EMEA Daily: UAE Approves New Digital Bank Wio; EU Media Regulators Seek Rules to End Misinformation on Spotify

In today’s top Europe, Middle East and Africa news, the Central Bank of the United Arab Emirates has approved a new digital banking platform supported by state holding company ADQ; Media regulators in the European Union are considering new rules to end misinformation on Spotify.

Plus, the European Commission has pledged to accelerate instant payments across the 27-state European Union by mid-year, a European publisher trade group has filed a complaint with the European Commission against Google, and French buy now, pay later startup Alma has closed on a 210 million euro ($239 million) Series C funding round.

UAE Approves New Digital Bank Wio

The Central Bank of the United Arab Emirates has given the green light to a new digital banking platform backed by state holding company ADQ.

ADQ and investment holding company Alpha Dhabi will own a 65% stake in the bank, known as “Wio,” Reuters reported Friday (Feb. 11).

Other shareholders include UAE telecom operator Etilasat, which will own 25%, and First Abu Dhabi Bank, which has a 10% stake. Investors have put 2.3 billion dirhams of capital (or $626.2 million) into Wio, along with in-kind contributions.

EU Media Regulators Seek Rules to End Misinformation on Spotify

Media regulators in the European Union (EU) are considering rules designed to end misinformation on Spotify, according to a report in Politico Thursday (Feb. 10).

The Swedish audio streaming and media services provider has been facing criticism for failing to deal with health- and climate-related falsehoods as well as hate speech on its platform.

BNPL Firm Alma Raises $239M in Series C

French buy now, pay later startup Alma is preparing to expand across Europe after wrapping up a 210 million euro ($239 million) Series C funding round.

The company said it plans to use the new financing to help fuel its expansion plans this year. The company says it wants to open new markets, particularly in the Netherlands, Luxembourg, Portugal, Ireland and Austria.

UK May Boot Almost 100 Crypto Firms as Anti-Money Laundering Deadline Approaches

With nearly 100 cryptocurrency firms still waiting for approval to operate in the U.K. as a March deadline approaches, the Financial Conduct Authority (FCA) will likely force crypto service providers offshore to avoid stricter, new anti-money laundering regulations.

A total of 96 crypto firms remain undecided, with six having won approval, The Block reported. More than half of the 153 firms that applied have either been rejected or chose to withdraw to avoid an outright rejection that could damage their ability to gain AML approval in other countries.

Voxel, Diners Club, Collaborate on B2B Travel Payments

Spanish B2B payments firm Voxel has launched a collaboration with Diners Club Spain to promote B2B payments in the travel industry.

The Travel Daily News reported Friday (Feb. 11), the agreement makes Diners Club Spain a payment provider for Voxel’s baVel Pay platform, which means all companies connected to Voxel’s Payment Manager can use services provided by Diners Club Spain with no need to carry out a specific integration.

EU Commission Promises to Legislate Instant Payments by Mid-Year

The European Commission has pledged to accelerate instant payments across the European Union (EU).

In a tweet and in an address to the 2022 Fintech and Regulation Conference, European Commissioner for Financial Stability, Financial Services and the Capital Markets Union Mairead McGuinness confirmed the panel will submit a legislative proposal on instant payments in the second half of 2022.

Google’s Latest EU Antitrust Battle Goes to the Core of AdTech Business

The European Publishers Council (EPC), an association that includes publishers The New York Times, Germany’s Axel Springer and the U.K.’s Guardian, filed a complaint with the European Commission against Google.

The trade group has asked the regulator to restore conditions of effective competition in the AdTech value chain, according to the Financial Times.

Apple Faces Huge Fines, Pledges to Build New Store in UAE

Apple’s antitrust stand-off in the Netherlands is costing the tech giant a fortune. The Authority for Consumers and Markets (ACM), the Netherlands competition oversight agency, has added a 5 million pounds fine ($5.7 million) for alleged violations, bringing the total due to 15 million euros ($17 million).

The penalties stem from a ruling by the ACM that required Apple to allow dating apps to use third party payment providers and not mandate these apps to use Apple’s payment infrastructure.

French Privacy Regulator Rules Against Use of Google Analytics

France’s privacy overseer has told Alphabet Inc., Google’s parent company, that an unnamed website cannot use Google Analytics because it transfers personal information to the United States in breach of the European Union’s privacy law, the agency announced Thursday (Feb 10).