Masha Borak – Technode
One of the reasons why Alibaba and Tencent chose to get into food-delivery startups is to further boost their payment services, Alipay and WeChat Pay. But food delivery is just one piece of the puzzle in propping up mobile payment usage. From booking hotels, flights, and movie tickets, to “new retail” ventures, the O2O market in China is brimming with opportunities. There are many areas which are experiencing similar proxy battles between Alibaba and Tencent. In short, the fun is not over.
FAO: Getting closer and closer to the client. The (fin)tech giants of China are “eating” more sectors. So we could affirm that, in a way, even their own government is starting to fear them, thus its frequent actions against them. Read our FREE ARCHIVE for more insight.
Emily Glazer, Liz Hoffman & Laura Stevens – The Wall Street Journal (subscription)
Amazon is in talks with big banks including JPMorgan Chase about building a checking-account-like product the online retailer could offer its customers. The effort is still in its early stages and may not come to fruition. The talks with financial firms are focused on creating a product that would appeal to younger customers and those without bank accounts.
FAO: Yeah, could be appealing. But do you know what could be even cooler? The Amazon-coin – more here in this recent edition of Blockchain Daily News.
Spencer Soper – Bloomberg (subscription)
Accounts would save the online retailer credit card fees.
FAO: Amazon is trying to cut costs and reshape the entire banking system…
Lily Katz & Arie Shapira – Bloomberg (subscription)
Shares of Square rallied Monday on what appeared to be old news making the rounds on the internet and on trading floors.
The stock’s surge may have been prompted by an article from a little-known news site based in Latvia that said Square is “possibly testing an integration with Bitcoin,” according to three traders who declined to be identified.
Alipay announced that its partnership with Motion Pay Technology Inc. (Motion Pay) has resulted in a significant number of merchants across Canada enabling Alipay at point-of-sale.
Rob Garver – American Banker
At the cloud-banking startup nCino, testing whether potential hires are a cultural fit sometimes means handing them a beer or getting them on a paddleboard.
The office is just a bike ride away from the boardwalk along Wrightsville Beach in Wilmington, N.C., and employees like to get together there at sunrise.
DNT: Seems like a very attractive work environment…
Nikhilesh De – CoinDesk
Rachel McIntosh – Finance Magnates
PayPal filed an application for an ‘Expedited Virtual Currency Transaction System’, according to a new report from CoinDesk. The patent appears to be for a system in which private keys (strings of characters that represent ownership of cryptocurrency and allow crypto to be traded) are traded between buyer and seller in a secure and anonymous manner.
FAO: Let’s wait and see what’s coming next. This reminds me of previous reports like one in October when Facebook announced a partnership with PayPal, implementing the service into P2P payments on Messenger, and, more important, the reports saying Zuckerberg is planning to study encryption and the blockchain (more details here). Oh, I almost forgot to mention, Peter Thiel’s investment fund recently made a major wager on bitcoin – more here.
Huw Jones – Reuters
The European Union’s executive will propose a draft law on crowdfunding and forge common blockchain technology standards to help a European fintech sector flourish, an EU document showed. The European Commission is due to publish its plans, perhaps as soon as this week, as it seeks to encourage fintech, a sector that promises future growth and jobs.
FAO: Good! This ought to help, at least a bit!
Kevin Roose – The New York Times
Venture capitalists, who recognize a bargain when they see one, have already begun scouring the Midwest.
FAO: Today’s must read. BTW, according to a Redfin analysis, the median sale price for a home in Silicon Valley was $1.05 million in 2015. We found this article detailing the living costs in Silicon Valley. Would you live there?
Deena Kamel – The National
Dubai International Financial Centre’s annual revenue rose 1% to $221 million.
Karan Choudhury – Business Standard
In the fight between information technology, fintech and e-commerce firms in India and Google and Facebook, the global giants seem to be winning hands down. It is becoming a matter of survival for these sectoral ones, as one-stop solutions such as business listings, travel bookings, money transfers and financial services are available on both platforms and these firms rely on Google and Facebook to promote their services.
FAO: I am sure you are aware of what’s currently happening in India. There is a full-scale “war” out there. For example, a payments war broke out between Paytm, WhatsApp and Google Tez, …more here.
FAO: Florin Adrian Oprea, Editor-in-chief FinTech Daily News
DNT: Decebal Nicolaie Todarita, Editor FinTech Daily News