Cuba Attracting U.S. Tech Companies

Online travel giants and other Silicon Valley titans, including Priceline (PCLN) and PayPal (PYPL), have set their sights on building businesses in Cuba, Investor’s Business Daily reported.
Online travel giant Priceline, via its platform, already is setting up shop in Havana and allowing U.S. citizens to reserve and pay for rooms at Cuban and foreign-owned hotels.

The tech contingent also includes PayPal. The major cash cow for the firm is likely to be in assisting Cubans who receive money from sources in the U.S., an influx which at the moment, according to the blog, accounts for $2 billion, or 3%, of the Cuban economy each year. It’s a chance for PayPal to expand the reach of its Xoom subsidiary, which handles international transfers.

PayPal also plans to find ways to attract Cuban small businesses—which at the moment are mostly not set up to process credit and debit cards.
PCLN is a Cabot Benjamin Graham Value Investor stock, and PYPL is a Cabot Growth Investor stock.

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