Kathmandu, Nepal & Singapore, August 28, 2024 – Techrida, a leading IT services and Fintech service provider in Nepal, has announced a strategic partnership with JFourth Solutions (“JFourth”), a renowned Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) consulting and training company based in Singapore. This collaboration aims to bolster the compliance infrastructure of Nepal’s rapidly growing Fintech industry. Through an integration of advanced AML/CFT solutions and expert training programs.

The partnership between Techrida and JFourth marks a significant milestone in the development of Nepal’s financial technology sector. Fintech service adoption is on the rise among Nepali consumers, highlighting an increasing need for robust regulatory compliance in the country’s growing industry. Over the past year alone, reported 5,312 incidents of banking fraud and financial crime in Kathmandu Valley.

About Techrida Inc. and JFourth Solutions

In Nepal, Techrida is a top supplier of IT services with a focus on Fintech solutions. Techrida provides innovative technological solutions that enable financial institutions to function more effectively and safely in the current digital environment. Along with an emphasis on innovation and security. For further media inquiries you may contact Rajendra Shrestha at : (+977) 9820784229.

Meanwhile, JFourth Solutions is a training and consulting firm with headquarters in Singapore that focuses on AML/CFT compliance. JFourth Solutions’ team of seasoned specialists, dedicated to quality, delivers comprehensive solutions and training programs that benefit financial institutions throughout the world.

How will this partnership benefit Nepal’s Fintech industry

Through this collaboration, Techrida will leverage its deep understanding of Nepal’s Fintech landscape and its technical expertise to develop and implement advanced AML/CFT technologies. These solutions will be tailored to meet the unique needs of financial institutions operating in the region, ensuring they comply with both local and international regulations.

JFourth is helmed by Julia Chin who is also the Chief Regulatory Affairs Officer of Defy, an impact banking ecosystem for digital nomads and creators, micro entrepreneurs and responsible consumers across parts of Asia and the Middle East. With her extensive experience in AML/CFT work and an expert team of consultants, JFourth has the necessary expertise to provide best-in-class compliance solutions in line with global standards. 

The organization will also offer specialized training programs designed to equip financial institutions. In order to instill effective corporate governance frameworks, and the skills needed to manage operational risk. By addressing regulatory challenges, providing tailored solutions, and investing in training, this partnership will strengthen the local market. And also position Nepal as a competitive player in the rapidly evolving Fintech landscape.

Alignment with global fintech trends

The integration of advanced technology solutions for AML/CFT compliance is a growing trend in the global Fintech industry. By leveraging innovative IT solutions, the partnership aims to provide tailored compliance tools. Such tools meet both local and international standards. As a result it reflects a broader movement toward the use of technology to streamline compliance processes.

The partnership reflects a broader trend of regional collaboration in the Fintech space. As the Asia-Pacific region is projected to become the largest Fintech market. Partnerships like this one are crucial for establishing a strong compliance foundation. As they can support future growth and innovation in the fintech sector. With the rise of digital financial services, operational risk management has become paramount.

The partnership aims to instill effective corporate governance frameworks. This is consistent with global best practices in risk management within the Fintech industry. Furthermore, by aligning with these trends, the Techrida and JFourth partnership addresses immediate compliance needs. Additionally, it positions Nepal’s Fintech sector for sustainable growth in the evolving global landscape.

A shared vision for the future of Nepal’s Fintech market

Rajendra Shrestha, the founder of Techrida, stated, “We are excited to partner with JFourth Solutions and bring our collective strengths to bear on the critical issue of AML/CFT compliance in Nepal’s Fintech industry,” Further he added, “This collaboration represents a significant step forward in our mission to provide secure, innovative financial solutions that contribute to the growth and stability of the sector.”

Similarly, Principal Consultant at JFourth Julia Chin continued, “By 2030, the Asia-Pacific region will become the largest Fintech market in the world, overtaking the US. Our partnership with Techrida aligns perfectly with our goal of expanding AML/CFT compliance capabilities across Asia and Oceania. Together, we will help financial institutions in Nepal enhance their compliance frameworks and mitigate risks in an increasingly complex regulatory environment.”

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.