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BITCOIN: Singapore’s Central Bank Plans to Regulate Bitcoin Payments

The minister for the Monetary Authority of Singapore (MAS), the nation’s central banking authority, has said the institution is working to create a regulatory framework for bitcoin payments. In response to a question on the matter from an MP, Tharman Shanmugaratnam – who is also deputy prime minister of Singapore – confirmed that while the MAS “has been monitoring” cryptocurrencies such as bitcoin ... Read More »

MAS and ABS Lead Consortium to Harness Blockchain Technology for more Efficient Inter-bank Payments

Singapore Central Bank Reveals 3 New Blockchain Payments Prototypes The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced today that the consortium which they are leading has successfully developed software prototypes of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms. The project, conducted together with 11 financial institutions and ... Read More »

Ant Financial Resubmits To CFIUS for MoneyGram Buy Approval

Ant Financial, the Chinese payment unit of Alibaba, is gearing up to resubmit to the U.S. its application to purchase MoneyGram International. Sources familiar with the matter told Reuters on Friday (Sept. 15) that the two companies resubmitted for deal clearance from the Committee on Foreign Investment in the United States (CFIUS). The move was prompted by its inability to ... Read More »

China’s Payment Giants will Struggle to Reach International Markets

The Chinese payments titans Alipay, China UnionPay (CUP) and WeChat Pay are sallying abroad, leveraging enormous scale in their home market and taking advantage of unfettered access to European, Japanese, North American and emerging markets. Few initially national payment networks have attempted, much less succeeded in becoming genuinely global. Underscoring the point, Interac, Cartes Bancaires and BankAxept are the leading ... Read More »

Arvato Expands North American Presence with New Office in Atlanta

As a result of its latest growth and expansion, Arvato Financial Solutions has opened a new location in the Atlanta area. The center is located in Sandy Springs. With the new site, the international financial services specialist will strengthen its North American operations, creating a hub to build new business in the region. “We are excited to add this new ... Read More »

E-commerce India: Alibaba has its Eyes on BigBasket

Alibaba, Paytm Could Make Joint Investment In BigBasket Alibaba and India-based digital payment company Paytm are gearing up to invest around $200 million in Indian online grocer BigBasket. According to a report in VCCircle, citing people familiar with the matter, an announcement about the investment could come any day. With the investment from the online retail platform and the eWallet ... Read More »

Google & Intuit Partner in Small Business Cash Management

Google and Intuit are pairing up to help Australian small businesses (SMBs) get a better grip on cash management.  Reports Wednesday (Sept. 13) said Google and Intuit Australia announced news of their partnership at the Google Cloud Summit, which was held in Sydney. As part of their initiative, Gmail now supports integrated eInvoicing using Intuit tools. The Google Calendar App also ... Read More »

Worldpay has Agreed Terms of a Potential Takeover by Vantiv in a Pound Sterling 7.7bn Deal

Britain’s biggest payments processor announced the development shortly after Sky News revealed that credit card technology firm Vantiv had been locked in discussions all night on securing an agreement with the Worldpay board. Worldpay, which had disclosed talks with both Vantiv and JPMorgan Chase a day earlier, said its shareholders would net 55p-per-share in cash and new Vantiv shares – along with a cash ... Read More »

Alibaba Buys Majority Stake In TicketNew Of India

Alibaba  is pushing more into India via an acquisition of a majority stake in TicketNew, the film ticket website. According to a report, terms of the deal were not disclosed, but the purchase was made via Alibaba Pictures Group, the entertainment arm of the eCommerce company.  Previous media reports pegged the price tag at $35 million for a controlling stake ... Read More »

Singapore Central Bank’s Blockchain R&D

The Monetary Authority of Singapore has revealed a three-step plan to connect the world’s central banks via distributed ledger technology. The two-phase effort called “Project Ubin” would see global central banks settling cross-border transactions in real time via a blockchain. Unlike the current system, where only high-value or institutionally crucial transactions are settled in real time, Project Ubin is being designed ... Read More »

Ant Financial Appears to Becoming the World’s Top Consumer Bank – If Foreign Regulators Let It Happen

The biggest obstacle for the Alibaba affiliate are strict regulations abroad In a world that embraces disruptive technology, China’s most prominent financial technology company, Ant Financial Services Group, would probably have no problems morphing into a bank, even without licenses. Beginning as an online payment processor called Alipay supporting Alibaba Group Holding’s flagship e-commerce platform Taobao, Ant Financial has expanded ... Read More »

Ant Financial Enters Hong Kong Market with Alipay Mobile Wallet

Ant Financial, the finance arm of Alibaba, recently became the latest player in Hong Kong’s competitive mobile payments market after it announced the launch of its mobile wallet for Hong Kong users. The mobile wallet and payments app, dubbed AlipayHK, is similar to its Chinese counterpart Alipay – registered users are able to top up their mobile wallets and make ... Read More »

China Sees Rise of Fintech E-payment Tech Firms

The rise of electronic payments providers in China is facilitating more online consumption and “omni-channel retailing” and may serve as a source of competition to traditional retailers and banking operations going forward. “The rise in the usage of e-payments is positive for internet companies and most service and consumer-related companies, although it could also be negative for some companies in ... Read More »