Australian buy-now-pay-later firm Openpay Group Ltd said on Friday it will"indefinitely" pause its United States operations and"materially" reduce its workforce, citing adverse macroeconomic and public market conditions.
The development comes eight months after the Melbourne-based company went live in the United States, with expectations of the country becoming one of its biggest markets. BNPL stocks across the globe have been battered over the past few months due to rising interest rates and heightened regulatory scrutiny, with tech giant Apple Inc's entry into the market further hurting smaller players.
"This decision to shift our approach in the U.S. was not taken lightly but will now allow even greater focus on Openpay's Australian business," Openpay's Australia Chief Executive Dion Appel said. Australia accounted for 68 per cent of Openpay's total transaction value of A$339 million in fiscal 2021.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessTimes - 🏆 15. / 51 Read more »
U.S. accuses five firms in China of supporting Russia's militaryWASHINGTON (Reuters) -U.S. President Joe Biden's administration added five companies in China to a trade blacklist on Tuesday for allegedly supporting Russia's military and defense industrial base, flexing its muscle to enforce sanctions against Moscow over its invasion of Ukraine. The Commerce Department, which oversees the blacklist, said the targeted companies had supplied items to Russian 'entities of concern' before the Feb. 24 invasion, adding that they 'continue to contract to supply Russian entity listed and sanctioned parties.' The agency also added another 31 entities to the blacklist from countries that include Russia, UAE, Lithuania, Pakistan, Singapore, the United Kingdom, Uzbekistan and Vietnam, according to the Federal Register entry. stinkapoor alwae act blurred type kaysiowed lark
Source: YahooSG - 🏆 3. / 71 Read more »
Australian retailer pauses facial recognition trial over privacy complaintSYDNEY — Australia's second-biggest appliances chain said on Tuesday (June 28) it was pausing a trial of facial recognition technology in stores after a consumer group referred it to the privacy regulator for possible enforcement action. Use of the technology by The Good Guys, owned by JB Hi-Fi Ltd, and two other retail chains was 'unreasonably intrusive' and potentially in...
Source: asiaonecom - 🏆 10. / 59 Read more »
2 women arrested for vice in Choa Chu Kang flat, 246 investigated in week-long police operationThe police are investigating 193 men and 53 women for various offences, following a week-long multi-agency enforcement operation conducted between June 19 and 24. Read more at stomp.straitstimes.com wah hdb bekum geylarg lioa Nowadays, wild chickens are getting more desperate and daring, invading HDB heartland. Probably due to rising inflation to survive.
Source: stompsingapore - 🏆 11. / 53 Read more »
Source: BusinessTimes - 🏆 15. / 51 Read more »
Sony WH-1000 XM5: More focused, less features, still awesomeThe Sony WH-1000XM5 is the latest iteration of Sony’s highly-regarded WH-1000 series of headphones. At this point, competition is no doubt stiff in the ANC headphones space, so much so that picking a pair has become somewhat like an exercise in finding one that resonates with you and your lifestyle. While the WH-1000XM5 (hereby referred to as XM5) is effectively...
Source: asiaonecom - 🏆 10. / 59 Read more »