South Asian remittance firm InstaReM has launched its cross-border P2P and B2B digital money transfer service in the U.K. and the EU as it prepares for an IPO in 2021. It also expects to become profitable by then.
Despite Canada's high penetration of contactless POS terminals and consumer affinity for the technology, the country has lagged behind nations such as the U.K. and Singapore in contactless payments. That is set to change as Canada's transit schemes launch contactless open-payment systems.
Until the technologies provide significant savings, cryptotokens threaten financial stability, and the risks of open access to central bank balance sheets are worked out, retail CBDCs are a long way off, writes Collin Canright, a fintech consultant.