Breaking Stories

Today In Payments Around The World: SIBS Takes Payments Infrastructure International; Alibaba Wagers On China Online Grocery

In today’s top payments news around the world, Portuguese payments provider SIBS is taking its payment platform international, while Alibaba has invested $3.6 billion for a controlling stake in Sun Art Retail Group. Plus, Yandex says merger talks with TCS Group Holding (Tinkoff) have fallen apart.

Portugal’s SIBS Takes Payments Platform International

SIBS has taken its immediate payment offering international two years after rolling it out as an intra-country platform. The provider said over 5 million immediate payments were made in the country during the last year — a rate of approximately 450,000 transactions monthly. The value of monthly transactions is roughly $611 million, an average of $1,349 for each transaction.

Alibaba Bets Billions On Online Grocery In China

Alibaba has invested $3.6 billion for a controlling stake in Sun Art Retail Group in a reported effort to dominate eCommerce food shopping in China. The retailer will acquire an equity interest of just under 71 percent in Auchan’s A-RT Retail as part of the arrangement. A-RT has an approximately 51 percent equity interest stake in Sun Art. Peter Huang will keep filling the role of Sun Art’s chief executive officer and will also function as chairman.

No Deal For Russia’s Yandex Merger With Tinkoff Group

Yandex, the Russia search company, said in a recent statement that merger discussions with TCS Group Holding (Tinkoff) have not been successful. “Yandex regrets to confirm that it has not been able to agree to definitive transaction terms with the core shareholders of Tinkoff, and accordingly that the parties have mutually agreed to terminate discussions regarding a possible offer by Yandex for 100% of the share capital of Tinkoff,” the company said in a press release.

China Central Bank Expects Country’s Economy To Grow 2 Pct This Year

China says it has the coronavirus under control and will see its economy bolstered by approximately 2 percent. Central Bank Governor Yi Gang made the announcement over the weekend, which is reportedly a sign of a rebound of domestic demand. “I think the accumulative growth for the first three quarters of this year will be positive … For the whole year, we predict China GDP growth of around 2%,” Yi said.

What is your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *