In this weekly roundup on the 2nd September, you’ll find out more about Klarna’s latest feature, the FBI’s concerns on cybercrime and the fintech space in India. Join us and Managing Director, Jovi Overo in the following titles:
- Klarna launched their latest feature allowing customers to use a single dashboard to access their purchase history (whether they used Klarna to purchase their goods or not) [source: The Paypers]
Considering Klarna’s fluctuating success, the launch of a new feature could bring positive uplift. The question is: will it be enough? Currently Klarna’s sentiment is fed by providing credit, mixed with technology and an appealing marketing twist. But will this product add value in a world of changing technology, with more alternative payment methods? Time will tell. – Jovi
- FBI warns DeFi platforms to increase security as cybercrime increases. Jan-March 2022 saw $1.3 billion stolen in cryptocurrencies. Crime has been seen increasing particularly in DeFi because of the access to personal information, such as signature verification and loan vulnerability. [source: Coin Desk]
This is a good thing but let’s not lose sight of the bigger picture. Nearly every modern tech has enabled crime to some degree. The current zeitgeist is one where everyone and everything in crypto and defi is perpetuating crime is tiresome. The problem is not Defi per se, but in the vast majority of cases online criminals’ prey on compromising vulnerable systems both technology and human error. Lest we forget, the very motive behind creating Defi was to be a force for good and to promote freedom. – Jovi
- India’s fintech CAGR has grown by 20%, higher than the US, UK and China; and have been benchmarked for its speed of innovation, customer inclusion and growth. Financial services to Indians have increased, thanks to the fintech market which clocks over $800 billion annual payments in transaction value. [source: Business Standard]
Due to emerging technology, changing cultural trends and a favourable regulatory landscape, fintech in India is growing beyond borders! Only the US and China have a larger fintech market and India, with a particular focus on the underserved financial needs, will continue to keep accelerating growth and penetration of the fintech space in India. – Jovi
See you next week, back in the Unlimit BaaS blog for your next weekly news roundup.
