India’s online retailer Snapdeal, has bought mobile-payments platform FreeCharge in a deal it hailed as “one of the biggest acquisitions in the history of the internet industry in India”.
Although the price paid for the acquisition was not disclosed, reports suggest the figure was probably at least US$400m. Snapdeal did announce that the deal would make it “the largest mobile commerce company in India” and expand its user base to more than 40m.
Snapdeal is competing with local rival Flipkart and US giant Amazon to become India’s leading electronic commerce (e-commerce) platform and raised US$627m for this purpose last October from SoftBank of Japan.
Kunal Bahl, Snapdeal’s co-founder, said his company would now offer a range of services beyond traditional retail ecommerce, including services from FreeCharge, which lets users pay utility and other bills through their mobiles. “The age of monolithic ecommerce platforms is over,” he added.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.