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FinTech Innovations are powering the Unbanked

The emergence of the FinTech and the evolution of digitized transformation, has undoubtedly created best prospects for a tech savvy banking and finance related society. This prospect may ease up the adoption of better digitized payments platforms. However, the biggest challenge will still be the problem of uniting closer to 25million people who donot have the digital access yet under the aid of cash mode. Many still,  even though they have the access to digital modes still prefer the manual method of transaction. People must move ahead towards the larger masses where they prefer online payments and services than the physical mode. Now the important question is, how to provide online services to people who donot own a bank account or any banking services?

Some changes to the existing system may bring about this shift and change from unbanked public to fully digitized mode of transaction. They can provide a better and convenient modes of transaction platform making it easier for public to use it. Secondly, by empowering manufacturing industries with the necessary merchandize and application to get direct access of digital modes of transactions.

It is at the same time very important to understand that the unbanked are mostly the migrant workers and the labourers who work on low incomes. By providing a means to save their hard earned money in banks, these people can be shown a way towards technology as well as financial stability. While the society may move towards the digitized world, it may take quite a long time for two billion people across the globe to move along with the flow since they are still stuck with the currency mode. The transition may be slow but is gradual and it is reflecting in the ever increasing trends of using online modes.

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Finance

Euro zone ministers expect inflation to slow in 2022

The acceleration of euro zone inflation, driven energy prices, is mostly temporary. Then the price growth will slow down again. The euro zone finance ministers agreed that, that too the next year as forecasted by the European Central Bank and the European Commission.

Paschal Donohoe, chaired the talks of the ministers in Luxembourg. In a news conference he said that there was also agreement that the inflation spike was not an argument against the transition to renewable sources of energy. This is under the EU’s ambitious plan of reducing CO2 emissions to zero by the year 2050.

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Finance

Under new rules, borrowing for investment sensible

British finance minister Rishi Sunak said that the government borrowing to fund investment was a sensible thing. This is to allow under new fiscal rules that he is likely to announce, unlike borrowing for day-to-day spending. He said that borrowing for capital investment that is going to drive up their growth is probably a sensible thing for them. And that too particularly in an environment of slightly lower interest rate. Sunak stated this in an event on the sidelines of the annual conference of Britain’s ruling Conservative Party. This event was organized by the Taxpayers’ Alliance advocacy group. Sunak stated in that event, that borrowing for more day-to-day spending is probably less something that you would want to have as part of your framework.

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Finance

IMF board to interview Georgieva-sources

The International Monetary Fund’s executive board is going to interview Managing Director Kristalina Georgieva. This is regarding that; its reviews claims that she pressured World Bank staff to alter data to favor China in her previous role. Board members were initially expected to meet with Georgieva. But spent their time working on other regular business matters.

The board members spent hours for questioning lawyers from the WilmerHale firm. This is about their World Bank investigation report which alleged that Georgieva, as the bank‘s CEO applied undue pressure on staff, to alter data in the flagship “Doing Business” report to benefit China. Then, an IMF spokesperson said that the IMF board remains committed to a thorough, objective, and timely review of the matter. Georgieva has strongly denied the accusations.

The upcoming interviews could prove pivotal in either increasing support for Georgieva. This is with many IMF shareholders are keen to wrap up the board’s deliberations on the matter. The fund’s most influential member governments, including the top shareholder the United States, have withheld public judgment. The World Bank tasked WilmerHale with investigating the “Doing Business” data irregularities identified in 2020. The law firm’s report contends Georgieva. The former World Bank President Jim Yong Kim’s office pressured staff to manipulate data so that the China’s global ranking in the “Doing Business 2018” study of investment climates rose to 78th from 85th.

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