In today’s top payments news around the world, China’s Ant Group is mulling the creation of a new consumer loan unit, while the British financial watchdog Financial Conduct Authority (FCA) warned that the pandemic could flatline financial services companies. Plus, Indian B2B eCommerce platform Udaan said it notched $280 million in additional funds.
China’s Ant Group is considering the formation of a new consumer loan division that would let it continue to provide loans across the nation while adhering to new Chinese banking rules. Formation of the new division would reportedly be one element of a broader overhaul of the FinTech firm, and would be subject to approval by Chinese authorities. Ant Group was co-founded by Jack Ma, who also helped start the online commerce firm Alibaba.
The United Kingdom’s Financial Conduct Authority (FCA) cautions that the results of its recent pandemic resiliency poll show that approximately 4,000 firms operating in the financial services industry don’t have resiliency and could fail. “We are in an unprecedented — and rapidly evolving — situation. This survey is one of the ways we are continuing to monitor the potential impact of [the] coronavirus on firms,” Executive Director of Consumers and Competition Sheldon Mills said in a statement.
Udaan, the Indian digital commerce platform, said it landed $280 million in further funds as of Wednesday (Jan 6.), from new and current backers, according to a report in local media. The company intends to harness the infusion for outreach to more small companies throughout the nation, among other purposes. Udaan has a broad array of specializations, working in such areas as toys, general merchandise, pharmaceuticals, fruits and vegetables, home and kitchen products, and electronics.
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