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TRUELAYER AND WOMBAT PARTNERSHIP OFFERS PAYMENT APIS
TruLayer’s SaaS platform uses a toolkit to create specialist consumer and server message block (SMB) apps in payments, personal finance management and online lending. The collaboration with Wombat Invest, a swiftly growing startup investment platform that provides a user-friendly and secure interface for both novice and experienced investors, will provide the UK-based fintech with cutting-edge payment APIs for its investment customers.
FINTECH BEHEMOTHS BACKBASE AND ZAFIN FORM NEW PARTNERSHIP
Canada’s leading relationship-based product and pricing capability solutions service provider, Zafin, has announced a strategic partnership with the Dutch banking engagement platform, Backbase. According to reports, Zafin, which is one of North America’s leading fintech companies, will join forces with Backbase to implement its spectrum of solutions onto the Backbase platform.
STOCKS MAKING THE BIGGEST MOVES IN THE PREMARKET: HILTON GRAND VACATIONS, J&J, NRG ENERGY & MORE
Hilton Grand Vacations (HGV) – The timeshare company posted a wider-than-expected loss for its latest quarter, while revenue was also below Wall Street forecasts. Hilton Grand Vacations said the pandemic has created a challenging environment but said 85% of its properties are now open and operating. Its shares fell 2.3% in premarket trading.
BITCOIN TANKS 10% AFTER ELON MUSK SAYS PRICES SEEM HIGH
Bitcoin slid Monday, pausing its stunning rally after Elon Musk said prices “seem high.” The world’s most valuable cryptocurrency sank over 10% to a price of $51,993 Monday morning, according to data from Coin Metrics. At one point, bitcoin had dipped below the $50,000 level, falling as low as $47,700.
TESLA DROPS AS MUCH AS 13%, TURNS NEGATIVE FOR THE YEAR
Tesla’s recent slide accelerated on Tuesday, as investors rotated out of high-flying tech names. Shares of the electric vehicle maker dipped as much as 13% the stock’s worst day since Sept. before recovering some of those losses. At 10 a.m. on Wall Street shares were down 7.8%.
HOME DEPOT (HD) SHARPLY LOWER DESPITE STRONG QUARTER
Dow component The Home Depot, Inc. (HD) is trading lower by more than 2% in Tuesday’s pre-market despite beating fourth quarter 2020 top- and bottom-line estimates by wide margins. The company booked a profit of $2.65 per share, $0.28 better than expectations, while revenue surged 25.1% year over year to $32.26 billion, beating consensus by more than $5 billion. Quarterly comparative sales growth of 24.5% tracked a booming housing market, underpinned by the exodus out of northeastern and west coast urban centers.
HEDGE FUNDS THAT HUNKERED DOWN AFTER GAMESTOP ARE NOW MISSING OUT ON MARKET GAINS
Hedge funds are still licking their wounds after a retail trading frenzy forced the industry to slash its overall exposure to stocks, leading to an underperformance in 2021. Last month, an army of retail investors who coordinated on social media managed to push GameStop shares up 400% in just one week, creating massive squeezes in a slew of heavily shorted names. Hedge funds getting burned on their short positions scrambled to take down overall risk and sell winners to raise cash.
BAIDU (BIDU) TRADING LOWER DESPITE STRONG QUARTER
Nasdaq-100 component Baidu, Inc. (BIDU) is trading lower by less than 1% in Thursday’s pre-market session after meeting fourth quarter 2020 revenue guidance and beating profit estimates by a small margin. The Chinese search engine giant earned RMB 20.08 per share during the quarter, or $3.10 per share in greenbacks, while revenue rose 4.8% year over year to RMB 30.26 billion ($4.68 billion). A brief uptick after the news was quickly extinguished by selling pressure.
WHALE CLOUD AND ANT GROUP JOIN FORCE WITH TOKA FINTECH TO EXPAND INCLUSIVE FINANCIAL SERVICES
Whale Cloud, a leading technology company providing software solutions and services for telecommunications and multiple other industries, today reached a partnership with Toka Fintech, a Mexican-leading financial group, to help it develop its own digital payment app with Alipay+ Digital Wallet Solution, providing Mexicans with better access to inclusive financial services.
Toka Fintech is a company belonging to Grupo Toka, which is one of the most important groups in the prepaid card market and has more than 4.5 million customers in Mexico. Grupo Toka is increasingly embracing digital payment services because of the fast adoption of smartphones in the country and the COVID-19 pandemic.
VOLT LAUNCHES IN BRAZIL TO ACCELERATE GLOBAL OPEN BANKING PAYMENTS REVOLUTION
Volt, the leading open payments gateway, today announced its expansion to Brazil following a period of rapid growth for the FinTech company. Volt has now integrated Brazil’s domestic instant payments network Pix – and established its physical presence in São Paulo – as it builds upon its proposition as the global leader in real-time payments everywhere.
Already strongly established in Europe with over 5,000 bank connections on the PSD2 Open Banking network, the expansion sees Volt bring its real-time payments offering to the Brazilian market. Volt customers can now access Latin America’s largest and fastest growing markets, whilst cutting out the region’s lengthy settlement times (from 28 days to two seconds) and costly card infrastructure, whilst boosting payment conversion rates. For those without a domestic presence, Volt acts as the merchant of record in-country and manages currency export, FX, and declarations to the Central Bank of Brazil.
FINASTRA PARTNERS WITH HEXAWARE TO ACCELERATE DIGITAL PAYMENTS FOR SELECTED EUROPEAN BANKS
Finastra today announced its partnership with Hexaware Technologies (Hexaware) to provide managed services for Finastra’s payments solutions deployed in the cloud. The move helps Hexaware customers in Germany, Belgium, the UK and Ireland take ownership of their payment infrastructure. The partnership brings together the companies’ industry leading payments and integration experience, to provide mid-sized banks with an end-to-end Payments as a Service (PaaS) offering which helps them remain competitive while mitigating operational costs.
VOYAGER TOKEN INTEGRATED INTO COINIFY’S GLOBAL CRYPTO PAYMENT PLATFORM
Voyager Digital Ltd. , one of the fastest-growing, publicly traded cryptocurrency platforms in the United States, today announced the integration of the Voyager token (VGX) into Coinify’s cryptocurrency payment platform, a wholly-owned Voyager subsidiary that provides merchant payment services in over 150 countries.
ENTERPRAI LAUNCHES NEW WAY FOR GLOBAL MACRO PLAYERS TO STAY ON TOP OF FINANCIAL MARKETS
Enterprai – the AI-powered SaaS workstation for global macro professionals, pioneering predictive analytics for FX and fixed income markets – today launched a set of products offering global macro portfolio managers, traders, and analysts a new way to stay on top of financial markets. Off the back of strong demand for its product the Company is now embarking on its next funding round, seeking to raise a further $10M of growth capital to invest in tech and talent to further fuel client expansion.
CETERA LAUNCHES GROWTH360 PROGRAM
Cetera Financial Group, one of the industry’s largest networks of financial professionals, today announced the launch of Growth360, a strategic, peer-based methodology to help its affiliates grow the value of their businesses. The Growth360 methodology enables Cetera financial professionals to learn from – and incorporate – the successes of their fastest-growing peers. Growth360 provides a framework for advisors to benchmark their own practices against those of their fastest-growing colleagues. This will empower Cetera financial professionals to identify high-impact growth levers and implement an action plan that is aligned with their broader business goals.
RAILSBANK SHAPES THE FUTURE OF FINANCE WITH LAUNCH OF NEW CATEGORY AND VISION AT WEB SUMMIT
Railsbank, the leading global Embedded Finance platform, has today launched a new industry category that is set to drive the next wave of innovation within financial services. Known as Embedded Finance Experiences, the new category and vision represents the next phase of growth for embedded finance, moving away from basic banking, card or financial products to deeper and richer financial experiences that are seamlessly part of a brand’s customer journey.
Gone are the days where the consumer needs to visit a finance provider; embedded finance experiences deliver a financial product at a highly relevant moment to the consumer.
WEALTHFACE LAUNCHES ADVANCED TRADING PLATFORM
Wealthface, an Investment management company, announced today the launching of its online trading platform for active investors in the Middle East and the United States with the option of allowing clients to build their own portfolio, powered by a factor investing advanced algorithms.
Wealthface offers expert investment services through a blend of investment options, advanced Fintech and professional human expertise. It is licensed by the U.S. Securities and Exchange Commission (SEC), and ADGM’s Financial Services Regulatory Authority (FSRA). Its partnership with the US heavyweights “DriveWealth” will enable Wealthface clients to trade US stocks at a low cost.