Financial Platform News

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

Ant Financial

US explores restrictions on Ant Group, Tencent payment platforms

The United States is considering limitations on China’s Ant Group as well as Tencent over concerns their digital payment platforms undermine national security, Bloomberg News...

Digital Tax US

Wanted: global digital tax push after pandemic, US vote stall talks

Negotiators from 140 countries will inquire Washington and its own G20 partners this week to reaffirm political support for global rules to tax digital giants following the coronav...

Bitcoin

British watchdog bans Bitcoin-based products for retail investors

The UK’s financial watchdog has said it will ban the sale to retail investors of products that monitor the purchase price of crypto-assets like Bitcoin, stating most men and ...

Federal Communications Commission

FCC chairman stands by net neutrality repeal after appeals court ruling

Federal Communications Commission Chairman Ajit Pai has said he stands from the bureau’s repeal of landmark web neutrality principles and circulated a proposal to tackle issu...

Paytm

Paytm and other Indian start-ups vow to fight ‘big daddy’ Google

Dozens of India’s leading tech start-ups, chafing at Google’s local dominance of key apps, are banding together to consider strategies to challenge the US tech giant, s...

Panetta ECB Digital Currency

ECB must prepare to issue a digital euro

The European Central Bank should prepare to issue a digital euro to complement banknotes “if and when” it becomes necessary, ECB board member Fabio Panetta has said tod...

Wirecard

Singapore tells Wirecard to cease services and return customer funds

Singapore’s central bank on Wednesday led embattled German obligations company Wirecard to cease providing services at the city state and reunite all clients’ funds.

Ant Financial

Ant launches blockchain-based cross-border trade platform ahead of $35 billion IPO

Ant Group, owner of China’s leading mobile payment app Alipay, launched a blockchain-powered platform for cross-border commerce settlements on Friday, as it races to start mo...

Ant Financial

China’s Ant takes another step towards $35 billion IPO

Ant Group submitted records to the securities regulator for registration of the Shanghai portion of its IPO, the city’s bourse has said, moving a step closer to a planned dua...

Tinkoff, Yandex

Yandex in talks to buy online bank Tinkoff for $5.5 billion

Russian bank TCS Group is in talks to sell its online bank Tinkoff to Russian internet group Yandex for $5.48 billion (approximately £4.30 billion), the two companies have stated.

Paytm

Paytm executive says India’s secondary listing plan would be undue burden

India’s potential plan to induce businesses to perform a secondary record on an Indian stock exchange should they opt to list on an overseas bourse would unfairly penalise In...

European Commission

Upgrade for EU antitrust rules, more funds for digital projects

The European Commission will revise its own antitrust principles to keep up with global changes and invest a fifth of its 750-billion-euro (approximately $890 billion) coronavirus ...

Wall Street

M&A: Tech leads crisis-driven boom with $350 billion deal rush

Global M&A volumes are exceeding $2 trillion for 2020, with technology making up almost a fifth of the total after mammoth deals such as SoftBank’s $40 billion purchase o...

Libra

EU nations call for cryptocurrency curbs to protect consumers

Germany, France, Italy, Spain and the Netherlands called on the European Commission to draw up regulation for asset-backed cryptocurrencies to protect consumers and maintain state ...