Photo by Jonas Leupe via Unsplash.

Weekly Global News Wrap: Klarna, Block execs calls UK’s planned BNPL regulations “outdated”; Citi’s global FX head to leave

And fintech Boost looks to raise $50m to $100m in possible new funding round.

Executives from two buy now pay later (BNPL) giants in the UK called the government’s plan to regulate the industry “outdated” and warned that it will lead to worse consumer outcomes.

Speaking at an event hosted by the UK fintech industry body Innovate Finance, bosses at Klarna and Block said that the rules, while well-meaning, were likely to drive people toward more expensive credit options, such as credit cards and car financing plans.

In a consultation paper published in February, the UK government suggested applying parts of existing regulation – namely, the Consumer Credit Act – to BNPL. 

From Reuters:
Citigroup’s global head of foreign exchange, Stuart Staley, is set to leave the bank, according to an internal memo seen by Reuters.

Staley was appointed global head of FX in 2022. He first joined the bank in 2004.

ALSO READ: Citi names Vikram Singh as CEO of Malaysia franchise

Citigroup declined to comment.

From Bloomberg:
Boost, a fintech unit of Axiata Group, Malaysia’s biggest wireless firm by revenue, is considering a new funding round where it may seek to raise $50m up to $100m, according to people with knowledge of the matter.

Boost Holdings is reportedly working with a financial adviser on the potential fundraising, which may give the startup a valuation of several hundred million dollars, the people said, asking not to be identified as the information is private. 

The funding round would help finance the expansion of Boost’s digital banking operations, the people said.

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