In today’s top Europe, Middle East and Africa (EMEA) news, Central African Republic Finance Minister Herve Ndoba said the use of cryptocurrencies in the nation’s economy is coming, while London’s TrueLayer has introduced variable recurring payments (VRP). Plus, Facebook owner Meta and Google pledged to permit only registered financial firms to advertise promotions on their sites; London-based Juno has raised 3.1 million pounds (about $3.9 million); and cross-border financial services platform Rewire has teamed up with payments platform Paysafe.
Central African Republic Is the Latest Country to Embrace Crypto
Days after a Central African Republic official introduced a measure to legalize the decentralized digital currency, Finance Minister Herve Ndoba said the legislation would facilitate the use of cryptocurrencies in the nation’s economy. The measure, introduced by Justin Gourna Zacko, the minister of digital economy, post and telco, is expected to provide a favorable environment for growth in the crypto sector.
TrueLayer Introduces Variable Recurring Payments
TrueLayer, a London-based global open banking platform that enables instant payments, has introduced variable recurring payments (VRP). Matt Parish, the company’s product manager, said VRP is delivered through a single application programming interface (API), which is transparent and speedy.
Meta, Google Agree to UK Ad Rule; Will Twitter Follow?
Meta and Google have pledged to permit only registered financial firms to advertise promotions on their sites. Financial Conduct Authority (FCA) CEO Nikhil Rathi asked Twitter to make its position on the matter clear when speaking at a London conference.
London-Based Juno Gets $3.9M to Personalize Employee Benefits
Juno, a London company whose mission is to allow employees to choose benefits that work for them, has raised 3.1 million pounds (about $3.9 million). This latest injection of capital will allow Juno to improve its product, and add physical debit cards for purchasing benefits as well as a fully integrated marketplace. Its research confirms there’s a disconnect between workplace benefits and how employees perceive them.
Rewire and Paysafe Team up to Help Migrants Manage Their Cash
Africa and Asia migrant-focused cross-border financial services platform Rewire has teamed up with payments platform Paysafe to bring an offering to cash-reliant consumers in the U.K. and 16 European countries. Rewire’s financial inclusion is rooted in access to remittance services, local payment accounts (IBAN), debit cards, cross-border family accounts, insurances, bill payments and more.
Cybersecurity Company Intigriti Nets $22.4M in Series B Funding
Brussels-based cybersecurity platform Intigriti has raised 21.1 million euros (about $22.4 million) in a Series B round. The latest infusion of capital will enable Intigriti to accelerate its rapid detection, reporting and validation of corporate vulnerabilities and empower “ethical hackers” to uncover cybersecurity threats, outperforming traditional methods, the company said.
Maersk Predicts Slight Global Slowdown in Container Demand
Shipping giant Maersk has said the container market could normalize in the second half of 2022, although it did raise full-year guidance due to high rates for container freights. In a trading update, Maersk reported that container volumes fell 7% between January and March, and it expects growth in worldwide container demand to slow to between -1% and 1% this year.
SaaS Company Freshworks Develops Customer-Relationship Software for eCommerce
Freshworks, an enterprise Software-as-a-Service (SaaS) company, has introduced Freshworks CRM for eCommerce, a customer relationship management service to let employees engage their buyers more directly. The company said a study found 96% of customers who experienced bad customer service came away with a negative idea of the brand.
EU Lawmakers Backed Tighter M&A Rules to Protect EU Targets
The Committee on International Trade at the European Parliament backed a proposal that could make the acquisition of European Union companies by overseas firms lengthier, and in some cases, more difficult. The proposed law would extend the European State aid rules to firms outside the EU. Companies who receive subsidies that provide them with an advantage will be investigated. If an acquisition process has started, it will be halted until the review is done.
EU FinTechs Drawn to MENA Region’s Digital Payments and Merchant Growth
The introduction of open banking, enabled by the revised Payment Services Directive (PSD2), has transformed the digital payments space in Europe. It has boosted competition in the banking industry and allowed consumers to share their account information with nonbank third parties using APIs. Shalom Dodoun, CEO at U.K.-based FinTech firm FintechCashier called the scheme “revolutionary” in how it has trimmed transaction times, unlike traditional payments systems, where it can take several days to receive a payment.
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