Tag Archives: financial technology

American Express says travel and entertainment spending is improving | Instant News


American Express Co. AXP -1.84% sees consumer spending start to normalize as Covid-19 vaccinations resume in the U.S. Spending in travel and entertainment categories rose 40% in March from February and bookings through American Express Travel jumped 50% in the first quarter from the fourth quarter, CFO Jeffrey Campbell said in an interview Friday. Mr. Campbell said the number of people signing up for the company’s co-branded cards with Delta Air Lines Inc. increased 90% in the quarter compared to the fourth quarter. Card companies have been hit over the past year as lockdowns to stop the spread of the coronavirus have led consumers to spend less on travel and entertainment. Mr Campbell said there was an inflection point around improving the economy and increasing vaccinations. “People are finally able to exercise the pent-up demand for travel that we have believed in all the time,” he said. Business billed, or the amount spent on its cards, was up 6% in the first quarter compared to a year earlier adjusted for currency fluctuations. This measure halved for the travel and entertainment category in the quarter, compared to a year earlier, but increased in March from declines in January and February. While travel and entertainment spending shows signs of improvement, Mr. Campbell said the company doesn’t believe cross-border travel will be fully back to its 2019 level by 2022. “In 2022, we assume really … that consumer travel and entertainment spending is for the most part back to where it was before the pandemic, “Campbell said during the company’s earnings call on Friday, adding that” domestic travel in the United States and around the world will be the fuel to get us to that level. Even the US economy and consumer behavior began to normalize, the company saw its ecommerce spending increase 23% year over year. “As this physical retail business has returned, it hasn’t cannibalized the growth we’ve seen in online and online commerce,” Campbell said in the interview. For the quarter, American Express recorded an expense provision of $ 675 million. The company’s provision a year earlier to cover potential credit losses was $ 2.62 billion. Profit for the first quarter was $ 2.24 billion, up from $ 367 million a year earlier. Earnings per share were $ 2.74, beating the Wall Street consensus of $ 1.61 per share, according to FactSet. A year ago, profits were 41 cents per share. Income, net of interest expense, fell 12% to $ 9.06 billion, while Wall Street expected $ 9.21 billion. American Express shares were down 2.4% to $ 143.65 in the morning session. Airports in Paris and Singapore, along with airlines such as United and JetBlue, are experimenting with apps that verify travelers are not Covid before boarding. The WSJ is heading to an airport in Rome to see how a digital health passport works. Photo credit: AOKpass Write to Allison Prang at [email protected] Copyright © 2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8.



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ELONGATE’s New Cryptocurrency Token Pledges US $ 1,000,000 Total for Various Charities | Instant News


In a series of weekly live streams called charity parties with its close-knit community of investors, Elongate has donated to charitable organizations including Children International, Action Against Hunger, and The Ocean Cleanup. In 4 April, Children International received its first contribution of $ 75,000, the amount raised to $ 325,000 at Elongate’s last charity party April 18th. Action Against Hunger and The Ocean Cleanup both received totals $ 250,000 from the Elongate community. Further appointments have been made for Big Green, who will join Elongate in a live stream shows in line with this year’s Earth Day celebrations. Big Green is a non-profit organization founded by Kimbal Musk and Hugo Matheson, with a mission to create a healthy place where children can learn and grow.

Elongate is a cryptocurrency token born from dated tweets March 25th by billionaire tech icon and philanthropist Elon Musk. From there, blockchain developers created Elongate, a community-based token that integrates the general nature of crypto trading with charitable initiatives. A few days after commencement, community members organize themselves to maintain, manage, and scale up the project. Elongate is currently led by its Chief Executive Officer Lorenzo Andree, a Business Informatics based in Switzerland. The team is constantly growing and committed to developing its operations further. Currently, Elongate has no affiliation with Elon Musk.

Given the many overlapping and interesting Elongate initiatives, Gene Rhode Fuensalida Pantig, Chief Marketing Officer at Elongate explained: “Elongate has a concrete goal of serving as a ‘gateway’ for digital initiatives to develop into the real world. The cryptocurrency space is an untouched force where its supporters – coming from all walks of life – are willing to help change change. The world. Charity is an integral part of the Elongate ecosystem and we aim to prove it in the future by expanding our offering. Apart from charity initiatives, we are also in the process of launching a launch pad for NFT and other crypto innovations. Elongate is in a position to diversify its identity not only in digital space and crypto but also in the real world. “

Currently, Elongate consists of a community of more than 250,000 holders, with a total following of more than 140,000 across all of its platforms and channels. For more information on Elongate, visit https://www.elongate.cc/

Media Contact:

Gene Rhode Fuensalida Pantig
[email protected]
Marketing Director
EXTENDING

About ELONGATE

In March 2021, ELONGATE started as a meme, inspired by his favorite billionaire, Elon Musk. The battle against the global pandemic has forced the world to embrace digital initiatives on a parabolic trajectory. Elongate aims to take advantage of our opportunities to reflect on ourselves and channel them into charitable actions that can help make the world a better place. For more information about Elongate, visit its official website at https://www.elongate.cc/, visit them on Facebook at https://www.facebook.com/elongate.cc and follow them on Instagram @ elongate.cc.

About Children International

Children International, based at Kansas City, Missouri, USA, is a global non-profit humanitarian organization working to help end the generational cycle of poverty. Through a tailored, long-term approach, Children International supports children and young people during the first two decades of their lives, providing access to information and inspiration in the areas of health, education, empowerment through life skills and work. When equipped to transform their own lives, young people also transform their families and communities, and as a result, reproduce well in the world. To find out more about how to support its mission, including through cryptocurrency donations, go to https://www.children.org/

About Action Against Hunger

Action Against Hunger is a world hunger specialist and leader in a global movement that aims to end the life-threatening hunger for good in our lives. For more than 40 years, humanitarian and development organizations have been at the forefront of tackling and preventing hunger in nearly 50 countries. It served more than 17 million people in 2019 alone.

About The Ocean Cleanup

The Ocean Cleanup develops advanced technology to clean plastic from the world’s oceans. Founded in 2013 by Boyan Slat, The Ocean Cleanup now employs approximately 95 engineers and researchers. The foundation is headquartered at Rotterdam, Netherlands.

About Big Green

Big Green is a national non-profit organization dedicated to creating healthy places where children can learn and grow. Through outdoor learning, gardening and programming environments, Big Green links education and health and offers experiences that engage all children. Founded in 2011 by Kimbal Musk and Hugo Matheson to address diet-related health disparities, Big Green has grown and worked in nearly 650 schools across Angel, Denver, Chicago, Memphis, Detroit, Indianapolis, and Pittsburgh, and support students, teachers, and families through school-based, online, and home-based programming. For more information, please visit https://biggreen.org/ or follow them on Twitter and Instagram @BigGreen.

Photos – https://mma.prnewswire.com/media/1492930/ELONGATE_Image.jpg
Logo – https://mma.prnewswire.com/media/1493177/ELONGATE_Logo.jpg

related links

https://www.elongate.cc/

SOURCE EXTENDING

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ACE Money Transfer Starts Operations in Australia | Instant News


MANCHESTER, England, 19 April 2021 / PRNewswire / – ACE Money Transfer has launched a global money transfer service in Australia.

Providing a convenient and inclusive money transfer service to users around the world, ACE is focused on expansion, innovation, great customer experience and speed to market.

Having served a customer base of 1.3 million people at great Britain (UK) and the European Union (EU) with a network of more than 100 countries and 300,000+ payment locations, ACE Money Transfer has a new goal of building international digital payment services and serving Australian customers.

At ACE, the approach is to digitize remittances and help make remittance services convenient and affordable – especially for migrant workers in Australia. Each transaction will be digital and will not incur minimal fees or fees compared to money transferred through physical agent locations which are usually subject to high fees.

“It’s important for companies to ‘Feel’ for their customers. ‘Feelings’ for customers make ACE jump into.” Australia to offer them a cost-effective, convenient and convenient solution for their remittance needs, “said Mr. Rashid Ashraf, CEO of ACE Money Transfer.

This is good news for Individuals at Australia who want to send their hard-earned money back to their homes to support their families. They will have access to use the ACE Money Transfer service via its website or mobile App, at any time, and can transfer money using their debit or credit card. Regardless of whether customers make regular transfers, they can get airtime, pay to mobile wallets, and pay bills from the comfort of their home.

The top priority of any international money transfer company is to meet the goal of faster expansion. ACE Money Transfer has grown its name by serving customers on great Britain and Europe for over 15 years. Working on another continent is a logical step to show his ambition.

ACE Money Transfer (registered name “Aftab Currency Exchange Limited”) is a Manchester a well-known based financial institution that specializes in cross-border payments and provides online and app-based money transfer services. To launch operations on Australia, ACE Money Transfer acquired an Australian company under ACN number 626577268 named “ACE Money Transfer PTY LTD”. Australian subsidiaries are duly licensed by and registered with the AUSTRAC (Financial Regulator of Australia) and has a registered office at 30 Freemont Circuit, Truganina, Vic, 3029, in Australia.

Contact:

[email protected]
+44 161 3936 999

SOURCE ACE Money Transfer

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CEO of ‘Builderman’ Roblox Goes to Wall Street with Troop of Young Gamers | Instant News


Chief Executive Roblox Corp. David Baszucki won the loyalty of tens of millions of videogamers with a do-it-yourself gaming approach that defies industry-specific formulas for success.

Roblox is slated to make its public market debut March 10 through direct listing, an unconventional process that allows companies to trade on the stock exchange without raising new capital. The company based in San Mateo, California, was founded in 2004, rotated from traditional public offerings last year after

By Dash Inc.

and

Airbnb Inc.

jumped beyond expectations in their IPO.

Roblox founder and CEO David Baszucki, pictured in 2018, is a frequent presence on the platform, under the name ‘Builderman.’


Photo:

Steve Jennings / Getty Images for TechCrunch

Roblox’s debut is coming as the coronavirus pandemic has prompted people to do so spend more money and time on video games than before. Tech valuations have surged over the past year – Roblox was personally worth $ 29.5 billion in January, up more than seven times from early 2020 – although the stocks have recently faltered amid shifting investor sentiment that an improved economy will benefit the sector other.

Instead of relying on Hollywood-like budgets and rock star talent to produce a few blockbuster games each year, Roblox is shifting game development to its own players. These players, especially teenagers and preteens, in turn produce their own hits and earn 70% of the revenue their work generates.

“We are like YouTube, except our content is a game, and our content allows everyone to play together,” Baszucki said in 2018 while speaking at his alma mater, Stanford University. The 58-year-old man himself often appears at Roblox, using the name “Builderman”.

This approach has earned Roblox an estimated 33 million daily users who can choose between tens of millions of multiplayer games, ranging from obstacle challenges and catch the flag iterations to contests based on popular characters like Peppa Pig and Sonic the Hedgehog. The company provides free tools and instructions that players – even those with no coding experience – can use to create games for its platform.

Samuel Jordan of Fort Lauderdale, Florida, took a hiatus from college about a year ago to focus on creating games and other digital content for Roblox with his business partners. The 21-year-old, who participated in the company-run accelerator program in the summer of 2019, says he made about $ 600,000 last year from his Roblox creations, up from $ 30,000 in 2019.

“This is crazy,” Jordan said, adding that the pandemic was likely to contribute to a tremendous increase. More than 300 Roblox developers made $ 100,000 or more last year, the company said.

The health crisis provided significant fuel for Roblox’s business. Revenue grew 82% last year to $ 923.9 million, while orders – sales of virtual items on the platform – more than doubled to about $ 1.9 billion.

Samuel Jordan of Fort Lauderdale, Florida, says he made an estimated $ 600,000 last year from his Roblox creations.


Photo:

Maria Alejandra Cardona for The Wall Street Journal

London’s Alan and Sinéidin Cooper said their two daughters, ages 5 and 10, and 7-year-old son each spent about five hours a week at Roblox before the pandemic. Now that time is doubled because they are using the platform to connect with friends. The couple treated their kids to Robux worth around $ 40 to $ 45 per month.

“It’s a great way for them to socialize,” Mr said. Cooper.

Roblox hasn’t been able to turn user loyalty into profit, as its net loss in 2020 swelled to $ 253.3 million from $ 71 million a year earlier. The company has said it plans to continue investing in the platform, which can be used for distance learning, conferences and other group experiences, such as concerts.

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In your opinion, what is the price of Roblox on the public market? Join the conversation below.

Like other online hangouts featuring user-generated content, Roblox has to contend with predators and troublemakers who target children with inappropriate material – a particular concern given that more than half of the platform’s users are under 13. The company says it has made significant steps to keep users safe, such as by adding a communication filter to eliminate offensive speech.

Supporters include the large venture capital firm Andreessen Horowitz, Altos Ventures and Greylock Partners. David Sze, a Greylock partner, said the company invested in Roblox partly because of Mr. Baszucki. While other CEOs may have switched from business models after modest initial growth, Mr. Baszucki remains confident in Roblox’s user-created mission, says Sze.

“It’s like 10 years walking through the desert without anyone trusting you,” he said. “Dave against all odds.”

Mr. Baszucki, who declined to be interviewed for this article, started and then sold a software company that specialized in physics simulation before founding Roblox with fellow programmer Erik Cassel, who died of cancer in 2013. They started making games for the platform, but soon invite other players to create their own. Roblox was released to the public in 2006.

“We immediately realized what they were building was much more interesting and exciting than anything we had ever made,” Baszucki wrote in a Roblox securities filing. Mr Baszucki is the largest shareholder of the company and holds 70% of the voting rights. He will forego cash and equity compensation for seven years after Roblox goes public, and in return qualify for a performance-based stock award, which he intends to donate for philanthropic causes.

Mr. Baszucki was an investor in Friendster, an early competitor for

Facebook Inc.,

and he sees Roblox as a combination of Second Life’s social networking platform and online virtual world, said Matt Dusek, a Roblox start-up employee who left the company in 2019. “He sees things as further away than anyone else around him often does,” Said Mr. Dusek.

Samuel Jordan and his business partner Kyle Hulse outside their shared office space in Fort Lauderdale on Thursday.


Photo:

Maria Alejandra Cardona for The Wall Street Journal

In the following years, Roblox gradually expanded its user base. Mr. Baszucki, as “Builderman,” will greet new players digitally, appearing as one of the platform’s signature box avatars and offering tips on how to get started. Popular games inspire players to become developers, who then make more games, attracting more users – the so-called network effect.

Roblox’s user-generated gaming strategy has won praise from industry leaders. Tim Sweeney, CEO of “Fortnite” creator of Epic Games Inc., credits the company for helping gamers become game makers. “Roblox has done a tremendous job building the ecosystem,” he said in an email.

Although the company has warned that people may spend less time with its games as the pandemic fades, it wants to continue to add to its base of more than 8 million developers. Similar to other videogame publishers, Roblox is also looking to join more brands like

Nike Inc.

and

Mattel Inc.

about marketing promotions.

Write to Sarah E. Needleman at [email protected]

Copyright © 2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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