Financial Platform News

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

Facebook

Facebook invests $5.7 billion in Reliance unit to reach small Indian grocers

Facebook will spend $5.7 billion for 10% of Reliance Industries’s digital business, as the social media firm looks to leverage its popular WhatsApp messenger to offer digital...

Facebook

Facebook and three Indonesian firms in early talks for mobile payment approval – regulator

Three Indonesian FinTech firms are working with Facebook to apply for regulatory approval to launch mobile payments in the country, an official at the financial regulator has said....

Platform Economy: Stripe US FinTech powers e-commerce

Stripe Inc raises $600 million

US-based FinTech, Stripe Inc has announced that it has raised some $600 million, as companies that provide the online infrastructure for financial services get a boost from the ong...

Libra

Facebook’s Libra cryptocurrency gets revamp in response to backlash

Facebook’s planned cryptocurrency Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory...

Platform Industry: Zoom meetings

Stay off Zoom and Google Hangouts, Standard Chartered CEO tells staff

Standard Chartered is the first major global bank to tell employees not to use Zoom during the coronavirus pandemic due to cybersecurity concerns, according to a memo seen by news ...

Libra

G20 sets ground rules ahead of Facebook’s Libra stablecoin

The world’s leading economies need to plug gaps in their rulebooks to avoid digital currencies like Facebook’s planned Libra stablecoin from undermining financial stabi...

Telcos

Telecoms shares are losers as lockdown drives dot-com boom

As global lockdowns drive increase internet usage and boosting sales for dot-com businesses as varied as gaming and food delivery, the stocks of internet and telecoms service provi...

Platform News: Twitter and Square CEO Jack Dorsey

Dorsey pledges $1 billion of his Square Inc shareholding for relief efforts

Twitter Inc and Square Inc CEO Jack Dorsey on Tuesday pledged a cool $1 billion of his shareholding in Square, the payments processor that he co-founded and heads up, in order to h...

Students

SoFi to acquire Galileo Financial Technologies for $1.2 billion

The online student lender Social Finance has agreed to acquire payments technology provider Galileo Financial Technologies for $1.2 billion in cash and stock, the companies said on...

Mastercard

Mastercard’s Scandinavian e-pay deal in EU antitrust crosshairs

Antitrust regulators from the European Union have said Mastercard Inc’s plan to buy part of Scandinavian payments group Nets is a significant threat to the competitive landsc...

UK

UK-based fintech Revolut launches banking app in US

British fintech firm Revolut Ltd on Tuesday launched its banking app and debit cards for customers in the United States as it seeks to expand beyond its base in the UK and Europe. 

Platform Industry News: Crypto platforms and cryptocurrencies

Crypto-market infrastructure creaks amid volatility test

As worries over the economic hit from the coronavirus outbreak spread from stocks, oil and bonds to cryptocurrencies late last week, bitcoin crashed to its worst day in seven years...

Platform News: Japan's SoftBank

SoftBank’s founder ends Twitter absence over coronavirus worries

SoftBank founder Masayoshi Son may not be the most prolific Twitter user, but he has ended a three-year absence on the platform to express concern about the coronavirus outbreak, t...

Indonesia, FinTech

Startups race to tap Indonesian growth by aligning with Islam

JAKARTA (Reuters) – Like millions of other Indonesians, Gandi Iswara had for years carried a wad of currency notes for dropping into donation boxes after prayers at mosques i...