Today In Payments Around The World: Grab’s Valuation Could Reach $40 Billion; Chinese Scrutiny Leads To Exit Of Ant Group CEO

In today’s top payments news around the world, Grab could reach a valuation of as high as $40 billion if talks with a special purpose acquisition company (SPAC) solidify, while increased regulatory scrutiny has reportedly led the CEO of China’s Ant Group to step down. Plus, Germany is undergoing a third wave of coronavirus infections as Italy begins planning lockdowns over Easter weekend.

Grab Valuation Could Hit $40 Billion If SPAC Talks Solidify

Singapore’s Grab could reportedly attain a valuation of up to $40 billion if discussions with a blank-check company solidify into a deal. The company, which was co-founded by Tan Hooi Ling and Anthony Tan in 2011, started off with provided ridesharing services. It has since evolved to offer delivery services to households and online financial offerings to retailers. Toyota, Uber and SoftBank are among the upstart’s largest investors. Grab was valued at approximately $15 billion after a funding round in October 2019, The Wall Street Journal reported, citing PitchBook.

Chinese Scrutiny Prompts Exit Of Ant Group CEO, Launch Of Protocols

Heightened regulatory scrutiny has reportedly led the chief executive of China’s Ant Group to step down, and also spurred the firm to develop financial self-discipline rules. Simon Hu, the group’s CEO since 2019, is being replaced by Eric Jing, who will also stay in his present executive chairman position, according to a published report that cited an internal memo. “The Ant Group board of directors has accepted Mr. Simon Hu’s resignation request, due to personal reasons,” according to a company statement cited by a published report.

Germany Reports Third COVID-19 Wave As Italy Plans Easter Lockdown

Germany is experiencing a third wave of COVID-19 infections as Italy starts planning lockdowns over Easter weekend. Germany’s public health agency, The Robert Koch Institute (RKI), said it had registered a 20 percent rise in new coronavirus cases compared to a week ago on Thursday (March 11). “We have very clear indications for the fact that the third wave has already begun in Germany,” RKI Head Lothar Wieler told the press, per a published report. The official also noted that mask-wearing and social distancing should go on in full force to keep the infection rate at bay