In today’s payments news, British FinTech startup Revolut is teaming with Mastercard to help it expand into the U.S. Also, Visa’s “She’s Next, Empowered by Visa” initiative is making its next international leap forward with a workshop event in Toronto. And SoftBank is reportedly in advanced talks to take over embattled co-working space firm WeWork.
McKinsey’s annual review of global banks indicates that many of them couldn’t handle an economic slump. Kausik Rajgopal, a senior partner at McKinsey, told Bloomberg, “We believe we’re in the late economic cycle and banks need to make bold moves now because they are not in great shape.” Rajgopal continued, “In the late cycle, nobody can afford to rest on their laurels.”
SoftBank is reportedly in advanced discussions to take over WeWork, which was once one of the hottest startups until it fizzled amid talks of a canceled IPO and internal strife. The bank, which is led by Japanese billionaire Masayoshi Son, plans to spend in the range of $4 billion to $5 billion on existing shares and new funding.
Facebook’s relationship with financial institutions could be threatened if it rolls out its Libra cryptocurrency without completely addressing concerns when it comes to money laundering. ING chief executive officer (CEO) Ralph Hamers told FT that banks are the “gatekeeper to the financial system” and they can’t bankroll companies suspected of “opening up [the system] for financial . . . crime.”
Revolut, a British FinTech startup, is teaming with Mastercard to help it expand into the U.S. by the end of this year. All of Revolut’s first debit cards in the U.S. and at least half in the U.K. will be issued with Mastercard. The payments giant has been collaborating with Revolut since its 2015 rollout.
Oct. 22 might be known as the day when secure remote commerce (SRC) took root. As reported Tuesday, a quartet of payment networks — American Express, Discover, Mastercard and Visa — said the SRC industry standard, which simplifies online card payments, has gone live at a number of merchants as well as issuers.
In early 2019, Visa rolled out the “She’s Next, Empowered by Visa” initiative to boost women-owned small businesses (SMBs) around the world through shared research, technologies and experience. Since its launch in the U.S. earlier this year, the program has hosted workshops in Atlanta, New York, and, most recently, Washington D.C.