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.
- The United Arab Emirates plans to issue a central bank digital currency (CBDC), digital dirham, to accelerate the use and acceptance of digital payments. The currency will be deployed among nine key initiatives of the UAE’s Financial Infrastructure Transformation Program. [source: Coin Desk]
These digital transformation projects, such as the CBDC for the UAE, will not only enhance payment innovations but promote the benefits of a cashless society using secure and efficient payment methods. Fintech and alternative payment methods have been plugging gaps in our financial world, and the digital currency will concur with this as it can bring greater financial inclusion for all, at an international scale. – Jovi
- The UK government is laying out plans to create buy now, pay later (BNPL) legislation that will bring it under the Financial Conduct Authority regulations. [source: Fintech Futures]
The financial inclusion and opportunity that payment schemes bring are a benefit for both merchants and consumers. However, the concerns around negative impacts from repayment schemes have become more prevalent, and so the regulation of BNPL schemes will offer assurance that there is little risk around interest-free lending. – Jovi
- Copal, Egyptian fintech, has partnered up with Mastercard to bring the first payment and expenses management app for families within Egypt. The application will allow parents to track and manage their own finances, and their children’s, whilst also learning about better financial education. [source: Finextra]
The application will offer users financial education on how to manage their funds and save, which is essential to plug the gap for underbanked and unbanked customers. This is a fantastic move for Copal, being the first fintech in the country to launch a financial management application for families. – Jovi
See you next week, back in the blog for your next weekly news roundup.