PaymentFacilitator’sNews Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.
Big Brands Getting Bigger
Mastercard announces $1 billion investment. And not in a company, but a country. The global brand has announced a $1 billion investment strategy to develop India as a global technology node. About $300 million of that is slated for the delivery of payment processing capabilities. From The Hindu.
Snap and Shopify join forces on behalf of small business. The goal? The two brands have come together to simplify the process for smaller businesses to purchase platform ads. With this new functionality, merchants will be able to directly purchase and manage Snapchat Story ad campaigns on Shopify’s platform. From Yahoo Finance.
Facebook looks to rival Paytm on home turf. Facebook’s proprietary payments app WhatsApp Pay looks to gain a competitive edge on India-based Paytm, among others. Following the announcement by Facebook that the company is still actively working on the WhatsApp launch, India’s local leaders are starting to feel the heat. And with a payments marketplace projected to hit $1 trillion by 2023, the competition is just beginning. From ET India.
Stripe launches remote engineering hub in U.S. In an effort to locate product development closer to customers and tap the ever-growing pool of engineers living outside its hubs’ metro areas, global brand Stripe has released plans for a new engineering hub that will be entirely remote. Initially planned for launch in North America, the company also plans to launch the remote concept in Europe and Asia once a structure is finalized. From Venture Beat.
Fintech Forward and Backward?
Korea’s FSC shifts towards “negative regulatory system.” So what does this mean for fintech’s? In a word: Freedom. The goal of the Financial Services Commission (FSC) is to create an ecosystem where fintech startups are “freer to try innovative ideas.” Part of the initiative also includes more leniency when it comes to the regulatory reforms, enabling financial companies to more easily invest in fintech initiatives. From Korea Times.
New York DFS gives green light for OCC fintech charter lawsuit. An ongoing battle gains momentum with the New York Department of Financial Services (DFS) approving the lawsuit against the Office of the Comptroller of the Currency (OCC) that was initiated last year. Originally designed as a path for fintechs to avoid the necessity to seek the approval of all 50 states, the financial technology sector will be significantly impacted either way with this decision. From Crowdfund Insider.