Company briefs: Netflix

Netflix is not planning to let users of its new ad-supported tier download shows and movies to their devices for offline viewing, according to code found inside the company's iPhone app, removing a feature that customers enjoy on its regular service.

"Downloads available on all plans except Netflix with ads," according to text in the app that was discovered by developer Steve Moser and shared with Bloomberg News.

The code also suggests that users would not be able to skip ads and playback controls would not be available during ad breaks.

BLOOMBERG

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Bank of America

Bank of America said overdraft-service fees plunged 90 per cent after it took steps to ease off on the charges, which have been under fire from lawmakers.

The decline from a year earlier came in June and last month, the first two months after the second-largest US bank implemented sweeping changes related to overdraft services for its more than 35 million consumer checking accounts, according to a statement on Wednesday.

The lender eliminated non-sufficient funds fees and reduced overdraft charges to US$10 (S$14) from US$35.

BLOOMBERG

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Fomo Pay

Mobile payments platform Fomo Pay has snagged a US$13 million (S$18 million) investment led by Jump Crypto, a division of Chicago trading firm Jump Trading Group.

Other investors in the Series A round include HashKey Capital, Antalpha Ventures, Ab Initio Capital and Republic Capital.

In a press statement yesterday, the Singapore-headquartered fintech firm said it intends to use its fresh funding to accelerate growth as well as invest in talent acquisition and the company's infrastructure.

THE BUSINESS TIMES