The Global Legal Chronicle reports this morning that Tencent is investing a further $90 million in Brazilian fintech Nubank. "This brings the total amount of funding raised to $420 million over seven funding rounds since Nubank's launch in 2013. Tencent is one of the world's biggest companies by market capitalisation and operates digital services including mobile games, e-commerce, online payment systems — including WeChat, a Chinese messaging app with more than a billion monthly active users." Nubank offers a fee-free credit card to more than five million users. The card is supported by an app. Tencent has previously backed the German challenger bank N26, and appears to be building a portfolio of investments in challenger banks.
Sometimes news arrives from the US that forces us to check the publication date in case it's been lost in the post for ten years. When we checked, we saw that "JP Morgan Chase and Visa are rolling out contactless payments to millions of the bank's cardholders starting later this year, including debit, credit and co-branded cards, according to a blogpost from the card issuer and company release from the bank," dated from November 2018. "Starting later this year, Chase customers receiving their renewed cards or being issued a new Visa card will get the contactless Tap to Go capabilities in their new cards, starting with Chase Freedom Unlimited and Chase Slate customers." Better late than never.
Such is the bad faith between the UK's revolving Brexit minister and EU's Brexit negotiator Michel Barnier that Barnier's offer on Sunday to extend the transition period to 2022 is being looked at with horror by the UK's Brexiters. Brexiters see it as a guarantee that the UK will continue to pay £10 billion per annum while continuing to have free movement of people in and out of the country but no say in EU affairs. The catastrophic state of affairs within the Conservative party saw five of Theresa May's top ministers agree to support her over the weekend. That support is being offered in the form of re-writing the agreement that was agreed a few days earlier. The UK's business secretary Guy Clark cautiously welcomed the proposal as one way to avoid the backstop. "Mr Clark confirmed on Monday morning that if a full UK-EU trade deal was not in place before the end of December 2020 -- when the transition is due to end -- his preference would be to extend the transition, rather than use the contentious "backstop" plan, intended to avoid a hard border in Ireland. The backstop would include a customs arrangement for the whole UK but it would not give full frictionless access to the single market; businesses would still face checks for regulatory compliance at the border and more paperwork."
JPMorgan Chase scored three stars in our benchmarking report. The maximum score is five stars.
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