Reliance Industries Reworks Jio IPO Into Fresh Share Sale Amid Valuation Talks 
US Auto Industry Urges Trump to Block Chinese EV Market Access 
South Korea Central Bank Signals Inflation Concerns as Oil Prices Surge 
Goldman Sachs Delays Fed Rate Cut Forecast to 2026 Amid Rising Inflation Concerns 
Oil Prices Rise Amid Strait of Hormuz Tensions and U.S.-Iran Ceasefire Uncertainty 
Russian LNG Shadow Fleet Expands Amid Arctic LNG 2 Sanctions 
Judge Delays SEC Settlement With Elon Musk Over Twitter Stock Disclosure Case 
Indian Stock Market Drops as Iran Conflict Fuels Oil Price and Inflation Fears 
Malaysia Unveils Energy Security Plan Amid Iran Conflict and Rising Oil Costs 
Norway Core Inflation Hits 3.2% in April, Fueling Interest Rate Hike Expectations 
Trump Invites Top CEOs Including Nvidia, Apple, Boeing to China Summit With Xi Jinping 
Sony Forecasts Lower 2027 Profit Despite Strong Music and Sensor Growth 
Saudi Aramco Q1 Profit Jumps 25% as Strait of Hormuz Crisis Reshapes Oil Exports 
China Banks Halt New Loans to Sanctioned Refineries Amid U.S.-Iran Oil Crackdown 
Orsted Q1 EBITDA Beats Expectations Despite U.S. Impairments 
Nintendo Shares Tumble as Weak Forecast and Rising Switch 2 Costs Worry Investors 
Aker BP Q1 Profit Jumps on Higher Oil Prices and Asset Reversal 
JPMorgan entered a deal to acquire an almost 75% stake in Volkswagen’s payments business, Volkswagen Payments S.A. The agreement comes prior to the firm’s rollout of its new in-car technology that will let drivers pay for tolls and fuel automatically.
JP Morgan, a global leader in financial services offering solutions to the major corporations, governments, and institutions worldwide, agreed to buy a majority of stake in Volkswagen Payments. Then again, the acquisition is still subject to approvals of the government regulator and as for the amount of the deal, it was not disclosed as of this time, as per Reuters.
The Luxembourg headquartered fintech firm that provides solutions for digital financial services was first established in 2017 and currently operating in around 32 countries. Its business is mostly offering assistance on car purchase and leasing, fuelling, in-vehicle payments, electric vehicle (EV) charging, and other subscription services including insurance and in-vehicle entertainment.
Now, with the acquisition, the American financial company said it is planning to invest and rebrand Volkswagen Payments’ business and extend it to mobility-focused payments in other industries. As posted, Volkswagen will be retaining a 25.1% stake in its payments business and its deal with JPMorgan is expected to close within the first two quarters of 2022.
Moreover, CNBC reported that JPMorgan is also looking to enter the automotive industry after successfully expanding its digital payment capabilities through Volkswagen Payments. The bank further stated that they will also develop Volkswagen’s platform to accommodate more markets beyond the field of automotive.
“We plan to build on Volkswagen Financial Services’ innovative groundwork on the existing platform and apply the global scale of our payments expertise to meet evolving customer expectations in the auto space and beyond,” JPMorgan’s Europe, Middle East, and Africa (EMEA) head of wholesale payments, Shahrokh Moinian, said in a statement.
Meanwhile, it was revealed that for some time now, the German carmaker has been working to further push its digital payments business to cover various industries, and this was why it launched its payments platform. Thus, the deal with JPMorgan is a strategic decision to attain its goal.
