Banks

Armeconombank to Place New Tranch of AMD-Denominated Bonds

Wed, 26 Aug 2026 12:18:00 +0400

For the period from August 28, 2026, to January 28, 2027, Armeconombank will place new tranch of its AMD-denominated bonds.

The AMD-denominated bonds, with a total volume of AMD 5 bln, comprise 500,000 registered, uncertificated, coupon bonds with a nominal value of AMD 10,000 each.

The bonds carry an annual coupon yield of 9.75%, with semiannual coupon payments. The circulation period is 36 months, and the maturity date is August 28, 2029.

Following the completion of the placement, the bonds will be listed on the Armenia Stock Exchange and will be quoted by a Market Maker.

E-copies of the Bond Program Prospectus (registered by the Central Bank of Armenia) and the Final Terms of the issue are available for download on the Bank’s website. Hard copies may be obtained at the Bank’s Head Office (23/1 Pap Tagavor St., Yerevan).

The bonds may be purchased by both individuals and legal entities via the AEB Mobile application and the AEB Online system, as well as at the Bank’s Head Office or any branch, by submitting bond purchase application (s) in accordance with the established procedure.

The AEB Mobile application can be downloaded here.

Armeconombank is supervised by the Central Bank of Armenia.

IDBank Warns Against Fraud Involving Concert and Festival Tickets

Wed, 26 Aug 2026 11:33:00 +0400

Concerts, festivals, sports matches, and other popular events traditionally attract not only spectators but also scammers.

The Ministry of Internal Affairs of the Republic of Armenia regularly warns of this danger, while the schemes themselves are becoming increasingly varied -from fake websites to reselling the exact same ticket to dozens of people.

Scam Tactics:

• Official Site Clone: An "official" website for a festival or well-known ticketing platform appears in ads or social media with an address nearly identical to the original. After payment, the victim loses both their money and card details. Sometimes, a follow-up message claims there was a "payment error" and demands a second payment, using a different card.
• Ticket Resale on Social Media: Sellers offer "e-tickets" and QR codes in Facebook and Telegram chats or groups. At the venue, the code may fail to work, it could be linked to another account or activate only on the day of the event. Only the person who scans it first gains entry, even if the ticket was sold to multiple people.
• Non-existent VIP Access: The seller offers an add-on for "VIP access" or a "fast-track" line to a real ticket. Upon arrival, buyers discover the option never existed, and the extra fee went straight to scammers.
• Fake Events: Scammers advertise a concert featuring a famous artist to lure people to a phishing site, selling tickets to an event that will never happen.

Important Detail

The scammers' main weapon in this scheme is urgency. "Last ticket left," "price goes up in an hour," "almost sold out" - such claims force quick decisions and prevent buyers from verifying the seller.

Be especially cautious when buying e-tickets second-hand. Even if the seller shows a genuine QR code, it does not mean the same ticket hasn't already been sold to several other people.

Legal Trap

If you voluntarily transfer money to an unknown seller or make a payment on a fake website, recovering your funds can be extremely difficult. In the case of fake e-tickets, fraud is often uncovered only right at the venue entrance when the seller has already disappeared.

IDBank recommends:

• Buy tickets only from official sellers. Organizers always list verified ticketing partners on their official pages. Rely exclusively on these sources.
• Use the safe ticket purchasing feature in the Idram&IDBank app. It provides access only to official sellers, including Tomsarkgh, along with purchase cancellation options and support for disputed situations.
• Do not follow ticketing links from random advertisements. It is safer to manually navigate the seller's official website and search for the event.
• Thoroughly check the seller's profile if buying second-hand. Even a genuine e-ticket can be sold to multiple buyers at the same time. The safest option is to avoid such transactions altogether.
• Use a dedicated card for online payments. Set up a virtual card for internet transactions and keep only the exact amount required for a specific purchase on it.
• Report fraud to the police immediately. If you fall victim to scammers, block your bank card right away, save all chat screenshots and receipts, and report to law enforcement agencies.

Remember: "the last ticket" and "only today" are very often not a sign of luck, but a classic scammer tactic. Buy tickets from verified sellers and don't let urgency deprive you of both your money and the chance to attend your long-awaited cultural or sports event.

The bank is supervised by the CBA.

“VMF Vanadzor Half Marathon 2026” Held with the Support of Idram and IDBank

Tue, 25 Aug 2026 17:16:00 +0400

For the second consecutive year, Vanadzor's central square turned into a major sports arena. The ''VMF Vanadzor Half Marathon 2026'' brought together over 600 runners from various regions of Armenia and abroad.

This year, the main sponsors of the half marathon are Idram and IDBank, supporting the event as part of ''The Power of One Dram'' initiative. The funds raised will be directed to the Vahe Meliksetyan Foundation to support the development of clinical pharmacology in Armenia.

The half-marathon started with the kids' race, where young runners completed the 1km distance. In Vanadzor, Junior joined the young runners to inspire them and be part of their first big victories. At the end of the competition, the young winners received special prizes from Idram Junior.

After the kids, it was the adults' turn; they competed in the 5km, 10km, and 21km distances. Following an intense and fierce competition under the scorching sun, the top performers received monetary prizes in idcoins from Idram and IDBank.

According to Tatevik Vardevanyan, Head of Communications and Social Responsibility Programs at IDBank and Idram, support for education and communities plays an important role in the social responsibility priorities of Idram and IDBank.

"By joining this marathon, Idram and IDBank bring together three key directions at once: encouraging a healthy lifestyle, supporting community development and education. All funds raised from the marathon will be allocated to the development of clinical pharmacology and to providing scholarships for future specialists," noted Tatevik Vardevanyan.

Sargis Meliksetyan, Executive Director of the "Vahe Meliksetyan" Foundation, spoke highly of the partnership established with the companies.

"I believe that together with Idram and IDBank, we are carrying out very important work. I am confident that we will see its impact on our city in the years to come," said Sargis Meliksetyan.

Idram and IDBank companies are supervised by the CBA.

Issue of electricity import and export between Armenia and Azerbaijan discussed in Lachin

Tue, 25 Aug 2026 15:43:00 +0400

Representatives of Armenia’s Ministry of Territorial Administration and Infrastructure and the Armenian Electricity System Operator, as well as Azerbaijan’s Ministry of Energy and Azerenergy, met today in the city of Lachin.

The Ministry of Territorial Administration and Infrastructure of Armenia reported that during the working meeting, the parties discussed the possibility of electricity imports and exports between the two countries. The meeting also addressed possible options for interconnecting the energy infrastructure of the two countries at the state border.

Wilco Model: “We’re like a co-pilot for the client”

Tue, 25 Aug 2026 10:02:00 +0400

The name Wilco was not chosen at random. It comes from aviation: “Will comply” – meaning “the order has been received and will be executed.”

This idea lies at the heart of the company’s philosophy. Wilco positions itself as the client’s “co-pilot” – someone who does not take the controls or decide where to fly, but who helps the client stay on course and navigate turbulence when needed.

According to Wilco CEO Irina Belysheva, wealth management is based on a simple principle: not to make decisions for the client, but to help them better understand their own goals, risks, and opportunities. The client remains the pilot of their own “airplane,” determining the direction of their life, family, and business, while Wilco strives to be the expert who sees the entire route.

This approach is particularly important for families whose wealth has grown beyond the scope of simple investing, and for whom the focus extends beyond asset management to business structuring, tax and legal matters, succession planning, their children’s education, and preparing the next generation.

A New Chapter in the Company's History

Wilco’s current story in Armenia began about a year ago, when the company – which had been operating since 2008 – gained a new owner, adopted a new mission, and underwent a rebranding. Management has set a goal of transforming the company from a local investment company into a world-class wealth management company.

“For me, the biggest challenge wasn’t the business model or finding clients. The most difficult aspect was assembling the people. We had to figure out: would we be able to build a team that not only had extensive professional experience but also believed in Armenia’s long-term potential?” explains Irina Belysheva.

Today, the Wilco team includes leading experts from Armenia and several other countries, some of whom have moved to Armenia with their families. The CEO considers building this team one of the most important achievements of the company’s first year.

According to her, the experience of professionals from different markets brings additional dynamism to the company. At the same time, beyond diverse professional and cultural backgrounds, a shared set of values is essential. At Wilco, these values are trust, creativity, and vitality.

The product isn’t the first thing – it’s the last

One of the key differences between wealth management and traditional investment services is in where the process begins. In the traditional model, a financial product is first created and then offered to the client.

Irina Belysheva

Image by: Wilco

“Our approach is the opposite: first, we need to understand the needs and challenges of an individual or family, and only then develop a solution. Every family has its own circumstances, goals, and priorities. There are no one-size-fits-all solutions,” says Irina Belysheva.

However, this approach can only work if the client is willing to speak openly about their financial situation.

“We, so to speak, act as a family doctor: if a person doesn’t tell us everything, we cannot offer a comprehensive solution,” notes Irina Belysheva.

That is precisely why, for Wilco, trust is not simply one aspect of the service – it is its very foundation.

When money isn’t the most important financial issue

During Wilco’s first year operating under its new name in the Armenian market, several issues have emerged that are gradually becoming increasingly important to clients.

“In many businesses, the strategic horizon is still limited to a single year. But when we talk about family wealth, we need to think about the decades to come. It’s not just a matter of how to make more money. The more complex question is what will happen to that wealth afterward,” says Irina Belysheva.

And this is where the issue of continuity and legacy comes to the forefront.

“What will happen if I’m gone tomorrow?”

Building capital, preserving it, and passing it on to the next generation are three distinct challenges. In Armenia’s business community, the first two have long been priorities since independence; the third, however, is now emerging with increasing urgency.

“For families, this is often one of the most difficult conversations to have, because it touches on both money and mortality. You may build a large business, but your children might live in another country, pursue a different career, or simply not want to carry on the family business,” says Irina Belysheva.

This raises a question: Does the next generation understand what has been built? Is it ready to take on this responsibility? And if not, how to design a structure for transferring this capital? For Wilco, this is no longer simply a matter for individual families. The company views the issue of intergenerational wealth transfer as one of the keys to Armenia’s long-term and sustainable economic development.

Knowledge – before passing on a legacy to the next generation

Based on this logic, Wilco has launched its Next Generation and Financial Literacy initiatives. The company aims to work with the generation that will one day decide what businesses to build, where to live, how to invest, and how to manage their own capital.

The programs are designed to engage the children and heirs of Wilco’s clients of different age groups. Topics range from financial literacy and career guidance to understanding how businesses operate.

“We’ve already held a pilot Discovery Day, during which children aged 11-14 learned how our business works. They showed tremendous interest and expressed a desire to learn about other industries as well,” says Irina Belysheva.

No one knows what the market will be like in 10 years

When discussing the future of Armenia’s financial market, Irina Belysheva highlights several trends that could reshape it: greater financial literacy, a broader range of investment instruments, and the gradual integration of household savings into the financial system.

Irina Belysheva

Image by: Wilco

“Attitudes toward money must also change. Instead of simply holding onto savings, they need to be gradually integrated into the financial system. The government, the Central Bank, and private financial institutions – banks, brokers, investment firms, and wealth management companies – all have a role to play here. But financial instruments alone are not enough. For investment to grow, confidence and trust are also essential – in financial institutions, the regulatory environment, and the country as a whole,” says Irina Belysheva.

Armenia is a country that not only attracts capital but also channels it

According to Wilco’s vision, one of Armenia’s key priorities should be to establish stronger capital flows between the Diaspora and Armenia.

“I don’t see this as simply an attempt to attract capital from the Armenian Diaspora to Armenia. It’s about building bridges. These bridges should enable Armenians living outside Armenia to participate in investment projects in Armenia, while those living in Armenia gain access to international markets,” says Irina Belysheva.

Under this model, Armenia could gradually become not just a country that attracts capital, but also a hub connecting different financial markets.

Wilco’s goal is to enable its clients to move in both directions: to maintain strong ties with Armenia while also gaining access to other markets.

“The plane is already in the air”

According to the company’s management, the first year following the relaunch laid the foundation for the next phase of development.

Irina Belysheva

Image by: Wilco

“Our top priority right now is to grow our assets and revenue. If our first goal was to build an airplane, I can say that today the plane is already in the air and gaining altitude. Looking ahead, we also do not rule out international expansion and the development of new partnerships,” says Irina Belysheva.

This year, Irina Belysheva was honored with the “Leading Woman in Wealth Management” award in Dubai. For her, the recognition is not only a personal achievement but also an opportunity to discuss Armenia’s financial market on the international stage.

Astghik Hovhannesov

"Unisport" Competes in the UEFA Futsal Champions League

Mon, 24 Aug 2026 16:55:00 +0400

Unisport Futsal Club, established with the sponsorship of Unibank, will host UEFA Futsal Champions League 2026/27 preliminary round matches in Yerevan on August 26, 27 and 29.

The reigning Armenian champions and cup holders will compete for a place in the main round of the tournament. Their opponents are Germany’s five-time champions Weilimdorf, Estonian champions Tallinn and Reykjavik, representing Iceland.

Unisport enters the tournament with an impressive record. The team completed an unbeaten season in the Armenian Premier League, recording 16 victories and scoring 323 goals.

"Representing Armenia in the Champions League is a great responsibility for us. We have an ambitious team that has already proven its strength in the Armenian championship. Now, our goal is to compete on the international stage with the same confidence and fight for a place in the main round. It is especially important that the matches will be held in Yerevan. The support of our fans can give the team an additional boost. We are grateful to Unibank for standing by the club and supporting our development," said David Khachatryan, CEO of Unisport Club.

By supporting the club, Unibank aims to contribute to the development of futsal in Armenia, increase interest in the sport and support the formation of a competitive team capable of proudly representing Armenia in international tournaments.

Unisport’s matches will be broadcast on First Channel of Armenia.

Evocabank: Back to school with up to 23% Cashback

Mon, 24 Aug 2026 16:24:00 +0400

Pay with your Evoca Mastercard at participating stores and bookstores until September 15 and receive up to 23% cashback.

“The smell of new notebooks, the first blank pages waiting to be filled, choosing colorful pens, and that new backpack where all your newly purchased items fit perfectly.

Until September 15, make your purchases at participating stores and bookstores, simply pay with your Evoca Mastercard, and a part of your money will be returned to you in the form of up to 23% cashback,” the bank noted.

Participating stores are as follows:

• Miniso: 20% cashback + 3% cashback EvocaBENEFITS

• Zangak: 20% cashback

• Epigraph: 20% cashback

• Bookinist: 20% cashback

• Amrak: 20% cashback

• Penbox: 20% cashback

A few important facts:

• Payments can be made using any Evoca Mastercard,

• Cashback is granted per customer (you may make purchases with all your Evoca Mastercards; however, the total cashback limit remains unchanged),

• Maximum cashback amount: AMD 20,000,

• Cashback will be credited after the end of the promotion, within 20 business days.

“Your shopping list is ready, but what about your Evoca Mastercard? Don’t have one yet?

Order your card now and enjoy up to 23% cashback,” the bank concluded.

Aramayis Avetisyan Elected Executive Director of the Hayastan All-Armenian Fund

Mon, 24 Aug 2026 14:08:00 +0400

The Board of Trustees of the Hayastan All-Armenian Fund has elected Aramayis Avetisyan as Executive Director of the Fund, with 22 votes in favour, 0 against and 2 abstentions. Of the 29 members of the Board of Trustees, 24 participated in the meeting. Aramayis Avetisyan assumes his duties as Executive Director on 24 August 2026.

In his vision presented to the Board, Avetisyan outlined the Fund’s key development priorities: strengthening organisational capacity and improving operational effectiveness; fostering a new culture of trust, accountability and transparency; and moving from a reactive approach towards long-term strategic planning, while maintaining the strengthening of Armenia–Diaspora ties as a core part of the Fund’s mission.

Aramayis Avetisyan is an economist and management professional with 13 years of experience across the public, private and civil society sectors. His professional experience includes organisational management and institutional development, strategic planning, public policy, stakeholder engagement, fundraising and communications. Since 2022, he has served as Assistant to the President of the Republic of Armenia.

Avetisyan studied International Economic Relations at the Armenian State University of Economics. In the private sector, he worked at VEON Armenia, Tavush Textile and Akanat. In 2018, he co-founded the Political Dialogue NGO and served as its Executive Director until 2022. Avetisyan is married. He completed his compulsory military service in the Armed Forces of the Republic of Armenia.

Since 2025, Avetisyan has been involved in programmes of the Hayastan All-Armenian Fund. He coordinated the Fund’s 2025 “Homeland and Eternity” pan-Armenian fundraising campaign. The campaign raised around USD 17 million, approximately 30% above the average for recent years.

“The Hayastan All-Armenian Fund was established in 1992 to unite the potential of Armenia and the Diaspora around the development and strengthening of Armenia. For more than three decades, the Fund has implemented infrastructure, education, healthcare, social and other development programmes, serving as a pan-Armenian platform for Armenia–Diaspora cooperation. The Fund has also mobilised pan-Armenian resources in response to humanitarian crises and other urgent challenges ,” the news release reads.

Byblos Bank Armenia wraps up another successful campaign

Mon, 24 Aug 2026 13:25:00 +0400

The special campaign organized for Byblos Bank Armenia Mastercard World cardholders has come to an end, with all winners having received their prizes.

Running from April 1 to July 31, the campaign gave customers the opportunity to participate in monthly prize draws by making purchases with their Mastercard World cards. For every 250,000 AMD spent, cardholders received one participation code.

Throughout the campaign organized in cooperation with Mastercard, 20 gift packages were awarded, each including a suitcase and a travel pillow. In addition, travel gift cards worth AMD 2.5 million each were awarded to the campaign’s top winners as the two grand prizes.

“Byblos Bank Armenia regularly launches campaigns and special offers designed to make its customers’ everyday lives more comfortable and enjoyable. Details of these initiatives are available on the bank’s official website and social media pages,” the news release reads.

The bank is supervised by the CBA.

S&P Global Ratings: Armenia’s banking sector remains highly profitable

Mon, 24 Aug 2026 12:20:00 +0400

Armenia’s banking sector remains well capitalized and highly profitable, supported by strong net interest income and resilient economic growth.

This is stated in a news release issued by S&P Global Ratings regarding the affirmation of Armenia’s ratings.

“Credit growth remains robust, driven primarily by consumer and mortgage lending, although tighter macroprudential measures and the gradual phase-out of mortgage tax incentives have begun to cool housing demand, particularly in Yerevan.

24.08.2026 | 10:18 S&P Global Ratings affirmed credit ratings on Armenia

While rapid credit expansion has increased private-sector indebtedness, we consider the associated risks manageable at this stage, given banks’ strong capital buffers, resilient asset quality, and expectations that profitability will remain robust despite gradually normalizing from recent highs,” the news release reads.

S&P Global Ratings notes that the gradual dedollarization of banks’ balance sheets has further reduced foreign exchange risks, while banks’ renewed reliance on nonresident and IFI funding is unlikely to materially weaken funding conditions.

Elevated geopolitical uncertainties remain the principal downside risk to the sector, S&P Global Ratings adds.

S&P Global Ratings affirmed credit ratings on Armenia

Mon, 24 Aug 2026 10:18:00 +0400

S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Armenia.

The outlook on the long-term ratings remains positive.

S&P Global Ratingsэы press release reads:

“The positive outlook reflects the potential for Armenia to establish a track record of external resilience, supported by sustained buildup of external buffers and continued progress toward normalizing relations with Azerbaijan, which together could reduce balance-of-payments and geopolitical vulnerabilities over time.

We could revise the outlook to stable should regional geopolitical risks escalate markedly or labor and capital inflows from Russia sharply reverse, weighing on Armenia's economic, fiscal, and balance-of-payments performance.

We could raise the ratings if Armenia's balance of payments continues to demonstrate resilience against security and geopolitical risks. This could be supported by further foreign currency reserve accumulation, alongside further progress in normalizing relations with Azerbaijan. A positive rating action could also follow if regional geopolitical risks recede durably”.

The proposed Trump Route for International Peace and Prosperity (TRIPP) could enhance regional connectivity and support trade and investment over the medium term. While the framework agreement establishes the initiative's core governance and sovereignty arrangements, implementation remains at an early stage, with project areas, financing, and detailed concession terms yet to be finalized.

We forecast Armenia's real GDP growth to slow to 4.9% in 2026, down from 7.1% in 2025,
partly reflecting weaker consumption and export performance following Russia's restrictions on selected Armenian goods. While exporters are likely to redirect some trade flows toward alternative markets, including the EU, the episode highlights Armenia's continued dependence on the Russian market and the vulnerability of certain export sectors to bilateral trade disruptions. Nevertheless, strong investment activity should help support growth. From 2027-2029, we expect Armenia's growth rate to average 5% supported by consumption and investment activity.

Armenia's international reserves have continued strengthening materially in 2026, reinforcing an important external buffer despite elevated regional geopolitical tensions. Gross foreign currency reserves increased to a record $6.9 billion in June, up 46% from the same period last year. This increase was driven by a combination of government Eurobond issuance, central bank foreign currency purchases, and strong financial and capital inflows from abroad. We anticipate that Armenia's foreign currency reserves will remain broadly stable.

We think that Armenia's external position has improved significantly over the last few years due to a gradually appreciating currency, stronger external buffers, and higher current account receipts. Narrow net external debt, measured as a share of current account receipts, has declined from almost 109% in 2020 to about 50% in 2025. Barring additional external shocks, we expect external metrics to gradually and broadly improve over the forecast period, supported by continued reserve accumulation and prudent external borrowing, further reducing Armenia's external vulnerability”.

The AI Threat to Financial Stability

Fri, 21 Aug 2026 22:30:00 +0400

Brian Judge is Research Director of the Program on Finance and Democracy at the University of California, Berkeley.

US Federal Reserve Chair Kevin Warsh recently announced a new task force that will “survey the pace, the reach, [and] the economic impact of new general-purpose technologies, including AI, and explore the implications for the Fed” as it pursues its “employment and inflation mandates.” Notably absent from Warsh’s statement was any mention of the impact of AI on financial stability, the Fed’s de facto third mandate.

The Fed has shown some awareness of the risks AI poses for financial stability. In April, Warsh’s predecessor Jerome Powell, together with US Treasury Secretary Scott Bessent, convened a meeting to assess how advanced AI models could affect cybersecurity in the banking system. But even this approach was far too narrow.

In the United States, both the financial system and asset markets have become a one-way bet on AI. If current trends persist, outstanding AI data-center debt will surpass mortgage debt by the end of this decade. The Fed should now be asking whether the revenues from these data centers will generate enough cash to repay creditors on time.

That question is often conflated with two others: whether AI is a bubble and whether it is a transformative technology. One might be tempted to position this as a dichotomy—AI is either a bubble or a transformative technology—but this would be a mistake. The US railroad boom of the 19th century ended in the Panic of 1873, and the telecom and dot-com boom of the 1990s culminated in a stock-market crash. In both cases, the technology was genuinely transformative, but creditors and shareholders were wiped out anyway, because investment outpaced any plausible near-term return.

Image by: Reuters

Likewise, when it comes to AI, technological success will not guarantee financial success. The revenues AI will generate remain uncertain, but borrowers’ repayment schedules are fixed. AI tools can be widely adopted, and a data center can be heavily used, without producing enough cash to service their owners’ debts. The financial-stability concern arises from the mismatch between speculative future revenues and present contractual obligations.

The arithmetic is daunting. David Cahn of the venture capital firm Sequoia estimates that this year’s roughly $750 billion in hyperscaler AI capital expenditure will need to generate about $1.5 trillion in end-customer revenue over the life of the equipment to pay for itself. By his calculation, the entire AI buildout since the 2022 launch of ChatGPT now carries a cumulative payback minimum of some $3 trillion. Anthropic is rumored to have annualized revenues of around $60 billion.

The consulting firm Bain & Company calculates that funding the compute needed to meet anticipated AI demand by 2030 will require some $2 trillion in new annual AI revenue. Given that a bubble is what happens when an asset’s price far exceeds the cash flows it generates, such projections seem to support warnings that AI is indeed a bubble.

Already, funding for the AI buildout has shifted decisively from the tech giants’ cash flows to capital markets. Circular financing arrangements abound: chipmakers invest in AI labs, which use the money to buy chips, and cloud providers fund the startups that rent their servers. The result is a positive feedback loop between rising valuations and capital expenditures.

Image by: Reuters

Chip giant Nvidia has emerged as a backstop for the “neoclouds,” allowing thinly capitalized cloud providers to raise private financing on attractive terms. Tech giants accumulate massive off-balance-sheet liabilities through joint ventures and leasing structures. And a growing share of the capital comes from private credit funds, which often lend to projects affiliated with their own sponsors.

Unlike the railroads or fiber-optic cables produced by earlier manias, this investment does not leave behind durable assets. Chips comprise roughly half the cost of an AI data center, and they are effectively unusable after 3–5 years. The collateral might lose value faster than the debt is repaid.

Moreover, the broad-based productivity gains and labor-market effects that AI is widely expected to deliver are not yet visible in the data. A recent Fed staff note concludes that this is because AI remains in its “buildout” phase. But a productivity surge will also require businesses to make immense internal investments to reengineer their processes. Nevertheless, markets are already pricing in robust earnings growth, driven in part by AI-driven productivity gains, raising concerns about an “earnings bubble.”

Most discussions of the downside risk of the ongoing AI boom have focused on the stock market. But the bigger risk is to credit markets. We now have a “market-based” financial system, in which credit is intermediated less by banks than by bond markets, securitization vehicles, and nonbank lenders. The danger is not a 1930s-style run on bank deposits, but a 2007-style run on the shadow banking system: doubts about credit quality trigger a contraction in short-term funding, and borrowers must sell into a falling market, leading to further price declines.

With short-term funding markets seizing up, the Fed would come under enormous pressure to backstop nonbank lenders and data-center debt, just as it backstopped money-market funds in 2020, at the start of the COVID-19 pandemic. But AI is even less popular today than Wall Street was in 2007. A bailout of both would likely destroy what remains of Fed independence.

There is a chance that massive AI capital spending will be vindicated, generating the revenues required to service trillions of dollars in debt. In that case, however, the implied labor-market dislocation would be without historical precedent. It is the coin-flip of nightmares: heads is financial instability, and tails is a biblical employment shock.

In any case, financial stability must be central to the Fed’s AI agenda. Even if this time proves to be different technologically, it might not be different financially.

Copyright: Project Syndicate, 2026.
www.project-syndicate.org

“Side by Side” program for Artsakh families in the Sevan community: IDBank

Fri, 21 Aug 2026 14:02:00 +0400

IDBank and the “Dekavva Fund” Charitable Foundation have launched a collaboration within the framework of the “Side by Side” program. The initiative is implemented within the framework of the “Harehas” socio-educational program, building on its experience in community development and education, as well as in identifying and fostering human potential.

The objective of the collaboration is to assist families forcibly displaced from Artsakh residing in the Sevan community, not only to overcome the consequences of the displacement, but also to become active members of and contributors to the development of their new community.

The “Dekavva Fund” Charitable Foundation provides individuals with the opportunity to make donations to families in need, particularly those displaced from Artsakh.

“The “Side by Side” program’s main goal is the socio-economic integration of families forcibly displaced from Artsakh by creating real opportunities for access to education and employment. This partnership with the “Dekavva Fund” is an important step toward providing long-term support to families settled in the Sevan community. Moreover, our support is not limited only to funding. As in our other projects, we also plan to conduct financial literacy courses to help beneficiaries acquire the necessary knowledge to make appropriate and informed financial decisions,” noted Tatevik Vardevanyan, Head of Communications and Social Responsibility Programs Department at IDBank.

“This program is not just another support initiative, but an investment in the future of the community. We value the trust of our partners and believe that this collaboration will lay the foundation for long-term and measurable changes,” said Adriana Marutyan, Co-founder and Executive Director of the “Dekavva Fund” Charitable Foundation.

Within the framework of the “Side by Side” social responsibility program, IDBank previously signed a memorandum of cooperation with Yerevan State University. Under this agreement, the tuition fees for 103 Artsakh students were funded (more than AMD 35 million), contributing to their educational progress and social stability.

The bank is supervised by the CBA.

Revolut applies for banking licence in Finland

Fri, 21 Aug 2026 10:45:00 +0400

Revolut has formally applied for a banking licence in Finland as it looks to continue its European expansion plans.

Kuba Fast, CEO of Revolut Bank EU, confirmed the application to establish a Finnish bank branch, a move that would enable the bank's 250,000 Finnish customers to gain access to IBANs and a number of banking services such as managing local bills and receiving salary payments, Finextra reports.

10.08.2026 | 16:14 Revolut awarded full-fat European banking licence

Currently, Revolut's Finnish users are reliant on cross-border identifiers to carry out domestic transactions.

"The move is part of Revolut's broader ambition to become the primary bank for customers across Europe," said Fast.

The partner of Fintech section is

EIB launches fintech fund in Poland

Thu, 20 Aug 2026 17:18:00 +0400

The European Investment Fund (EIF) has teamed up with Polish national development bank, Bank Gospodarstwa Krajowego (BGK) to launch a €30m venture capital fintech fund.

The fund will focus its investment on early stage startups in Central and Eastern Europe, Finextra reports.

It will be managed by Inovo.vc, a Polish venture capital fund manager. Its managing partner Tomasz Swieboda said that it is important that "the next generation of global technology leaders will come from Poland and the region".

The partner of Fintech section is

Moderna’s shares surged 150% in a single day

Thu, 20 Aug 2026 09:32:00 +0400

Shares of U.S. biotechnology company Moderna surged 150% over the course of a single day, according to the Financial Times.

On August 19, the price of a single share on the Nasdaq rose above $160, compared with approximately $63 the previous day.

The surge came in response to the company’s announcement of successful trials of an experimental therapeutic vaccine against melanoma, which is being developed in collaboration with another U.S. company, Merck. The vaccine is individually tailored to each patient based on the unique genetic profile of the patient’s tumor and uses mRNA-based therapy.

Following the announcement, Moderna’s market capitalization surpassed $55 billion. The company reached its peak market capitalization of more than $180 billion in September 2021, following the release of its COVID-19 vaccine.

Nubar Afeyan is the chairman of Moderna’s board of directors and a co-founder of the company.

Visa and Mastercard back new Agentic Payments Alliance

Wed, 19 Aug 2026 10:26:00 +0400

Visa and Mastercard have joined the Agentic Payments Alliance (APA), a coalition of organisations working together to help guide the development of AI commerce.

The alliance is the brainchild of stablecoin platform Rain, Finextra reports.

It will operate as a working coalition, run collectively by its founding members. Its members - already numbering more than 25 - will set its charter and mission together.

Early work is expected to include shared research and frameworks, testing emerging standards for agent identity and authorisation, and advocacy on the regulatory questions agentic commerce raises.

"No single company should get to decide how agents transact on someone's behalf. That has to come from the platforms building the rails, the regulators setting the rules, and the innovators closest to how agents are actually being used today," says Farooq Malik, CEO, Rain.

The partner of Fintech section is

Evocabank receives Ba3 rating with a positive outlook from Moody’s

Wed, 19 Aug 2026 09:37:00 +0400

Evocabank has received a Ba3 long-term local and foreign currency deposit and issuer ratings from Moody’s Ratings, which are at the same level (Ba3 positive) as the sovereign rating of the Republic of Armenia.

According to Moody’s, Evocabank’s Ba3 Baseline Credit Assessment (BCA) reflects the bank’s strong capital buffer, solid profitability, and diversified funding base.

Moody’s also highlights the diversified structure of Evocabank’s loan portfolio across the corporate, small and medium-sized enterprise (SME), and retail segments, as well as the bank’s focus on secured lending.

The bank’s funding base was also assessed as diversified, supported by its established customer base and long-standing relationships with international financial institutions.

“The ratings assigned by Moody’s represent an important milestone for Evocabank, strengthening the bank’s recognition and supporting the further development of its relationships with international financial institutions and investors,” the news release reads.

The final round of the Junius Tournament has begun

Tue, 18 Aug 2026 15:50:00 +0400

The popular Junius tournament in the Idram Junior app is being held for the final time, once again giving children the opportunity to learn through play and win valuable prizes.

Students in grades 3-8 can participate in the Junius online financial literacy tournament, while participants with the best results will receive prizes provided by Idram.

The winner of the tournament will be the participant who completes all levels from 1 to 50 and collects the highest number of crystals. If several participants collect the same number of crystals, the winner will be the participant who completes all levels in the shortest amount of time.

At each level, participants will face 7 engaging questions on financial literacy and mathematics, tailored to the selected age group.

Prizes will be awarded only to winning participants who are Idram Junior users and whose accounts have been verified by a parent.

If the winning participant’s Idram Junior account has not been verified, the next participant with the highest score whose account has been verified will be declared the winner.

It is also mandatory to select the question set corresponding to the participant’s grade in the settings; otherwise, the participation results will be considered invalid. Please note that you should select the grade the child attended during the previous academic year, not the grade they will enter in September. For example, if the child has completed Grade 4 and is moving to Grade 5, Grade 4 should be selected when playing.

Prizes:

Grades 3-4

1st place – Samsung Galaxy Tab S10 tablet
2nd place – Instax Mini SE camera
3rd place – Yerevan Park gift package for two

Grades 5-6

1st place – Nintendo Switch OLED
2nd place – Samsung smartwatch
3rd place – Puma gift card

Grades 7-8

1st place – Apple iPad 11 (2025)
2nd place – iSpace gift card
3rd place – AirPods 4 earphones

Prizes will be awarded to the parents of the winning participants.

To participate in the contest, you need to follow the link and download the app, verify the child as an Idram Junior user, after downloading the app, select the game and participate in the contest.

The contest will end on September 4, 2026.

The Idram Junior app is designed for users aged 8-16. It allows children to make cashless and contactless payments, save money, and develop their financial literacy, while enabling parents to monitor their children’s financial activities through a modern and secure tool.

The company is supervised by the Central Bank of the Republic of Armenia.

Revolut to open network of airport lounges across Europe

Tue, 18 Aug 2026 15:02:00 +0400

Revolut has unveiled plans for a network of premium branded airport lounges across major European destinations.

The firm has already signed an agreement with Copenhagen Airport to launch one of the lounges next year as part of a campaign to win over more Nordic customers, Finextra reports.

The move into the physical sphere follows the opening of its first high street store in Barcelona earlier this year, as the fintech bids to expand the brand beyond the phone-screen into heavy footfall real-world environments.

Revolut Premium and Metal customers can already access more than 1,000 airport lounges through the Revolut app.

10.08.2026 | 16:14 Revolut awarded full-fat European banking licence

By opening its own network of Lounges, the fintech is betting that it will be able to assert greater influence over the complete customer journey, providing a luxury touch to the usual range of premium benefits.

Hadi Nasrallah, director, product GP & new bets at Revolut, says: “Revolut is changing perceptions about finance - our 75 million customers can attest to that. Of those, many are frequent flyers, and we want to continually improve their experience using our product. We’ll strive to set a new standard for airport hospitality across Europe and bring more unique benefits to Revolut customers when they travel.”

Revolut is not the first fintech to embrace the premium branded airport lounge. In 2023, Nomad, a dollar-account fintech, opened a 600 sqm lounge at São Paulo's international airport, while in 2025, Brazilian neobank Nubank opened a 1,000 sqm lounge across three floors at the same airport for Ultravioleta, its high-income tier.

The partner of Fintech section is