EMEA Daily: Bank of London to Add Cloud Banking; DIFC Taps Tarabut Gateway for MENA’s First Open Finance Lab Partner

In today’s top stories from Europe, the Middle East and Africa, the Bank of London will integrate cloud banking, Wise reports increased revenues and Walgreens will not sell its U.K.-based Boots unit.

Bank of London to Integrate SAP Fioneer’s Cloud for Banking Platform

The Bank of London announced Tuesday (June 28), that it will integrate SAP Fioneer’s Cloud for Banking platform into its API. The news sets the stage for an anticipated launch of the new Clearing technology on the global stage in October 2022.

The expected clearing solution uses a combination of the Bank of London’s patented technologies in parallel with SAP Fioneer’s hyper-scalable cloud banking platform. The solution will provide “the fastest connection to payment schemes in the market,” the bank said in a press release.

Launched in 2021, the Bank of London is a purpose-built global clearing agency and transaction bank. It was established to serve banks, clearing houses, digital and traditional asset firms, governments, payment networks and other businesses seeking to launch fully compliant financial products and services in the U.K. and across borders.

Wise Reports 33% Revenue Increase in Year to March

Wise revenues have increased by a third in the year to March 31 for the first year the business has had to release its earnings, having listed publicly for the first time in 2021.

By the close of the tax year, the company reported total revenues of 559.9 million pounds ($682.6 million), amounting to a 33% increase from the previous year. Profit before tax increased by 7% to 43.9 million pounds.

The news comes as the company seeks to mitigate negative publicity after the U.K.’s tax authority announced Monday that the company’s co-founder and CEO, Kristo Käärmann, had been named as a tax defaulter.

Walgreens’ Transformation Will Include Boots … For Now

Walgreens announced Tuesday (June 28) that it has decided to retain ownership of its U.K.-based Boots unit, as well as its No7 cosmetics brand.

The new development marks the latest twist in the 10-year saga of Wallgreens’ investment in Boots. In the years since 2012, Walgreens’ ownership of Boots has been wrought with difficulties as the group looks to increase its competitiveness and get its global finances in order.

DIFC Taps Tarabut Gateway for MENA’s First Open Finance Lab Partner

The Dubai International Financial Centre (DIFC) on Tuesday (June 28) launched its new Open Finance Lab, the first such initiative in the Middle East and North Africa (MENA).

Upon the launch, the DIFC announced that it had chosen the open banking platform Tarabut Gateway as its preferred technical platform partner, according to a press release.

The news signals a growing interest in open banking solutions in the UAE and is the latest partnership Tarabut Gateway has been involved with in the country. Tarabut Gateway is among the largest open banking platforms in the MENA region. Besides the UAE, the company also has a presence in Bahrain and Saudi Arabia.

Mastercard, Paysafe Expand Tie-Up With Faster Payments From Mastercard Send

Mastercard and Paysafe have announced they are expanding their collaboration to bring the Mastercard Send service to Paysafe’s payments platform in the United Kingdom and European Union, according to a Tuesday (June 28) press release.

Coming a month after Paysafe announced an arrangement to integrate Visa Direct into its platform, the latest news, means Paysafe will be able to offer Visa Direct to merchants, exchanges, operators and other online businesses in the U.K. and Europe too.

Paysafe can handle 100 payment types and operates in more than 40 currencies globally, the release stated.