In today’s top Europe, Middle East and Africa news, Dutch payments group Adyen introduced new financial products, while Swedish buy now, pay later (BNPL) firm Klarna debuted a business unit geared toward open banking.
Plus, European Union lawmakers have proposed new anti-money laundering rules, The Royal Bank of Canada has agreed to buy London-based Brewin Dolphin for $2 billion and the EU is poised to use the political tailwind to update its competition laws.
Adyen to Expand Into Embedded Financial Products
Adyen, a Dutch payments group, debuted its new suite of embedded financial products on Wednesday (March 30).
The products will allow marketplaces and platforms to create tailored financial experiences for their users, including small business owners and individual merchants. The company’s embedded products will also allow platforms to access new revenue streams and increase user loyalty.
Klarna Unveils ‘Klarna Kosma’ Open Banking Unit
Swedish BNPL company Klarna rolled out its Klarna Kosma sub-brand and business unit on Thursday (March 31), with the effort geared toward open banking.
The company said Kosma will help financial institutions, FinTechs and merchants build apps and services through access to 15,000 banks in 24 countries using a single application programming interface (API).
With AML Proposal, ECB Gives Digital Euro Leg up on Bitcoin Payments
Lawmakers in the European Union have proposed an anti-money laundering (AML) regime that would require identification and screening for any cryptocurrency or stablecoin transaction, no matter its size.
On Wednesday (March 30), the European Central Bank (ECB) also unveiled a proposal that would exempt users of its central bank digital currency (CBDC) from anti-money laundering (AML) checks for small transactions.
EU Competition Chief Hints at More Reforms on the Horizon
Following last week’s agreement on the Digital Markets Act and the soon-to-be approved Digital Service Act, the European Union appears to be poised to use the political tailwind to continue modernizing its competition laws.
The latest addition to rules that may be amended in the wake of the “Great Digital Regulation” is the Regulation 1/2003. European Commissioner Margrethe Vestager suggested the regulation is “the central plank of our antitrust enforcement framework.”
Royal Bank of Canada to Buy Wealth Manger Brewin Dolphin
On Thursday (March 31), the Royal Bank of Canada announced that it has agreed to purchase London-based wealth management firm Brewin Dolphin for $2.6 billion in Canadian dollars ($2 billion).
Brewin Dolphin had nearly three dozen locations and £59 billion ($77.4 billion) under management at the close of last year.
H&M Stock Continues to Tumble as Sales Growth Slows
Retailer H&M saw its stock fall 12% Thursday after its sales slowed in March, with the Russia-Ukraine war spurring consumers to rethink their purchases. The company’s net sales for the first four weeks of March were up 6% after an 18% jump in the first quarter of fiscal 2022, ending Feb. 28.
Egyptian FinTech App Khanza Lands $38M in Series A
Khazna, a FinTech app aimed at helping Egypt’s unbanked and underbanked residents, has raised $38 million in debt equity in a Series A funding round led by Quona Capital.
The firm was founded in 2019 and offers digitized cash transactions, focusing on people in Egypt without access to traditional financial services. The company’s products include general credit, salary advances, BNPL and bill payments.
UK Litigator Launching Class-Action Lawsuit Over Visa, Mastercard Fees
In the U.K., a commercial litigator is filing a class-action lawsuit on behalf of clients contesting multilateral interchange fees (MIFs) charged by Visa and Mastercard.
Harcus Parker will bring the corporate card claim to the Competition Appeal Tribunal (CAT), the U.K.’s specialist judicial body for hearing competition cases, according to a press release emailed to PYMNTS on Thursday (March 31).
The law firm is seeking compensation on behalf of U.K. businesses that were charged MIFs for accepting payments using U.K. corporate credit cards and credit and debit cards from overseas visitors.
EU Lawmakers to Vote on Tougher Crypto Transaction Requirements
European lawmakers are set to vote on the so-called “travel rule” regulation, which is a proposal for a “regulation on information accompanying transfer of fund and certain crypto assets.”
If approved, this new law would increase the information requirements that crypto asset providers will need to collect and share for each transaction. Under the first proposal by the European Commission, crypto firms, such as exchanges, would have to obtain, hold and submit information on those involved in a transfer with the purpose of combating money laundering.
QNB Reveals New Payment Services in Qatar
Doha, Qatar-based QNB Group, one of the largest financial institutions in the Middle East and Africa, has announced its latest digital banking products and services.
QNB has a partnership with Ripple, which it is utilizing for its cross-border payments strategy. Through RippleNet, a connection to financial institutions with an application programming interface (API), QNB said it will enhance cross-border payments and expand its remittance service across multiple countries quickly.
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