Today In Payments Around The World: Flipkart Backs Fashion Retailer With $204M Investment; Ripple Considers London For HQ
In today’s top payments news around the world, Flipkart is investing $204 million for a part of Aditya Birla Fashion and Retail Limited, while Ripple is mulling moving its headquarters abroad. Plus, Ant Group has reportedly filed papers for its much-anticipated initial public offering (IPO).
Flipkart is investing $204 million for a 7.8 percent share in Aditya Birla Fashion and Retail Limited (ABFRL), which is growing its burgeoning high-growth fashion categories — ethnic wear, casual wear and athleisure — and foresees the categories will fuel its expansion. Flipkart Group CEO Kalyan Krishnamurthy said the firm is always looking for relationships that will help it satisfy “the discerning Indian consumer who seeks quality and value.”
Ripple is considering relocating its headquarters to another country because of frustration with the U.S. regulatory climate. The firm is most renowned for its XRP cryptocurrency. CEO Brad Garlinghouse says he went to London last month and told CNBC that the Financial Conduct Authority does not think of XRP as a security. A “security” categorization could put XRP under strict new rules. The United Arab Emirates, Switzerland and Singapore are also reportedly in the running for the firm’s potential international move.
Investors have become more and more eager for Ant Group to file for an initial public offering. The China-based FinTech has reportedly now officially filed papers for the offering. Ant is looking to raise $17.2 billion in Hong Kong and Shanghai for a total of over $34.4 billion. As it stands, the biggest initial public offering is Saudi Aramco’s $29.4 billion sale of stock in 2019.
Governments throughout Europe are putting social distancing measures back into place as COVID-19 comes back from a slow period in the summer, leading to broad worry over a new round of negative economic impacts. Spain introduced a state of emergency, letting authorities mandate social distancing and urgent healthcare procedures. Italy enforced the most stringent limitations on inhabitants since the time it concluded its lockdowns, shuttering all eateries and bars at 6 p.m.