Ride-hailing and mobile payments company Grab has acquired iKaaz, a Bangalore, India-based payments technology startup, to power its growth in the Southeast Asia region.
The iKaaz mobile payments platform supports Near Field Communication, QR codes, audio-based payments, as well as online, person-to-person and bill payments with technology Grab plans to integrate into its services as it expands, the company said in a Wednesday press release.
“IKaaz’ technology has served merchants and partners across different industries and in different settings, from parking lots and airports to retail stores and hotels,” said Jason Thompson, managing director of GrabPay for Southeast Asia, in the release.
The iKaaz team will join Grab’s research and development center in Bangalore; financial terms of the deal were not disclosed.
A Strides Transportation Pte taxi, operated by SMRT Corp., displays an advertisement for the ride-hailing application Grab, operated by GrabTaxi Holdings Pte, in Singapore, on Tuesday, July 12, 2016. Buyers in one of the world's most expensive car markets just missed their chance to snag one at the cheapest price in five years. Car-ownership permit costs in Singapore have gained since February after ride-hailing companies obtained licenses for their fleets and the regulator eased rules on vehicle loans in May. Photographer: Ore Huiying/Bloomberg
Amendments to New York's cyber rules — and a focus on privacy in California — mean banks must enhance risk controls, encryption and customer protections.
The action rids the Montana bank of a $62.8 million loan that's long been on its watch list. It comes as First Interstate's new CEO looks to put his own stamp on the bank.
The Consumer Financial Protection Bureau issued separate policy statements on "sandbox approvals" and no-action letters for fintechs — measures whose longevity is questionable with the incoming Trump administration.
Texas Capital Bancshares promotes Aimee Williams-Ramey to chief human resources officer; M&T Bank hires Wells Fargo veteran Krista Phillips for newly created post of chief customer officer; Paul Connolly and Paul Speiss age out of their positions on Eastern Bankshares' board; and more in this week's banking news roundup.
