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The valuations of listed financial technology firms have plunged 70% in 2022, analysts at Jefferies Group said in a note last week. The Columbus, Ohio regional bank is scouring for more targets after it bought Torana, a payments fintech, in May. PNC Financial Services Inc (PNC.N) in September bought Linga, a fintech focused on restaurant operations and sales. The slide in fintech valuations coincides with banks earning more from traditional lending businesses as interest rates rise. Fintech deals enable banks to buy new technology or products instead of developing them in-house.

☆ Southeast Asia internet economy forecast cut on economic headwinds
▼ + stars: | 2022-10-27 | by ( Chen Lin | ) www.reuters.com time to read: +3 min

REUTERS/Pascal Rossignol/File PhotoSINGAPORE, Oct 27 (Reuters) - Southeast Asia's internet economy is expected to be worth $330 billion by 2025, though this a downgrade from a previous forecast due to economic uncertainty and more pressure on tech companies to make a profit, an industry report said on Thursday. "Amidst global macroeconomic headwinds, reduced disposable income, sky-rocketing prices, and lower product availability, there is tapering of demand from Southeast Asia consumers," the trio said in a joint release. The region of 11 countries is one of the world's fastest growing internet markets, due to a young population, widespread smartphone usage and urbanisation, and a growing middle class. All six countries are expected to post double-digit growth between now and 2025, with Vietnam having the fastest growing digital economy this year at 28%. "Universally investors generally expect deal activity to recover from 2024 onwards," said Fock Wai Hoong, Deputy Head of Technology & Consumer and Southeast Asia at Temasek.

☆ Finance Chiefs Switch Jobs, Retire as Companies Face Uncertainties
▼ + stars: | 2022-10-23 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +7 min

This compares with 8% in September 2021 and 11% in the same month in 2020, Russell Reynolds said. It is also leading some companies to prepare for a potential downturn by looking for CFOs with experience in cutting costs or restructuring operations, they added. Photo: NordstromNordstrom, meanwhile, last Monday said finance chief Anne Bramman will leave in December after more than five years in the role. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. That trend is continuing, with the slowing economy forcing finance chiefs into thinking about their next steps, she said.

☆ JPMorgan-backed digital bank C6 to open Brazil branch network
▼ + stars: | 2022-10-19 | by ( Aluisio Alves | ) www.reuters.com time to read: +2 min

SÃO PAULO, Oct 19 (Reuters) - Brazilian lender C6 Bank is set to open its first five brick-and-mortar branches in the country in the next few weeks, an executive has revealed, enhancing the competition between the JPMorgan-backed digital bank and large retail lenders for high income clients in Latin America's largest economy. Similar units in Brazilian large cap lenders include Banco Bradesco SA's Prime (BBDC4.SA) and Banco Santander Brasil SA's Van Gogh . With the physical branches initiative, C6 aims to increase its share in the high income market, which it expects to cover some 5 million people in the country. In 2021, the purchase of a 40% stake in C6 marked JPMorgan Chase & Co's (JPM.N) debut in Brazil's retail banking. C6 was founded by former partners at Banco BTG Pactual SA , Latin America's largest independent investment bank.

☆ South Africa moves to regulate crypto assets
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, Oct 19 (Reuters) - South Africa's financial watchdog has classified cryptocurrency assets as financial products, a notice in the government gazette said on Wednesday, enabling them to be regulated. Regulations that the authorities have said they planned to introduce include applying foreign exchange controls and licensing crypto trading companies. Crypto assets are not issued by a central bank, but are capable of being traded, transferred or stored electronically. He added the SARB wanted regulation of crypto assets to prevent theft, money laundering and undermining of monetary policy because an ubiquitous cryptocurrency could weaken the authority of the central bank. He added the declaration would apply to crypto trading platforms, as well as those that provide advice or intermediary services for the buyers and sellers of digital financial assets.

☆ Special interest groups representing Amazon to Uber oppose possible crypto regulation in California
▼ + stars: | 2022-09-23 | by ( Caroline Haskins | ) www.businessinsider.com time to read: +8 min

Industry groups representing Amazon, Apple, Block, Coinbase, Genesis, Google, GrubHub, Lyft, Facebook/Meta, Uber, and other companies wrote to the state assembly opposing the law. Nine organizations representing consumers and advocating for economic justice wrote to the state assembly expressing support for the law. Several tech industry groups representing major companies and venture capital firms wrote in to oppose the law. Several organizations advocating for consumers and economic justice wrote to the state assembly expressing support for the law. Interest groups argued that regulation presents an "undue burden"on crypto companiesBlockchain Advocacy CoalitionThe Blockchain Advocacy Coalition wrote to Assemblymember Grayson on August 26.

"Today, there's much stronger appetite for India and Southeast Asia," Joel Thickins, co-managing partner at TPG Capital Asia, told Reuters. The enthusiasm persists despite due diligence for startups that requires many months while valuations are under pressure, investors said. But although funds were diversifying, investors said the region's vastly different markets meant a uniform investing strategy was not ideal. One area that I constantly notice that everybody is very interested in is Southeast Asia. "There are still individual U.S. cities where startups are raising more money than all of the startups in Southeast Asia," said Julie Ruvolo, managing director of venture capital at Global Private Capital Association, which says its 300 members manage assets of more than $2 trillion.

☆ Former senior Obama advisor guides lobbying and policy strategy of London cryptocurrency firm
▼ + stars: | 2022-09-19 | by ( Brian Schwartz | ) www.cnbc.com time to read: +4 min

The crypto industry has been ramping up lobbying around the world with potentially strict regulations on the horizon. The Biden administration released its framework on potential U.S. crypto regulations earlier this month, including ways that could help fight fraud. Kasselman described Messina as a critical guide to the company's lobbying and overall policy efforts. He noted that Messina is not a registered lobbyist, yet often advises their team on lobbying strategy. Kasselman credits Messina with the company hiring Ian Mair as Blockchain.com's head of U.S. policy and Giles Swan to run its European policy.

☆ After Instagram rolled back changes due to use backlash, 4 entrepreneurs share their strategies for finding customers on social media
▼ + stars: | 2022-08-02 | by ( Alexandra York | ) www.businessinsider.com time to read: +4 min

Social media can help small businesses find customers, but the platforms regularly change. Four entrepreneurs shared their strategies for social media, including cross-platform promotion. Despite the perplexity among small-business owners, many have launched comprehensive social-media marketing campaigns in the hopes of converting users into paying customers. Four founders shared their experiences with social media and best practices for turning followers into customers to keep in line with the platform changes. Use influencers to expand your audienceInfluencer marketing is a continually growing sector of social-media marketing.

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