News digest 19.09.2022
ePayments has decided to close the business
ePayments has begun the process of closing its doors and entered into an orderly, solvent wind-down. The business has been closed for the past three years after the regulator (the UK Financial Conduct Authority (the FCA)) identified some weaknesses in its financial crime controls. They can no longer sustain the business to build back to what the FCA requires. This means that they will not return to full operations and will now focus entirely on providing customers with refunds and working through the process of closing the accounts.
Walmart expands virtual try-on functionality with Be Your Own Model
Walmart announced on Thursday that it’s rolling out a new Be Your Own Model virtual try-on function. The new option allows customers to upload full-body images of themselves to the Walmart app and use them to virtually try on select apparel. This launch follows Walmart’s acquisition of Zeekit in May of last year, allowing the company to launch its Choose My Model function this March, which lets users view apparel on a selection of over 50 models ranging in height, size, and skin color.
SWIFT Financial-Messaging System Pilots Blockchain Project
SWIFT, the messaging system used by financial institutions globally to convey instructions on tens of millions of transactions each day, is testing out blockchain. SWIFT is piloting a project with fintech company Symbiont Inc. The collaboration, which includes Citigroup Inc., Vanguard, and Northern Trust, is aimed at driving “efficiencies in communicating significant corporate events,” like dividend payments and mergers, SWIFT said in its post.
Dropee, after passing Endeavor’s Local Selection Panel, aims to reshape SEA’s B2B e-commerce
Unparalleled growth against her peers, after successfully raising US$7 million for their Series A funding, Lennise Ng, Haslinda Rasip, and Aizat Rahim, co-founders of Dropee triumph in another win, gaining unanimous votes and passing Endeavor’s recent Local Selection Panel (LSP) hosted by Endeavor Malaysia and Endeavor Philippines. Dropee, being the second Malaysian startup to enter one of the most prestigious Silicon Valley programs, aims to grow the business with Endeavor and is looking to strengthen its foothold in Malaysia and Indonesia first before tapping into other regional markets.
Adobe snaps up Figma for $20B
On 15 September, Adobe announced that it would acquire Figma for $20 billion, taking out one of its biggest rivals in the realm of digital design. Adobe’s stock is trading down nearly 10% pre-market open — one sign of how Adobe likely hoped the news of consolidating and taking out a rival could give it a boost. These are the kinds of reactions — from their target community — that are a strong signal to Adobe and Figma to keep an eye on how they integrate and take their users along to whatever the next step is.
California passed First-in-Nation Bill Protecting Children’s Online Data and Privacy
This is the first state to introduce a law that protects the health and well-being of the kids. The law requires online platforms to “consider the best interest of child users” and to default to privacy and safety settings. It also prohibits companies from using a child’s personal information, profiling children by default, encouraging them to disclose personal information, or collecting, retaining, or selling their geolocation data.