New partnerships, M&A, dissolvement of collaborations, announcements of insolvency, company valuations skyrocketing and reaching $100bn, crypto offerings, and cross-border payments for this week! Absorb the latest insights from fintech and stay up to date with current developments.
Wipro eyes British tech Capco
Wipro, an Indian corporation that provides information technology, consulting and business process services, announced earlier this week that it has reached an agreement to buy Capco, a business and technology management consultancy firm, for $1.45 billion as the major Indian software exporter looks to win customers in Europe and Asia. Read more
PayPal has announced that it plans to acquire Curv
PayPal is looking to add a new acquisition - Curv - a cryptocurrency startup based in Tel Aviv, Israel. PayPal announced that the Curv team will join the cryptocurrency group within PayPal. PayPal has been gradually rolling out cryptocurrency products, and has partnered with the likes of Paxos, so that users in the US can buy, hold and sell cryptocurrencies from their PayPal account. Read more
Ripple and Moneygram have parted ways
Ripple, a for-profit technology platform and also a cryptocurrency (XRP), shared that it has ended its partnership with Moneygram, a cross-border P2P payments and money transfers company. Moneygram moved to suspend its use of Ripple’s platform last month due to Ripple’s ongoing legal fight with the US Securities and Exchange Commission (SEC). Read more
Greensill Capital wake-up call for the UK’s Financial Conduct Authority
Greensill Capital filed for insolvency earlier this week, raising concerns that the failure puts jobs at risk at one of its biggest borrowers, the metals manufacturer GFG Alliance Group. MPs have accused the UK’s Financial Conduct Authority of failing to protect businesses and investors involved with Greensill Capital, saying the crisis “draws yet more uncertainty” over the efficacy of the City regulator, and that it is time for a review of its powers. Read more
Coinbase Valuation might break new records, approaching $100bn
Coinbase Global’s shares last week indicated a $90 billion valuation ahead of the firm’s imminent public listing. Coinbase’s offering will become the first large-scale direct listing on the Nasdaq, an alternative to an initial public offering (IPO). Read more
Citi introduces streamlines cross-border payments with digital documentation
Citi announced a new offering, which will streamline the cross-border payments process for institutional clients by releasing a single electronic platform for payment instructions and the associated documents that accompany them. Shahmir Khaliq, Global Head of Treasury and Trade Solutions (TTS) at Citi says: “We’re investing heavily in digital technologies and platforms to simplify, integrate and automate our clients’ payment and FX-related activities, end-to-end. Our ultimate objective is to create frictionless payments that can be delivered electronically and uniformly, 24/7, to any country, via any channel and in any currency.” Read more
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