Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [March 02, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Digital ocean, a cloud computing company, applied for public listing

On February 26, 2021, digital ocean, a cloud computing service company, announced plans for an initial public offering. The specific time has not yet been decided. Headquartered in New York, digital ocean provides a wide range of data and infrastructure services for developers, start-ups and small and medium enterprises. In May 2020, digital ocean just received $50 million in round C financing from investors including fortress investment group and Andreessen Horowitz. Statistics show that digital ocean’s revenue in 2020 is close to 318.4 million US dollars, an increase of nearly 25% compared with that in 2019.

[2]. Klanna, a “buy before pay” service provider, completed $1 billion financing

On March 1, 2021, clarna, a unicorn payment start-up, announced that it would receive US $1 billion of financial support through equity financing, with a platform valuation of US $31 billion, becoming the private financial technology enterprise with the highest valuation in Europe and the second highest valuation in the world. Founded in 2005, klarna provides products and services to consumers and retailers in the fields of payment, social shopping and personal finance. Currently, the platform has worked with more than 250000 retailers, including spotify, MediaMarkt, Expedia and Nike.

[3]. Central Bank of India: CBDC can be used as a money transmission tool, but it will threaten the status of commercial banks

Recently, the Reserve Bank of India (RBI) evaluated CBDC and released a report on currency and finance. The report points out that CBDC can help promote financial inclusion and transaction transparency. CBDC can be used as a tool of monetary transmission, but CBDC may threaten the primacy of commercial banks as the main channel of monetary policy transmission. The RBI report did not contain any details about the central bank’s digital rupee program. In another part of the document, the central bank did acknowledge that the internationalization of the rupee was inevitable, but added that it would complicate the formulation and implementation of monetary policy.

[4]. Line pay and paypay are expected to integrate in Japan

On March 1, 2021, the telecom department of Softbank group announced that its Internet business had been merged with the mobile communication application line. The two sides said that if approved by relevant regulatory authorities, they will promote the integration of paypay and line pay in April 2022. The transaction was originally scheduled for completion in October 2020, but it had to be postponed by COVID-19. In addition, the deal has been criticized by overseas hedge funds for being too low. At the end of February, paypay had 36 million users in Japan, while line pay had about 39 million users. Through the merger, paypay can reach more than 80 million Japanese users using line’s mobile messaging service.

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