing that USDC’s liquidity, regulatory track record and years of operating history are not easily replicated by a brand new entrant, and questioning whether fee free minting at scale is sustainable.

Not everyone is convinced OUSD can pull off its own pitch either. Will Harborne, co-founder of stablecoin infrastructure firm Rhino.fi, has warned that a shared standard creates friction of its own once businesses start actually using it, rather than just backing it on paper. “For consumer facing businesses, that’s where the friction bites first,” he told CCN, pointing to the confusion of payments sent in one stablecoin and received in another.

ARK Invest’s Lorenzo Valente has raised a related concern, questioning whether a consortium of roughly 500 competing entities can move quickly enough, given a cold start liquidity problem and thin trading pairs. History offers a caution too. USDC currently holds around seventy three billion dollars in supply, against roughly three billion for USDG, the earlier consortium coin that pioneered yield sharing eighteen months ago.

No US regulator has commented on OUSD by name so far, which is not surprising for an eleven day old announcement with no live product. But there is a genuine open legal question sitting underneath the launch. The GENIUS Act bars payment stablecoin issuers from paying yield to token holders, and the OCC’s proposed rule implementing that ban, published in February, extends the prohibition to arrangements where an issuer routes yield through affiliated third parties.

OUSD’s entire model depends on sharing reserve income with 140 partner companies, precisely the kind of arrangement that rule appears to target, though the OCC has carved out an exemption for white label profit sharing with non-affiliated partners that Open Standard may lean on. Final rules are due by 18th July.

Whichever way that question resolves, OUSD has already done something no rival coin managed. It got Visa, Mastercard and Coinbase to agree, however briefly, that this dollar is nobody’s dollar and everybody’s.

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“We welcome that the European Parliament’s ECON Committee has agreed on its position on the single currency package, which will safeguard euro cash as legal tender while also shaping the digital euro,” the ECB said in a statement.

The digital euro, as an electronic wallet guaranteed by the central bank but marketed by banks or fintech companies, will allow eurozone residents to make payments online and in person. While the project has been ongoing for the last six years, it only got the push in 2025 as Republican Donald Trump entered the White House for his second stint as the United States president.

His tariff-heavy trade policies, which hit the allies and adversaries alike, raised fear in the European political circle about Uncle Sam potentially weaponising its dominance over payment networks like Visa and Mastercard.

And the fear is not unfounded, given the fact that as per the European Central Bank (ECB) data, Visa and Mastercard account for 61% of card payments in the euro area and almost all cross-border card transactions.

The approval of draft rules by the European Parliament’s Economic and Monetary Affairs Committee officially ended the three years of stalemate between the ECB and banks, which have been concerned about deposit outflows and lost revenues and sought to limit the digital euro’s scope.

“The introduction of the ⁠digital euro would… reduce overreliance on non-European providers by becoming a pan-European means of payment and would bring the single currency into the digital era by giving Union citizens the freedom to opt to pay with central bank money in their daily transactions,” the draft regulation says.

However, there is still a bit of opposition against the digital euro, as Siegbert Frank Droese of the far-right “Europe of Sovereign Nations,” a political group in the European Parliament, said his group had voted against the proposal, raising the likelihood that a further vote would be needed at the Parliament’s plenary.

Notwithstanding this, lawmakers are now in a position to start negotiating with the European Council of EU governments and the European Commission from July onwards, aiming for final approval for the digital euro’s rollout by the 2026 end.

The ECB, which plans to run a 12-month pilot of the digital euro starting in the second half of 2027, before a full launch in 2029, said it looked forward to Parliament adopting its final position.

Among other nations, China has been piloting a digital yuan at scale, while countries like India and Brazil have conducted trials of their respective CBDCs (Central Bank Digital Currencies). The United Kingdom, on the other hand, has focused on research amid concerns over privacy, financial stability, and banking-sector impact. Trump, on the other hand, through an executive order, has forbidden the Federal Reserve from issuing a digital currency.

The Republican, instead of a CBDC, has backed the development of stablecoins, privately issued crypto assets designed to maintain a stable value.

Since the vast majority of global stablecoins are denominated in US dollars, the cryptocurrency’s backers argue that the technology could reinforce the dollar’s international role and expand its use in cross-border payments.

Coming back to the digital euro, based on an ECB recommendation, lawmakers have proposed in the draft regulation that the European Commission should be the final deciding authority in terms of determining how many digital euros every user could own. The ceiling, in consultation with the central bank, can be reviewed at least every two years.

“Businesses would not be allowed to hold digital euros for longer than 24 hours. The digital euro would not earn any interest or cost anything to its users,” the proposal stated further.

“The proposal reflects political compromises. It keeps commercial banks at the center of distribution, with only a limited role for public channels and ⁠other providers, and does not go as far as presenting the digital euro as a true alternative to bank deposits,” Laura Casonato, head of policy at Positive Money Europe, an advocacy group for monetary reform, told Reuters.

“Such concessions were likely crucial to win over critics such as Fernando Navarrete Rojas, the parliament’s negotiator on this file, who only recently dropped his opposition to making the digital euro available online,” she stated further.

As per the latest ECB simulations, depositors could withdraw up to 699 billion euros (USD 795.88 billion) from eurozone banks if a limit on digital euro holdings was set at ⁠3,000 euros each.

“This is equal to 8.2% of all retail sight deposits, although the impact would be greater for small-market lenders and retail banks,” the ECB noted.

As per the draft proposals, the ECB would provide the underlying infrastructure, while commercial banks and payment service providers would offer digital euro services to customers.

“Financial institutions are expected to be compensated for their participation in the scheme, while merchants will pay fees that are expected to be lower than those associated with current card transactions,” the proposals stated further.

However, the compensation’s structuring is expected to be one of the bones of contention ahead of negotiations between the EU and its member states.

The post With parliamentary nod, digital euro inches closer to reality appeared first on International Finance.

As per the European Commission’s 2023 data, 99% of European businesses are small and medium-sized ones. Apart from providing jobs to more than 85 million citizens in the continent, SMEs are also driving innovation and entrepreneurship in the region, while promoting a sustainable and digital economy. The start-up wants to revolutionise the sector further by redefining the payment experience for merchants, eliminating things like hidden fees, outdated hardware, and poor customer service.

Hand-holding European SMEs To Growth Highway

Flatpay’s operational value is simple: European merchants deserve a payment solution that is easy to understand, affordable, and free from hidden fees. To execute this, the start-up is offering a straightforward pricing model with no setup fees for terminals, no subscription fees, and a flat rate for all card types.

Flatpay’s journey began in 2022 when three digital entrepreneurship and payment solution experts came together in Copenhagen to disrupt the market with a simple, transparent, and affordable payment solution for small and medium-sized merchants. Since then, it has expanded its presence to Finland, Germany, Italy, and France, while continuing to grow rapidly.

Apart from witnessing a quick growth on the customer front, Flatpay’s own valuation has grown at a similarly fast pace as well. Now valued at 1.5 billion euro (USD 1.75 billion), the Danish start-up reached unicorn status in only three years. CEO and co-founder Sander Janca-Jensen, while interacting with TechCrunch, said that his company recently crossed the 100-million-euro mark, when it comes to annual recurring revenue (ARR).

He added that the amount (approximately USD 116 million) is increasing by nearly 1 million euro a day (USD 1.16 million) currently. The plan for 2026, as per Jensen, is to grow another 300% and close the year with between 400-500 million euro of ARR.

The Products

Flatpay’s payment options help SMEs thrive by streamlining their order and payment processes, giving the business owners more time and freedom to focus on operational growth. Apart from keeping the customer support active on a 24/7 basis to keep the payments running smoothly, day and night. Businesses, in return, only need to pay Flatpay at simple rates, with no hidden fees.

Take the payment terminal, for example, that automates the task of creating annual payment reports by uploading transactions and Z-reports directly to the businesses’ bookkeeping systems, saving time and reducing human errors. The payment terminal provides everything an entrepreneur needs to accept major cards like Visa and Mastercard, including contactless options, in one device.

Also, the device’s intuitive interface ensures less waiting time for customers, due to lightning-fast payments. All the business owners need to do is choose the payment terminal they need for their ventures, following which Flatpay takes over, in terms of completing full on-site installation of hardware, software, and setup.

Next is Flatpay’s POS (Point of Sale) solution, which streamlines payments, product management, and sales analytics for all businesses. Designed to make accepting payments faster, easier, and stress-free, the solution tracks sales, manages inventory, and generates reports directly from the client’s business’ POS, thereby donning the role of an “all-in-one business hub.” And it also integrates seamlessly with a wide range of accounting tools.

The POS has been customised for businesses of all sizes. For small ones seeking simple payment and management tools, the solution comes with a simple, clean setup with a tablet and portable terminal. For businesses that are ready to shell out more, the premium all-in-one POS comes equipped with a 15.6″ touch screen, built-in printer, and customer-facing display.

On the online payment front, Flatpay is enabling SMEs to receive online payments quickly and securely, at a competitive price. Not only do the start-up’s technologies and encryption methods ensure protection of payments and personal information of the business owners and customers, but it is also compatible with popular payment methods like Visa, Mastercard, PayPal, Google Pay and Apple Pay.

Expanding At A Steady Pace

As Flatpay entered the league of European fintech unicorns, the start-up will use the newly raised capital to support its continued growth in Denmark, Finland, France, Germany, Italy, and the United Kingdom, as well as eyeing further expansion into one or two new markets in 2026.

Flatpay currently has 1,500 staffers, or “flatpayers,” and plans to double that by the end of 2026. Increasing headcount is another crucial goal the company has locked in on the same level as revenue, as the start-up aims to grow both by 10x by 2029.

Flatpay believes that SMB owners actively look for new solutions, even if their current systems are overpriced or insufficient. As per Janca-Jensen, “That’s where we come in the door.” The start-up’s staffers show up with pen and paper to explain its pricing, and with card terminals for instant demos.

Flatpay is betting big on this particular hands-on approach to increase its market share against legacy providers like PayPal, Stripe, and SumUp, as well as new entrants focusing on specific sectors, such as hospitality. As SMBs want operational simplicity, Flatpay is ready to provide that.

The start-up is not completely averse to AI, as it uses the technology for real-time features and is currently experimenting with voice AI agents. The venture is also planning to expand further into fintech with a banking suite that would include cards and accounts.

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A recent study by Galt & Taggart, Georgia’s leading investment banking and management firm, highlights the information and communication technology (ICT) sector as the country’s fastest-growing industry since 2022. This growth has been driven largely by the IT sub-sector, which recorded a turnover of GEL 2.4 billion ($816 million) in 2023 – a significant boost to Georgia’s economic landscape.

Foreign companies are now increasingly relocating to Georgia, with many of them moving their entire operations. Currently, 72 companies are classified as large or medium-sized by the small Caucasian country’s government, while the majority of the remaining businesses are foreign sole proprietors.

The sector’s growth was initially spurred by tax incentives introduced in 2020. To strengthen Georgia’s appeal as a regional hub and attract multinational firms, the Caucasian country’s government lowered income tax rates to 5% for companies with international status.

What is fuelling the growth?

Georgia’s Innovation and Technology Agency (GITA) in August 2024, announced about launching of an information technology sector development project in the country’s regions. Within the scope of the “Do IT with the EU” project financed by the European Union, the GITA will hold information meetings in 10 regions of Georgia, aiming to strengthen regional IT ecosystems, develop the information technology sector and strengthen digital skills across the country.

“Do IT with the EU” is an IT ecosystem development project implemented by GITA and supported by the EU, enabling over 1300 individuals to acquire international certifications and enhance their competitiveness in the global tech market.

As per Kakha Samkurashvili, head of sector research at Galt & Taggart, while tax incentives were vital, the war in Ukraine reshaped the global IT landscape, creating unforeseen opportunities for Georgia.

“Following the war in Ukraine, many IT companies and developers relocated to Georgia, primarily from Belarus and Russia. The surge in code production and the number of developers in the country directly aligned with the peak influx of migrants,” Samkurashvili says.

According to various studies, the peak of emigration to Georgia – totalling approximately 100,000 people – was recorded in the first and second quarters of 2023. Samkurashvili noted that it was during this period that the IT sector experienced its highest growth rate.

In fact, the Georgian government, recognising the importance of creating a hub of technological excellence in the South Caucasus, in December 2023, passed laws that grant “International Company Status” to overseas technology companies, offering exemptions on property and dividends tax and a reduced 5% tax rate on profits and personal income.

The country also runs a “Virtual Zone” for the IT sector. The zone is known for conferring benefits including zero corporate tax and no VAT. Georgia supports international businesses with smooth company registrations, fast access to new bank accounts and high levels of privacy.

Georgia also operates an FDI programme, offering cashback payments for investing companies. Lineate, a New York-headquartered global software consultancy joined the programme last November after making an investment of $700,000 and creating at least 50 jobs at its new base in Tbilisi, Georgia’s capital.

Talking about GITA, the agency has invested $14 million in around 240 startups since 2018, helping to create a pool of globally scalable tech companies. The top beneficiaries have reportedly raised 10 times the level of GITA’s investment through additional private capital.

GITA’s grant programme has emerged as the most powerful innovation engine in the country, targeting first-time entrepreneurs with financial support, training, mentoring, networking opportunities, and access to Silicon Valley experts.

Notably, GITA offers “Startup Matching Grants” of up to $60,000 with just 10% co-financing and “Innovation Grants” for regions of up to $10,000, making it easier for aspiring entrepreneurs to kickstart their ventures.

“Georgia’s tech sector is booming and has doubled in scale since 2016, employing 36,707 people in 2022, a rise of 20% year-over-year. Georgia’s information and communications (ICT) sector grew 49.9% (in terms of GDP) between 2021 and 2022, according to the National Statistics Office of Georgia,” reported Bloomberg back in December 2023.

Georgian startups are attracting the attention of technologists worldwide. At “Web Summit 2022,” one of the world’s largest technology events, Georgia-based AI platform Theneo fended off competition from 2,300 startups to win the prestigious PITCH contest. As a measure of the winner’s potential, 2021’s PITCH winner, medtech startup Smartex, has since raised $25 million in funding. Theneo has already raised $1.5 million in US investment.

“The growing maturity of Georgia’s technology ecosystem was confirmed in 2021 with the first foreign acquisition of a homegrown startup, Pulsar AI. An advanced conversational AI platform that enables car dealerships to engage with customers, it was bought by American automotive software giant SpinCar, now known as Impel. Pulsar AI was one of the first Georgian startups to be supported by GITA,” Bloomberg added.

The country’s Association Agreement with the EU, which includes a “Deep and Comprehensive Free Trade Area” and visa-free travel, has further enhanced its appeal to entrepreneurs and investors seeking access to European markets.

GITA and AXEL: Meet the guiding force

Talking about the flourishing Georgian startup scene, Tether, an international Blockchain giant, invested $25 million in the ecosystem last year, covering the entire CIS region from its Tbilisi office.

Marco Dal Lago, Head of Expansion at Tether, praised Georgia’s entrepreneurial spirit and digitisation efforts.

“Georgia is an English-speaking country, so Gen Z and Millennials interact and speak excellent English. It’s full of talent, with many universities and technology-driven individuals who have studied abroad or have even built startups,” he noted, while adding, “The National Bank of Georgia is interacting with a lot of industry players to create a regulatory environment open to all parties. These continuing interactions should allow digital-asset companies to come to Georgia, making it a neutral state where investment flows and entrepreneurs can find a safe place to foster economic REGIONAL INSIGHTS EUROPE 03 06 03 growth.”

The nine tech parks managed by GITA provide inclusive spaces for idea generation and business development, benefiting up to 32,000 individuals, including 52% females, between 2020 and 2023 alone. GITA’s efforts extend beyond financial support, with significant investments in Georgia’s education system to enrich the country’s startup ecosystem at its roots.

Apart from supporting universities where students learn about business and develop digital skills, the agency closely collaborates with top universities in Georgia, establishing new educational courses, pre-acceleration programmes, hackathons, and tech boot camps. Some of the prominent examples are Business and Technology University offering a hardware product prototyping course with GITA and Kutaisi International University is doing summer camps.

The Georgian startup ecosystem is also benefitting from the presence of an active angel investor network, Axel, the Georgian Angel Investor Network, which is a member of the European Business Angel Network and the Global Business Angel Network.

Along with GITA, this network has been crucial in connecting startups with potential angel investors, organising events and nurturing a vibrant investment culture within the ecosystem. The 2024 chapter of the Investment Ecosystem Conference brought together up to 500 angel investors, 3,000 guests, and over 30 speakers, further solidifying Georgia’s position as an emerging startup hub. In the same year, a partnership was forged between GITA, the Bank of Georgia, and 500 Global, a world-renowned accelerator and venture capital firm.

Around 500 Global has rebranded its accelerator programme in Georgia to “500 Global in Eurasia,” reflecting its commitment to nurturing startups across the region. In partnership with GITA and Bank of Georgia, 500 Global has successfully accelerated up to 70 startups across five batches since 2020. The latest batch of the programme featured nine tech startups from six countries, focusing on web3 investment, AI-powered talent acquisition, and educational technology.

GITA has recently announced significant developments and initiatives to foster the growth of the Georgian startup ecosystem as part of its GITA 2.0. These initiatives include launching new early-stage acceleration programmes, additional tax incentives for innovative startups and SMEs, establishing Excellence Centres in priority technology areas, and creating a comprehensive digital platform called “Start-Up in Georgia.”

GITA will be mentoring 160 startups annually through four early-stage acceleration programmes, which will incorporate grants and the participation of top international accelerator experts to guide the programme. Additionally, it will offer new tax incentives, including 0% tax rates for innovative startups, 500% tax credits, and 30% cashback for innovative startups and SMEs.

The prioritisation of key technology areas, including Artificial Intelligence (AI) and Agritech, and the establishment of Excellence Centres to support research-based innovation and R&D commercialisation, are all set to signal to the world that Georgia is committed to advancing the region’s technological capabilities.

New strategic location amid Ukraine crisis

Russia’s full-scale invasion of Ukraine in 2022 impacted one of the leading international companies, Exadel. The war transformed the company’s newly opened Georgian office into one of its major strategic locations.

“We had our offices in Belarus and Ukraine, but the war has brought significant changes and challenges. While we have managed to keep our offices open, the situation for developers working in Ukraine is far from easy; periodical power outages and other disruptions make the work difficult. Additionally, there is an emotional impact on everyone,” said George Khoshtaria, a marketer at Exadel, while interacting with World Finance.

Exadel, an international technology company with over 25 years of experience in the digital market, entered Georgia in 2021. According to Khoshtaria, there were a few reasons why Exadel initially decided to enter the Georgian market.

“One of the main reasons is the tax incentives offered to international companies. The second is the high proficiency in English among developers, who are generally considered some of the strongest. Our clients are American and European companies that require highly qualified developers for international projects, and we can find such talent in Georgia. This is why Exadel operates in the country,” Khoshtaria said.

The Ukraine conflict has now proved the strategic importance of the Georgian office, as it became essential to relocate some operations from Ukraine and Belarus. Georgia, beyond being a base for companies like Exadel, has also become a new home for thousands of foreign developers from Belarus.

International companies have also created numerous opportunities in the Georgian socio-economic set-up, where the average nominal annual salary is GEL 24,000 ($8,750) and the unemployment rate stands at 13.7%. By 2023, the number of employees in Georgia’s IT sector reached 30,200, a sharp increase from just 5,000 in 2021.

The average annual salary in the industry too has doubled, now standing at GEL 83,280 ($30,400). Nika Kapanadze, an economist at the Policy and Management Consulting Group (PMCG), states that the arrival of international companies has played a crucial role in the country’s economy.

“International IT companies serving clients across different continents hire Georgian personnel and conduct operations locally. This effectively acts as an export of labour, and it is crucial that these individuals are physically present in Georgia. The money generated stays within the country’s economy, contributing significantly to its growth,” Kapanadze said.

Lineate is another international software development company that entered the Georgian market in 2022, establishing a regional hub to expand its business across Europe. With an investment of $14 million, the company has contributed to the country’s technological development by creating 200 new jobs, apart from launching the Lineate Dev School programme to support aspiring developers.

The company collaborates with schools and leading Georgian universities to promote education in the field. Giorgi Tsikolia, Vice President at Lineate outlined several reasons the company established its regional office in Georgia.

“The company found hiring qualified staff in Georgia highly attractive. Additionally, the tax system is quite flexible, especially regarding technology. Furthermore, Georgia’s geography provides the opportunity to access both European and Asian markets,” Tsikolia said.

However, the official also noted the importance of monitoring geopolitical risks.

He said, “We, like all international businesses engaged in the region, are concerned about the escalation of hostilities across the wider geography. Similarly, the company is actively monitoring political developments in Georgia.”

Worries remain

In March 2024, the ruling Georgian Dream party reintroduced a Russian-style draft law on transparency of foreign influence, making it mandatory for non-governmental organisations receiving over 20% of their funding from foreign sources to register with the Ministry of Justice as organisations serving the interests of a foreign power.

Although President Salome Zourabichvili vetoed the law, Parliament overruled her decision. Despite protests and international condemnation, the Speaker of Parliament signed the law on June 3, 2024.

The protests last year lasted nearly two months and were met with excessive force by Georgian security forces. The crackdown and the contentious law have strained Georgia’s relations with the West. The country’s EU accession process has stalled, along with the promised financial assistance.

The United States, on the other hand, imposed sanctions on two high-ranking Georgian officials for their involvement in human rights abuses during the violent suppression of protests. The US State Department also introduced visa restrictions on more than 60 individuals and their families, citing their role in undermining democracy in Georgia.

In the October 2024 parliamentary elections, the ruling Georgian Dream party declared victory, igniting further protests across the country, along with international condemnation, over alleged election fraud. These developments have sparked widespread concern in Georgia, with fears that the impact will extend beyond politics, affecting the business environment and the overall well-being of the population.

Kapanadze is convinced that the overall political environment must remain stable, with no ambiguity regarding Georgia’s Western orientation.

“I wouldn’t say that companies already established here will leave, but the real concern is that talent may start to exit the country as they no longer feel comfortable. We are talking about high-income individuals who seek a comfortable lifestyle. Now, with discussions around cancelling the visa-free regime with Europe, this could deliver a significant blow to the entire economy, especially the IT sector,” Kapanadze explained, while further emphasising that maintaining Georgia’s reputation is key to becoming a regional IT hub.

“We are the connecting link between the West and the East. If this connection is severed with either side, the potential to thrive as a hub will disappear,” he concluded.

The post Georgia climbs the tech ladder appeared first on International Finance.

Neo Pay Iraq continually strives to develop comprehensive e-payment solutions with a focus on ease of use, security and excellent customer service. With its prepaid cards, users can conduct financial transactions quickly and reliably, whether shopping online or paying bills. The team’s high level of expertise makes Neo a trusted choice for many individuals and businesses in Iraq.

“We are always innovating in e-payment technology, continuously improving the customer experience and expanding its services. Whether you’re a business manager looking to optimise payment methods or an individual in need of simple and secure payment solutions, Neo Pay offers the perfect solution for you,” Mohammad Sinno, Head of Strategy and Business Growth told International Finance.

Neo Pay Iraq has four types of payment cards available for its customers. Prominent among them is the “Dinar Card,” which offers real value in local financial transactions, considering the wide range of attractive local discounts and offers the cardholder gets. With Dinar Card, it is easy to transfer money in Iraqi Dinars, while activities like paying businesses and shopping come commission-free locally.

Next comes the “Classic Card,” which can be used on all websites and mobile apps that accept the Visa brand. The Classic Card users can also track their spending and request a mini statement directly from the “Neo App.” Classic Card can also be used for purchases on point-of-sale (POS) devices, as well as for cash withdrawals from any ATM inside or outside Iraq. The user can transfer from any Neo Virtual/Neo Visa Classic/Platinum Card to another through the application immediately.

Neo Pay Iraq’s “Platinum Business Card,” another payment mechanism powered by Visa for entrepreneurs, small business owners and frequent travellers, offers unparalleled value to its users, given the wide range of features and offers from travel insurance, medical advice, buyer protection, restaurant discounts, VIP lounges at airports and extended warranty period.

Neo Pay Iraq also was the first fintech to introduce the “Virtual Card” in Iraq, which is accepted on all global and local websites and applications that accept payment using Visa. The user can follow up on his/her financial transactions and issue an account statement immediately through the mobile application. The Virtual Card can be recharged with money and the money can be transferred from any Neo card, whether it is a Neo Visa Classic/Virtual/Platinum Card, to another, with the user having the freedom of activating and deactivating the card through the mobile application.

“By leveraging the latest technologies and a customer-centric approach, we aim to simplify the payment process while enhancing trust and delivering exceptional value to our customers. Through continuous innovation and a commitment to excellence, we strive to be at the forefront of the digital payments’ revolution, driving economic growth and transforming the way people transact across the world,” Mohammad Sinno concluded.

The post Neo Pay Iraq: A trusted partner for seamless transactions appeared first on International Finance.

Distances And Transportation

Brazil’s vast geography presents significant barriers to international tourism. Its location far from major tourism markets like Europe, North America, and Asia makes flights long, expensive, and limited. This logistical difficulty is a significant deterrent, with few direct flights available, especially to the country’s northern and northeastern regions, despite growing interest in destinations like the Amazon and Fernando de Noronha. Once inside the country, tourists face additional challenges with expensive and limited domestic aviation and long, underdeveloped highways, making travel difficult and costly.

Feelings Of Insecurity And Violence

Safety concerns are a major deterrent. Brazil has one of the highest homicide rates in the world, which creates a perception of widespread violence. While violent crime is concentrated in certain areas, it can be hard for foreign tourists to distinguish between safe and unsafe zones. Moreover, warnings from countries like the US and the UK about the risks of robbery, scams, and kidnappings exacerbate these fears. On a more subtle level, tourists often encounter smaller-scale scams, like price gouging and services falling short of expectations, adding to their unease.

Inadequate Services

Language barriers and a lack of tourism services tailored to foreign visitors are a third issue. With only 1% of Brazilians fluent in English, many tourists struggle to navigate the country. Most services are designed for Brazilian tourists, leaving international visitors with fewer options that cater to their tastes or needs. While it’s understandable that domestic tourism is prioritised, this imbalance dilutes the presence of foreign tourists and reduces the availability of services tailored to international preferences. The lack of comprehensive online information or multilingual services exacerbates these challenges.

Costs

Brazil isn’t cheap for international travellers, particularly those expecting an affordable, high-quality experience. While it’s not as expensive as destinations like Switzerland or Japan, it also doesn’t offer the low prices of countries like Indonesia or India. Public transport is affordable but often unreliable or unsafe, while quality tourism services tend to be pricey. This creates a perception that Brazil doesn’t offer the best value for money, which can push tourists towards cheaper, more efficient destinations.

Erratic Promotion Of The Country

The lack of a consistent and cohesive marketing strategy is the fifth major issue. Unlike other tourism giants that have created strong, positive images over decades, Brazil’s international promotion has been inconsistent and underdeveloped. Emotional factors, such as perceptions of a location’s friendliness, cultural vibrancy, and tranquillity—all areas where Brazil could excel—are increasingly influencing tourists. However, without consistent, strategic promotion, Brazil fails to establish itself as a dream destination for potential travellers.

Retaliatory Visas

In October 2023, the Brazilian government decided to impose tourist visas on visitors from the US, Japan, Australia, and Canada. This decision faced strong criticism from the tourism industry, with many arguing that it would discourage international travellers and reduce Brazil’s competitiveness as a tourist destination.

The visa requirement, which was to take effect on October 1, was to reverse a previous policy implemented in 2019 by former President Jair Bolsonaro. He had exempted these countries from visa requirements to boost tourism and promote reciprocity.

The decision was particularly surprising given Brazil’s efforts to recover from the pandemic and attract more international visitors. The country experienced a significant increase in tourism arrivals in 2023, and the visa requirement was seen as a setback for these efforts.

Industry experts expressed concerns about the potential negative impact of the visa requirement on tourism revenue and job creation. They argued that the added inconvenience and expense of obtaining a visa would deter many travellers, especially those planning short trips.

Despite the criticism, the Brazilian government defended its decision, citing reciprocity as the primary motivation. They argued that Brazilians needed visas to travel to these countries, and imposing a similar requirement on their citizens was necessary to maintain a fair and balanced relationship.

The decision also highlighted the delicate balance between national security and tourism promotion. While visas can be seen as a security measure, they can also hinder tourism by creating additional bureaucratic hurdles for travellers.

Tourism Flourishes Despite The Odds

The Central Bank stated on Wednesday that from January to August, foreign tourists brought in an unprecedented BRL 26.2 billion (USD 4.8 billion) to Brazil. This record-breaking spending shows Brazil’s tourism revival and international visitors’ growing interest in its numerous attractions.

Over 4.45 million overseas visitors visited Brazil in the first eight months, boosting tourism earnings. This is a 10.7% rise from 2023, indicating a robust recovery and revived interest in Brazil as a vacation destination.

Even more astonishing, this figure exceeds pre-pandemic tourist numbers by 1% from January to August 2019. This little but significant growth shows that Brazil’s tourist business has revived and is thriving much beyond forecasts.

The Brazilian government recognised this milestone as a sign of tourism resurgence. The surge in foreign visitors and their economic contributions bodes well for Brazil’s worldwide tourism.

The Brazilian government expects tourism earnings to exceed this year’s record USD 6.9 billion in 2024. Brazil’s National Tourism Plan seeks to make it South America’s top tourist destination by 2027, and a rise in foreign visitors supports this hopeful prognosis. Brazil wants to outperform Colombia and Argentina in international tourism to become a worldwide hub.

Brazil receives the most foreign tourists from Argentina, the US, and Chile. Despite these robust inflows, President Luiz Inácio Lula da Silva’s administration has created controversy by attempting to reintroduce visa requirements for US, Canadian, and Australian tourists. Former President Jair Bolsonaro eased visa requirements in 2019 to increase tourism by facilitating travel to major overseas markets.

Although visa reinstatement was scheduled to start sooner, it has been repeatedly postponed. By April 2025, US, Canadian, and Australian visas will be required. This delay allowed stakeholders to discuss the impact on Brazil’s tourism sector.

Leaders in Brazil’s tourism, hotel, and aviation sectors are opposing visa restrictions for US tourists. Many believe that requiring visas could deter travellers and negatively impact Brazil’s tourism industry. Since the US is one of Brazil’s main sources of international visitors, these industries are concerned that the policy could harm tourist revenue.

To overcome its stagnation in international tourism, Brazil needs a holistic approach. Addressing these issues in isolation—improving transport infrastructure, increasing safety, or enhancing services—won’t suffice. Tourism success requires tackling these factors to create an appealing and cohesive visitor experience. Developing countries like Brazil, where citizens face daily struggles, find it harder to create tourism enclaves like Bali or Cancun, and this model has become politically unfeasible in Brazil. Instead, focusing on an integrated approach that addresses the needs of international tourists while ensuring benefits for the local population will be key to Brazil’s success as a global tourism destination.

The post IF Insights: Why Brazil struggles to attract international tourists despite its riches appeared first on International Finance.

This represents a change from previous immigration laws that have been denounced as being xenophobic.

The introduction of a remote work visa and the implementation of a new points-based system for work visas, which determines eligibility automatically if you meet certain requirements, are among the immediate changes.

He stated that both of these initiatives should be completed in “a matter of days.”

Attract Skills, Tourists

“Visa reform to attract tourists, to attract capital, to attract skills are some of the most powerful things we can do in the short term to kickstart economic growth,” Schreiber told Reuters in an interview.

Currently, foreigners who receive job offers in South Africa may have to wait months or even years to receive a visa, and their requests may occasionally be denied for unclear reasons.

Visas for Western tourists are typically easily obtained upon arrival; however, visitors from China and India, two potentially lucrative markets, must submit off-putting paperwork upon arrival.

The nation has a reputation for being particularly hostile to immigrants from other African nations, who are occasionally accused of “stealing” jobs with a third of the population unemployed.

“It’s a false dichotomy to suggest that we cannot grow the economy and at the same time combat xenophobia,” Schreiber said, adding that bringing in skilled foreigners can help create jobs.

The Democratic Alliance party, which Schreiber belongs to, was the recognised opposition until it partnered with the African National Congress in a coalition government in 2024. Campaigners for human rights criticised both parties for having anti-immigrant sentiment in their election platforms.

According to Schreiber, the current system is a “catastrophic failure” that excludes the very people that South Africa needs.

He claimed that South Africa had a backlog of 306,000 visas that had been built for more than ten years when he took office in July 2024. His team has now reportedly made it through 62% of those by bringing in reinforcements and working overtime.

The post South Africa introducing visa reforms to boost economy: Minister Leon Schreiber appeared first on International Finance.

The findings highlight the difficulties the sector is facing following several quarters of expansion as a significant portion of consumers reduce their spending due to inflation and expensive borrowing, while wage growth slows down.

Additionally, Visa reported a decline in its United States payment volumes during the first three weeks of July 2024, attributing the decline to a variety of factors, including the recent CrowdStrike-related outage.

Visa’s stock dropped 3.4% to USD 255.75 in premarket trading, erasing any small gain the company has made so far this year, that is, if current levels hold. At least nine well-known Wall Street brokerages cut their price targets for the stock.

“We don’t expect a positive change in narrative. The current (valuation) multiple will prove a good entry point, but (we) struggle to see a near-term catalyst. We would not be surprised to see shares more range-bound over the next few months until there is greater clarity on the FY25 guide,” Jefferies analyst Raymond James wrote, as reported by the Zawya.

In the meantime, shares of rival Mastercard fell 1.5%, and those of PayPal Holdings and Block fell 0.5% and 0.8%, respectively.

Visa added that the Asia-Pacific region’s payment volumes have decreased as a result of the economic climate, particularly in China. The economy of the nation has been harmed by a protracted real estate crisis and low business sentiment.

In the meantime, pressure on lower-income households was also mentioned in the most recent quarterly results of other major American corporations, including Coca-Cola, PepsiCo, and Domino’s Pizza.

“We’re seeing much more price sensitivity and consumers looking for more value,” PepsiCo CEO Ramon Laguarta said earlier in July 2024.

The post Visa’s Q3 2024 revenue miss prompts caution on Wall Street appeared first on International Finance.