EMEA Daily: UK’s Financial Services Bill Will Make Stablecoins a Form of Payment; Swedish Telehealth Company Kry Raises $160M

In today’s top news from Europe, the Middle East and Africa (EMEA), Swedish HealthTech company Kry has raised over $160 million in a funding round. Plus, GoCardless and Xero have teamed to offer Instant Bank Pay to Xero’s U.K. customers, a U.K. bill may introduce stablecoins as part of the wider monetary system and more.

Ocado Reels in Delivery Expansion as UK Shoppers Head to Stores

As customers reduce their online grocery shopping orders and opt for in-store shopping over delivery, Ocado is considering adjusting its expansion plans for the service in the U.K.

Ocado CEO Tim Steiner said the recent opening of its new facilities in Bicester and Luton in England gives the company “a lot of capacity to grow into.” While Ocado’s expansion timetable is being slowed, plans for fulfillment centers already on tap are moving forward, Steiner said.

UK’s Financial Services Bill Will Make Stablecoins a Form of Payment

In the U.K., stablecoins could soon be part of the monetary system if the new Financial Services and Markets Bill is approved in Parliament.

The U.K. government recently introduced a bill that will modify existing banking regulations to include stablecoins and other crypto assets, denominated in the law as Digital Settlement Assets (DSA), as part of the U.K. payment system.

Additionally, the proposed amendments would provide legitimacy to DSA and would enable the Bank of England to supervise these types of digital assets.

GoCardless to Provide Payment Solutions to Xero Customers in the UK

GoCardless, a digital payment solution, has teamed up with Xero to provide its Instant Bank Pay feature to Xero’s U.K. customers.

Instant Bank Pay is an open banking feature integrated into the GoCardless global payment platform, and it will allow Xero users to receive one-off bank-to-bank payments from new and existing customers, GoCardless stated in a press release.

Stablecoins, CBDCs Face Big Hurdles Before Knocking Out Fiat

Obi Emetarom, co-founder and CEO of pan-African payment infrastructure company AppZone, thinks that stablecoins and central bank digital currencies (CBDCs) are the future of currency.

However, before they replace fiat, issues around regulatory compliance and interoperability will have to be addressed first, he told PYMNTS in an interview. Once those hurdles are cleared, CBDCs could be a “major game changer” for payments in the emerging markets.

Swedish Telehealth Company Kry Raises $160M

Kry, a Swedish HealthTech company, has raised over $160 million in a funding round that saw participation from Index Ventures, Accel, Creandum, Project A and others.

Founded in 2015, Kry is one of the largest telehealth software providers in Europe. It operates in Sweden, Norway and Germany, and in the U.K. and France, it operates under the brand name livi.

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