This week’s roundup will feature titles on credit cards, startup funding, and cybersecurity. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- HSBC offers credit cards to migrants with no UK credit history by basing the decision on international credit history [source: FinTech Global]
This a great step for financial inclusivity, as we already see how newcomers to the country face great difficulty in gaining access to UK financial services because of their lack of localised credit history. HSBC’s move to open a credit card opportunity for migrants will allow them to make important strides in settling into their new lives and begin building a credit history from much earlier into their new settlement which will provide leverage for greater financial access and opportunities down the line. – Jovi
- Banco Santander commits to contributing to €100 million funding for Spanish startups [source: Santander]
The investment into the €1o million venture debt fund will provide a vast suite of products and services for startups to grow and develop their innovations and scalability. In turn, we can expect to see a boost in Spain’s entrepreneurship ecosystem and accelerate their position in the market. – Jovi
- Singapore’s retail banks take steps to enhance cybersecurity to combat growing complexities in the cyberthreat environment [source: Finextra]
The Association of Banks in Singapore announced their security measures and implemented anti-malware security for their customer base and systems to minimise threats. With constant digital growth, threats of cybercrime also grow, so it is imperative for regulators and businesses to step in and protect customers not only in a reactive manner but proactively. If the new measures are successful, they will block access and alert customers of any suspicious activity – giving both the retail banks and customers a window of opportunity to stop and mitigate any attacks. Banks and financial institutions need to take steps to protect themselves and support consumers with the right technologies and education to stay abreast of scam tactics, so this is another step in the right direction. – Jovi
See you next week, back in the blog for your next weekly news roundup.