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Top News In Payments: Chinese Tech Sector Faces Capital Crunch; US Prepares For Potential Iranian Cyberattack

In today’s top news, China is facing a “capital winter” of venture funding slowdown, the U.S. prepares for a potential Iranian cyberattack, and businesses are expected to spend $55 billion to become compliant under the California Consumer Privacy Act.

 

Chinese Tech Sector Faces Capital Crunch

China is facing a “capital winter” — a significant funding slowdown and drop in fundraising activities — after a venture capital boom and fall. A total of 336 Chinese startups have shuttered after raising Rmb 17.4 billion ($2.5 billion) from investors, several of which were unicorns, valued at over $1 billion.

US Prepares For Potential Iranian Cyberattack

U.S. officials are preparing for the possibility that Iran will attempt a large-scale cyberattack in retaliation for a drone strike that killed Qassem Soleimani, a top general in the Iranian Islamic Revolutionary Guard, who many believed would be the country’s next leader.

Businesses To Spend $55B On CA Privacy Law Compliance

Companies are expected to spend $55 billion to become compliant under the California Consumer Privacy Act. Startups are popping up to help companies deal with the law; there are at least 200 companies right now, but none of them have a completely comprehensive solution.

FCC, FTC Chairs To Talk Tech Policy At CES

A large number of senior government officials will visit the International Consumer Electronics Show (CES), an annual tech industry event held in Las Vegas. Usually few officials attend the event, but this year proves extraordinary, as the Department of Justice and the Federal Trade Commission are investigating the big four tech companies — Apple, Google, Facebook and Amazon.

Who Will Shape The Future Of The Connected Economy?

Today is the first business day of the first week of a new decade, which will see the shift from a mobile-centric apps economy to a commerce-centric connected one. Karen Webster says there are eight cornerstones of the connected economy that will see rapid innovation in the new decade. Now we look to the entering class of 2020 to decide how, where and who will make it happen.

NEW DATA: Two Features That Win Subscription Subscribers

The pressure is on for streaming services to earn more subscribers than their rivals. The secret may just lie in the sign-up process itself. Read our latest Subscription Commerce Index to find out more.

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Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.

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