US: Traditional retail stalwarts commit to financial services push Although concrete details are lacking, Walmart's announcement of its decision to create a fintech heralds a profound departure for the company as it seeks out new revenue sources far beyond its enormous bricks-and-mortar outlets. The enterprise is to be supported through a joint venture with disruptor specialist Ribbit Capital and is no doubt inspired by the pandemic-proof success of Ant Group in China. As noted by TheFinancialBrand.com, Walmart's boss told analysts last month that "the business model of Walmart is changing". The company is no stranger... Read more >
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