Fintech Daily Briefing

Fintech Daily Information Briefing on [October 25, 2021]

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The following is the Fintech Daily Information Briefing on [October 25, 2021] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.

[1]. MFS Africa acquired Baxi, a digital payment company, to enter the Nigerian market

Recently, MFS Africa, Africa’s largest cross-border cross wallet transfer center, officially announced the acquisition of Baxi, a Nigerian payment enterprise. Through this acquisition, MFS Africa extends the Pan African mobile payment network to Nigeria to help the development of local cross-border payment business. In the future, relying on the global mobile payment network of MFS Africa, Baxi’s terminal can not only receive and pay funds locally in Nigeria, but also access a wider cross-border payment network.

[2]. Brex, a corporate financial services provider, received US $300 million in financing, with a valuation of US $12.3 billion

Recently, techcrunch quoted people familiar with the matter as saying that brex, an enterprise financial service provider, has just harvested $300 million in financing, and the valuation of the platform has reached $12.3 billion. Founded in 2017, brex mainly provides integrated intelligent financial services for small and medium-sized enterprises, covering many fields such as enterprise credit, expense management, cash management and fraud prevention business. On February 19, 2021, brex announced that it had submitted an application to the Federal Deposit Insurance Corporation (FDIC) and the Utah financial authority (udfi) to open an industrial bank in Utah. This brex bank is a wholly-owned subsidiary of brex, with Bruce Wallace, former chief operating officer of Silicon Valley Bank, as the chief executive officer. In the future, brex bank will provide more credit solutions and deposit products guaranteed by FDIC to small and medium-sized enterprises based on the existing brex financial and business software.

[3]. Nigeria plans to launch central bank digital currency today

Nigerian President Muhammadu Buhari plans to officially launch the digital currency (CBDC) of the Central Bank of Nigeria (enaira) at the parliament building in Abuja state on Monday, October 25, 2021. The Central Bank of Nigeria (CBN) said: enaira aims to supplement rather than replace physical naira, which will make financial transactions at all levels of society easier and seamless. At the same time, enaira also has a digital wallet enaira wallet approved by the Central Bank of Nigeria. Users can connect it to their bank account or pay as you go through the prepayment option. Nigeria has the highest cryptocurrency ownership rate in the world, with 24.2%, followed by Malaysia and Australia, with 18.0% and 17.7% respectively, while the world average is 11.4%.

[4]. Indian regulators approved the IPO of paytm, a payment giant

It is reported that the 166 billion rupee (about US $2.2 billion) IPO (initial public offering) plan of paytm, an Indian payment and financial service provider, has been approved by the Indian securities and Exchange Commission (SEBI). In this IPO, paytm will issue up to 83 billion rupees (about US $1.1 billion) of new shares and offer to sell 83 billion rupees worth of shares to existing shareholders such as Softbank and Berkshire Hathaway. JPMorgan Chase, Morgan Stanley, ICICI securities, Goldman Sachs, axis capital, Citigroup and HDFC bank will serve as the lead Bookrunner of paytm’s IPO. One97 communications, paytm’s parent company, said the IPO proceeds would be used to strengthen the payment ecosystem, develop new businesses, and mergers and acquisitions. Paytm has the largest market share in Indian merchant payment. According to the data, paytm has more than 20 million business partners and users conduct 1.4 billion transactions per month. Its main competitors include Wal Mart’s phonepe, Google pay, Amazon pay, and Facebook’s WhatsApp pay.

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