Data, Loans, Promises and Fintech Take-Offs
1/ Instagram is now adding a new feature that allows individuals to “manage all of the third-party services they connect to their Instagram account.” The option can be accessed by heading to Settings > Security > Apps and Websites. In addition to providing a handy list of all websites which have access to your Instagram information, it’s adding a new authorization screen that asks for your explicit consent before sharing your data with a specific third-party app.
2/ David Marcus, CEO of Facebook's Calibra digital wallet service, defended the feasibility of the project, insisting that Libra was "absolutely not" in jeopardy, while admitting that the project is "going to get harder before it gets easier." On Monday, the 21 partner companies involved in Libra formally established the charter and governing council for the Libra Association. 7 of the 28 original backers left Libra project including big names PayPal, Visa, Mastercard, and eBay.
3/ Google recently prohibited apps from offering personal loans with an annual percentage rate of 36% or higher on its app store. The move inserted the tech giant into a fight over payday loans, which often carry triple-digit interest rates. The shift was implemented in August with an update to Google’s app-development guidelines for the Android operating system, prompting an outcry from payday-lending companies.
4/ Ebanx, the newly minted Brazilian financial services unicorn, expects to process $2 billion in payments by the end of the year and is looking to expand its offerings into domestic payments as it grows. The company moved into local payment processing in Brazil in April of this year, and recently closed on a new financing round from previous investors FTV and Endeavor Catalyst that values the company north of $1 billion, according to chief executive Alphonse Voigt.