In this week’s top Europe, Middle East and Africa news, Apple’s plan to develop its own payment processing system may test the limits of the European Digital Markets Act, and London-based startup Slip is working to turn receipts into actionable data in the U.K.
Plus, Barcelona-based B2B neobank NEO has cleared $3 billion through its multicurrency accounts, Citi has launched working capital loans in several regions and the U.K. government unveiled plans to become a global hub for the crypto industry.
Apple’s Financial Service Ambitions May Clash With EU’s DMA
Apple’s plan to develop its own payment processing system may test the limits of the recently approved European Digital Markets Act (DMA), which will impose new obligations and restrictions on gatekeepers — mostly Big Tech firms — by the end of this year.
The tech giant is reportedly planning to bring some financial services in-house, including the development of its own payment processing system. However, it could also add credit checks, risks assessment for loans and other financial services, which may raise questions about the interpretation of the law.
Transforming Paper Receipts Into Actionable Data, Insights for UK Customers, Merchants
While the pandemic pushed digital payments into a new era, very little has changed when it comes to payment receipts. However, London-based startup Slip is looking to change that with its digital receipts app.
“In a world where you can pay for something using your watch, we’re still getting a paper receipt to mark the end of the transaction,” Tash Grossman, CEO and founder of Slip, told PYMNTS. “That’s just mind blowing to me.”
NEO CEO Says Banks, Regulators Ignore Multicurrency Management Needs of EU Firms
NEO, a Barcelona-headquartered business-to-business (B2B) neobank, said it has cleared $3 billion through its multicurrency accounts as of March 2022 — ultimately saving European Union-based businesses an estimated $15 million in banking fees.
NEO CEO and co-founder Laurent Descout said that EU businesses have multicurrency management needs that are being overlooked by regulators, but there is also an underlying banking problem that continues to plague EU businesses.
Citi Launches Sustainable Trade and Working Capital Loans
Banking giant Citi has launched sustainable trade and working capital loans in Europe, the Middle East and Africa, Latin America and Asia Pacific regions.
These new loans can help Citi’s corporate, commodity, financial institution and commercial banking clients manage their working capital needs by funding their international trade finance and day-to-day commercial activities.
UK’s Crypto Plans May Seek to Reverse Regulators’ Actions
In a speech by the Economic Secretary to the Treasury John Glen, the U.K. government announced its plans to become a “global hub” for the crypto industry.
The speech, which was also endorsed by Chancellor of Exchequer Rishi Sunak, emphatically said the U.K. “is open for business and open for crypto businesses.” However, that message goes against some of the recent actions taken by the Financial Conduct Authority on crypto exchange registrations and crypto promotions.
Amenitiz Closes on $30M Funding for SaaS Billed as ‘Shopify for Hotels’
Barcelona-based Amenitiz, developer of a Software-as-a-Service solution designed to streamline the administration of hotels and bed and breakfasts (B&Bs), has closed a $30 million Series A funding round.
The company said the latest infusion of cash will be used to expand in Europe, create and launch more products and add 200 employees to its team by the end of the year, up from 150.
PopID, Visa Partner to Debut Facial Verification Payments in the Middle East
PopID, a consumer authentication service, and Visa have partnered to launch facial verification payment acceptance in the Middle East, aiming to provide cardholders with a safe and innovative way to pay.
Several merchants accept PopPay, PopID’s facial biometric payment solution, including British coffeehouse chain Costa Coffee and supermarket grocery chain Géant.
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