Rapyd to Acquire European Payments Firm PayU for over $600M
The Israeli payments firm, Rapyd has won the bid to acquire the European payments company, PayU GPO for USD $610 million. The acquisition is reportedly part of Rapyd's step to prepare for an initial public offering (IPO) in the future.
Rapyd has made similar acquisitions in the recent past, including the acquisition of the Hong-Kong based Neat last December and the Icelandic company, Valitor in 2021. The acquisition of PayU is expected to enable Rapyd to access Central and Eastern Europe as well as Latin America.
Fennel Receives ESG Commendation
The mobile investing platform, Fennel has received B Corp Certification, a recognition given to companies believed to have demonstrated exceptional compliance with the Environmental, Social, and governance (ESG) aspects.
Daniel Naim, the CEO and Founder of Fennel commented: "Being proactive about our impact has already had positive material results for our business. We firmly believe that the lens of sustainability will reshape the way people approach investing, and we want to commend B Lab for elevating the global standards for their party impact assessments."
FCA Wins Case against Reportedly Fraudulent Investments Scheme
The UK's Financial Conduct Authority (FCA) has won a lawsuit against a care home investments scheme alleged to have been a Ponzi scheme. The regulator has asked the court to determine the amount of funds the scheme is expected to return to investors.
According to a statement released by the regulator today (Tuesday), Qualia Care Properties Ltd offered the alleged fraudulent investment products between 2016 and 2020. In May, the High Court determined that the investments in the deal, which promised a return of between 8-10%, were fraudulent.
Conotoxia Introduces 'Accept Payments' Feature
Conotoxia, a retail trading and fintech company, has rolled out a new 'Accept Payments' feature to provide a seamless payment experience for individual and corporate users. The feature allows users to create and share payment links for varied purposes like settling restaurant bills, collecting gift funds, or paying for small services.
Payment can be made in 27 different currencies using numerous payment methods, providing great flexibility. Users can generate these links via the mobile app or the website and share them with others through different electronic communication mediums. These links are valid for two weeks by default, with an option for unlimited renewal.
Meta to Launch AI Chatbots with Personalities
Meta, the parent company of Facebook and Instagram, is reportedly planning to introduce AI-powered chatbots with distinct personalities. This move is a part of their strategy to retain users by offering more engaging and personalized experiences. The chatbots, internally referred to as 'personas', are expected to carry out human-level discussions with users and display varied characters.
Current prototypes are under development, with the launch of the final products anticipated in the coming month. Some bots have already been explored with unique speaking styles, such as one speaking like former U.S. President Abraham Lincoln and another offering travel advice in the voice of a surfer. These chatbots are expected to bring about a new dimension to user interaction, making the user experience more dynamic and immersive.
Warning Issued against Portaltradecapital Website
Investors are advised to exercise caution while dealing with the website Portaltradecapital.com, which is offering investments without being registered to provide financial services in New Zealand. The website has falsely claimed to be a registered company in New Zealand, using the credentials of a legitimate New Zealand company, Portal Archive Limited.
According to the Financial Markets Authority (FMA), Portal Archive Limited's director has disassociated from any connection with this website. The entity Portaltradecapital appears to be misrepresenting itself, potentially posing a risk to investors.
Paul Turner Joins Capex
Capex.com, a global multi-asset fintech provider, has appointed Paul Turner as an Executive Director for the UAE & MENA regions. Turner brings over a decade of experience in the financial services industry to Capex and will focus on sustaining the growth momentum of the UAE offices and executing business plans that align with the Group's strategic goals.
Paul Turner will report directly to Madalina Rotaru, the Senior Executive Officer of Key Way Markets LTD, the company operating CAPEX.com in the MENA region. Madalina Rotaru expresses full confidence in Turner's capability to bring innovative ideas to the table, sustain business momentum, and achieve positive outcomes for clients, partners, and stakeholders.
Plum's New In-app News Feature for Investors
Plum, a smart money app, has incorporated financial and business news functionality into its investment platform, in partnership with AI and machine-learning fintech CityFALCON. This feature provides real-time insights into the investments of customers, keeping them updated about developments impacting their assets. Customers can now stay updated without leaving the app, making portfolio management easier.
Following the addition of Watchlists and Price Alerts earlier this year, news availability across all investment instruments on Plum is expected to enhance customer experience further. The company plans to add ETFs for EU customers later in the year.
FCA Appoints New Chairpersons to Practitioner Panels
The Financial Conduct Authority (FCA) has appointed Clare Woodman, Matt Hammerstein, and Mandy Gradden as Chairpersons of the FCA Markets Practitioner Panel, the FCA Practitioner Panel, and the Listing Authority Advisory Panel, respectively. These leaders will be responsible for providing valuable input from practitioners and market participants to assist the FCA in achieving its objectives.
The Chair of the FCA, Ashley Alder expressed confidence in the newly appointed Chairs and their ability to provide meaningful insight and ensure the effectiveness of the regulatory processes. The new Chairs are expected to carry on the excellent work of the Panels and ensure that the FCA's regulation delivers the right outcomes for firms, markets, and consumers.
HSBC Announces Massive Net Profit Increase
HSBC's net profit has more than doubled to $18.1 billion for the first half of the year, marking a significant increase compared to last year's $9 billion profit. Profit before tax also rose 147% to $21.7 billion, which is up from $8.78 billion in the first half of 2022.
In light of these strong results, HSBC's board has approved a second interim dividend of $0.10 per share and announced a further share buyback of up to $2 billion. The share buyback is expected to commence soon and be completed within three months. These results underscore HSBC's financial strength and ability to return capital to shareholders.
HSBC and Tradeshift's Joint Venture
In addition, HSBC and Tradeshift have announced a joint venture that will facilitate smoother trading between businesses and their suppliers using embedded finance solutions and financial services apps. As part of this collaboration, HSBC will invest $35 million in Tradeshift in two stages and will join its board.
This partnership aims to raise a minimum of $70 million from HSBC and other investors. The digital solutions provided across the platforms will include embedded payment and fintech services into trade, e-commerce, and marketplace experiences, promising enhanced trading operations.
Fastmarkets Appoints Larry Neal
Fastmarkets has announced the appointment of Larry Neal, the current CEO of Cisive and former President of S&P Platts, to its Board of Directors. Neal's extensive industry experience and his proven record of driving business growth will strengthen Fastmarkets' leadership and position the company for continued success.
At S&P Platts, Neal tripled revenues in seven years and successfully managed a global workforce. His strategic insight, operational excellence, and customer focus throughout his career make him a valuable addition to the board. This appointment is expected to fortify Fastmarkets' position in providing pricing data, analysis, and events to the global cross-commodity markets.
