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PayPal backs emerging markets lender Tala

LAS VEGAS: PayPal Inc Holdings Inc has made a strategic investment in Tala, a financial technology startup that lends to underserved consumers in emerging markets, the companies said on Monday. The companies declined to disclose the amount of the investment, but Tala said it will use the funding to further develop its product and broaden its reach. Based in Santa Monica, California, Tala lends to individuals in Kenya, Tanzania, the Philippines, and Mexico through its smartphone app. The company has lent more than $500…

Asad Umar says ready to meet Paypal CEO and ask, ‘why are you ignoring such a big market’

ISLAMABAD: Expressing surprise over online payment giant Paypal’s’ cold shoulder’ to Pakistani market, Finance Minister Asad Umar says he is ready to catch the next flight and meet the Paypal CEO to invite him to come to Pakistan. In an interview with PTI social media, Umar said if Paypal didn’t come to Pakistan, then there must be some alternative of it. “Either Paypal or any other alternate online payment system but in the next four months or so we should have an internationally acceptable payment gateway for the…

Global tech firms gear up to fight India’s planned data law

NEW DELHI/MUMBAI: Global tech companies plan to oppose new legislation in India that would require Facebook, PayPal and others to store user data in the country, arguing it will hurt investment and the business models of foreign and domestic firms. In July, a government panel recommended that all “critical personal data” should be processed in India, and presented a draft bill that could affect how global firms store customer data. Facebook, Mastercard and PayPal fear the new law, which follows similar measures in…