In an exciting development for Nepal’s financial technology landscape, the FinTech Alliance Nepal (FAN) has recently joined the prestigious Asia FinTech Alliance (AFA) network. This membership marks a major milestone for FAN as a leading advocate for fintech innovation and digital financial inclusion in the country.

As part of the AFA, FAN now joins hands with prominent fintech associations from across Asia, including Singapore, South Korea, Japan, Philippines, Taiwan, Indonesia, Hong Kong, Malaysia, Thailand, and Mongolia. The collaboration presents valuable opportunities for FAN to leverage regional insights, best practices, and expertise to accelerate the growth of Nepal’s fintech ecosystem.

“We are thrilled to join the Asia FinTech Alliance and collaborate with esteemed fintech associations in Asia,” expressed Mr. Sanjib Subba, President of FAN. “This partnership strongly aligns with our vision of spearheading fintech innovation and digital financial inclusion in Nepal. We look forward to contributing to the collective advancement of the Asian fintech community.”

Through AFA membership, FAN aims to amplify Nepal’s voice in the regional fintech landscape, advocate for supportive policies, and facilitate cross-border partnerships. “By working together with our Asian counterparts, we believe we can unlock new opportunities, tackle shared obstacles, and drive impactful progress in Nepal’s fintech sector,” added FAN Spokesperson Mr. Bikash Saran.

As a leading fintech alliance in Nepal, FAN has been dedicated to fostering collaboration between startups, financial institutions, regulators, and tech providers to realize the full potential of fintech. With the warm welcome into the Asia FinTech Alliance network, FAN looks forward to contributing its insights and efforts to advance fintech innovation across Asia.

In a landmark event held in Kathmandu, Nepal, PhonePe, the leading digital payments platform, showcased its services powered by the Unified Payments Interface (UPI), a pioneering digital payments system.This move aims to revolutionize cross-border transactions, facilitating seamless digital payments for Indian tourists visiting Nepal and paving the way for Nepalese visitors to India to enjoy the same convenience.

The event brought together key stakeholders from Nepal’s financial landscape, including representatives from banking sectors, payment system providers, UPI-accepting merchants, and business associations. The gathering was supported by Fonepay Payment Service Limited, Nepal’s largest payment system operator and NIPL’s counterpart in the country.

Setting the tone for the event, Diwas Sapkota, CEO of Fonepay Network, delivered a keynote address highlighting the potential of UPI for Nepal’s burgeoning digital economy. This was followed by an engaging panel discussion that delved into the influence of cross-border payments on Nepal’s economy and financial landscape. The esteemed panelists, comprising industry experts and representatives from organizations like Kumari Bank, Nepal Tourism Board, eSewa, and the Asian Development Bank (ADB), explored a range of issues related to cross-border payments, including regulatory hurdles, compliance demands, and their impact on revenue streams and business models.

The panel discussion also shed light on the positive influence of UPI on Nepal’s tourism sector, emphasizing how convenient cashless payments can enhance the overall tourist experience. Additionally, the panelists examined the broader macroeconomic implications of cross-border payments through alternative payment methods, highlighting the benefits for underserved small and medium-scale entrepreneurs.

The event culminated with a comprehensive product showcase led by Ritesh Pai, CEO of International Payments at PhonePe. Pai provided insights into PhonePe’s journey, highlighting its evolution and the driving force behind the democratization of payments across India. The presentation was followed by a demonstration of solutions tailored for both Indian tourists and Nepalese merchants, drawing parallels with the Indian market’s success story and outlining how PhonePe can replicate this triumph in Nepal.

Thanks to Fonepay’s partnership with NPCI International Payments Limited (NIPL), Indian travelers can now utilize UPI-enabled apps like PhonePe to make QR code-based payments at various tourist spots, retail stores, religious sites, and other popular locations in Nepal. Conversely, Nepalese visitors to India will soon be able to utilize their financial instruments, such as wallet-based apps, to scan UPI QR codes and make effortless payments.

Ritesh Pai, CEO of International Payments at PhonePe, expressed his enthusiasm, stating, “We’re thrilled to be showcasing services powered by UPI in Nepal. This gathering has brought together key players from Nepal’s financial landscape, including Fonepay, leading business figures, and representatives from hospitality and tourism. It’s a testament to the collaborative spirit that will ensure UPI’s success in Nepal.”

Diwas Kumar, CEO of Fonepay Nepal, echoed similar sentiments, saying, “This is a moment of immense pride and joy for Fonepay Payment Service Ltd. Our 4 years of journey to bring cross-border payments in Nepal is finally successful, and UPI payment is Live in Nepal. As we introduce UPI payments in partnership with NPCI International, and welcome PhonePe to Nepal, we see a future where smooth digital transactions boost economic growth and financial inclusion, benefiting merchants and businesses.”

This groundbreaking collaboration between PhonePe and Fonepay, facilitated by NPCI International, marks a significant step towards fostering a digital payments ecosystem that transcends borders, enhancing convenience for travelers and promoting economic growth in both nations.

Kathmandu. Techrida Inc., a Nepali IT and fintech service provider, has partnered with JFourth Solutions, a Singapore-based specialist in financial crime prevention (AML/CFT). These companies have recently partnered to reduce financial crime in the fintech sector in Nepal.According to the partnership, necessary tools and training will be provided to financial institutions to prevent crimes such as money laundering and terrorist financing in the fintech sector of Nepal.

Kathmandu. Techrida Inc., a Nepali IT and fintech service provider, has partnered with JFourth Solutions, a Singapore-based specialist in financial crime prevention (AML/CFT). These companies have recently partnered to reduce financial crime in the fintech sector in Nepal.According to the partnership, necessary tools and training will be provided to financial institutions to prevent crimes such as money laundering and terrorist financing in the fintech sector of Nepal.

Techrida founder Rajendra Shrestha said that this collaboration will be established as an important step to ensure sustainability and stability in Nepal’s fintech industry. He mentioned that such a step is inevitable to make the fintech sector more secure as 5,312 cases of banking fraud and financial crimes were reported in Kathmandu Valley last year alone.Similarly, Jfourth’s chief consultant, Julia Chin, said that under the plan to help financial institutions in Asia and Oceania in risk reduction, they have collaborated with the Nepali company Techrida.Under this partnership, Techrida will develop state-of-the-art technology for Nepal’s financial institutions to meet local and international standards. Similarly, Jfourth will provide training programs for financial institutions to manage risk and comply with regulations.

The word algorithm has been used and heard a lot in the last few years. You may have heard the word algorithm many times on Facebook, TikTok, YouTube, Instagram, Google, Yahoo. In that sense, you may think that this word is new.

Kathmandu. The word algorithm has been used and heard a lot in the last few years. You may have heard the word algorithm many times on Facebook, TikTok, YouTube, Instagram, Google, Yahoo. In that sense, you may think that this word is new. 

However, the word algorithm is about 900 years old . The word comes from the name of a Persian mathematician, Muhammad ibn Musa al-Khwarizmi . He was born around 780 AD in what is now Uzbekistan.His name suggests that he came from Khwarezm, a large region in Central Asia that includes the present-day countries of Kazakhstan, Kyrgyzstan, Turkmenistan, and Uzbekistan.

Known as al-Khwarizmi, he was the director of the House of Wisdom, an intellectual center in 9th-century Baghdad. It was a major center for scholars. He contributed to mathematics, astronomy, geography, and cartography. He also wrote an influential book called ‘ The Process of HinduThe book was discovered 300 years later and translated into Latin. This introduced the Hindu-Arabic numeral system to the West, which eventually replaced the complex Roman numeral system. 

Al-Khwarizmi described the Hindu-Arabic numeral system and the decimal point in his book. These two systems are the basis of the numerals used today around the world.

Al-Khwarizmi’s name, which when translated into Latin in the title of the book, became ‘Algorithm’. Algorithm is derived from this word. The word ‘algebra’ that we study in mathematics was also influenced by Al-Khwarizmi’s name and was used. 

His books revolutionized mathematics in the West. They showed that complex problems could be solved by breaking them down into simpler parts. In medieval Latin, the word “algorithm” simply referred to the decimal number system. It became an English word in the 13th century. The word ” algorithm ” was first used by the English poet and writer Geoffrey Chaucer in the 13th century. 

It was not until the 19th century that the word ‘algorithm’ was used to mean a set of step-by-step rules for solving a problem. That is, the word algorithm was not used to mean that a specific procedure or group of rules helped solve a problem. In the early 20th century, British mathematician and computer scientist Alan Turing introduced the theory of how a machine could solve complex mathematics by following algorithmic instructions. This is considered to be the beginning of the computer age.

During World War II, he built a machine called ‘ Bomby ‘. It cracked the Enigma code using algorithms. Enigma code is an encrypted message produced by the Enigma machine. It was a secret device that was used by Nazi Germany during World War II, mainly to secure military communications.

Algorithm has become a common word now. Although sometimes you may not know exactly what an algorithm does. Algorithms are now used everywhere. Algorithms have played an important role in getting us from one destination to another, using internet searches, helping us with shopping, and providing us with the content we want on social media. 

Algorithms can also predict how we vote or who we love or like. This little word, which originated in medieval Persia, is gradually transforming our lives today.