LATEST GLOBAL INDUSTRY BRIEFS FOR 03 NOVEMBER 2021
Xi’an: Expand reach of use of cross-border settlement in renminbi and steadily advance digital renminbi pilot
mpaypass.com.cn, November 2, Xi’an Municipal People’s Government recently issued the “the Plan on Development of Business Environment in Xi’an during ‘14th Five-Year’ period”, proposing to expand the reach of the use of cross-border settlement in renminbi in the Pilot Free Trade Zone and steadily advance the digital renminbi pilot program. In addition, the “Plan” stipulates to deepen the reform in the taxation field and promote the use of third-party payment tools for tax payments.
Singapore has no plans to ban crypto: MAS boss
jinse.com, November 3, Ravi Menon, managing director of the Monetary Authority of Singapore (MAS) reaffirms his focus on strengthening Singapore’s position as the world’s #1 blockchain hub. Menon is certain that banning crypto is not an option for his country. Instead of implementing a crackdown, the MAS director stresses that Singapore is going to “raise its safeguards” to combat risks related to cryptocurrency progress.
CIPS adds 13 new overseas indirect participants
mpaypass.com.cn, November 2, in October 2021, the cross-border inter-bank payment system (CIPS) added 13 new overseas indirect participants. As of the end of October 2021, there had been 1,243 participants in the CIPS system, of which 71 are direct ones and 1,172 are indirect ones. Among the indirect participants, 908 are in Asia (533 in China), 158 in Europe, 40 in Africa, 27 in North America, 22 in Oceania, and 17 in South America, covering 103 countries and regions in the world.
South Korean payment giant Kakao Pay goes public on November 3
电商报网站11月3日报道，韩国最大的移动支付应用Kakao Pay于3日在首尔证交所上市。据悉，该公司此次IPO的定价为每股9万韩元，筹资总额达1.53万亿韩元（约合13亿美元），在周三交易开始前，其市值已达到11.7万亿韩元以上。资料显示，受疫情期间在线购物的推动，Kakao Pay去年的销售额增加了一倍多，达到2840亿韩元。目前，Kakao Pay拥有3600万用户，未来计划进军中国、东南亚、欧洲等地。
dsb.cn, November 3, the largest mobile payment app in South Korea, Kakao Pay, was listed on the Seoul Stock Exchange on November 3. It is learned that the company’s IPO is priced at KRW 90,000 per share, with KRW 1.53 trillion (approximately USD 1.3 billion) to be raised in total. Its market value had reached more than KRW 11.7 trillion before the shares of the company started trading on Wednesday. Data show that driven by online shopping during the pandemic period, the sales volume of Kakao Pay increased by more than one times to KRW 284 billion last year. Currently, Kakao Pay has 36 million users and plans to enter China, Southeast Asia, Europe, and other regions in the future.
Mynt completes USD 300 million fundraising on USD 2 billion valuation
金色财经网站11月2日报道，支付应用程序GCash背后的菲律宾金融科技公司Mynt以20亿美元估值完成3亿美元融资，由纽约私募股权公司Warburg Pincus和Insight Partners领投。据悉，Mynt计划加速消费者贷款业务的发展，并在年底前推出先买后付产品。
jinse.com, November 2, the Filipino financial technology company Mynt, the backer of the payment app GCash, completed a USD 300 million financing at a USD 2 billion valuation. The funding round was led by Warburg Pincus and Insight Partners. It is said that Mynt plans to accelerate the development of the consumer loan business and launch a BNPL product by the end of the year.
AntChain and SBA signed memorandum of cooperation
mpaypass.com.cn, November 2, the Singapore Blockchain Association (SBA) recently signed a memorandum of cooperation with AntChain. In the future, the two parties will cooperate closely to promote the popularization and development of blockchain technology in Singapore and in the entire Southeast Asia. This is the first such industry partnership that AntChain has reached overseas.
Singapore loyalty platform ShopBack buys BNPL startup hoolah
finextra.com, November 2, Singapore-based loyalty platform ShopBack is to acquire local buy now, pay later startup hoolah. Launched on 2018, and active in Singapore, Malaysia and Hong Kong, hoolah offers shoppers three interest-free installment payments at over 2,000 merchant sites. With ShopBack support, hoolah will accelerate its growth with a platform to extend its BNPL offering to over 8,000 merchants and 30 million shoppers across nine markets in the Asia-Pacific.
India’s UPI platform logs record USD 100 billion in transactions in October
pymnts.com, November 2, the National Payments Corporation of India (NPCI) announced that its Unified Payments Interface (UPI) recorded 4.2 billion transactions in October, amounting to around USD 103 billion, a record high on both accounts. According to NPCI, this growth was fueled by an uptick in shopping that coincides with the start of India’s festival season, as well as eCommerce sales. In addition, a boost in vaccination rates and a loosening of COVID restrictions saw more people venturing out to do their shopping in October.
Value of C2B transfers completed by Russian Absolut Bank through FPS in Q3 increased by 62 percent from previous quarter
plusworld.ru, November 2, according to the data, compared with the second quarter, the value of C2B transfers completed by the Russian Absolut Bank through the Faster Payments System (FPS) in the third quarter increased by 62 percent, and the number of transactions increased by 34 percent. Since the beginning of the year, the bank’s total transfers through the FPS have exceeded RUB 8 billion, accounting for more than 70 percent of the total P2P payment transaction value processed by bank.
ExpandCart teams up with PayPal to unlock global opportunities for merchants in the Middle East and Africa
zawya.com, November 2, ExpandCart announced its collaboration with PayPal to unveil global cross-border sales opportunities in the Middle East and Africa (MENA). ExpandCart’s merchants can now offer their customers a quick and secure international payment gateway. The collaboration is aimed at further democratization of the payment landscape in the MENA region and inclusion of local merchants in the global economy. The collaboration encourages digital financial inclusion and improves digital payment experiences for ExpandCart store owners and shoppers.
NYDIG takes over bitcoin payments app Bottlepay
electronicpaymentsinternational.com, November 2, bitcoin-focused investment solutions provider NYDIG has bought UK-based bitcoin payments app Bottlepay for an undisclosed sum. Bottlepay, founded in 2019, enables instant payments in bitcoin as well as other currencies without fees. In June this year, Bottlepay expanded its service across Europe, enabling cross-border payments across the continent using euros and bitcoin. NYDIG plans to incorporate Bottlepay’s Lightning Network infrastructure into its current Bitcoin platform. The acquisition is expected to bolster the firm’s bitcoin offerings for businesses and consumers.