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Square to pay $297 million for majority stake in rapper Jay Z's Tidal

Payments firm Square Inc agreed on Thursday to buy a majority stake in rapper Jay-Z's Tidal music streaming service for $297 million in a deal that could popularize blockchain or other new approaches to storing and buying online media.

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Tencent boss to call for tighter governance on China's internet economy: state media

The founder and CEO of technology giant Tencent Holdings plans to call for tighter governance of the internet economy at China's parliamentary meeting in Beijing, state broadcaster China National Radio (CNR) said on Wednesday.

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Britain raises contactless limit as COVID accelerates electronic payments

Britain is more than doubling to 100 pounds the limit on contactless payments made with debit or credit cards, the finance ministry said on Wednesday, as COVID-19 accelerates a shift to electronic payments from cash.

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Finance chief of Russian payment provider Qiwi resigns, citing personal reasons

By Reuters Staff
2 Min Read
March 3 (Reuters) - Pavel Korzh, the financial chief of Russian payment services provider Qiwi, has resigned for personal reasons, the company said on Wednesday, three months after Russia’s central bank placed restrictions on some of the company’s operations.
Korzh’s resignation was not due to any disagreements or disputes within the company on matters such as accounting principles, practices, financial statement disclosures, and compliance procedures, Qiwi said.
In December, Russia’s central bank imposed some restrictions on Qiwi Bank, part of the wider Qiwi group, including suspending or limiting most types of payments to foreign merchants and money transfers to prepaid cards from corporate accounts.

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EU watchdog urges tighter rules to prevent another Wirecard scandal

European Union rules on company financial information need to be updated to apply the lessons of the collapse of German payments firm Wirecard, the bloc's securities watchdog said on Wednesday.

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UPDATE 4-Britain to offer fast-track visas to bolster fintechs after Brexit

* “Scale-box” to help young fintechs grow faster
* New Innovation Centre to focus private sector push
* Challenge is to retain fintechs once established
* Brexit has hit single market access for fintechs (Recasts with finance ministry on fast-track visas)
LONDON, Feb 26 (Reuters) - Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.
Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.

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European banks plan 'home grown' rival to Visa and Mastercard by 2025

2 Min Read
LONDON, Feb 24 (Reuters) - A pan-European payments network can be in place by 2025 to make the continent a “master of its own destiny” in a sector dominated by American duo Visa and Mastercard, the project’s top official said on Wednesday.
The European Payments Initiative (EPI) was launched last July and became an interim company in December with 22 banks as shareholders.
The banks have until December to commit to implementing over the following three years the new network for a physical payment card and digital counterpart.
European Union and European Central Bank policymakers have long wanted a “home grown” payments scheme which they could regulate directly and build “autonomy” in core financial services.

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Breakingviews - Afterpay zealots buy now and will pay later

Breakingviews
3 Min Read
A logo for the company Afterpay is seen in a store window in Sydney, Australia, July 9, 2020. REUTERS/Stephen Coates - RC2GPH9KB5BE
MELBOURNE (Reuters Breakingviews) - Afterpay shareholders are destined to learn what its customers already know: a bill for the purchase-induced endorphin rush eventually comes due. The Australian financial technology champion just reported more impressive growth as the buy-now-pay-later model gathers pace around the world. For the many investing enthusiasts, it will help justify a 1,500% run-up in the share price from a trough nearly a year ago, but there are plenty of reasons to question the valuation.

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UPDATE 1-Klarna transactions value jumps amid "buy now, pay later" boom

Swedish "buy now, pay later" company Klarna on Thursday reported a jump in transactions using its platform and in net operating income in 2020, helped by its expansion in the United States and other markets.

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EY Germany head steps down in wake of Wirecard scandal

By Reuters Staff
2 Min Read
FILE PHOTO: The logo of Ernst & Young is seen in Zurich, Switzerland November 13, 2020. REUTERS/Arnd Wiegmann
BERLIN (Reuters) - EY Germany said its head, Hubert Barth, was stepping down and announced plans for a programme to help restore trust in its work as an auditor following the collapse of payment services firm Wirecard.
In December, German prosecutors opened an investigation into partners at EY over the Wirecard scandal after an accounting watchdog filed a report accusing them of criminality in their work for the failed payments company.
EY has lost a number of prominent contracts since news of the Wirecard scandal broke.

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