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Digital bank Chime quadruples valuation in less than a year to $5.8 billion as it takes on megabanks

Digital bank Chime quadruples valuation in less than a year to $5.8 billion as it takes on megabanks

Finance
A war is brewing in digital banking, and one leading player just loaded up on ammunition.Chime, the largest of a new breed of branchless U.S. banks, raised $ 500 million in a series E round it closed recently valuing the company at $ 5.8 billion, according to people with knowledge of the situation. That is a remarkable increase from its last round nine months ago, when it raised $ 200 million at a $ 1.5 billion valuation.The move shows that for select start-ups, massive amounts of cash are still readily available, even after investors have grown skittish after Uber and WeWork exposed excesses in private funding markets. The $ 500 million it raised, led by DST Global, is the biggest single equity investment for a so-called challenger bank, eclipsing the $ 400 million garnered by Brazilian f...
China could launch its own digital currency in the next 2-3 months, predicts investor

China could launch its own digital currency in the next 2-3 months, predicts investor

Finance
China could start rolling out its digital currency as early as the next two to three months, predicted the managing partner of an investment firm backed by Foxconn Technology Group.China has developed a framework called the Digital Currency Electronic Payment or DCEP, according to Jack Lee, managing partner of HCM Capital. That would allow its central bank to issue a digital currency to commercial banks and third-party payment networks by Alipay and WeChat Pay, he explained."So, they already have all the system and the network ready. I think you will see it very soon, in the next maybe two to three months," Lee told CNBC's Tanvir Gill at the Singapore FinTech Festival on Monday.He said the launch could start as a trial — not to replace physical money completely.HCM Capital has invested in
Shakespeare gets a digital make-over for Instagram generation

Shakespeare gets a digital make-over for Instagram generation

Entertainment
Shakespeare has been given a digital makeover, in an effort to inspire the Instagram generation to connect with arguably the world's greatest playwright.New research from the digital technology company, Adobe, has revealed 77% of 11-18 years olds struggle to understand William Shakespeare's plays because of the "challenging" language used. Image: A painting of William Shakespeare from The Shakespeare Birthplace Trust 42% do not understand how studying his work will help them get a job in the future - while 29% said modern day interpretations of his plays would help them understand them.As a result of the poll, The Royal Shakespeare Company (RSC) has teamed up with Adobe to try to encourage more young people to engage with the Bard's...
Construction starts on first digital frigate for France

Construction starts on first digital frigate for France

Business
Oct. 25 (UPI) -- A steel-cutting ceremony marked the start of construction for France's new frigate at Naval Group's Lorient, France, shipyard. The shipyard ceremony Thursday was led by French Defense Minister Florence Parly, and guests included Adm. Nicolaos Tsunis of the Greek Navy, the company said in a press release. Envoys of Poland and New Zealand also attended the event, an indication that their countries may be future customers. The first-in-class 393-foot vessel is known internally as an Admiral Ronarc'h-class FDI, or defense and intervention, frigate, and will be exported to customers under the name Belharra. The Greek navy ordered two ships last week. The diesel-powered ship can sail 5,000 nautical miles without refueling and can stay at sea for up to 45 days. Its weapons incl...
Younger consumers prefer digital payments this festive season: ACI study

Younger consumers prefer digital payments this festive season: ACI study

Finance
Pune: Digital payments are preferred by 42 per cent of consumers in India, leading card payments (29 per cent ) and cash (27 per cent ), according to a new online study conducted by YouGov and ACI Worldwide, a global provider of real-time electronic payment and banking solutions. The study found that younger consumers preferred digital payments (42 per cent for Gen Z and 48 per cent for Millennials), but their adoption was consistent across age groups. Nearly 77 per cent of Millennials had used digital payments at least once during the festival season, compared to 72 per cent of Gen Z and 69 per cent of Gen X. Nearly half (45 per cent ) of Baby Boomers also indicated they had used digitals payments within the survey period. “Digital payments, including UPI and other eWallets, are increasin