In today’s top news, Gojek and Tokopedia are reportedly discussing an $18 billion merger, and J.P. Morgan Chase, Amazon and Berkshire Hathaway are dissolving their joint healthcare venture Haven. Plus, Square’s CEO speaks out against FinCEN’s proposed cryptocurrency regulations.
Indonesia’s ride-hailing and payments platform Gojek is reportedly in advanced discussions with eCommerce innovator Tokopedia for an $18 billion merger. Gojek and SoftBank-backed Tokopedia have been discussing a merger since 2018 and stepped up negotiations after Gojek’s potential merger with Grab stalled.
After three years, J.P. Morgan Chase, Amazon and Berkshire Hathaway are shelving Haven, their joint venture to modernize (and digitize) healthcare. Turns out the whole may not have been greater than the sum of its parts, as each corporate giant may focus on their own individual healthcare efforts already in motion.
Square is speaking out against proposed FinCEN rules about how cryptocurrency service providers are required to log and track information. Square says the new rules will result in “unnecessary friction and perverse incentives” that will force crypto customers to go to unregulated sources to make transactions.
U.S. District Judge Richard Leon in Washington, D.C., sided with PayPal in its contention that the Consumer Financial Protection Bureau (CFPB) went beyond its jurisdiction in a 2019 rule regulating prepaid cards and electronic wallets.
Businesses can spend as much as 3 percent of their annual sales to support their business payments operations, with some sectors spending even more. PYMNTS surveyed 459 payments decision-makers at technology firms, educational institutions and travel companies in the U.S. to identify their business payments gaps and the five innovations they say will streamline those payments flows and reduce costs.
It is a term that gets a lot of attention but not enough understanding. Distributed banking, Ingo Money CEO Drew Edwards told PYMNTS’ Karen Webster, allows banks to evolve critical capacities in the constantly changing digital financial services ecosystem.
The year 2021 and beyond has become the “bring it to me” economy, where time is the new highly-valued currency — so valuable, in fact, that both consumers and businesses are willing to pay to accrue more of it.