Today In Payments Around The World: UK To Make Firms Pay Small Businesses In 30 Days; Singapore’s Grab Considers US IPO
In today’s top payments news around the world, the United Kingdom is looking to crack down on firms that take too long to pay suppliers, while Grab is said to be mulling a U.S. initial public offering (IPO). Plus. Walmart is working with Western Union to provide in-store payments and transfers.
The British government is aiming to clamp down on firms that take too much time to provide payment to vendors. The effort is meant to relax the pressure on small and medium-sized businesses (SMBs) encountering cash flow difficulties due to the continuing pandemic. Britain’s government is planning to shore up the Prompt Payment Code to make it so that 95 percent of invoices for SMBs need to be paid within 30 days.
Grab, the Singapore-based financial technology firm, is reportedly considering a U.S. IPO of a minimum of $2 billion following unsuccessful merger discussions with Indonesian competitor Gojek. The pricing, scope and timing of the arrangement have not been set. If the firm decides to go ahead, the public offering could be the biggest market debut ever made by a Southeast Asian firm on a foreign exchange.
Walmart is collaborating with Western Union to provide in-store payments and transfers. The offerings will be available at over 4,700 physical Walmart locations throughout the U.S. and will encompass domestic and global money transfers, money orders and bill payments. Western Union allows for cross-currency, international transfers in 200 nations and territories.
Pointing to unstable economies globally and a rising schism between poor and rich nations, International Monetary Fund (IMF) Head Kristalina Georgieva said the organization needs greater resources. The official has been vocal in advocating for a new allocation of the fund’s own currency — Special Drawing Rights (SDRs) — to advance a transition to a digital and green economy.