In today’s top Europe, Middle East and Africa news, as the hammer comes down on Russians banking in the West, companies are scrambling to open accounts in China, while German regulators prepare to close the European arm of VTB, Russia’s the second-largest bank.
Plus, German-based early-stage investor Capnamic Ventures has a new capital fund totaling $215 million, Ukraine’s banking system is strong despite Russia’s invasion, according to the country’s central bank, and banking application programming interfaces (APIs) are becoming more common.
Russian Companies Scramble to Open Chinese Bank Accounts
Russian companies are scrambling to open accounts with a Chinese state bank in Moscow to escape international sanctions imposed following Russia’s invasion of Ukraine.
Reuters reported Thursday (March 3), a source at the bank said as many as 300 companies sought to open new accounts.
Report: VTB Could Close in Europe Within Days
Regulators in Germany are preparing for the closure of the European arm of VTB, the second-largest bank in Russia.
Reuters reported sources in the German regulatory community said VTB’s operations in Europe could be closed within days. Germany is where VTB does much of its European business.
Germany’s Early Stage Investor Capnamic Raises $215M
Capnamic Ventures, the German-based early-stage investor, announced its latest capital fund totaling $215 million Thursday (March 3).
The company said the money will focus on pre-seed to Series A investments in German tech startups.
CaixaBank Chair Advocates Consumer-Centric Tech, Consistent FI Regs
The chairman of Spanish global financial services company CaixaBank told an audience that changing customer habits are one of the most complex issues facing banks over the next few years.
In an address to the FinTech and Metaverse session at the Mobile World Congress in Barcelona, José Ignacio Goirigolzarri said an infusion of technology will be required to guarantee the best services for customers.
Ukraine’s Central Bank Reports ‘Smooth Functioning’
Ukraine’s banking system has stayed strong despite Russia’s invasion, the country’s central bank’s governor said Thursday.
Reuters reported Kyrylo Shevchenko said the National Bank of Ukraine has been bolstered by around $15 billion in international financial support.
Law Firm Teams Up With Crypto Exchange to Accept Crypto
A few days ago, Gunnercooke, a U.K. law firm, announced that it will accept crypto assets as payment for legal and professional services, becoming, arguably, the first law firm in the U.K. to do that.
PYMNTS spoke to FinTech and Financial Services Partner James Burnie and Finance Director Naseer Patel to learn more about how they navigate business and regulatory risks.
Weavr CEO: Banking as a Service Solutions Create Complexity, Cost for Online Businesses
Banking APIs are becoming more common on the market as more banks look to APIs to help digitize their services and collaborate with FinTech firms.
But Alex Mifsud, co-founder and CEO of London-based embedded finance startup Weavr, said between APIs and the elements customers like, a lot has to happen to create the right user experience.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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