Today in B2B payments, Mastercard collaborates with SAP Concur in the Asia-Pacific region, while the U.S.’s “Buy American” procurement strategy raises questions. Plus, the U.K. considers accountability for corporate accounting, E2open goes public, and Greensill Capital presses pause on latest funding initiative.
Payments heavyweight Mastercard and longtime expense management player SAP Concur are jointly offering an expense and payments management package to companies operating in the Asia-Pacific (APAC) region, the two firms announced in a press release. Mastercard said in the release that the partnership offers “transaction solutions along with closer alignment between commercial card providers and their clients.”
President Joe Biden’s Jan. 25 initiative to have federal agencies buy more from U.S. manufacturers is likely to clash with the government’s recent selection of Amazon for small-scale purchases by federal employees because Amazon increasingly is turning to overseas manufacturers, a Fortune magazine opinion piece argued.
The U.K. is considering making corporate directors responsible for the accuracy of their companies’ financial statements, with an official proposal to that effect possible as soon as this week, the Financial Times (FT) reported. The British government is considering putting the new responsibility, which could take the form of exposure to fines or bans on certain business activities, on directors as part of its response to accounting scandals in the U.K. and Europe. FT cited as examples accounting troubles revealed at companies Carillion and Patisserie Valerie.
Supply chain management firm E2open went public effective Friday (Feb. 5) through a merger with a special purpose acquisition company (SPAC), according to a press release. The resulting company, with the New York Stock ticker ETWO, ended its first day of trading at $10.58 a share. The company’s market capitalization after the first day of trading was $600 million.
Supply chain financing company Greensill Capital delayed a new round of fundraising by several months after increasing the amount it wants to raise, The Wall Street Journal (WSJ) reported, citing “people familiar with the matter.” The Softbank-backed startup had planned to complete the investment by early January, but it now looks unlikely to be finished until at least late March, the people told WSJ. Greensill upped its funding goal from $500 million to $1 billion.