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Raffles Credit, 17A Circular Road, Singapore (2026)

19/03/2023

Stripe, a payments and financial services providers for businesses, has raised more than US$6.5 billion in a at a US$50 billion valuation, a sharp decline from its 2021 valuation of US$95 billion.

Despite the 47% discount from its record valuation, the company said in a press release that “Stripe does not need this capital to run its business”.

The fundraise from existing investors Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital as well as new investors GIC, Goldman Sachs Asset and Wealth Management, and Temasek will instead be used to provide liquidity to current and former employees and tax obligations related to equity awards.

Stripe reports that one hundred businesses now handle more than US$1 billion on its platform every year.

Stripe has raised more than US$6.5 billion in a at a US$50 billion valuation, a sharp decline from its 2021 valuation of US$95 billion.

19/03/2023

The payments industry is undergoing a massive shift globally, and for some time now Southeast Asia has been emerging as a significant regional player pushing innovation and adoption in this lucrative fintech space. The industry is evolving at an unprecedented pace, with a tremendous amount of energy at all levels of the ecosystem.

Payments represent the most well-funded segment within fintech, not just in Southeast Asia but globally. Payment startups raised US$32 billion in 2021 alone, with 52 payments startups unlocking unicorn status in the same year – showcasing a flourishing industry while other sectors are pulling back.

It truly appears as though digital payments have reached a defining point of their maturity cycle in Southeast Asia. Is a ‘golden era’ of payments truly upon the region?

Fintech News Singapore spoke with leading luminaries from ShopeePay Malaysia, payments tech specialists Nuvei, JCB International, and the Bank of International Settlements (BIS) to discusses how the digital payments industry in Southeast Asia is poised to take center stage and transform the way we imagine payments today.

Mobile payments, e-wallets, and more – Southeast Asia is leading the charge when it comes to innovation in the payments arena.

19/03/2023

BERKSHIRE Hathaway, run by billionaire Warren Buffett, on Friday (Mar 17) urged shareholders to reject proposals that it avoid discussing hot-button social and political issues, and competing proposals that it disclose more about its climate change and diversity efforts.

The Omaha, Nebraska-based company also urged the rejection for a second straight year of a shareholder proposal that Buffett, 92, let someone else be chairman, while remaining chief executive.

Berkshire’s recommendations were disclosed in its annual proxy filing, ahead of its May 6 annual meeting.

BERKSHIRE Hathaway, run by billionaire Warren Buffett, on Friday (Mar 17) urged shareholders to reject proposals that it avoid discussing hot-button social and political issues, and competing proposals that it disclose more about its climate change and diversity efforts. Read more at The Business Ti...

19/03/2023

IT IS Thursday evening. Instead of heading home like the rest of her colleagues, Rachel Lee sets off to her favourite spin studio in Chinatown.

There is nothing quite like the thrill of these classes – the thumping music, flashing neon lights and tribal adrenaline rush – to melt away her stress and worries. The perfect way to recuperate after a long and arduous work day.

The 29-year-old recognises that this might not be the most cost-efficient hobby. A single class is priced at S$46, or S$25 if you buy a package of 200. Still, this is a weekly routine Lee could never give up, even amid economic uncertainty and personal financial pressures.

IT IS Thursday evening. Instead of heading home like the rest of her colleagues, Rachel Lee sets off to her favourite spin studio in Chinatown. Read more at The Business Times.

19/03/2023

Every now and then, a country has a nationwide debate that produces actual learning. It happened in the United Kingdom about two years after the vote for Brexit, when many people belatedly found out about the workings of the European single market.

I’ve spent much of this winter following the French debate about the right retirement age, as the government’s bill sought to raise the age from 62 to 64.

The argument has raged everywhere from the marches along my road in Paris to “up yours” gestures in parliament.

Surprising truths have emerged that apply far beyond France. I previously wrote that the French led the world in allowing people a first golden decade of retirement. My main conclusion now: That lower social classes should be allowed to retire about a decade before higher ones.

French economist Thomas Piketty argues that instead of setting retirement ages, we should count years worked. The Financial Times’ Simon Kuper weighs in on the debate around France’s pension reform.

19/03/2023

UBS AG is asking the Swiss government to cover about US$6 billion in costs if it were to buy Credit Suisse, a person with knowledge of the talks said, as the two sides raced to hammer together a deal to restore confidence in the ailing Swiss bank.

The 167-year-old Credit Suisse is the biggest name ensnared in the turmoil unleashed by the collapse of US lenders Silicon Valley Bank and Signature Bank over the past week, spurring a rout in banking stocks and prompting authorities to rush out extraordinary measures to keep banks afloat.

The US$6 billion in government guarantees UBS is seeking would cover the cost of winding down parts of Credit Suisse and potential litigation charges, two people told Reuters.

One of the sources cautioned that the talks to resolve the crisis of confidence in Credit Suisse are encountering significant obstacles, and 10,000 jobs may have to be cut if the two banks combine.

UBS AG is asking the Swiss government to cover about US$6 billion in costs if it were to buy Credit Suisse, a person with knowledge of the talks said, as the two sides raced to hammer together a deal to restore confidence in the ailing Swiss bank. The 167-year-old Credit Suisse is the biggest name e...

Raffles Credit

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