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Weekly News Roundup: 28/10

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 the unbanked population, alternative banking solutions, sustainability supported by technology and beyond.
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This week’s roundup will feature titles on banking alternatives, fintech in sustainability and the unbanked. Join us and Managing Director of Unlimit BaaS, Jovi Overo, in the exploration of some of the biggest headlines of our industry.

  • Apple has announced a new account for users, called Apple Card, which will allow users to open a savings account with no fees and receive rewards. [source: The Paypers]

Watch out. Very clear signals here that Apple has far reaching ambitions in finance, and I see the Apple card as a complimentary service to its Apple Wallet.  As Jamie Dimon said, “If you move money, hold money, manage money, lend money, that’s a bank.” – Jovi

  • Temenos has given its customers access to its own cloud and SaaS operations’ carbon calculator. Customers will be able to track progress towards reaching their sustainability targets and complying with increasing climate-related regulations. [source: The Fintech Times]

In the last ten years the world has invested $3.6 trillion in renewables and has brought the fossil fuel share of total energy down from 82 percent to 81 percent. This is a good toe in the ocean but a toe, nonetheless. – Jovi

  • The number of unbanked US households has shrunk to approximately 4.5%, with 1.2 million households becoming banked since 2019. [source: Pymnts]

This declining trend is obviously good news but if you dig deeper into the numbers you see that:

  1. Black and Hispanic families were more likely to be unbanked that their white counterparts
  2. 14% of households were considered underbanked in 2021, this means they had accounts but relied on products like payday loans.

We can do better. – Jovi

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

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