First-of-a-Kind Global Resource for Central Bank Digital Currency & Stablecoin Launched – Modern Diplomacy


A new digital currency resource suite aims to help leaders better understand and action new policies and regulations around the rapidly evolving topics of central bank digital currency and stablecoins.
Created by the World Economic Forum’s Digital Currency Governance Consortium, the new tool was created following 18 months of research and analysis with more than 85 member organizations across the public and private sector and civil society. The nearly 200 members of the consortium are from over 30 countries.
The Consortium’s research and findings cover three key topics: regulatory gaps, the value of digital currencies for financial inclusion and aid disbursement, and technology choices. They are broken up into 8 white papers, which can be read here.
Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum said, “This consortium has built on our long history of public-private cooperation to accelerate necessary and timely conversations for responsible digital currency deployment. It has convened the world’s leading policy-makers, payment providers, banks, civil society organizations and start-ups to identify and address critical gaps in research and policy guidance.”
Anne Richards, Chief Executive Officer of Fidelity International said “Investor and consumer protections continue to be imperative for cryptocurrency and stablecoins, and the Digital Currency Governance Consortium focuses on this important topic, making a valuable contribution in mapping consumer risks and regulatory gaps to inform future policy-making.”
Sheila Warren, Deputy Head of the Centre for the Fourth Industrial Revolution Network, World Economic Forumsaid, “This body of work illustrates where opportunities exist and challenges remain to the establishment of a responsible, equitable, and thriving global financial future in which digital currencies play a significant role. The consortium exemplifies public-private collaboration and includes experts from civil society and academia, reflecting the largest and most diverse set of stakeholders ever to convene on these topics .”
The Consortium calls for cross-sector cooperation and a focus on greater interoperability, inclusivity and transparency in the deployment of central bank digital currencies and stablecoins.

It outlines the critical contributions the private sector can make in the areas of design and distribution, as well as provides much needed technical advice to policy-makers.
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Getting financial support for your business will depend on your circumstances. Whilst some may have their own savings to support them, others may have benefited from generational wealth to provide a starting platform. Generally, most start-ups or business ventures will need financial support through business loans, borrowing a large sum to enable them to begin their vision. However, it is not a guarantee that your application will be approved, so what happens next? Here are 5 steps you can make when the bank says no.
There are numerous reasons why you may be declined by a lender, but one of the best ways to check is by checking your credit report. Ideally, you would have already checked this before deciding to apply for any loan, but if not, it will show you your credit score and factors as to why it may be low. With business loans in particular, it could be that your business plan was not convincing enough for the lender to take the risk. However, if your credit rating is really poor, this will also not provide confidence repayments will be maintained.
It can be easy to build up debt over time, especially if you have been using borrowing through loans and credit cards to maintain a particular lifestyle. The problem with this is that if you want to start a business, any personal debt will inhibit how much you can afford and invest yourself as you will still need to repay financial commitments on time. If you have a lack of available credit, you may still require payday loans UK lenders to help, especially to cover an unexpected or emergency expense. This can happen at any time, so ensuring you have reduced your existing debt as much as possible to increase your disposable income will ensure you can apply and afford repayments in the short term.
If getting a business loan has been difficult, you may want to explore other options to receive a cash injection. Not all types of borrowing will be ideal for this, but there are options such as business credit cards that could be viable. If you do choose to apply for a credit card, you’ll need to weigh up the interest costs of doing so compared to a personal loan. As interest is charged monthly on credit cards, compared to a personal loan that charges the total interest at the beginning, you will want to ensure you do not pay too much interest and course unnecessary financial difficulty.
There are government grants available for potential business owners, helping provide financial support at the start of your business venture. Not all grants are the same and many come with specific requirements to be eligible. The biggest advantage of successfully applying for a grant is that unlike a loan, you won’t need to pay it back. Due to this, you may have additional requirements such as investing your own money up to a certain amount to show your commitment to your business idea. Do your research and find suitable business grants that could provide the cash you are looking for.
Extremely popular and able to be setup in minutes, crowdfunding is the modern way to raise funds and find investors. The difference is, you can reach out to a wider audience and decide how much someone will get in return thanking them for their donation. You can set limits and thresholds, so only those investing a certain amount will get shares in your company, for example. It can be as simplistic or detailed as you want it to be and there are plenty of sites this can be down through.
However you approach funding for your business, being declined for a business loan doesn’t have to be the end. Seek out other options for funding such as those above, and help your business get the start it needs.
Remittances to low- and middle-income countries are projected to have grown a strong 7.3 percent to reach $589 billion in 2021. This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 percent despite a severe global recession due to COVID-19, according to estimates from the World Bank’s Migration and Development Brief released today.
For a second consecutive year, remittance flows to low- and middle-income countries (excluding China) are expected to surpass the sum of foreign direct investment (FDI) and overseas development assistance (ODA). This underscores the importance of remittances in providing a critical lifeline by supporting household spending on essential items such as food, health, and education during periods of economic hardship in migrants’ countries of origin.
“Remittance flows from migrants have greatly complemented government cash transfer programs to support families suffering economic hardships during the COVID-19 crisis. Facilitating the flow of remittances to provide relief to strained household budgets should be a key component of government policies to support a global recovery from the pandemic,” said Michal Rutkowski, World Bank Global Director for Social Protection and Jobs.
Factors contributing to the strong growth in remittance are migrants’ determination to support their families in times of need, aided by economic recovery in Europe and the United States which in turn was supported by the fiscal stimulus and employment support programs. In the Gulf Cooperation Council (GCC) countries and Russia, the recovery of outward remittances was also facilitated by stronger oil prices and the resulting pickup in economic activity.
Remittances registered strong growth in most regions. Flows increased by 21.6 percent in Latin America and the Caribbean, 9.7 percent in Middle East and North Africa, 8 percent in South Asia, 6.2 percent in Sub-Saharan Africa, and 5.3 percent in Europe and Central Asia. In East Asia and the Pacific, remittances fell by 4 percent – though excluding China, remittances registered a gain of 1.4 percent in the region. In Latin America and the Caribbean, growth was exceptionally strong due to economic recovery in the United States and additional factors, including migrants’ responses to natural disasters in their countries of origin and remittances sent from home countries to migrants in transit.
The cost of sending $200 across international borders continued to be too high, averaging 6.4 percent of the amount transferred in the first quarter of 2021, according to the World Bank’s Remittance Prices Worldwide Database. This is more than double the Sustainable Development Goal target of 3 percent by 2030. It is most expensive to send money to Sub-Saharan Africa (8 percent) and lowest in South Asia (4.6 percent). Data reveal that costs tend to be higher when remittances are sent through banks than through digital channels or through money transmitters offering cash-to-cash services.
The immediate impact of the crisis on remittance flows was very deep. The surprising pace of recovery is welcome news. To keep remittances flowing, especially through digital channels, providing access to bank accounts for migrants and remittance service providers remains a key requirement. Policy responses also must continue to be inclusive of migrants especially in the areas of access to vaccines and protection from underpayment,” said Dilip Ratha, lead author of the Brief and head of KNOMAD.
Remittances are projected to continue to grow by 2.6 percent in 2022 in line with global macroeconomic forecasts. A resurgence of COVID-19 cases and reimposition of mobility restrictions poses the biggest downside risk to the outlook for global growth, employment and remittance flows to developing countries. The rollback of fiscal stimulus and employment-support programs, as economies recover, may also dampen remittance flows.
Regional Remittance Trends
Officially recorded remittance flows to the East Asia and Pacific region are projected to have fallen by 4 percent in 2021 to $131 billion. Excluding China, remittances to the region grew by 1.4 percent in 2021 and is projected to grow by 3.3 percent in 2022. As a share of gross domestic product (GDP), top recipients in the region are smaller economies such as Tonga (43.9 percent), Samoa (21.1 percent), and the Marshall Islands (12.8 percent). Remittance costs: The average cost of sending $200 to the region fell to 6.7 percent in the first quarter of 2021 compared to 7.1 percent a year earlier. The five lowest-cost corridors for the region averaged 2.7 percent for transfers primarily to the Philippines; while the five highest-cost corridors, excluding South Africa to China, which is an outlier, averaged 15 percent.
After falling 8.6 percent in 2020, remittance flows to Europe and Central Asia are projected to have grown 5.3 percent to $67 billion in 2021 due to stronger economic activity in the European Union and surging energy prices. Remittances are projected to grow by 3.8 percent in 2022. Remittances are currently the largest source of external financing in the region. Inflows have been higher or equal to the sum of FDI, portfolio investment, and ODA in 2020 and 2021. As a share of GDP, remittances in the Kyrgyz Republic and Tajikistan stand above 25 percent. Remittance costs: The average cost of sending $200 to the region rose slightly to 6.6 percent in the first quarter of 2021 from 6.5 percent a year earlier, largely reflecting a sharp increase in costs in the Turkey-Bulgaria corridor. Russia is one of the lowest-cost senders globally with costs falling from 1.8 percent to 1 percent.
Remittance flows into Latin America and the Caribbean will likely reach a new high of $126 billion in 2021, registering a solid advance of 21.6 percent compared to 2020. Mexico, the region’s largest remittance recipient, received 42 percent ($52.7 billion) of the regional total. The value of remittances as a share of GDP exceeds 20 percent for several smaller economies: El Salvador (26.2 percent), Honduras (26.6 percent), Jamaica, (23.6 percent), and Guatemala (18 percent).The adverse effects of COVID-19 and Hurricanes Grace and Ida contributed to higher remittance flows to Mexico and Central America. Other main drivers include recovery in employment levels and fiscal and social assistance programs in hosting countries, particularly the United States. An increase in the number of transit migrants in Mexico and other countries, and the remittances they received from overseas to support their living and travel costs, appears to be a significant factor behind the strong increase. In 2022, remittances are expected to grow at 4.4 percent, mainly due to a weaker growth outlook for the United States. Remittance costs: Sending $200 to the region cost 5.5 percent on average in the first quarter of 2021, down from 6 percent a year earlier. Mexico remained the least expensive recipient country in the G20 group, with costs averaging 3.7 percent. But remittance costs are exorbitant in smaller corridors.
Remittances to the developing countries of the Middle East and North Africa region are projected to have grown by an estimated 9.7 percent in 2021 to $62 billion, supported by a return to growth of host countries in the European Union (notably France and Spain) and the upsurge in global oil prices which positively affected the GCC countries. The increase was driven by strong gains in inflows to Egypt (12.6 percent to $33 billion) and to Morocco (25 percent to $9.3 billion), return migration and transit migration respectively, playing important roles in the favorable outturns. Remittance receipts for the Maghreb (Algeria, Morocco, and Tunisia) surged by 15.2 percent, driven by growth in Euro Area. Flows to several countries fell in 2021, including Jordan (6.9 percent decline), Djibouti (14.8 percent decline), and Lebanon (0.3 percent decline). For the developing MENA region, remittances have long constituted the largest source of external resource flows among ODA, FDI, and portfolio equity and debt flows. The outlook for remittances in 2022 is one of slower growth of 3.6 percent due to risks stemming from COVID-19. Remittance costs: The cost of sending $200 to MENA fell to 6.3 percent in the first quarter of 2021 from 7 percent a year ago.
Remittances to South Asia likely grew around 8 percent to $159 billion in 2021. Higher oil prices aided economic recovery and drove the spike in remittances from the GCC countries which employ over half of South Asia’s migrants. Economic recovery and stimulus programs in the United States also contributed to the growth. In India, remittances advanced by an estimated 4.6 percent in 2021 to reach $87 billion. Pakistan had another year of record remittances with growth at 26 percent and levels reaching $33 billion in 2021. In addition to the common drivers, the government’s Pakistan Remittance Initiative to support transmission through formal channels attracted large inflows. In addition, Afghanistan’s fragile situation emerged as an unexpected cause of remittances in 2021 intended for Afghan refugees in Pakistan as well as for families in Afghanistan. Remittances is the dominant source of foreign exchange for the region, with receipts more than twice as large as FDI in 2021. Remittance costs: South Asia has the lowest average costs of any world region at 4.6 percent. But sending money to South Asia through official channels is expensive compared with informal channels which remain popular. Cost-reducing policies would create a win-win situation welcomed by migrants and South Asian governments alike.
Remittance inflows to Sub-Saharan Africa returned to growth in 2021, increasing by 6.2 percent to $45 billion. Nigeria, the region’s largest recipient, is experiencing a moderate rebound in remittance flows, in part due to the increasing influence of policies intended to channel inflows through the banking system. Countries where the value of remittance inflows as a share of GDP is significant include the Gambia (33.8 percent), Lesotho (23.5 percent), Cabo Verde (15.6 percent) and Comoros (12.3 percent). In 2022, remittance inflows are projected to grow by 5.5 percent due to continued economic recovery in Europe and the United States. Remittance costs: Costs averaged 8 percent in the first quarter of 2021, down from 8.9 percent a year ago. Although intra-regional migration makes up more than 70 percent of cross-border migration, costs are high due to small quantities of formal flows and utilization of black-market exchange rates.
Customer service is the major essence of any business or service. This helps you get insights into how satisfied your customer is with your services or what areas you need to work on. It provides a gateway for communication between you and your customers. In any case, customer service is important and no business or company can succeed if they aren’t providing good customer support service.
Be it your phone service providers, TV, or internet, you might face some issue with the connection at some point. A good service provider ensures that their customer support service is available all the time so you do not have to face any inconvenience alone. A good example is AT&T customer service that is available 24/7 so in case you have any queries related to your internet connection, their agents are there to help.
If you’re a service providing that already has a customer support service and is looking for tips to improve it then here are a few tips you could use to make your service even better:
If you want your customer service to be exceptional you have to learn to be a good listener. Most of the customers finally get to talk to a human agent after waiting for so long on the calls, Chances are that your customer might be frustrated already and only needs to rant more. Just let them speak out first and listen carefully to what they are trying to say.
 Meanwhile, you can list down the issues your customers are stating so when it’s your turn to speak, you know how to be a good help. Avoid interrupting your customer while they are speaking and always ‘Listen to comprehend’.
Being active 24/7 can be a very tough job and it might get to your head at some point but it doesn’t mean your customer deserves to see your bad mood or exhausted attitude. No matter how hard a day you’ve had or how many customers you have encountered, you still have to be patient with each one of them as they do not know what you’ve been going through and only came up with their specific issue to get resolved.
Try to maintain a very professional tone making sure your customer is feeling comfortable and easy while talking to you. Stay kind and humble to your customer as it is going to stay with them. The customer always remembers how a service attended to them when they faced an issue, so always try to maintain professionalism and be patient with your customers as the image of your business or brand depends on it.
Customer service is all about good communication skills. If you are unable to communicate properly with your customers then you’ll never be able to understand their needs and expectations. To have better communication skills you also need to have perfect product knowledge so that whenever you encounter any problem related to your product, you know how to effectively communicate with your customer to resolve that issue.
One thing you need to remember to provide good customer service is that your customer is always right and you have to make your customer feel that way. Admitting when you’re wrong or where your service lacks will only make your service look more responsible.
Taking accountability for the actions of your services will make your customers feel safe as they consider you being responsible. This will give you a bunch of loyal customers that will stay with you for longer.
You mustn’t make any empty promises or commitments to your customers that you can’t fulfil. Stay true to them this will help you gain their loyalty. For instance, if any customer of yours come up to you with a problem and you know that it will take solid 24 hours to get it fixed, do not promises them that you’ll get it done by the evening or night.
Always tell them the truth because if you end up making any promise and are unable to fulfil it, your customers will r=disregard your services and it will leave them with a bad impression.
Empathizing with your customer for the inconvenience they have faced, it can be a very kind gesture. The reason why your customer is contacting the support is obvious that they have been encountering troubles with the service, so listen to them carefully and try to understand the issue through their perspective.
Be empathetic to them and try to communicate how sorry you feel about the inconvenience that your services or brands have caused them.
Once you have listened to your customers actively, figured out the issue, start working on it and ensure them that you will provide better service from now on. This will make your customers hold on to your services. They will also get a surety of having quality services from now on.
Ensuring better quality service also ensures customer loyalty and it shows how you moved are to improve your customer support service.
It is really important to thank your customers for reaching out. Before ending the call thank them for calling and make them feel appreciated for contacting your support service and sticking to your brand even after facing the inconvenience. All these gestures might be very small but they do leave a huge impact on your business growth.
Ask them for their feedback and tell them how much their feedback values. Positive feedback and comments are what rank your customer service as best. People often just look at the customer service satisfaction rate while opting for a new service. So if you manage to gain good feedback from your customers, your service will grow better eventually.
Customer service is an important part of any business or band. One must pay more heed to it as it will help you grow your business gradually. Above given are few useful tips you can use to make your customer service an exceptional one. So do follow these tips and make your customer service better.
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