Today In Digital-First Banking: China To Pilot Digital Yuan In Third Test Run; Goldman Consumer Banking Hires Exec To Lead D2C Business
In today’s top digital-first banking news, the central bank of China is planning another test run of its digital currency, while Goldman Sachs has hired two executives to leadership positions. Plus, WEX has come to a multi-year deal for its fleet card offering with NASPO ValuePoint.
China’s central bank is planning another experimental run of its crypto during the Lunar New Year by distributing $1.5 million in virtual packets to 50,000 people who live in Beijing. The packets will have 200 yuan, worth approximately $30, and will be given to people selected from a pool of candidates. Recipients will be able to utilize the virtual cash between Feb. 10 and Feb. 17 at designated offline companies or on the online shopping site JD.com. Those who take part in the program must have a Chinese government identification number or residency permit from Taiwan, Macao or Hong Kong to be eligible for the current packets.
Goldman Sachs has hired two leaders to management roles, including former PayPal executive Swati Bhatia and insider David Stark. Bhatia will lead the firm’s D2C business, while Stark will head up large partnerships. Bhatia, who was most recently Stripe’s chief payments risk officer, served at PayPal for eight years, beginning as a senior director of global risk strategy and policy in 2010 before advancing to head of regional risk, financial risk management in 2013 and then to vice president of product simplification and growth in 2015. Following that time, she became vice president of seller risk and experience in 2016.
WEX Bank has struck a multi-year deal for its fleet card offering with NASPO ValuePoint, which is the purchasing arm of the National Association of State Procurement Officials (NASPO). The deal provides participating state and local governments across the nation with the full collection of WEX Universal Fleet Card tools and capabilities. “WEX has extensive experience serving the federal, state and local public fleet marketplace, and we are looking forward to bringing that expertise to NASPO members,” Bernie Kavanagh, senior vice president and general manager of large fleet at WEX, said in an announcement.