EMEA Daily: EU Commission Finds Two-Thirds of EU Websites Violate Consumer Protection Laws, German Publishers Oppose Google’s Plan to End Third-Party Cookies

In today’s top Europe, Middle East and Africa news, most EU websites checked by a consumer protection agency raised doubts about the reliability of reviews, and a group of German publishers are demanding the EU stop Google’s plan to end the use of third-party cookies.

Plus, U.K. consumers were bullish on spending in the first two weeks of 2022, FinTech startup PayedIn Technology has launched a payment solution in Nigeria, and open banking platform Tink launched a service in the U.K. that enables lenders to verify a person’s income.

EU Commission Finds Two-Thirds of EU Websites Violate Consumer Protection Laws

The results of an European Union-wide website screening into misleading practices in relation to online reviews have revealed that the majority of websites checked violate European Union law.

Online consumer reviews on 223 major websites were checked as part of the recent “sweep” by an EU consumer protection agency, who found that nearly two-thirds of the sites checked “triggered doubts about the reliability of the reviews.”

German Publishers Oppose Google’s Plan to End Third-Party Cookies

Google started the week off with a complaint from a group of German publishers and advertisers who are demanding that the EU stop the search giant’s plan to end the use of third-party cookies, The Financial Times reported on Monday (Jan. 24).

Politico publisher Axel Springer and hundreds of other publishers are alleging that Google is violating EU law with its decision to end the third-party cookies from the Chrome browser within the next year.

High UK Inflation May Outweigh Growing Card Use

Consumers in the U.K. were bullish on spending in the first two weeks of the new year, but rising inflation is expected to take a heavy toll on Britons’ finances, Bloomberg reported Monday (Jan. 24).

Data cited from Lloyds Banking Group, a London-based financial institution, revealed debit card spending increased by 27 % from Jan. 1 through Jan. 14 compared to the same period in 2020, before COVID-19 struck.

Yoox Debuts Online High-End Fashion Marketplace

Online high-end fashion retailer Yoox launched its first marketplace in 30 countries across Europe last week, and the company said it will integrate small businesses and brands, enhancing its assortment of product offerings.

The Yoox marketplace will expand into the U.S., North Africa, Japan and the Middle East next year, the company said.

Turkish Authorities Alarmed by Rise of Cryptocurrencies

Residents of Turkey are flocking to speculative cryptocurrencies as they search for financial stability, but President Recep Tayyip Erdoğan is planning to crack down on the digital currency as the Turkish lira is in turmoil, The Financial Times reported.

In an interview with Orhan, a Turkish web security expert who declined to give his last name, the 39-year-old said he joined the stampede for crypto assets amid rising inflation and a sinking lira. Since 2021, the lira has fallen by about 45% against the dollar.

Investment Group Wendel Acquires ACAMS in $500M Deal

French investment group Wendel has agreed to purchase the Association of Certified Anti-Money Laundering Specialists (ACAMS) in a deal that values ACAMS at $500 million.

The company noted that ACAMS has 90,000 members in 175 countries, and that ACAMS employs about 275 people, mostly in the U.S., London and Hong Kong. The association had reported revenues of $83 million for the 12-month period that ended on Sept. 30.

PayedIn Launches ePayment Solution in Nigeria

FinTech startup PayedIn Technology has launched a simple payment solution in Nigeria to support the digital economy, the company recently announced.

With the added feature, merchants can register to receive their payment within minutes. This solution promises to accelerate the country toward a cashless culture, the company said.

Crypto Exchange KuCoin to Allow SEPA Payments

In a desire to boost its position in the European cryptocurrency market, crypto exchange KuCoin has integrated Single Euro Payment Area (SEPA) payments.

SEPA is an European Union initiative backed by the European Commission, the European Parliament, the European Payments Council and the European Central Bank (ECB).

Apollo Partners BNP Paribas on Inventory Solutions

Global asset manager Apollo Global Management and Athene, its insurance subsidiary, announced a partnership with global bank BNP Paribas to create Eliant Inventory Solutions LP, a platform that offers working capital and supply-chain help.

Tink Intros Instant Income Verification Service for Banks

Open banking platform Tink introduced a service in the U.K. that enables lenders to verify a person’s income using real-time data from their bank account, streamlining the entire verification process.

Income Check is Tink’s new product that leverages facial recognition or single-click verification to connect to a user’s bank account, where transactions are grouped by salary, pension, benefits and cash deposits.

Kryptonect Plans ‘Amazon of the Blockchain’

Cryptocurrency marketplace and ecosystem startup Kryptonect says it plans to launch the “Amazon of the blockchain,” with a marketplace that lets consumers purchase “tangible products” anonymously.

Gorillas to Snap Up Frichti for Bigger Slice of Food Delivery Pie

German rapid grocery startup Gorillas is working on a deal to acquire the French delivery firm Frichti for undisclosed terms, Bloomberg reported on Monday (Jan. 24).