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.
- Buy Now, Pay Later company, Klarna, introduces late fees in UK to reduce the number of users who are missing payments. [source: Pymnts]
The efforts of Klarna to curb lending spend come at a pivotal time – the cost of living crisis. Whilst the platform has introduced the fees to discourage poor financial choices and counteract encouraging the wrong behaviours around lending as a service, there is great question on whether this is the right time. With the cost of living crisis drawing people into spending differently with less disposable income, the future of products like BNPL may be a key to sailing these rocky seas. – Jovi
- Large Japanese tech firms and major banks have joined forces for a metaverse infrastructure project. Ryugukoku, metaverse infrastructure, will bind payments, authentication, and insurance services for users on the platform; with each service existing as a ‘fantasy worldview’. [source: Finextra]
The metaverse will bring not only creativity and opportunity, but also convenience. Users will benefit from the integration of the new infrastructure which will create maximum ease for interoperability between different metaverse platform – a step in the right direction for collaboration and enhancement of safer payments. – Jovi
- Nationwide has tapped into Board to enhance its financial planning solution and create a stronger future capability and operational functionality. Board’s intelligent planning solutions are said to deliver Nationwide better insight and outcomes for the Nationwide team. [source: Fintech Futures]
The importance of data is something we shout about from the top of our buildings at Unlimit. It’s great to see another traditional financial institution turn to newer technologies to improve services, particularly where a large proportion of customers still use fiat banks to store their funds. The collaboration with Board will help to prioritise end users and support Nationwide to improve their decision making abilities. It’s an exciting venture! – Jovi
See you next week, back in the blog for your next weekly news roundup.