SoftBank's Payments App Prepares for U.S. Listing as HSBC Plans London Surveillance Upgrade

SoftBank's payments arm, PayPay, has submitted a formal application for a public listing of American depositary shares. The Japanese company confirmed the move, though the final terms of the offering are still to be determined. The IPO, which could happen as soon as the last quarter of this year, may aim to raise more than $2 billion. If successful, it would be the first major U.S. listing of a SoftBank-controlled entity since the public debut of Arm Holdings in 2023. This comes as the payments app has been a key driver in Japan's shift toward a cashless society.

In a separate development, HSBC is preparing to enhance its security protocols at its new London headquarters, which it will occupy starting in 2027. The plan, outlined in internal documents, involves a substantial increase in surveillance. The number of cameras is set to be more than four times the current amount, while the number of biometric entry scanners will double to verify all staff and visitors. This security push is a response to the challenges of monitoring a hybrid workforce and is part of a broader strategy to reduce the bank's global office space. A source, however, noted that the details are from an outdated presentation and could change. The bank's new building will be smaller than its existing one, leading to more concentrated security measures.