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Weekly News Roundup: 10/02

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 social media currency, Web3 developments, bank security 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.

  • Twitter is seeking regulatory approval in the United States for a new payment architecture. The technology will be primarily fiat-driven but will also include a crypto-functionality for the future. [source: The Paypers]

The social media giant will benefit from bringing in the use of a digital payment process to allow the platform to profit from social media commerce, and even act as a significant step forward in the adoption of crypto as a mainstream form of payment. Whilst it may appear that this movement has come about because of Musk’s ambition for revenue growth, it is no surprise that the intention to provide a fintech service is proof that fintech providers bring a new layer in customer interaction, particularly in the social media space with peer-to-peer transactions. – Jovi

  • Fujitsu have announced the launch of a Web3 platform to offer an environment of development and APIs based on blockchain and computing technologies. The Fujitsu Web3 Acceleration Platform will connect users to their current suite of computing as a service (CaaS) applications. [source: Coin Telegraph]

This is a wonderful development in anticipation of Web3 as Fujitsu will empower users to create new applications and high performing technologies that will facilitate new interactions, creations and data sharing in a secure manner. This could range from secure authentication and identity management to the rapid execution of digital contracts and assets tracking. Exciting times. – Jovi

  • Virgin Money have been scolded over online security risks following a Which? test around customer-facing security systems. The lowest scores were awarded to Virgin Money with 52% for online banking and 54% for app-based banking. [source: Finextra]

We have been seeing numerous banks and financial institutions being reprimanded for failure to comply with the high standard of security measures needed. The intelligence of scammers is at a new height in efforts to exploit users, and so regulations are evolving in tandem to create a safer digital environment for all. Users should be educated on improving their own security in line with bank regulations with simple yet effective methods such as strong passwords and two factor authentication. This case serves as a reminder of the importance of having strong, effective protocols in place in order to protect customer data and guard against malicious actors. – Jovi

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

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