Welcome to our weekly news roundup, of headlines which we thought would be beneficial to our readers. We’ll bring you a weekly dose of some of the most interesting titles which have surfaced, on everything fintech, banking related, payments and beyond.
This week’s roundup will feature titles on hidden bank fees, crypto regulations, and Buy Now, Pay Later provider Klarna. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- 15 of London’s biggest fintechs are demanding a revision of legislation regarding hidden bank fees for international payments [source: Finextra]
With 90% of major banking using legal loopholes to hide cross-border fees, it will inevitably hinder cross-border movement and interest from consumers who are deterred by the potential of additional costs, and in our ever-growing digital world this is not a viable outcome. In recent years, we have seen consumers and merchants turning to fintechs for solutions that mitigate volatile exchange rates and hidden costs. It’s imperative to offer clarity and implement better regulations, which in turn will mean international payments will become clearer to all parties involved, and create a more fair experience for customers who absorb these fees. – Jovi
- The Financial Stability Board (FSB) has published a global regulatory framework for crypto-asset activities to strengthen their framework. [source: Fintech Futures]
The concerns from the FSB centre around links to traditional finance growing, which would lead to crypto-assets would spill into the broader financial system. However, if the structural vulnerabilities are remedied, and crypto is positioned with better regulation, it could bring greater opportunity to crypto-players. The strengthening of the framework comes from lessons learnt, and this is imperative to move the industry in the right direction and bring continual transparency of crypto-asset activities and markets. – Jovi
- Klarna partners with Money Adviser Network to give clients access to free and impartial debt advice [source: The Paypers]
Buy Now, Pay Later provider, Klarna, is clearly making strides in its commitment to providing healthy spending habits. There was concern over the BNPL industry because of its accessibility to consumers, with limited checks to ensure repayments and healthy financial spending. And so, Klarna’s partnership with the MOney Adviser Network is another great step to help consumers quickly gain access to credit advice, and make more thoroughly considered purchasing decisions. – Jovi
See you next week, back in the blog for your next weekly news roundup.
