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Pick five of this week’s top news stories from the world of finance and technology.
Swiss banking giant UBS and wealth management platform Wealthfront have pulled out of a disputed takeover deal.
UBS and Wealthfront have mutually agreed to exit the $1.4 billion acquisition transaction.
UBS Americas was to acquire millennial and Gen Z-focused Wealthfront for an all-cash value of $1.4 billion.
The platform will serve as the foundation for the bank’s digital-first wealth management offerings and will spearhead UBS’s expansion into the United States as it aims to cater to the ‘next generation of investors’.
However, the parties have now mutually agreed to scrap the transaction, which was announced in January and is expected to close in late 2022.
Despite the move, UBS says it remains committed to its US expansion plans and will continue to build out its digital asset management services.
Wealthfront CEO David Fortunato said the two “continue to find ways to work together,” highlighting the $69.7 million funding UBS has poured into the company.
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The Reserve Bank of India (RBI) has given regulatory bodies (REs) engaged in digital lending until 30 November to ensure that existing digital loans comply with the new lending guidelines.
RBI said the new rule would apply to both “existing customers with new loans” and “new customers being onboarded”.
Last month, it released recommendations from its working group on the implementation of digital lending, from which a set of guidelines have been introduced to all banks and non-bank financial companies in India.
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Blockchain-based trade finance platform Contour plans to acquire rulebooks and other legal documents from recently shut down fintech we.trade.
We.trade closed earlier this year
Financial details of the transaction remain private.
The move is part of plans to launch a digital open account trade finance service that will incorporate we.trade’s Bank Payment Guarantee (BPU) digital finance tools into the new platform.
Contour said the inclusion of we.trade’s rulebook, which covers the use of smart contract data sets that allow banks to participate in the BPU, is what the company calls “improved and unified rules for digital trading on the market.” It means that we can accelerate the plan to put into (URDTT) Compliant Digital Open Account Proposal.
We.trade ceased operations earlier this year.
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Apple Pay the technology giant’s mobile payment service surpasses Mastercard in annual transaction volume, processing more than $6 trillion in transaction volume.
trading platform Currently, only Visa reports preventing Apple Pay from reaching the top spot globally.
Earlier this year, Apple launched a new Tap to Pay feature. It leverages near-field contact (NFC) technology to enable merchants to accept Apple Pay, contactless card payments, and digital wallet payments on iPhones without the need for additional hardware.
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Chilean financial services platform Xepelin has received a $140 million line of credit from US multinational Goldman Sachs.
Xepelin Receives $140 Million Line of Credit
The Mexican peso-denominated line of credit is designed to help finance further expansion into Mexico. bloomberg report, and will be released in two parts $40 million, then $100 million.
Xepelin was founded in 2019. The company raised $111 million in a Series B funding round led by Avenir and Kaszek in May. It was the biggest round in Chilean history.
talk to bloomberg, Xepelin co-founder and co-CEO Nicolas de Camino said an asset-backed loan from Goldman Sachs “is just the beginning of what we hope will be a long-term relationship.”
We hope to be able to increase it several times in the future.
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