Today In Payments Around The World: Oracle Appointed TikTok US ‘Technology Provider’; Alibaba Mulls Investment In Grab
In today’s top news in payments from around the world, Oracle Corp. has said that it was chosen to be ByteDance’s “trusted technology provider” that will take over TikTok’s American operations, and Alibaba is considering an investment in Grab. Plus, new regulations in China will make Ant Group support any payments, lending or finances with substantial funds.
California-based Oracle Corp. has said that ByteDance chose it to be the “trusted technology provider” that will take over TikTok’s American operations.
The statement, which was only two sentences, was issued on Monday (Sept. 14) after U.S. Treasury Secretary Steven Mnuchin’s announcement on television for Oracle’s victorious bid for TikTok’s American operations.
Chinese online commerce firm Alibaba Group is reportedly in discussions to invest $3 billion in Grab Holdings, which is based in Singapore and best renowned for its ridesharing business. A portion of Alibaba’s investment would reportedly go to purchasing some of Grab stock owned by Uber Technologies.
New Chinese finance regulations will make Ant Group follow rules to support any lending, payments or other finances with sizable levels of funds. Companies running at least two financial business in the country will be categorized as financial holding companies as of the beginning of November and will need to apply for a license to be one.
Grab Holdings and Gojek have reportedly begun negotiations again half a year after merger discussions stalled between the two ridesharing firms.
Discussions have been restarted for SoftBank to take itself private in the midst of a number of disappointments to the firm’s equity valuation in contrast to the value of individual holdings. The company has reportedly experienced many large asset disposals in recent times.