RBI Releases Self-Regulation Guidelines; TD Bank Launches TD Accounting: News Roundup

PaymentFacilitator’s News Roundup is a curated mix of the past week’s news and articles from around the web, including company announcements, global payments news, and other coverage and analysis of topics relevant to payment facilitators.

Regulation Reorg

India’s central bank released guidelines this week for setting up self-regulatory organizations within the payments industry. The Reserve Bank of India (RBI) said the bodies would be non-governmental organizations that would collaborate with their stakeholders to establish rules and processes for enforcing them. They would also serve as liaisons between their members and the RBI. From Livemint.

COVID Impact

The pandemic forced difficult decisions onto the CEO of Southeast Asia’s super-app Grab. According to an interview with Reuters, Anthony Tan initially thought the coronavirus outbreak would be limited to China. But the crisis eventually led the company to lay off 5% of its workforce. While it has had to scale back plans for parts of its business, like travel and hospitality, increased demand for digital payments and working capital has buoyed its financial services business. From Reuters.

PayPal’s products are more “relevant” than ever. That’s what PayPal CEO Dan Schulman told CNBC’s Jim Cramer following the company’s latest earnings report. While digital was already a growing factor in today’s economy across industries, the timeframe for implementing online commerce has been dramatically compressed, he said. From CNBC.