Fintech Insider Podcast by 11:FS
815. News: Should Wise be worried about Zing?
Jan 8, 2024
This week's podcast discusses HSBC's launch of the multi-currency app Zing and its competition with Wise. They also talk about Pave Bank's funding, the UK-Switzerland financial services agreement, Blackstone's acquisition of Sony Payment Services, and the challenges of Buy Now Pay Later. They also touch on HSBC selling its French retail banking business and the UK's tax collector cracking down on side hustles.
59:36
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Quick takeaways
- Blackstone acquires 80% stake in Sony Payment Services, marking its first investment in Japanese fintech.
- New UK laws require online marketplaces to disclose information to HMRC for taxation purposes.
Deep dives
Blackstone buys majority stake in Sony payment services
New York-based private equity investor Blackstone has purchased an 80% stake in Sony payment services, the payment business of Sony Bank in Japan. The deal is Blackstone's first investment in the Japanese fintech sector, and the acquired business is valued at $350 million. Sony Bank will retain a minority stake in the payment services business.
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