Here’s what you need to know today.

1. Snapchat stock finishes up 44% on first day of trading

After pricing the IPO at $17 per share yesterday, the stock opened at $24. It then closed the day at $24.51, a 44 percent premium to the people who bought it yesterday.

Snapchat went public at what was an interesting point in the company’s history. Unlike many companies, like Uber and Airbnb with sky-high valuations, Snapchat decided to go public earlier in its monetization, probably because it’s better to go public before the market considers the company overvalued.

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2. Myanmar’s MyPay in serious talks to acquire Singapore’s Fastacash

Two Southeast Asian payment companies that specialise in using social media to facilitate money transfers are in serious acquisition talks and expect the deal to be done in the coming months.

The deal has been approved by Fastacash shareholders and is expected to be completed in the next 60-90 days. The two companies use technology to allow people to pay one another directly via social media and messaging apps. They can facilitate services like remittances, merchant payments and cross-border money transfer.

Read the rest of the story here.

 

3. WeChat’s ‘instant apps’ are underperforming

A report from ii Media in China shows neither app developers nor users think favorably of them so far. Less than 10% of developers said they would continue developing mini programs, and only 11.5% of users said they would continue using mini programs instead of returning to an equivalent app. Nearly 70% of developers aren’t considering mini programs in the short-term or have given up on them entirely.

The biggest problem is that the app is hard to find and open, even for existing WeChat users. There is not an easy way for a user to find the app and open it, there is no link or QR code. Users would have to be taught.

“If they want mini programs to take-off, Tencent needs to make mini programs more accessible, better at reaching users – and give them unique functions such as better access to smart devices,” said Thomas Graziani, founder of WalktheChat, a WeChat focused marketing agency.

Read the rest of the story here.

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