Musk Pushes Towards Payments on Twitter; Shein Taps Ex-SoftBank Exec for LATAM Arm

by Hannah Dillon on 31st Jan 2023 in News

On today's ExchangeWire news digest: Musk proceeds with his vision of payments on Twitter; fashion giatns Shein to appoint ex-SoftBank executive to its LATAM operations; and TikTok's CEO will testify in front of US Congress in March.

Twitter works towards payments on platform

Twitter has reportedly begun developing new software and applying for regulatory licenses across the US to implement payment services across the platform. Enabling payments on Twitter is a crucial element to CEO Elon Musk’s strategy to open new revenue streams on the site, which has tanked since the billionaire took over.

Musk had previously asserted his intentions to bring fintech capabilities, such as peer-to-peer transactions, to Twitter as part of the wider creation of an “everything app”.

Shein to appoint former SoftBank exec to LATAM arm

E-commerce platform Shein has tapped former SoftBank executive Marcelo Claure to help lead its business in Latin America. According to Bloomberg sources, the billionaire's appointment follows a personal investment of approximately USD$100m (~£80.7m) in the fashion brand.

In this new role, Claure will lead Shein’s operations across Latin America, an appointment intended to accelerate the global expansion of one of the world's most profitable start-ups.

TikTok CEO to testify over data privacy

Shou Zi Chew, the CEO of video-sharing app TikTok, will appear before US Congress in March due to growing concerns around data privacy on the app.

In recent months, TikTok has been banned on government devices and school grounds in a number of US states. The US House foreign affairs committee now plans to hold a vote on a bill intended to ban the Chinese-owned app from the US entirely.