China says digital yuan won't challenge wallets; Wirecard North America rebrands

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China's central bank digital currency will work with the country's payment networks, giving it massive scale as it approaches launch.

WeChat Pay and Alipay will be able to process transactions with the digital yuan, with the People's Bank of China stressing the CBDC is not designed to compete with the mobile wallets, reports Cointelegraph.

CBDCs are often positioned as public alternative to the influence of large technology companies, which enroll hundreds of millions of consumers, and the digital yuan has been viewed as a threat to WeChat Pay and Alipay's market in China. The PBC instead is saying the digital yuan is the "currency" which will be inside the mobile wallets.

Ant hill

Ant's IPO has priced at more than $10 per share on both the Hong Kong Stock Exchange and Shanghai's Star market, allowing it to raise more than $34 billion at a valuation of $310 billion.

That would be the largest share sale in history, according to CNN, adding that beats a $29.4 billion IPO from oil company Aramco on the Riyadh exchange in December.

Ant is affiliated with Alipay, which has gained ground with merchants outside China for years as a way to enable same-currency transactions for travelers, a strategy WeChat also employs.

Fresh face

Wirecard North America has renamed itself North Lane Technologies, several months after its German parent company imploded following revelations of widespread mismanagement, fraud and the loss of $1 billion.

North Lane is joining forces with daVinci Payments, a Buffalo Grove, Ill.-based prepaid and debit card specialist to support payments spanning incentives, rewards, disbursements, compensation and global payouts, according to a press release.

The two companies will collaborate under the umbrella of Plano, Texas-based Syncapay, a fintech holding company established in 2018. Syncapay this month received a new majority equity investment from funds advised by Centerbridge Partners, the release said.

Playing games

Point of sale credit firm Klarna has partnered with GameStop to extend an installment option for gamers online and in stores.

Klarna also added GameStop to Klarna's Playing for Keeps livestreamed events, which feature consumers playing against top gamers and celebrities. The partnership allows GameStop to tap into an increasingly popular trend during the pandemic, as more consumers look for alternatives to revolving credit card debt.

Klarna often participates in new retail concepts as a way to extend its brand and has also attracted high-profile investors, including Snoop Dogg. That's allowed the firm's valuation to jump past $10 billion this year.

Big time

B2B payment and credit company MSTS has released an extension for BigCommerce, an SaaS platform that often serves as a boost for companies looking to extend their e-commerce strategy.

The MSTS link will allow merchants to automate terms and invoicing for business customers, an attempt to make it easier to migrate from paper-based transactions.

Chase Pay, PayPal and Amazon Pay have all partnered with BigCommerce over the years, adding scale and a network effect on both sides of the partnerships.

From the web

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FreshToHome, an Indian e-commerce startup that sells fresh vegetables, fish, chicken and other kinds of meat, has raised $121 million in a new financing round as the Bangalore-headquartered firm reports accelerated growth spurred by the coronavirus pandemic.

Brazil's Caixa mulls U.S. IPO of its digital bank
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Brazil's state-owned lender Caixa Economica Federal is planning an initial public offering of its the newly created 'digital' arm in the U.S. as soon as next year, Chief Executive Pedro Guimaraes said in an interview.

White Castle rolls out more robots from Miso Robotics to cook in its kitchens
TECHCRUNCH | Tuesday, October 27, 2020
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