This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimint BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Irish government has proposed new legislation to protect access to cash, due to the diminishing access to cash services. The high costs of cash provisions in an ever-digitalising world have reduced the number of cash provisions which the government is now aiming to implement a framework to manage the decline in an ‘orderly way’ to ensure access is still available where needed in society. [source: Fenestra]
Government efforts to ease the tensions with reduced cash are admirable, however it seems that the inevitable disappearance of cash is inevitable. Whilst this change cannot be avoided, it will bring more opportunities than issues in the longer term. – Jovi
- The Bank of Japan (BOJ) has partnered with three megabanks and regional banks to launch the pilot of a central bank digital currency, of digital yen, in spring 2023. The trial is to help determine whether the BOJ should launch a digital currency by 2026. [source: The Paypers]
The launch of this pilot is critical from the viewpoint of ensuring stability and efficiency of the overall payment systems. It is important for the BOJ to prepare thoroughly in response to changes resulting from rapid development of technological innovation. – Jovi
- Experian, credit reference agency, is working with Singapore’s BNPL Working Group to provide creditworthiness checks from users’ credit information, in efforts to combat concerns around consumer credit scores. Accredited BNPL groups will share information with Experian, including BNPL balances, missed payments, and repayment issues. [source: The Fintech Times]
This is, in theory, a good step to take. BNPL from a consumer point of view is that less well-off people are being encouraged to defer payments in a routine way so that finances become a deluge of overlapping loans. This move by Experian will take a right step to address this. – Jovi
See you next week, back in the blog for your next weekly news roundup.