Meta platforms linked to the majority of UK financial scams: A recent report by Revolut, a prominent London-based fintech, found that a significant 60% of financial scam cases reported in the United Kingdom linked to Meta Platforms, including Facebook, Instagram, and WhatsApp, with figures slightly higher in Europe at 61%. These platforms have become notorious for 'get-rich-quick' investment schemes that have defrauded users. The rise in authorised push payment fraud, which accounted for nearly £500 million in losses in 2022, has prompted new regulations requiring payment firms to reimburse victims.
Mastercard's strategic investment in MTN fintech: Mastercard has committed to investing up to $200 million in the fintech business of MTN Group, South Africa's largest telecom operator, for a minority stake. This investment values MTN's mobile money arm at $5.2 billion on a cash and debt-free basis. Announced first in August without specific financial details, the finalized deal is seen by MTN as a crucial step towards accelerating its fintech operations, particularly in payments and remittance services.
Markets: On February 9th, the South African rand remained stable in early trading at R18.93 to the dollar, following President Cyril Ramaphosa's State of the Nation Address (SONA), which did not significantly impact the markets. The Johannesburg Stock Exchange’s Top 40 index showed no significant changes during the same period. South Africa's 2030 government bond experienced a decline, as its yield increased by 2.5 basis points, reaching 9.83%.
The week ahead: Today, South Africa will report on mining production year-on-year, while the United States will release the Consumer Price Index year-on-year. On Wednesday, February 14th, the United Kingdom will announce its Consumer Price Index year-on-year, and South Africa will disclose retail sales month-on-month. Thursday, February 15th, Japan will report its Gross Domestic Product, and the United Kingdom will release its trade balance in GBP.