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Fintech Focus: PayPal pulls out of Facebook's Libra initiative

S&P Global Market Intelligence rounds up financial technology companies' recent product launches, partnership announcements and fundraising activity, as well as regulatory developments in the financial technology space. Please send tips to Rachel.Stone@spglobal.com. For more fintech news, click here.

Payments

PayPal Holdings Inc. will enter the Chinese payments market as the People's Bank of China approved its application to acquire a 70% stake in Guofubao, which provides various services such as internet payment and mobile phone payments.

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Revolut Ltd. and Visa Inc. partnered to bring Revolut product offerings to five new regions. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion.

Visa will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the U.S., followed by Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam.

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Discover Financial Services and JAGGAER Inc. launched a new procure-to-pay solution that utilizes spend management capabilities of the JAGGAER One platform and global infrastructure and settlement capabilities of the Discover Global Network. The payment processor is working with JAGGAER to roll out virtual card numbers as a solution by early 2020 followed by other payment method options later that year.

Cryptocurrency

PayPal ended its partnership with Facebook's Libra by officially pulling out of its digital currency project.

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A group of digital finance companies formed the Crypto Rating Council, a member-operated organization aimed at helping market participants comply with U.S. federal securities laws. The founding members of the new industry body are Anchorage, Bittrex, Circle, Coinbase Inc., DRW Cumberland, Genesis, Grayscale Investments and Kraken.

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Ripple Labs Inc. expanded in Iceland with its acquisition of cryptocurrency trading firm Algrim Consulting slf.

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BitPay Inc. and Ripple's developer initiative, Xpring, joined forces to allow businesses to accept the cryptocurrency XRP for payments through BitPay's merchant processing and cross-border payments platform by the end of the year.

Trading and investing

BGC Partners Inc. division Fenics Market Data rolled out its premium U.S. dollar data service FENICSMD 20/20, which combines the precision pricing of Fenics USTreasuries with real-time interest rate swaps data from BGC, as well as U.S. Treasuries, implied spreads to Secured Overnight Financing Rate.