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Weekly News Roundup: 03/02

Welcome to our weekly news roundup, of headlines which caught our eye. We’ll bring you a weekly dose of some of the most interesting titles which have surfaced, with a particular focus on the topics of bank stores, crypto regulation, BNPL and beyond.
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This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.

  • Barclays bank has sought an alternative to support customers with the declining number of physical bank branches open. The bank has opened semi-permanent pods in a variety of locations that experience high footfall, including retail parks and shopping centres.  [source: Finextra]

The transition to a cashless society remains daunting for some, particularly those who are not technology-savvy. The slow removal of brick-and-mortar banks is unavoidable move as more people to turn to challenger banks which exist solely digitally, however the support and slow progression is everting public concern. And with Barclays offering staff in the semi-permanent stores to provide digital skills workshops and scam awareness for the community, more people will feel better prepared for the wealth of digital banking. – Jovi

  • Britain has set out plans to regulate the crypto industry in response to the demise of FTX. The proposal focuses on strengthening rules around crypto lending. [source: CNBC]

Crypto has the potential to add valuable growth to our economy, particularly in tandem with the rapid digitalisation that we see year-on-year. However, the need to protect both businesses and consumers with robust and transparent standards which are fair for all parties is essential. – Jovi

  • The Frasers Group aims to launch a buy now pay later option, allowing customers to borrow up to £2000 on credit through ‘Fraser Plus’. Customers will be able to take out a loan or defer payments of their purchases from Frasers Group app. [source: The Fintech Times]

The BNPL financial solution is one to build better brand loyalty with customers, whilst offering them leeway on purchasing habits. We see more consumers looking for alternative ways to manage their finances, and with the popularity of BNPL providers such as Klarna, the deferred payment scheme is a keen choice for many. It will be imperative for people to manage their finances and for businesses to have limits on the scheme to prevent poor credit and overspending with inability to return funds. – Jovi

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

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