This week’s roundup will feature titles on stablecoins, fintech investment and regulation breaches. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- PayPal is set to launch a US dollar stablecoin, PayPal USD, to transform payments in Web3. [source: Fintech Futures]
The stablecoin will be available to purchase for US PayPal customers who are eligible and give them autonomy over transferring between PayPal wallets, person-to-person transactions, spend their coins at checkout and convert cryptocurrencies to and from PayPal USD. Stablecoins are a great way to move funds and investment opportunities, and their connection to fiat currency provides end-users with reassurance as so many people have expressed concerns around digital coins. – Jovi
- Singapore’s central bank has pledged $150 million to support new fintech projects over the next three years. [source: Finextra]
Granted under the Financial Sector Technology and Innovation Scheme, the central bank is using the initiative to promote the country as a financial centre. The large sum of funds will be used to support development and deployment of projects in financial services. There’s a great chance of positive impact here, which will expand economic opportunity, create upskilling space, promote social inclusion, using the new innovations to reduce risk and increase employment opportunities to the local population. – Jovi
- Numerous banks pay multi-million dollar penalties over use of unofficial communication tools, like iMessage and WhatsApp. [source: Entrepreneur]
Security measures need to be paramount to every institution, but even more so in the world of finance with the growing presence of cybercriminals. Firms were found to have been using personal messaging services to discuss client meetings, business and investment terms, which violates regulatory standards. The U.S. Securities and Exchange Commission has been quick to react in efforts to preserve regulations for the safeguarding of investors, but also protect processes within our markets which help to minimise oversight and breaches. – Jovi
See you next week, back in the blog for your next weekly news roundup.
