China’s central bank will soon have access to the private credit information of hundreds of millions of users of Ant Group’s online credit service, in a move signaling more regulatory oversight of the financial technology sector. Huabei, Ant Group’s credit service, said in a statement that consumer credit data it has collected will be included […]
FinTech
Amidst Beijing’s latest regulatory wave to impose dominion on its tech sector, China’s Big Tech shares drastically dropped on Monday as the country’s watchdogs intend to break down Ant Group Co.’s Alipay, at a speed the U.S. and the European Union cannot fathom or dare to indulge in. Following a Financial Times report stating that Beijing is […]
Robinhood revealed on Wednesday its latest feature allowing users to invest in the cryptocurrency market customarily and regularly for just one U.S. dollar without any additional fees in a bid to augment the company’s fast-growing parts. The trading company announced that the reason behind releasing this feature is to provide a secure way to minimize […]
South Korea’s National Assembly approved legislation on Tuesday that bans app store operators such as Google and Apple from forcing developers to use their in-app payment systems. South Korea is reportedly the first country in the world to pass such a bill, which becomes law when it is signed by the president, whose party has […]
PayPal will reportedly host stock-trading on its platform for U.S. customers, as the American financial tech company welcomed a brokerage industry veteran to manage the new feature, cited by CNBC. Rich Hagen, the co-founder and former president of brokerage Ally Invest, is now Paypal’s chief executive officer of an undisclosed department called “Invest,” according to his LinkedIn profile. Hagen’s current job description showcases that the San Jose, California-based company is working on “exploring opportunities” in the consumer investment […]
Global transaction value of instant payments is expected to surpass $27.7 trillion in 2026, from just $4.8 trillion in 2021, according to a new report published on Tuesday. The report was published by U.K.- based Juniper Research, an analyst house specializing in digital technology market research, revealed that the growth percentage will amount 470 percent. […]
Mastercard announced on Thursday its plans to halt the issuance of cards with a magnetic strip by 2033. The global financial firm will have strip-less debt and credit cards in Europe starting from 2024, and across the globe by 2033, Mastercard declared in a statement. The company claimed that it will be the first payments network to phase out the technology, which dates to the 1960s. “Magnetic strip is reaching its expiration date with […]
Japanese operator Rakuten Mobile Inc. released on Wednesday its Q2 2021 financial report demonstrating a bursting operating loss increase of 85 percent year on year (YoY) amounting to $900 million credited to higher network-related expenses. Due to the semiconductor shortage, the firm’s costs soared as the network rollout was postponed for approximately three months. The […]
Robinhood Markets confirmed on Tuesday its first acquisition plans since the release of its initial public offering (IPO) earlier this month of obtaining venture-backed startup Say Technology for around $140 million in cash. The trading service company revealed the deal in a blog post from the company’s chief product officer, Aparna Chennapragada, without disclosing when […]
Amidst Washington’s deadlock with Beijing, China Telecom may potentially elevate its Shanghai’s initial public offering (IPO) to more than $8 billion leading to its biggest offering this year in the Shanghai Stock Exchange, following the firm’s delisting in its New York counterpart (NYSE) in January. Following Chinese media reports, the Beijing-based firm established its IPO at $0.70 per share, inflating the firm’s worth […]