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Latin America Link
PayPal has expanded its partnership with Argentina’s MercadoLibre, a large e-commerce marketplace serving Latin America, PayPal’s CEO Dan Schulman
Through a wide-ranging new agreement, PayPal will become a checkout option for MercadoLibre shoppers in Brazil and Mexico, and Mercado Pago will be a payment method for PayPal merchants around the world. Part of the deal includes leveraging PayPal’s Xoom app so consumers in Mexico and Brazil can receive remittances directly into their Mercado Pago wallets, Schulman added.
While the implementation likely take time to evolve, the new MercadoLibre deal eventually could help “plug the hole” from lost e-commerce transaction volume after PayPal’s spinoff from eBay, said Sanjay Sakhrani, a KBW analyst, in a Dec. 31 note.
Backup plan
Ongoing complications from a Dec. 13, 2019 cyberattack on New Orleans’ city government have paralyzed its ability to accept online payments.
The city this week
The attack reportedly began when a city employee responding to an apparent phishing attempt provided a criminal with login credentials, prompting a flood of emails that shut down the city’s computer network, including 450 servers and 3,500 laptops. New Orleans’ government is working on an alternative to accept online payments, according to NOLA.com.
Shipping money
Australia’s Seafarer Foundation has launched a reloadable prepaid payroll card for global maritime workers in partnership with First Finance International Bank, based in Puerto Rico.
The Seafarer Foundation Mastercard targets shipping companies looking to streamline payroll processes for the approximately 1.2 million seafaring workers around the world, according to a press release.
Developed over two years, the card enables direct delivery of payroll for crews that span multiple countries and jurisdictions, enabling same-day receipt of payroll funds in 14 currencies. A B2B version of the card is available for ship operators to pay for port fees and supplies. A portion of profits will go to support needy seafarers at centers in major ports around the world, the foundation said.
From the Web
THE BUSINESS TIMES | Thu January 2, 2020
Billionaire Jack Ma's Ant Financial has applied for a digital banking licence in Singapore, as China's largest online financial platform steps up efforts to expand outside the mainland. Ant submitted an application to the Monetary Authority of Singapore (MAS) for a wholesale licence, which would allow it to serve corporate clients, the company said.
THE BUSINESS TIMES | Thu January 2, 2020
A consortium including Razer Fintech and Sheng Siong's founders has submitted an application for a digital full-bank licence in Singapore, focusing on the "underserved youth and millennials segment" for the bid, gaming lifestyle brand Razer Inc said in a statement.
CBS NEWS | Wed January 1, 2020
A federal judge has temporarily blocked a new California labor law from impacting more than 70,000 independent truckers. The law, passed late last year, makes it harder for companies to classify workers as independent contractors instead of employees, who are entitled to minimum wage and benefits such as workers compensation.
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