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Weekly News Roundup: 01/12

Welcome to our weekly news roundup, of headlines that caught our eye. We’ll bring you a weekly dose of some of the most interesting news that has surfaced, with a particular focus on the topics of CBDCs, cybersecurity, scam protection, and beyond.
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Join us and Unlimit BaaS Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.

  • South Korea prepares for CBDC pilot with 100,000 people [source: Coindesk]

South Korea’s launch into a CBDC pilot is hailed as a step towards futuristic finance and brings efficiency to how we pay and handle our money. However, we are seeing a growing conversation on the use of CBDCs giving governments control over financial freedom. The digital nature of CBDCs poses a fundamental shift in our relationship with money and those who govern it. – Jovi

  •   EU widening scope of regulations for cybersecurity [source: Reuters]

The European Union’s recent steps to enhance cybersecurity regulations prompts thoughtful consideration. Especially the call for collaboration between US tech giants and EU-based companies. Some observers have commented on the potential economic implications of these developments. There is a delicate balance to be struck to avoid unintentional consequences such as a fragmented internet or barriers to global innovation.  – Jovi

  •   Australian banks launch scam protection measures [source: Finextra]

In a growing need to protect customers with measures, innovations, and knowledge to prevent scams, Australia’s stride is commendable. The banking industry of Australia is investing in a Confirmation of Payee system, and introducing steps to stop transfers to high-risk cryptocurrency platforms. While some may be frustrated with adding more delays and friction points to the movement of money,  these developments allow a window of time to stop transactions. The end goal for all financial institutions is ultimately to protect customers whilst giving them the space to manage their funds. – Jovi

See you next week, back in the blog for your next weekly news roundup.

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