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<ul class="summary-list"><li>The European Commission is investigating <keyword id="6359421" type="UNKNOWN" weightage="60" keywordseo="visa">Visa</keyword>'s rules for <keyword id="2461546" type="PERSON" weightage="60" keywordseo="FinTech">fintech</keyword> companies using its network, the company has revealted. </li><li>Regulators are concerned that Visa may struggle to identify <keyword id="38935" type="PERSON" weightage="60" keywordseo="Fraud">fraud</keyword> and <keyword id="6355008" type="UNKNOWN" weightage="60" keywordseo="Money-laundering">money laundering</keyword> among fintechs, industry insiders told the <a href="https://www.thetimes.co.uk/article/visa-faces-inquiry-over-treatment-of-fintechs-g77r0zss5">Times newspaper</a>.</li><li>Visa, which mentioned the <keyword id="49112" type="ORGANIZATION" weightage="60" keywordseo="Investigation">investigation</keyword> in a quarterly report, said it is cooperating.</li></ul>Visa is facing a European Commission <keyword id="6358621" type="UNKNOWN" weightage="60" keywordseo="inquiry">inquiry</keyword> over its rules for fintech companies using its networks, after being accused of anti-competitive behavior.The world's biggest card payments company — which grants licenses to fintechs to let them provide digital wallets if they meet certain standards for anti-money laundering and fraud — mentioned the inquiry in its June quarterly <a href="http://d18rn0p25nwr6d.cloudfront.net/CIK-0001403161/9f35f3eb-6651-4e87-b995-b77557ad1197.pdf">report</a>.The company did not give any detail on the scope of the inquiry, but regulators have raised concerns that Visa may struggle to identify fraud and <keyword id="6354840" type="UNKNOWN" weightage="60" keywordseo="money">money</keyword> laundering, industry insiders told <a href="https://www.thetimes.co.uk/article/visa-faces-inquiry-over-treatment-of-fintechs-g77r0zss5">The Times newspaper</a>.Visa also faces accusations of anti-competitive behavior from some of the companies it has worked with. Euronet, an electronic payment provider, filed a lawsuit against Visa in December 2019, saying the provider's ATM access fees rules in Poland, Greece, and the Czech Republic breach competition laws.Euronet is looking for "damages, costs and injunctive relief" to stop Visa from enforcing the rules, according to the filings. Australian electronic money company iSignthis has accused Visa of restricting data access for smaller financial <keyword id="6355118" type="UNKNOWN" weightage="60" keywordseo="technology">technology</keyword> firms, according to <a href="https://www.thetimes.co.uk/article/visa-faces-inquiry-over-treatment-of-fintechs-g77r0zss5">The Times</a>. Its license with Visa terminated last month.A spokesman for Visa said: "We are working with a wide variety of fintechs and start-ups to provide them open access to our global network. We welcome new solutions and new ways for people to make electronic payments and for merchants to accept them, subject always to delivering the security and convenience that our customers expect from Visa."

Visa is being investigated by the European Commission over its rules for fintechs

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Oscar Williams-Grut/Business InsiderFinovate Europe 2016.</div></div></div>The picture you're seeing shows 1,500 people packed into London's Old Billingsgate, all there to talk about one thing - fintech, or financial technology.It's the Finovate Europe conference this week, the debutante ball for innovative financial technology startups doing everything from online investment to backend optimisation for banks.Across the two days, over 60 startups will each get 7 minutes to pitch their ideas to banks, investors, and potential customers - it's fintech's X Factor.Financial technology, known by the buzzword fintech, is one of the hottest areas for investment at the moment, <a href="http://uk.businessinsider.com/william-garrity-associates-global-fintech-heat-map-2015-9">with billions flowing into the sector around the world</a>.As a result, it seems like everyone who's anyone wants to be seen at Finovate. Pretty much every imaginable bank is here to scope out the competition and keep their finger on the pulse - Dutch bank ABN Amro alone has sent 11 people - and I've spotted attendees as esoteric as representatives from both the Government of Ontario and Kenya.The conference has been running around the world since 2007 and this week's event in London is the second biggest, just pipped by last September's conference in New York. Everyone I've spoken to is surprised at just how busy it is.Clearly, fintech is not just hot - it's steaming. But is the market overheating?A venture capitalist bumped into shortly after arriving mentioned without prompting that they were keen to see how "frothy" the market is right now. Less than half an hour later I overheard an employee of a European banking software company saying: "Anyone with a bright idea is starting a company and it's just exploding."It seems like there's a creeping feeling that every man and his dog is piling into the fintech market right now, chasing the bountiful cash flooding into the sector. But just how viable or sustainable many of the businesses popping up remains to be seen.Georg Ludviksson, <a href="http://uk.businessinsider.com/meniga-signs-deal-with-santander-2015-11">CEO of Iceland's Meniga</a>, which makes personal finance apps, told me: "Wherever there's a lot of VC investment there'll be froth."Meniga was founded back in 2008 and so has seen the hype around fintech build. Ludviksson is bullish on fintech, believing there are plenty of startups out there that will change the market. But even he admits: "There's a lot of investment but I don't know how much of it will come to something."A senior banker at a US investment bank who has worked on several private fintech investment deals over the last year told me at the conference that there's a growing skepticism among investors.He's seeing increasing value adjustment in the market as investors do stricter due diligence and reassess how much fintech companies are really worth. Revenues and market share are becoming a lot more important than just smart ideas and potential.But Alex McCracken, managing director of venture services at Silicon Valley Bank, says that there's actually less froth in fintech that there have been in many other tech markets in the past, such as e-commerce for example."The hurdles of getting into growth stage in fintech are higher because there are regulatory and compliance hurdles," says McCracken. "It's pretty obvious to spot the people who do know them, from those that don't. It is easier to screen a team compared to any other digital area."Still, the funding tap that many aspiring fintech entrepreneurs are looking to drink from could be about to dry up.McCracken says 2016 is a year of "sorting the wheat from the chaff" for tech investors, saying: "We just drew up some thoughts about what 2016 looks like for the tech market. There's been a lot of early stage investing. But what saw in Q4 in California was seed and early stage investing halved in number compared to 12 months previous. But the dollar amount invested increased. What that means is earlier stage VCs are doing relatively fewer deals but supporting the ones they want to do quite well."This is doubly so in fintech because, although there was a lot of froth in terms of funding in lots of particular subsets, what's become clear now is who are the one or two leaders in a particular subsector. It's easy for the VCs to keep supporting those companies rather than finding 'new new'."That means we're likely to see a lot more follow-on rounds for more established companies such as TransferWise, Funding Circle, and Crowdcube. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/martin-shkreli-dissed-ghostface-killah-wu-tang-clan-member-hostile-beef-video-2016-1">Disgraced pharma CEO Martin Shkreli dissed a Wu-Tang Clan member in a hostile video</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NoeW9qMDE63xIXq6OuSMcrYzSqtm1em_" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

People are talking about 'froth' in one of the hottest tech markets around right now

Welcome to The Fintech Briefing, a morning email providing the latest news, data, and insight into disruptive fintech in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and Ireland, the Continent, and beyond, produced by <a href="https://intelligence.businessinsider.com/" target="_blank">BI Intelligence</a>.Want to receive The Fintech Briefing to your inbox? Enter your email in the box below.<form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><label>Email:</label> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></form>MONDO CO-FOUNDER ON THE FUTURE OF DIGITAL-ONLY BANKS. Several digital-only banks are due to launch in the UK this year, including the high profile <a href="https://www.atombank.co.uk/">Atom</a>, <a href="http://starlingbank.co.uk/">Starling</a>, and Mondo banks. <a href="https://getmondo.co.uk/">Mondo</a> is the only one of these that currently has a live product, having launched its second phase of testing last week. Anyone with an iPhone can now download its app, which offers spending tracking and P2P payments between Mondo customers, and join the waiting list of around 50,000 people to receive a prepaid card. Mondo will add more functionality once it gets its banking licence from the UK regulator. We attended an event last week where Mondo co-founder Tom Blomfield talked about his vision for the future of banking.<ul><li>British consumers still want "banks." There is a psychological reason Mondo defines itself as a bank, despite its efforts to distance itself from incumbents, according to Blomfield. He believes that the British public are trained to believe they must have a bank account from a young age - so even though a product may provide the same or better services, it won't get traction unless it's called a bank.</li><li>But the future of banks is as "digital identity brokers." This means your bank account will be connected to all the other services you use, like investments, and contain all the data that identifies you as you. In the future, instead of using your Facebook credentials to log into 3rd party services, you could use your bank account details. </li><li>APIs will "upend retail banking in the UK". Open APIs, which UK banks will soon be required to build under <a href="http://ec.europa.eu/finance/payments/framework/index_en.htm">EU law</a>, provide third-parties with services previously reserved for banks. Third-parties can use these services to provide better financial products for consumers, without the constraints that hold back banks like regulation and old IT. For example, in the future, comparison sites could autopopulate a consumer's financial details to provide them with the best deal on financial products. Or, a new direct payments system which bypasses Visa and MasterCard, like <a href="https://www.ideal.nl/en/">iDEAL</a> in the Netherlands, could be created and pass cost savings onto consumers. </li></ul>The definition of a bank is going to change. Fintechs are better at providing the consumer-centric financial products people are coming to expect. This is partly due to a combination of new technology making fintechs agile, without legacy IT systems holding them back, and iterative design processes allowing fast integration of consumer feedback. The result is a change in consumer expectations of all financial services providers, and what they expect a "bank" to be. WECHAT PAYMENTS SOAR. The volume of payments handled by Chinese tech companies continues to grow. WeChat, the messaging service owned by Chinese internet giant Tencent, could handle more than £380 billion ($550 billion) this year, <a href="http://uk.mobile.reuters.com/article/idUKKCN0WJ12S?irpc=932">according</a> to calculations from Reuters. This figure only includes money sent via WeChat's P2P payment service, and not the other payment types it facilitates such as taxis, online media and restaurant bills. That means the total figure will likely be much higher. <ul><li>Tenpay still behind Alipay. Tenpay, the payment platform underlying WeChat, had a fifth of the third-party mobile payments market in China in Q3 2015, <a href="http://www.iresearchchina.com/content/details7_19560.html" target="_blank">according</a> to iResearch. Alibaba-affiliated Alipay accounted for nearly half. </li><li>Dwarfing PayPal's 2015 volume. If WeChat processes the volume forecast, then it would be double the total amount US payments leader PayPal <a href="https://www.paypal.com/uk/webapps/mpp/send-money-online">processed</a> globally last year - £195 billion ($282 billion). This figure includes online, mobile and P2P payments. </li></ul>The third-party mobile payments market in China is vast. It <a href="http://www.iresearchchina.com/content/details7_19560.html" target="_blank">reached</a> £260 billion ($376 billion) in Q3 2015 alone. It's driven by a large <a href="http://data.un.org/CountryProfile.aspx?crName=CHINA">population</a> of nearly 1.4 billion, with smartphone <a href="http://www.bbc.co.uk/news/technology-34004734">penetration</a> of about 50%. It also lacks a legacy digital payments infrastructure to overcome. The big figures published by WeChat and Alipay have encouraged firms like Apple to enter the market. However, the two giants have such a stranglehold on the market that it will be difficult for Apple to gain share. SWISS REGULATOR PUSHES FOR FINTECH GROWTH. Swiss Financial Market Supervisory Authority (Finma) has created a number of new rules to help fintech startups thrive, <a href="https://www.finextra.com/newsarticle/28634/swiss-regulator-amends-rules-to-allow-fintech-to-flourish" target="_blank">according</a> to Finextra. One big change is that it will now be easier for fintechs to authenticate their customers online and through video. The rules also make licensing less burdensome for innovative companies and some firms will be license-exempt while they are testing out products.Finma's reasoning for easing licensing requirements is that startups often have more focused business models than legacy banks which merits reduced regulatory scope. Startups that accept £36 million (CHF 50 million) in deposits or less can apply for a financial innovators' license. Firms must hold £214,114 (CHF 300,000) and 5% of deposits as collateral. The Swiss financial industry is facing pressure to evolve as foreign governments crack down on tax havens. Switzerland joins the UK and South Korea on the growing list of countries that are loosening regulations to stimulate the burgeoning fintech industry. BANK EXECS IN THE NETHERLANDS FEAR FINTECHS. Global financial services executives <a href="https://www.pwc.com/gx/en/advisory-services/FinTech/PwC%20FinTech%20Global%20Report.pdf?utm_source=Triggermail&amp;utm_medium=email&amp;utm_campaign=Post%20Blast%20%28bii-fintech%29:%20Fintechs%20could%20take%2023%25%20of%20financial%20services%20%20%E2%80%94%20Korea%20loosens%20regulations%20%E2%80%94%20Crowdfunding%20platform%20partners%20with%20LSE&amp;utm_term=BII%20List%20Fintech%20Briefing%20exBII" target="_blank">fear disruption</a> by fintechs, and in the Netherlands, 89% believe consumer banking will be the most disrupted sector by 2020, <a href="http://www.pwc.nl/nl/assets/documents/pwc-how-fintech-is-shaping-financial-services.pdf">according to</a> PWC. Other areas likely to be disrupted according to execs are:<ul><li>Fund Transfers &amp; Payments, rated most likely to be disrupted by 59% of respondents. </li><li>Small &amp; Medium Enterprise (SME) banking, rated most likely to be disrupted by 39% of respondents. </li></ul>Nearly 90% of surveyed executives believe they will lose business to fintechs. Execs fear that the disruption will lead to a decline in market share, margin pressure, and a loss of customers. But they are collaborating with fintechs - only 3% said they were not engaged with fintechs in some way. This fits the emerging global pattern of co-operation between fintechs and incumbents as banks try to avoid disruption. <div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/56ef9bf5dd089541148b4633-960/dutch financial services.png"></a>BI Intelligence</div></div></div>Enjoying The Fintech Briefing? Enter your email to receive it directly to your inbox. <form action="http://e.businessinsider.com/s/Fintech+Briefing" method="post" target="_blank"><label>Email:</label> <button style="border: none; padding: 6px 8px; vertical-align: top; font-family: helvetica,arial,sans-serif; font-size: 12px; font-weight: bold; text-transform: uppercase; color: #fff; background: #ff722d;" type="submit" value="Subscribe">Subscribe</button></form>Around the world... SQUARE FACING TROUBLES DOWN UNDER. Square brought its mobile card reader into the Australian market earlier in March, but is facing security concerns from the country's largest bank, Commonwealth Bank of Australia (CBA), <a href="https://www.finextra.com/newsarticle/28632/square-faces-oz-bank-concerns-over-mpos-security?utm_medium=newsflash&amp;utm_source=2016-3-17" target="_blank">according</a> to Finextra. At the behest of Visa and other card schemes, CBA has temporarily unblocked payments facilitated through the device. However, if the bank's security concerns aren't resolved, the bank will again block transactions. CBA <a href="https://www.finextra.com/pressarticle/63621/commbank-adds-kounta-app-to-albert-pos-device" target="_blank">offers</a> a competing mPOS product called Albert which may impact its decision on whether or not to block Square. Another difficulty for Square is that it has not launched its contactless-capable card reader in Australia - 60% of card payments in the country are contactless, <a href="http://economictimes.indiatimes.com/news/international/business/australia-banks-agree-android-pay-deal-apple-pay-still-frozen-out/articleshow/50197783.cms" target="_blank">according</a> to the Economic Times citing ANZ Bank. That could frustrate consumers who are used to making contactless payments. P2P LENDER CLOSES £5.5 MILLION ROUND IN LATIN AMERICA. World Bank Group and Elevar Equity each <a href="https://www.pehub.com/2016/03/3320530/" target="_blank">contributed</a> half of Afluenta's Series B round. In 2012, Afluenta launched in Argentina and has since expanded to Peru with planned expansion to Mexico, Colombia, and Brazil in the next year. Latin America hasn't seen the same explosive fintech growth as Asia, Europe, and the US, but there are some positive signs. P2P lender Lendico launched in Brazil in 2015 and Dutch P2P lender Lendahand is active in Colombia, for example. FEMALE-FOCUSED ROBO-ADVISOR TO LAUNCH IN US. DailyWorth, a financial and career advice website is in the process of launching an advisory platform targeted at affluent women that will automatically create investment advice, <a href=",%20according%20to%20Wealthmanagment.com." target="_blank">according</a> to Wealthmanagement.com. In order to receive advice, users will answer a number of survey questions about their personality and what they would like to achieve. The female-focus is built into the design of the platform, according to co-founder Michelle Smith - but pre-launch, the details of what that means are unclear. DailyWorth's newsletter has 1.2 million engaged users which provides a sizable prospect pool for when WorthFM launches. <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://www.businessinsider.com/intelligence/fintech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_2016-fintech-predictions"></a> EXCLUSIVE FREE REPORT: 5 Top Fintech Predictions by the BI Intelligence Research Team. <a href="http://www.businessinsider.com/intelligence/fintech-predictions-for-2016?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=fintech_ctgr_leadgen&amp;utm_campaign=fintech_ctgr_leadgen_2016-fintech-predictions">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/self-destructing-videos-from-your-iphone-2016-3">Forget Snapchat - you can send self-destructing videos from your iPhone</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="U2Y2d4MTE6EE53N85sRY-e_C_DDDdwLn" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

FINTECH BRIEFING: UK digital-only banks ready for launch - WeChat payments soar - Swiss regulator pushes fintech growth

As per a recent <keyword id="2325711" type="ORGANIZATION" weightage="20" keywordseo="Nasscomm">NASSCOMM</keyword> report, India continues to harbour the third largest startup base, marginally behind the UK. 
 Titled "Indian Startup Ecosystem Maturing - 2016", it states that the ecosystem is poised to grow by 2.2X to reach more than 10,500 <keyword id="6362513" type="ORGANIZATION" weightage="20" keywordseo="Startups">startups</keyword> by 2020. 
 
The report released on the sidelines of Nasscom Product Conclave 2016 in Bengaluru on Wednesday predicted continued growth in the number of startups in 2016, with Bengaluru, NCR, and Mumbai continuing to lead as the major startup hub for the nation. 
 
In terms of vertical growth, investors are looking at domain like Healthtech, Fintech, and Edutech. With a total funding of approximately $4 billion, close to 650 startups were funded signifying an aware and healthy growth of the ecosystem. 
 
R Chandrashekhar, president, Nasscom, said, "Technology startups are creating a new identity for India and its technological prowess. They are defining the way the world operates making life better and easier for people and businesses alike. Our startup report is a testimony to the potential of the startup landscape and the scope of growth and opportunity that India presents. Nasscom has always been working towards creating a heterogeneous bond between all stakeholders and craft a conducive and innovative environment for start-ups to grow." 
 
According to the report, the number of tech startups in India is expected to grow by 10-12% to over 4,750 startups by the end of 2016. 
 
Interestingly, over 1,400 new startups emerged in 2016 denoting that that the ecosystem is becoming prudent with both investors and startup founders focusing on profitability and optimising the overall spend. With this impetus, India will become home to over 10,500 startups by 2020, employing over 210,000 people reveals the report. 
 
Furthermore, incubators and accelerators are playing a substantial role in strengthening the startup community throughout India. The report highlights the significant rise in number of accelerators to improve startups' outcomes and provide them with a support that they require. 
 
With impetus from the government and corporates, there is a 40% increase in the number of active incubators and accelerators in 2016 with over 140 active incubators, helping entrepreneurs experiment with new ideas by offering them functional expertise and resources. 
Over 30 new academic incubators have been established under the government's 'Startup India Standup India' initiative this year. With the country showing signs of increased interest in entrepreneurship, Tier-II/III cities have established 66% of the new incubators. 
 
The report reveals an increased interest from student entrepreneurs this year. Growth of 25% has been witnessed in 2016 with over 350 startups founded by young students. Median age of startup founders has reduced marginally from 32 years in 2015 to 31 years in 2016. 
 
Talking about investments, the report states that investors are increasingly looking at opportunities in startups in areas other than online retailing. The sentiments are high for ventures in verticals like Fintech, Healthtech, Edutech, data analytics, B2B commerce and artificial intelligence.

Welcome to India, The Third Largest Startup Base in the World

<keyword id="864789" type="General" weightage="20" keywordseo="amc-theatres" source="Orion">AMC Theatres</keyword>, the largest theatrical exhibitor in the US, and <keyword id="7392651" type="General" weightage="20" keywordseo="zoom-video-communications" source="Orion">Zoom Video Communications</keyword> has announced an innovative partnership that will turn some AMC locations throughout the country into Zoom Rooms. At this time, <keyword id="15462260" type="General" weightage="20" keywordseo="AMC-and-Zoom-plan" source="Orion">AMC and Zoom plan</keyword> to introduce Zoom Rooms at AMC in up to 17 major US markets sometime in 2023. "Through this partnership of Zoom and AMC, we have the best of both worlds -- the spectacular communications platform of Zoom combined with the comfort, size, scale, and state-of-the-art sight and sound capabilities of AMC's centrally located theatres. This creates an all-new product in major cities across the US for companies and meeting planners," Adam Aron, Chairman and CEO of AMC Theatres said in a statement. Users of Zoom Rooms at AMC will be able to make simple online reservations and choose the theatre and time of their choice. They will be given a three-hour window of time to virtually host their event at the chosen theatres across multiple markets, according to an official report. Moreover, the necessary equipment will be provided by AMC and Zoom so that Zoom Rooms users can have a fully functional experience in the comfort of multiple movie theatres in various cities at once. Depending on the theatre, typical auditorium sizes are expected to be in the range of 75 to 150 seats, the report added. "Our state-of-the-art sight and sound technology is widely renowned and has made gathering in movie theatres one of the most popular out-of-home entertainment options in the US. Zoom Rooms at AMC broadens our scope, as we now can participate as well in the multi-billion market for corporate and other meetings," Aron added. Users will get additional services like food and beverage offerings, possible movie viewings, and concierge-style personalised handling of meeting needs at an added cost, said the report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/four-ipos-worth-5000-crore-to-open-this-week-all-you-need-to-know/articleshow/95361401.cms">Four IPOs worth ₹5,000 crore to open this week: All you need to know</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/policybazaar-operator-pb-fintechs-q2-loss-narrows-to-187-crore/articleshow/95361316.cms">Policybazaar operator PB Fintech’s Q2 loss narrows to ₹187 crore</a>

America's largest theatrical exhibitor turns its theaters into Zoom rooms

<ul class="summary-list"><li>E-commerce software company Swiftline has bought capital provider Yardline from aggregator <keyword id="13090361" type="UNKNOWN" weightage="60" keywordseo="thrasio" source="Orion">Thrasio</keyword>.</li><li>Swiftline has $12 million in Series A funding and provides sellers and aggregators with tools.</li></ul><a href="https://www.swiftline.com/">Swiftline</a>, a software company providing e-commerce businesses a suite of products and services, announced it was launching today, along with its first acquisition.With $12 million in Series A funding, Swiftline has purchased <a href="https://yardline.com/">Yardline</a>, a capital-as-a-service provider for sellers, from major <keyword id="13090358" type="UNKNOWN" weightage="60" keywordseo="amazon-aggregator" source="Orion">Amazon aggregator</keyword> Thrasio for an undisclosed amount, the company reported Tuesday. Ari Horowitz, former senior vice president of strategic partnerships and corporate development at Thrasio, and Tomo Matsuo, former vice president of fintech at Thrasio, founded Yardline in 2020, and it was acquired by Thrasio in 2021. Thrasio will be a non-controlling minority shareholder in Swiftline, the company reported, and Horowitz told Insider that they expect to have the same type of relationship with a number of Amazon and e-commerce aggregators — companies that snatch up brands and use economies of scale to turn them into multimillion-dollar businesses. Anthony Johnson, cofounder and CTO of Swiftline and former CTO of Thrasio, told Insider aggregators use many different tools to run their businesses effectively on Amazon. But those tools, Johnson added, "don't talk to each other or interact, or give a single set of recommendations. Very simple questions like, 'What should I do today?' become incredibly challenging," he added. <div type="image" title="Anthony Johnson" height="902" width="1200" msid="89307809" hostid="261"></div>Swiftline hopes to provide easy-to-use dashboards and tools for e-commerce sellers to get insight into their businesses' performance, as well as recommendations on steps they can take to make them more profitable and when it might be time to consider exiting to an aggregator. A lot of brands and aggregators, Johnson said, "are trying to build the technology in-house, but it's expensive, it's hard, and it takes a specific skill set, which most of them don't have."Information and recommendations provided by Swiftline tools will be informed by data across a wide scope of e-commerce platforms, not just Amazon, and an enterprise version will be designed for use by the aggregators themselves.

New e-commerce software company helmed by former Thrasio CTO launches with a capital-as-a-service acquisition after raising $12 million

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">RevolutNikolay Storonsky, CEO &amp; Founder of Revolut.</div></div></div>LONDON - International money exchange startup Revolut has become to latest fintech to increase the fees it charges to customers.Revolut <a href="http://revolutapp.tumblr.com/">announced in a blog post on its website late last week</a> that it is lowering the cap for free ATM withdrawals on its cards from £500 a month to £200 a month. Customers will be charged 2% for any withdrawals above that monthly limit.The startup, founded by a former Credit Suisse trader, is also introducing a £5 charge for its cards and now charges £6 to replace lost or stolen cards.London-based Revolut offers a prepaid foreign exchange card linked to an app. Users load money onto the card using the app and then can spend it around the world, getting the best rate available, directly from MasterCard.A spokesperson for the company told Business Insider over email: "Some of the services we provide are particularly costly for us - namely ATM withdrawals. Simply to cover our costs, we have introduced a £200 free monthly limit, with a fair and competitive 2% fee thereafter."N26, a German app-only bank, <a href="http://uk.businessinsider.com/how-can-fintech-make-a-profit-number26-monese-2016-6">shut around 160,000 customer accounts earlier this year, blaming high ATM withdrawal costs.</a>The Revolut spokesperson said: "Likewise, the £5 fee for a RevolutCard is merely to cover the cost to produce, package and post the card. Customers will make their money back the first-time they use their card abroad."We're confident that Revolut provides the ultimate value for our customers. Most <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> banks and competitors within this space charge anything between 3 - 6% for every ATM withdrawal, alongside marking up the FX rate by up to 6%."While Revolut still offers a better deal than many rivals - with the best rate of currency interchange over its app - the increased fees highlight <a href="http://uk.businessinsider.com/how-can-fintech-make-a-profit-number26-monese-2016-6">the growing issue of revenue generation and profitability in the consumer fintech space</a>. So-called "neobanks" - app-only banks or banking services - face particular scrutiny as many give away costly services such as ATM withdrawals and currency interchange as a means to acquire customers.Revolut's fee changes come weeks after it <a href="http://uk.businessinsider.com/fintech-revolut-issuing-new-cards-delay-europe-international-waiting-list-paysafe-2016-11">radically scaled back its operations and stopped accepting new customers.</a> Revolut used to operate globally but has reduced its scope to just Europe after a disagreement with partner Paysafe, a company that issues cards and processes payments on behalf of Revolut. The freeze on sign-ups is also due to the disagreement, according to an earlier report by <a href="http://uk.businessinsider.com/fintech-revolut-issuing-new-cards-delay-europe-international-waiting-list-paysafe-2016-11">Business Insider.</a>CEO Nikolay Storonsky told BI at the time that Revolut was applying directly to MasterCard for a license to issue its own cards. Storonsky said in late November that he hoped to get a licence within the week.A spokesperson for Revolut told BI in an email on Thursday: "Regarding the MasterCard licensing application, we're currently reaching a conclusion and things should be finalised very soon."Revolut, founded just a year and a half ago, has proved hugely popular with consumers, <a href="http://uk.businessinsider.com/fintech-revolut-500-million-e-money-license-fca-2016-5">with more than 330,000 people signing up and a billion dollars spent on its cards.</a><div id="categorypromo"><h2>Learn more:</h2><ul><li><a href="http://read.bi/pay1">Credit Card Industry and Market</a></li><li><a href="http://read.bi/pay2">Mobile Payment Technologies</a></li><li><a href="http://read.bi/pay3">Mobile Payments Industry</a></li><li><a href="http://read.bi/pay4">Mobile Payment Market, Trends and Adoption</a></li><li><a href="http://read.bi/pay5">Credit Card Processing Industry</a></li><li><a href="http://read.bi/pay6">List of Credit Card Processing Companies</a></li><li><a href="http://read.bi/pay7">List of Credit Card Processing Networks</a></li><li><a href="http://read.bi/pay8">List of Payment Gateway Providers</a></li><li><a href="http://read.bi/pay9">M-Commerce: Mobile Shopping Trends</a></li><li><a href="http://read.bi/pay10">E-Commerce Payment Technologies and Trends</a></li></ul></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-much-us-currency-dollar-bills-coins-money-cost-2016-11">Here's how much it costs to produce money in the U.S.</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="B3OXJ4NzE6KOUoBs9SfTfgdx_VxHddro" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Fintech Revolut raises fees as it waits for licence

<ul class="summary-list"><li>Alessandra Ginante Yockelson is chief talent officer at fintech company Hewlett Packard Enterprise.</li><li>She said any aspiring professional can achieve their career goals with the right approach.</li><li>Build your professional and personal confidence and champion <keyword id="61889" type="ORGANIZATION" weightage="60" keywordseo="Diversity">diversity</keyword> at every stage, she said.</li></ul>Each year, more than half of a million professionals apply to job vacancies at Hewlett Packard Enterprise, a fintech company based in Houston, Texas. Only 12,000 of these applicants were hired globally in 2019.<div type="image" title="Alessandra Ginante Yockelson" height="300" width="400" msid="84411447" hostid="261"></div>Despite the seemingly low odds of landing a position with this enterprise tech leader, <keyword id="2945895" type="PERSON" weightage="60" keywordseo="hpe">HPE</keyword>'s chief talent officer Alessandra Ginante Yockelson said that nearly 40% of hires in 2019 were gender diverse.As a woman and immigrant, Yockelson understands that each professional faces unique intersectionalities. She believes that any aspiring professional has the ability to achieve their career goals even if they're confronted with societal barriers."I come from a very humble family in São Paulo, Brazil," Yockelson told Insider. "I had to overcome a lot of adversities in the beginning."She advises job seekers in every industry to follow these three pieces of advice.<h2>1. Build your confidence professionally and personally</h2>"Believe that no matter where you start from - no matter how limited your resources are or how victimized you are by institutionalized racism - there's a way forward and a strength in you that will show," Yockelson said.Experts suggest that low levels of confidence <a href="https://www.foxbusiness.com/features/how-confidence-affects-employment-and-the-job-hunt">negatively impact your career</a>, especially if you're a recent graduate.To build confidence as a person and professional, consider first embracing your past accomplishments, identifying your weaknesses, and strengthening your resume. Other suggestions include:<ul><li>Learning how to align the skill set, achievements, and knowledge you've already developed with the requirements of the role you seek</li><li>Highlighting the skills or certifications that you lack and identifying ways to formally improve them</li><li>Continuing to enhance your resume through freelance projects and volunteering</li><li>Seeking out support from peers to help you remain on-track to achieving your goals</li><li>When feeling lost, consider taking aptitude tests to help you refocus on your unique motivational drivers, expositional traits, and learning style</li></ul><h2>2. Utilize free resources</h2>Yockelson recently earned her doctorate in business administration. "Education, I truly believe in my case, has opened doors," she said.The pandemic has expanded online opportunities and free resources. Princeton, Harvard, and Yale are among the many universities that offer <a href="https://www.businessinsider.com/free-online-courses-from-best-colleges#1-princeton-university-1">online courses through edX and Coursera</a>, which also features courses led by companies like Google Cloud.Yockelson insists that job seekers keep in mind that academia isn't the sole provider of education. She encourages everyone to seek out diverse experiences outside of their comfort zones, even if that means simply grabbing lunch with people you don't know at work.<h2>3. Proactively champion diversity at every stage</h2>Regardless of industry, all professionals have the power to champion diversity at every stage of their <keyword id="6354910" type="UNKNOWN" weightage="60" keywordseo="careers">careers</keyword>.Leaders can <a href="https://www.businessinsider.com/how-to-build-diverse-inclusive-workforce-small-business-2020-10">immediately increase diversity on their teams</a> by expanding the scope of job requirements, standardizing the interview process, and intentionally sponsoring employees belonging to minority groups.By purposefully and publicly making an effort to <a href="https://www.businessinsider.com/how-employers-can-use-pandemic-to-create-diverse-inclusive-workplace-2020-5">counter the "invisibility effect,"</a> leaders can elevate their existing employees while encouraging other diverse candidates in the workforce to pursue these roles.Achieving certain career goals may seem impossible for those affected by intersectionality in the workplace, but Yockelson is determined to give these diverse professionals hope."If they knew my story, they would believe that they could do it as well," she said.

The chief talent officer of enterprise tech company HPE shares her 3 best pieces of career advice for breaking into in-demand industries

<ul><li>Being compliant with the European Union’s General Data Protection Regulations (<keyword id="2556126" type="PERSON" weightage="20" keywordseo="GDPR">GDPR</keyword>) won’t necessarily mean that companies are compliant with India’s upcoming <keyword id="431014" type="ORGANIZATION" weightage="20" keywordseo="Personal-Data-Protection">Personal Data Protection</keyword> Bill (PDP).</li><li>The scope of the PDP is broader and will require companies to make changes to their data management policies in order to operate in India.</li><li>Once PDP comes into effect, GDPR compliant companies may only have to make a few changes but new laws will be a sea-change for companies who were only compliant to the existing Indian data protection laws.</li></ul>India is ready to take a stab at formulating its first laws to govern data and it is using the European Union’s General Data Protection Regulations (GDPR) as the template. And, for companies operating in India, this could end up being a stick in the mud. While GDPR and India’s <keyword id="458689" type="PERSON" weightage="20" keywordseo="personal-data">Personal Data</keyword> Protection Bill (PDP) are similar in many ways, the differences between them mean that a company which is compliant in Europe may not necessarily be compliant under the PDP. “The PDP scope of application is broader than that of the GDPR as an entity will fall within scope merely by processing personal data in India when compared to that of GDPR,” Neeraj Dubey, a partner of corporate law at Singh &amp; Associates told Business Insider. <div type="Article" hostid="261" msid="81422687" title="India’s new data protection bill makes a good show of user rights — but can it deliver on its promises?" mstype="2" mssubtype="0"></div> A broader definition of <keyword id="8418566" type="UNKNOWN" weightage="20" keywordseo="sensitive-personal-data">sensitive personal data</keyword> Unlike the GDPR, the PDP has divided data into three categories — personal data, sensitive personal data, and <keyword id="10928418" type="UNKNOWN" weightage="20" keywordseo="critical-personal-data">critical personal data</keyword>. The latter is particularly important since there is no parallel for it in Europe’s laws and it comes with its own unique set of terms and conditions, like being obligated to data localisation. Moreover, India has thrown a wider net over what constitutes sensitive personal data as compared to the GDPR. A company may have to comply even if it merely processes personal data in India, and doesn’t collect the data locally, according to law firm <a href="https://www.privacysecurityacademy.com/wp-content/uploads/2020/05/Comparison-Chart-GDPR-vs.-India-PDPB-2019-Jan.-16-2020.pdf">Covington and Burling.</a> For instance, financial data has been categorised under sensitive personal data. “This is an area of concern as processing of sensitive personal data involves greater compliance requirements. Consequently, the large innovations in fintech space, which is currently being observed in India, may get affected,” points out Supratim Chakraborty, a partner specialising in data privacy and protection at Khaitan &amp; Co. This means even if companies are GDPR compliant, they will have more sorting and more rules to abide by. Government stronghold on critical personal data Not only is critical personal data a new category altogether, companies have to make sure that it is exclusively stored and processed in India. In order to transfer any data that falls into that category outside of India, firms will need additional approval from the Data Protection Authority (DPA) and the Supervisory Authority. “Therefore, compliance with the GDPR may not result in compliance with the PDP, since transfer outside India will depend on approvals and permissions, either by the DPA or the central government,” noted <a href="https://www.mondaq.com/india/privacy/903076/comparative-analysis-general-data-protection-regulation-2016-and-the-personal-data-protection-bill-2019">Ikigai Law</a>. Government intervention doesn’t stop there. The GDPR doesn’t lay out any terms and conditions to monitor anonymised data. The PDP, however, allows the central government to access non-personal data as long as it’s to frame policies in the interest of the ‘digital economy’. For users, <a href="https://www.businessinsider.in/tech/news/indias-new-data-protection-bill-makes-a-good-show-of-user-rights-but-can-it-deliver-on-its-promises/articleshow/81422687.cms">this a bigger question of privacy</a>. Meanwhile, for companies, it implies that anonymisation standards may differ between the two frameworks. “Given the current ambiguity in several key provisions of the PDP, the overreaching powers given to the executive, and the exemptions granted to it under the PDP, adequate safeguards and checks and balance are required to be built into the legislation to prevent any misuse of its provisions” said Namita Viswanath, a partner at IndusLaw. The question of consent While one can understand the requirement of having terms and conditions available to users in multiple languages, especially in a country as diverse as India — it means a lot more work for companies collecting data. While firms only need to cough up consent in English under the GDPR, they will have to arrange for multiple languages under the PDP. India’s data protection framework also proposes setting up ‘consent managers’ — a new type of entity of channelling consent. “Data principal [user] may give or withdraw consent through a “consent manager” whereas no such provision exists under GDPR,” explained Dubey. Penalties under the Data Protection Bill, 2019: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offence </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Penalty </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Processing or transferring personal data in violation of the Bill </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fine of ₹15 crore of 4% of annual turnover, whichever is higher </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Failure to conduct a data audit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fine of ₹5 crore or 2% of annual turnover, whichever is higher </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Re-identification and processing of de-identified data without consent </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Imprisonment of up to three years, or fine, or both </td></tr></tbody></table> ‘Legitimate interests’ versus ‘reasonable purposes’ The GDPR states that data can be retained for a longer time in cases of archiving, research and statistical analysis. The PDP, on the other hand, proposes that data can be retained for longer stretches of time if the user consents or if required in compliance with any obligation under the law. India’s bill also allows companies to process data for ‘reasonable purposes’. However, unlike the GDPR’s ‘legitimate interests’ — which are clearly outlayed — a purpose will be deemed ‘reasonable’ only by the overarching authority, the DPA. This leaves companies with a lot of grey area, in which to operate. “The term ‘reasonable purpose’ is extremely broad and has been left to the subsequent prescription by the DPA, while under the GDPR, the scope of ‘legitimate interest’ can be determined by data controllers on a case-to-case basis,” said Viswanath. To tell or not to tell — who has the power? Under the GDPR, all breaches are to be reported to supervisory authority and to the users as well. India, however, won’t require users to be informed by law. In the case of a data breach, a data company will only have to inform the end users if the DPA deems it so. “Many provisions under the PDP have been left open-ended and for the Central Government or the Data Protection Authority to notify subsequently, leaving a huge scope for potential misuse and room for ongoing regulatory uncertainty,” said Viswanath. SEE ALSO: <a href="https://www.businessinsider.in/policy/society/news/indian-prime-minister-narendra-modi-wants-data-democracy-it-must-avoid-the-flaws-of-the-political-system/articleshow/81060582.cms">Datacracy: Indian Prime Minister's 'data democracy' must avoid the flaws of the country’s political system</a> <a href="https://www.businessinsider.in/tech/news/indias-new-data-protection-bill-makes-a-good-show-of-user-rights-but-can-it-deliver-on-its-promises/articleshow/81422687.cms">India’s new data protection bill makes a good show of user rights — but can it deliver on its promises?</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-signal-and-telegram-face-a-catch-22-situation-as-indias-new-social-media-rules-threaten-encryption/articleshow/81221070.cms">Whatsapp, Signal and Telegram face a catch-22 situation as India’s new social media rules threaten encryption</a>

Being GDPR compliant doesn't necessarily make companies ready for India's upcoming data protection laws

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>Here is what you need to know. 1. <a href="https://www.businessinsider.com/stocks-drop-china-signals-reluctance-strike-broad-trade-deal-2019-10?r=US&amp;IR=T">Stocks are dropping after China reportedly signals it will take a tougher stance in trade-war talks this week.</a> The tougher stance could narrow the scope of a potential agreement to end the trade war between the world's two largest economies.2. <a href="http://markets.businessinsider.com/news/stocks/hsbc-is-reportedly-planning-to-axe-10-000-jobs-amid-a-brutal-year-for-global-bank-workers-1028579415" data-analytics-position="2" data-analytics-module="big_picture">HSBC is reportedly planning to axe 10,000 jobs amid a brutal year for global bank workers. </a>The Financial Times reported that most of the jobs being cut will be at the higher levels of the bank. 3. <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10">The founder of SoftBank-backed hotel startup Oyo is buying back shares in his company in a $1.5 billion deal.</a> The deal comes as Oyo faces intensifying media scrutiny over its budget hotel platform, and after the canned IPO of another SoftBank-backed property firm, WeWork.4. <a href="https://www.businessinsider.com/nba-daryl-morey-rockets-china-backlash-hong-kong-protest-tweet-2019-10" data-analytics-position="4" data-analytics-module="featured_post">An NBA executive is facing major backlash in China after tweeting support for the Hong Kong protests.</a> Daryl Morey, the general manager of the Houston Rockets, voiced support for the demonstrations.5. <a href="https://www.businessinsider.com/deutsche-bank-in-strategy-shift-to-address-tech-woes-2019-10">Deutsche Bank is creating a new technology division in a strategy shift designed to reduce complexity and lower costs while transforming systems that have held back the bank for years.</a> Its legacy IT systems have been blamed in part for the bank's failure to control costs and for its slow progress in keeping up with the wave of fintech innovation across the industry.6. <a href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-says-embarrassed-and-flustered-by-track-record-nikkei-business-2019-10">SoftBank CEO Masayoshi Son says he is "embarrassed and flustered" by his recent track record.</a> "When I look at the growth of US and Chinese companies, I feel strongly it's not good enough," Son said in an interview with Nikkei Business magazine.7. "<a href="https://www.businessinsider.com/joker-movie-biggest-october-opening-ever-box-office-2019-10">Joker" had the biggest October opening weekend ever, taking in $93.5 million.</a> The record-breaking weekend intake means Warner Bros has already made back the movie's production budget, which was north of $60 million.8. Stocks are edging down on Monday. US futures underlying the S&amp;P 500 (-0.3%) and Nasdaq (-0.3%) are falling. Europe opened on the up with the DAX (+0.4%) and Euro Stoxx (+0.4%) both rising. Asia closed mixed, with the Nikkei (-0.2%) down and the Korean KOSPI (+0.1%) up. Chinese markets are closed for holidays. 9. <a href="https://markets.businessinsider.com/earnings-calendar?utm_source=markets&amp;utm_medium=ingest">There are several earnings out later</a>. Fashion label Levi's is the highlight. 10. <a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest#date=10/07/2019&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">Today is a quieter day for data.</a> Federal Reserve Chair Jay Powell is expected to speak at 1 p.m.

10 things you need to know before the opening bell

<ul class="summary-list"><li><keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> plans to raise up to $8 billion through a <keyword id="46314" type="PERSON" weightage="60" keywordseo="bond-sale">bond sale</keyword> this month, at a time when billionaire <keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword>'s empire faces a regulatory crackdown, Reuters reported.</li><li>The e-commerce group aims to raise at least $5 billion, but it could fetch more, according to a Reuters source.</li><li>Proceeds from the multi-tranche offering are expected to be used for general corporate expenses.</li><li>The details and timeline of the planned <keyword id="6368266" type="UNKNOWN" weightage="60" keywordseo="bond">bond</keyword> sale aren't finalized yet and could still change.</li></ul><a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> plans to raise as much as $8 billion through a dollar-denominated bond sale this month as founder Jack Ma's business empire faces an intense regulatory crackdown, <a href="https://uk.reuters.com/article/idUKKBN29B0A3">Reuters reported</a> on Wednesday. The group aims to raise at least $5 billion via the bond sale, but it could fetch more depending on investor response, Reuters said, citing a source. Proceeds from Alibaba's multi-tranche offering is expected to be used for general corporate expenses.If the e-commerce group manages to secure the sale, it would do so at a time when Ma's Alibaba and Ant Group subsidiary face increased regulatory pressure from the Chinese government.The details and timing of the planned bond sale are not finalized and could still change, according to Reuters. It would largely be a test of investor confidence in Ma's empire, after a series of events that put a number of his companies under the regulatory spotlight. Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-soar-in-2021-markets-morgan-stanley-2021-1">Morgan Stanley says these 8 stocks will build on a strong 2020 finish and post strong returns in 2021 as the economy recovers - with one that could gain up to 32%</a>Ma had wrangled with Chinese officials over his fintech Ant's planned IPO and the size and scope of Alibaba. The IPO has since been shelved and Alibaba is currently under investigation by antitrust regulators.Alibaba did not immediately respond to Business Insider's request for comment.Ma has not been seen in public for more than two months, which even led to a 3% decline in Alibaba shares on Monday. But on Tuesday, shares rose 5% on reports that the billionaire founder was not missing, but was just keeping a low profile after making statements that were critical of <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s financial regulatory system.Read More: <a href="https://www.businessinsider.com/bitcoin-ethereum-price-forecasts-2021-upside-greg-king-osprey-funds-2021-1">A crypto CEO breaks down why he would not be surprised to see bitcoin and ethereum rise at least 100% in 2021 - and says the current sell-offs are a 'very natural and healthy thing'</a>

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