Financial Platform News

News and analysis coverage of financial platforms, ranging from payment processing and credit through to retail banking and investment services.

Platform Industry: Wall Street, IPO's and stock performance

SoftBank-backed Lemonade takes 30% valuation cut

SoftBank Group Corp-backed insurance start-up Lemonade aims to raise up to $286 million in its US IPO, at a $1.43 billion market capitalisation, or 30% less than what the company w...

Platform News: Opening the WhatsApp app on a smartphone

Brazil suspends WhatsApp’s new payments system

Brazil’s central bank effectively suspended a newly-launched system allowing users of Facebook’s WhatsApp messaging service to send money via chats, ordering Visa and M...

Fromer Wirecard CEO

Former CEO of Wirecard arrested as creditors hunt lost billions

Wirecard’s former boss has been arrested on suspicion of falsifying its accounts, after the German payments firm disclosed a $2.1 billion financial hole and questioned whethe...

Wirecard

German watchdog said to shield deposits of Wirecard’s bank

German financial watchdog BaFin is working to shield customer deposits at Wirecard Bank from being affected by turbulence at its parent company, people close to the matter have sai...

Wirecard AG

Phantom billions plunge Wirecard into chaos

Wirecard has said that 1.9 billion euros (approximately $2.1 billion) it had booked in its accounts likely never existed, a black hole that threatens to engulf the payments company...

Wirecard

Further coverage: Wirecard says missing $2.1 billion likely did not exist

Scandal-hit German FinTech business Wirecard AG said a quarter of its assets totalling 1.9 billion euros (approximately $2.13 billion) that auditor EY has been unable to account fo...

Wirecard AG

Wirecard’s missing $2.1 billion didn’t enter Philippine financial system, central bank says

None of the $2.1 billion missing from scandal-hit German payments firm Wirecard AG appears to have entered the Philippine financial system, the central bank said on Sunday.

Wirecard Payment Processing

Wirecard’s Chief Executive exits as search for missing billions hits dead end

Wirecard’s CEO quits as the German payments firm’s search for $2.1 billion of missing cash hit a dead end in the Philippines and it scrambled to secure a financial life...

Digital Tax US

US pulled out of stalled talks on digital services taxes – Robert Lighthizer

US Treasury Secretary Steven Mnuchin decided to pull out of negotiations on digital services taxes with EU officials after they failed to make any progress, US Trade Representative...

Platform News: Apple logo

Apple’s App Store, Apple Pay targeted by EU antitrust regulators

Apple is being investigated by EU antitrust regulators over its App Store and mobile payment system Apple Pay as the bloc turns up the heat on gatekeepers of online platforms on wh...

Platform News: China

Anti-China group urges Trump to block Chinese companies from US markets

An anti-China advocacy group that includes former White House adviser Steve Bannon is calling on the Trump administration to exclude Chinese companies from US financial markets, as...

Platform News: Wall Street in New York

Tech drives Nasdaq index to all-time high as signs of recovery emerge

The heavyweight tech and growth stocks that drove Wall Street higher in recent years are again fuelling a surge that has taken the Nasdaq from a brutal selloff to an intraday recor...

Spain Digital Tax

Spain’s lower house to draft new 3% digital tax on internet giants

Spain’s lower house has voted to begin drafting a 3% tax on revenues of internet giants, the latest of such moves by US trading partners that has spurred a US investigation a...

Platform News: Facebook and WhatsApp messaging service

WhatsApp and PayPal invest in Indonesian super app Gojek

Facebook messaging platform WhatsApp and PayPal Holdings have said they have invested in payment, food delivery and ride-hailing app operator Gojek as part of the Indonesian firm&#...