The coronavirus pandemic gave rise to a massive acceleration in the spread of digital payments and cryptocurrency. This in turn has prompted central banks around the world to trial central bank digital currencies, a digital form of hard currency that is based on blockchain, but backed and issued by a central bank.
Simoun Ung, CEO, OmniPay, Inc.
Managing cybersecurity risk in the digital payments sphere
In this Global Platform video, Simoun Ung, CEO of OmniPay, Inc., unpacks the opportunities and challenges facing both regulators and financial technology (fintech) players as societies around the world accelerate the shift towards digital payments. With fintechs looking to expand their service offering beyond the upper echelons of society, successfully managing cybersecurity risk and promoting consumer awareness will be crucial for sustainable and equitable growth, ensuring that the benefits of cashless payments can be shared more broadly.