In a recent interview with SiGMA News, Alexander Aukhariev, an expert in the payment industry, shared his insights on the future of online payments. He discussed key trends, the impact of technology, and the role of security in shaping the industry. Here are the highlights from the enlightening discussion:

What key trends can we anticipate in the online payments landscape for 2024?

Alexander Aukhariev: Over recent years, we’ve witnessed a significant expansion in online payment methods. As we look ahead to 2024, several pivotal trends are emerging that are set to shape the future of the payments industry. During this interview, we will explore into these transformative trends and discuss their potential impact.

What advantages does Payment Center provide to its merchants in the context of diverse card payment methods?

Alexander Aukhariev: Our company has been at the forefront of these methods for over a decade. As times change, every country is developing its own payment systems and local methods, such as QR codes (Pix, UnionPay, Uzcard, Mir, to name a few). The execution of online payments from a card issued in one country on a merchant’s website in another country is becoming increasingly complex. To address this, Payment Center has implemented numerous integrations with various banks across the globe. This allows our merchants to accept payments from a wide range of cards, not limited to just Visa or Mastercard.

What new opportunities do payment systems offer, particularly those based on the synergy of mobile phones, operating systems, and banks?

Alexander Aukhariev: The next stage is the synergy between mobile phones/operating systems and banks, which creates payment systems such as Google Pay, Apple Pay, AliPay, etc. They keep expanding their functional capabilities, including integration with loyalty programs and financial services, as well as integration with mobile operators, enabling the use of mobile phone balances for buying goods and services.

What role does tokenization play in securing payments, and how does it influence the payment process?

Alexander Aukhariev: Tokenization is a crucial aspect of payment development. It enhances the security of payment data during transactions by replacing the original payment information with a unique token. This token is generated and stored securely using advanced encryption algorithms and methods. The beauty of tokenization is that the same token can be reused multiple times, eliminating the need to recollect confidential payment data. This not only simplifies the payment process but also ensures robust security.

What new opportunities does Open Banking present in the context of instant payments?

Alexander Aukhariev: Payment Center provides partners with the most sought-after APMs and integrations with alternative payment systems. The advent of banking APIs under the PSD2 (Payment Services Directive 2) initiatives in Europe has enabled us at Payment Center to broaden our integration with banks, fintech companies, and merchants. Open Banking, a form of instant payment, facilitates real-time payments (RTP) and significantly enhances both the speed of payments and conversion rates.

What contributions are cryptocurrencies making to the evolution of the payment industry?

Alexander Aukhariev: Cryptocurrencies are playing an increasingly significant role in the payment industry, with the volume of crypto-based payments growing year on year. At Payment Center, we strive to stay ahead of these trends. As such, we have implemented our own Payment Gateway, Defexa, which allows for the storage, exchange, and payment with cryptocurrencies within our interface, thereby significantly broadening our payment capabilities.

What benefits do digital wallets offer as a unified platform for all types of payments and currencies, and what changes are we seeing in this space?

Alexander Aukhariev: Digital wallets offer the convenience of accessing various payment methods in one place. This makes it easy to pay for goods and services with just a few clicks, switching between banks, payment methods, and even combining fiat, crypto, or stablecoins. As a unified platform for all types of payments and currencies, digital wallets seamlessly integrate cryptocurrencies into all payment methods. They are poised to transition to universal payment methods in the future, accommodating both crypto and fiat currencies. In light of business globalization and the rise of cross-border e-commerce, improving and reducing the cost of international payments has become a priority. Consequently, we at Payment Center provide our merchants with the opportunity to accept payments for their goods and services through all online payment methods.

What innovative measures are being implemented in online payment security to combat fraud?

Alexander Aukhariev: Security is a top priority for us. As online payments continue to grow, so does the number of fraud attacks. This necessitates the implementation of advanced authentication algorithms in the industry, such as 3D Secure 2.0 and biometric technologies. Artificial intelligence and machine learning technologies are being utilized to bolster payment security by detecting fraudulent activities and tailoring offers for users. Beyond fingerprints and facial recognition, contactless methods like gesture recognition and behavioral biometrics are beginning to be employed for user authentication. These trends underscore the ongoing efforts of the online payment industry to ensure efficiency, security, and convenience for both consumers and businesses. This encompasses both technological innovations and changes in regulatory frameworks aimed at fostering competition and safeguarding consumer rights.

SiGMA News spoke with Alexander Aukhariev, CEO at Payment.Center. Aukhariev is co-owner of Payment Center with over a decade of experience in corporate and consumer business development. With a proven track record in developing and implementing innovative solutions in the payment systems sector, he has successfully leveraged his experience in team management and strategic planning to establish partnerships and foster co-operation in the field of financial technology at the Payment Center. His comprehensive approach includes market research, regional strategy design and execution, marketing campaigns, and effective team management. His wide network and effective work relationships span the globe, and he has successfully managed a number of high-profile international projects.

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The announcement of the has set the betting markets abuzz, with a staggering £1.35 million ($1.72 million) wagered on Betfair Exchange’s General Election markets within the first 24 hours. It was not the most auspicious start for. The image of him, drenched in the heavy downpour of rain and looking somewhat uncomfortable, (photo above), was plastered across the media. He confirmed that the election would take place on 4 July. The rain, it seemed, was an ill omen, casting a shadow over the start of his campaign. As soon as the announcement was over, the opposition party took an early lead in the betting markets.

On the inaugural day of the election campaign, the Betfair Exchange markets indicated that the Labour Party had a 1/5 chance of winning a majority, equivalent to an 83 percent probability. In contrast, the Conservative Party was 5/7 to experience seat losses of 200 or more.

In response to these developments, punters have placed almost £500,000 on Labour to win the most seats and nearly £200,000 for a Labour majority. Betfair Spokesperson Sam Rosbottom commented on this trend, stating that punters have been “putting their money where their mouths are,” with a whopping £1.35 million wagered on the Betfair Exchange UK general election markets in the last 24 hours.

The majority of this amount has been in favour of the Labour party, with almost £500,000 wagered on them to win the most seats alone since yesterday morning. However, despite Labour’s dominance in terms of money, more bets were placed on a no overall majority outcome and the Conservatives to win most seats in the last 24 hours. This suggests that while Labour are at such short odds, punters remain speculative about the outcome.

The betting forecast for the UK General Election continues to evolve, reflecting the dynamic nature of politics and the uncertainty of outcomes. As the election date approaches, it will be interesting to see how these odds shift and what they ultimately reveal about the UK’s political landscape.

Some people have expressed concern about the timing of the election, questioning whether a summer General Election is a good idea. Farmers and farming organisations have also reacted to the announcement, discussing its implications on the economy and public services. The media coverage of the announcement varied, with some outlets describing it as a 'big-risk political gamble’, while others focused on the unexpected nature of the announcement.

(MGA), the regulatory body for all forms of gaming in Malta, has revoked the operator licence of Tipbet Limited, a Gzira-based company that has been a significant player in the online sports betting industry since its inception in 1995. This decision has immediate effect, marking a significant moment in the history of Malta’s gaming industry.

Tipbet, with its roots in Malta, had expanded its operations across Bulgaria, Croatia, Germany, and Macedonia, establishing a strong presence in the European gaming market. However, recent events have cast a shadow over the company’s future. The by Tipbet to honour its financial commitments, leading the authority to predict an “imminent” failure for the operator.

In response to these concerns, the MGA has imposed several immediate restrictions on Tipbet. The company must suspend all gaming operations and halt new customer registrations. Existing customers must be allowed to access their accounts and withdraw any funds. Furthermore, Tipbet is required to ensure that all player funds are credited in accordance with the Malta Gaming Act (Chapter 583 of the Laws of Malta) and must settle any outstanding fees within five days.

The MGA’s decision to revoke Tipbet’s licence was made under Section 9 of Malta’s Gaming Compliance and Enforcement Regulations. The authority cited multiple infringements of regulatory obligations and financial commitments by Tipbet, including failures to meet commitments to players in a timely manner and to pay regulatory fees on time. These issues led the MGA to conclude that the operator’s failure was not just possible, but “imminent”.

The MGA has the power to cancel licence authorisation under Section 10(a) of the Enforcement Regulation, a step it can take when the grounds for suspension under regulation 9 are met and the MGA determines cancellation to be the most appropriate measure. In Tipbet’s case, the regulator decided that there was material and sufficient reason to cancel the licence authorisation.

As part of the licence revocation process, Tipbet has been ordered to submit a transaction report and supporting bank statements within seven days to demonstrate that player funds have been returned. This is not the first time the MGA has taken such action. In March, the MGA cancelled the Maltese online gaming licence of BTM Entertainment Group, and earlier, it had announced the cancellation of its authorisation for Rush Gaming, the operator of Fansbet.com and Onebet.com.

This series of events serves as a stark reminder of the rigorous regulatory environment in which gaming companies operate, and the serious consequences they face when they fail to meet their obligations.

The fall of Tipbet, a once thriving gaming giant, is a significant development in the gaming industry, and its impact will be felt across the sector.

Fitch Ratings: Wynn Resorts’ IR project to boost Ras Al Khaimah’s economy 

A recent analysis by Fitch Ratings says the ongoing joint venture between Wynn Resorts and Ras Al Khaimah (RAK) is expected to significantly enhance the emirate's economic growth. The project, which involves the construction of the Middle East's first integrated resort on Al Marjan Island, is scheduled to open in early 2027 and is poised to attract substantial investment and tourism to the region. 

has partnered with state-owned enterprises RAK Hospitality Holding and Marjan LLC to bring this ambitious project to fruition. Ras Al Khaimah, one of the seven emirates of the UAE, will host this landmark resort, marking a significant milestone in its economic and tourism development. 

Fitch Ratings has upgraded Ras Al Khaimah’s Long-Term Foreign-Currency Issuer Default Rating from ‘A’ to ‘A+’, citing robust medium-term growth forecasts and resilience to external shocks. The agency attributes this upgrade to the anticipated economic benefits from large-scale investment projects like the Wynn integrated resort and the emirate’s ongoing economic diversification efforts. 

The construction phase of the resort is projected to increase RAK's real GDP by 1 percentage point in 2023, 2 percentage points in 2024, and another 2 percentage points in 2025. Initially estimated to cost $3.9 billion (€3.6 billion), the project represents approximately 32 percent of RAK’s GDP in 2022, highlighting its substantial economic impact.