PayPal is opening two new labs in India to drive innovation by focusing on machine learning, artificial intelligence, the IoT, virtual and augmented reality and robots.
Mike Todasco, PayPal’s director of innovation, said the labs, in Chennai and Bangalore, are positioned to tap a deep local talent pool and a diverse mix of merchants to develop new technology, according to Finextra.
PayPal signage is displayed in front of eBay Inc. headquarters in San Jose, California, U.S., on Tuesday, Sept. 30, 2014. EBay Inc. is spinning off its PayPal division, heeding demands by activist shareholder Carl Icahn and giving the business independence it can use to contend with rising competition from Apple Inc. and Google Inc. Photographer: David Paul Morris/Bloomberg
David Paul Morris/Bloomberg
Other large U.S. payment companies, including Mastercard and Visa, have opened development centers in India. India is also rapidly embracing digital transactions, particularly since the government removed more than 80% of the country's cash from circulation last year.
PayPal has two other technology innovation labs, in the U.S. and Singapore.
In a public appearance Thursday, Federal Reserve Gov. Christopher Waller said the Founding Fathers supported independent money management and undoing it now would be a mistake.
The New Jersey bank, which has been investing in its capital markets business, recently helped the fintech lender Best Egg securitize and sell $160 million of loans.
Executives at American Banker's Payments Forum in San Francisco said artificial intelligence and embedded finance will dominate investments in the coming year.
H2O.ai, Ethos and Corridor Platforms are among the tech companies that have recently released software designed to help banks keep generative AI in check.
The Financial Integrity and Regulation Management Act would stop prudential regulators from writing rules or guidance that involve any use of reputational risk in supervision.
Treasury Secretary Scott Bessent criticized post-crisis bank rules as outdated and burdensome, vowing to streamline financial regulation, revamp supervision and reduce constraints on private enterprise.
