Vantiv seals $10 billion Worldpay acquisition
Vantiv Inc. agreed to acquire U.K. payments processor Worldpay Group PLC for about GBP8 billion ($10.4 billion) in cash and stock, one of the biggest deals in the fast consolidating sector. The tie-up, according to a joint statement Wednesday, will create a trans-Atlantic payments processing giant with a combined market value of more than $20 billion. The companies disclosed their negotiations last month as the Ohio-based Vantiv appeared at the time to ward off a potential rival bid from J.P. Morgan Chase & Co. The combined entity will be called Worldpay. Payments businesses are under pressure to join forces in part to cut costs as greater regulatory scrutiny and rising […]
Saxo Payments calls for Fintech Industry to step up and help merchants reach their full international trading potential
The findings from the latest Financial Stability Board (FSB) underlines the on-going challenges faced by businesses, when trading internationally, reinforcing the findings produced in Saxo Payments White Paper Cross Border Payments for Cross Border Merchants – An Internationally ‘Local’ Future – published last week. Anders La Cour, CEO of Saxo Payments: “The latest report highlights the growing need for the FinTech sector to utilise the new ecosystem of financial utilities to help merchants reach their full international trading potential. A distinct lack of viable options in offering a global account infrastructure that merchants can access quickly and cost-effectively has halted over 39% of merchants recently surveyed by Saxo Payments[1] from […]
UK dominates FinTech50 list of innovative financial technology firms
British FinTech firms have dominated this year’s FinTech50, a list of Europe’s most innovative financial technology companies. Some 33 of this year’s top 50 firms are based in London, cementing the UK’s position as the leader in European FinTech. The list is compiled by a panel of “industry experts” – including venture capital investors, startup founders, and European politicians – and aims to recognise firms that are “transforming financial services” at all stages of growth. 11 UK tech entrepreneurs make it on to Forbes’ 30 Under 30 listBritish firms included on the list include challenger banks Atom Bank and Monzo, InsurTech app Cuvva, and investment app LendInvest. This year’s list […]
Paytm Digital Gold platform allows users to buy, share, sell gold digitally
With Paytm launching its Payment Bank services on May 23, users were left wondering what exactly has their digital wallet service turned into. Founder, Vijay Shekhar Sharma says that currently, it is not just a wallet or a Payments Bank, but also a gold retailer. The company behind Paytm, One97 Communications on April 17 launched its first wealth management product aimed at middle/ lower middle-class Indians. The product named ‘Digital Gold’ allows users to buy, store and sell gold on its platform. “The fundamental idea behind digital gold was to bring wealth management to the common man such as a chaiwallah or auto rickshaw driver who loves gold,” Vijay Sharma […]
BITPoint wants to bring Bitcoin to Japan
BITPoint Japan Co. is reportedly gearing up to enable hundreds of thousands of Japanese retail outlets to accept the digital currency bitcoin, reported Bloomberg News. In a Bloomberg report, Genki Oda, BITPoint’s president, said the company is in talks with a retail-related company and that “by going through a company providing payment terminal services to shops, we have the possibility of increasing its use at one stroke. It’s easier than talking to lots of individual retailers.” Bloomberg pointed out that BITPoint is joining a growing list of companies that are embracing regulations enacted in Japan in April that recognize digital currencies as a way to pay for things. Bic Camera […]
Credit Suisse develops Robo Advisor
Digital development is gathering pace at Credit Suisse under the guidance of Anke Bridge. Switzerland’s second-largest bank is working on a service that will be based on advice provided by robots. It wasn’t just the sheer size which kept UBS and Credit Suisse (CS) apart, but also their respective approach to innovation – with UBS seen clearly ahead of its cross-town rival. Under the leadership of Anke Bridge, appointed as CS head of digital solutions in December 2016, CS is catching up. Bridge told Le Temps newspaper that CS was a very innovative bank, but agreed that the company should become more active in communicating its current projects. CS Invest […]
FinTech and the positive transformation of Banking in Africa
The unique environment for financial services in Africa is fertile ground for innovative FinTech players who are capitalising on the opportunities to disrupt or leapfrog established business models to make financial services more affordable, accessible and profitable across the continent. Due to their potent blend of trail‐blazing technology and disruptive innovation, FinTech players have the ability to accelerate the digital transformation of financial services in Africa and, in turn, further spur the major existing banks to rapidly ramp‐up their own innovation initiatives to meet the financial needs of under‐served markets across the continent. FinTech players are increasingly becoming an important part of the fabric of Africa’s financial services ecosystem and […]
Bitcoin prices surge, here’s why cryptocurrency is skyrocketing
Bitcoin prices are skyrocketing. Business Insider reported Thursday bitcoin hit a record high, exceeding $2,700 per coin, up from $1,400 on May 1. The world’s second most influential cryptocurrency, Ethereum’s ether tokens, also broke its record this week. Ether is now evaluated at more than $200 per token, CoinMarketCap reported. For comparison, ether was selling for just $60 on April 27. There are a variety of factors driving up the market value of cryptocurrencies. The past few weeks have seen increased corporate investment in Ethereum, alongside a global “blockchain boom,” where companies like Ripple and IBM announce partnerships with leading financial institutions around the world. Japan has even kickstarted the […]
