In today’s top news from Europe, the Middle East and Africa (EMEA), financial institutions (FIs) in several countries have begun to launch information-sharing platforms in an effort to better spot fraud and money laundering.
Research overseen by the United Kingdom think tank the Royal United Services Institute has found at least 15 information-sharing projects around the world, The Wall Street Journal (WSJ) reported Monday (July 25). And while most countries don’t let banks share information, recent efforts have yielded substantial success in identifying crime.
Among these efforts is Transactie Monitoring Nederland (TMNL), a collaboration launched in 2020 by the Netherlands’ five biggest banks that lets them pool encrypted transactional customer data, according to the report.
Credit Suisse Reportedly Weighing More Cost Cuts
Zurich-based Credit Suisse is reportedly considering new ways to slash its costs after a poor performance in the last quarter.
An unnamed source told Swiss newspaper SonntagsZeitung that the bank’s numbers are “catastrophic” and that staff morale has been low, Reuters reported on Sunday (July 24). It comes as managers and the board of directors have begun talking about a new, expansive plan designed to save costs.
Report: Barclays Buying Stake in Crypto Company Copper
Barclays is reportedly buying a stake in crypto exchange and digital asset investment platform Copper.
According to unnamed sources, the lender will be joining a Copper funding round and investing a “few million” dollars, Bloomberg reported Sunday (July 24). Copper’s services include custody, prime broking and settlement for institutional investors in crypto assets.
CPG Brands Lose Sales as EU Consumers Opt for Store-Brand Items
As Europe faces a cost-of-living crisis, analysts are predicting a downturn in consumer-packaged goods (CPG) sales due to shoppers opting for cheaper store brands amid inflation and rising food costs.
Own-brand labels have gotten more market share in Europe in the past month, the Financial Times reported Saturday (July 23), and analysts said this goes along with “modest share declines” before 2022.
Some of the things consumers are abandoning include branded yogurt, coffee, ice cream and paper products. Instead, they’re choosing various store-branded versions, and the report noted that analysts are also seeing this trend in salty snacks and frozen meat and vegetables.
A number of multinational food and household product makers, including Unilever and Danone, will be publishing their first-half results this week. According to the FT, analysts believe that many of them are likely to chronicle lagging sales.
B2B Marketplace Cartona Raises $12M For Expansion
Cartona, an Egyptian B2B eCommerce marketplace for the fast-moving consumer goods (FMCG) space, has raised $12 million in Series A funding. The round was led by Silicon Badia, with participation from SANAD Fund for MSME, Arab Bank Accelerator, Sunny Side Ventures, Global Ventures, and Kepple Ventures.
According to a statement released to the press today, Cartona plans to use the funds to extend its footprint in Egypt, develop its range of products and services, and explore sectors beyond FMGC.
Network International, Infobip Team on WhatsApp for Business Banking Services in Africa
Network International, a provider of digital payment solutions, announced today that it will bring WhatsApp for Business banking services to financial institutions across Africa thanks to a collaboration with the cloud communications company Infobip.
WhatsApp for business is an enhanced version of WhatsApp’s messaging app with built-in marketing and sales tools.
TBI Bank Launches In-Store BNPL Solution in Greece
The digital lending solution and online payments solution, TBI bank today officially launched a new buy-now-pay-later service that allows consumers to make interest-free split payments when shopping in-store. The in-store BNPL product, which was already available to TBI bank customers in Romania, will now be added to the company’s online BNPL lending services in Greece.
In a statement announcing the news, the company stated that “Greek consumers have access to this convenient payment method in a wide network of over 100 merchants (out of our network of 700 partners) from various industries, allowing them to split the total cost of any purchase into 4 installments with zero interest.”
Banks Begin Information-Sharing Campaigns Against Fraud
Financial institutions (FIs) in several countries have begun to launch information-sharing platforms in an effort to better spot fraud and money laundering.
Research overseen by the United Kingdom think tank the Royal United Services Institute has found at least 15 information-sharing projects around the world, The Wall Street Journal (WSJ) reported Monday (July 25).
Among efforts to facilitate interbank data-sharing for the purposes of tackling financial crime, the report lists Transactie Monitoring Nederland (TMNL), a collaboration launched in 2020 by the Netherlands’ five biggest banks that lets them pool encrypted transactional customer data.
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