Morning Brief 9.14.20: Time to explore central bank digital currency is coming, ECB leader suggests

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The information you need to start your day, from PaymentsSource and around the web:

Leaning in

The European Union's banking authority is weighing development of a central bank digital currency, according to Finexta.

In a speech to German bankers, European Central Bank's Christine Lagarde said banks in the eurozone should start looking for ways to advance CBDCs soon so they aren’t left behind as global interest and momentum grows.

Top considerations for any CBDC in Europe will be maintenance of central banks’ access to money and banknotes, controlling risks and not adversely affecting players in the existing financial ecosystem, the ECB's president indicated.

A laptop displays Christine Lagarde, president of the European Central Bank (ECB), during a live stream video
A laptop displays Christine Lagarde, president of the European Central Bank (ECB), during a live stream video.

Data play

CredoLab, a Singapore-based fintech that provides credit scores based on data from smartphones and other sources, has raised $7 million in a funding round led by GBD to expand its services to the U.S. and other global markets.

Launched in 2016, CredoLab develops alternative credit data for banks and other lenders targeting consumers with thin or no credit history, and provides instant credit scores for the travel industry, retailers and insurance providers, according to a press release.

CredoLab previously announced a partnership with TransUnion’s iovation fraud-detection service.

In the pocket

A group of UAE banks have launched klip, a digital payments platform enabling consumers to use smartphones to make in-store purchases and transfer funds to one another.

First Abu Dhabi Bank, National Bank of Fujairah and Mastercard collaborated with other local banks and Emirates Digital Wallet LLC to develop the concept leveraging banks’ relationships with merchants, Finextra reports.

Objectives for klip include streamlining financial transactions, reducing cash use and expanding digital payment options to unbanked consumers.

Travel tools

Mastercard is partnering with the Singapore Tourism Board to develop digital solutions for international travel and e-commerce, according to Travel Daily.

The collaboration is part of Mastercard’s City Possible program, established in 2018 to bring urban leaders, academics and the private sector together to improve the safety and sustainability of cities.

Singapore is the first city to join the program, which has partners including Lyft and AT&T. Proposed projects include streamlining ticketing options and expanding contactless payment options for tourist sites through the Visit Singapore Pass.

From the web

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We regularly use the Internet to move money around the world. Why can't we use the same techniques to secure online votes?

Second stimulus check: Who may be first to get a new payment and how quickly it could come
CNET | Sunday, September 13, 2020
If a new stimulus package or executive order yields a second stimulus check of up to $1,200 per adult before 2020 is out, you could receive it more quickly than last time, if you meet the qualifications.

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