In today’s top news, Chinese firms are racing to file global IPOs, and Western Union expands its real-time payout options. Plus, payment stocks slid on Monday amid fears over a worsening economy due to the COVID-19 pandemic.
Ant Group’s filing of an estimated $34.5 billion record initial public offering (IPO) is running parallel to a stampede of Chinese firms racing to file globally. Chinese companies are seeing the potential for profit at the cross-section of the worldwide pandemic and political tensions.
Western Union has again expanded its payout options to over 120 countries, with real-time payment speeds in 80 of these countries. The move was due in part to increased demand from businesses and individuals for such transfers and “for transparency, immediacy and reliability,” the company said in a release.
PYMNTS breaks down the waves that led to a sea of red in stock losses that made for a rough Monday for payments companies. We contend that the slides had less to do with tech malaise than with worries of overspending itself.
Monday (Oct. 26) saw the biggest IPO in history, as Ant took its listing to two exchanges — the Hong Kong Stock Exchange and the Shanghai Star Market — to raise $34.1 billion for a valuation of roughly $310 billion. The IPO’s sheer weight indicates that online payments are changing the landscape of how commerce is done across the world’s second-largest economy.
The traditional attitude won’t work anymore. Ramon Villarreal, global architect for financial services at Red Hat, tells Karen Webster that banks that find themselves between old and new worlds need to act like technology companies with banking licenses if they want to effectively compete.
Heightened public attention concerning healthcare during the pandemic has put the spotlight on out-of-pocket healthcare costs. Sesame CEO David Goldhill says that’s prompted renewed interest in the savings and efficiencies when patients book and pay for their own treatments using an eCommerce platform every bit as slick as Amazon’s.
Facebook will post its earnings results on Thursday (Oct. 29), for a third quarter that benefited from increased use due to more people working and staying at home — but suffer from weaker revenues due to cash-strapped advertisers. Here’s what to expect.