Today in payments around the world, the U.K. enforces new listing rules for exchanges, and Big Tech firms’ EU woes are far from over. Plus, Berkshire Hathaway’s Munger agrees with China’s crypto ban, Moody’s acquires two European KYC firms, Lids goes international with London stores and Brazil cements its position as an epicenter of LATAM digital innovation.
UK Enforces New Listing Rules to Help London Compete With New York, EU
Starting Friday (Dec. 3), Britain’s regulatory body, the Financial Conduct Authority (FCA), will enforce a series of new listing rules in a move that is expected to strengthen the financial center’s ability to compete with New York and the European Union following Brexit. According to the FCA, the revised rules will allow a targeted form of dual-class share structures within the premium listing segment, allowing company founders to retain a controlling voting interest that will, in turn, encourage them to list in the U.K.
Big Tech Firms’ EU Woes Far From Over
In recent weeks, the European Union has slapped hefty fines on some of the world’s largest technology companies while putting in place rules to limit how Big Tech companies like Amazon, Apple, Facebook, Google and Microsoft stifle competition with anticompetitive practices. Earlier this week, Margrethe Vestager, EU competition and digital policy head, said the European Parliament and European Council had to move quickly to approve legislation regulating Big Tech because “it is best to get 80% now than 100% never,” per the Financial Times.
Berkshire Hathaway’s Munger Agrees With China’s Crypto Ban
Billionaire investor and Berkshire Hathaway Vice Chairman Charlie Munger on Friday (Dec. 3) said at the Sohn Hearts & Minds Investment Conference in Sydney that China “made the correct decision” to ban most cryptocurrency-related activity. Earlier this year, China forced major bitcoin mining operators to leave the country as part of a crackdown on the industry.
Moody’s Acquires Two European KYC Firms
Moody’s Corporation is acquiring two European companies in a bid to enhance its Know Your Customer (KYC) capabilities. The company announced in a news release on Friday (Dec. 3) that it had acquired the U.K.’s PassFort Limited and entered into an agreement to acquire kompany out of Austria. “Our customers rely on our data and analytical tools to make decisions about who they do business with,” said Keith Berry, general manager of Moody’s KYC business unit.
Lids Goes International with London Stores
Sports apparel retailer Lids said on Friday (Dec. 3) that it will open four stores in London later this month, with more than 20 brick-and-mortar stores across the U.K. by the end of 2022, according to a news release. “We have a large rollout plan,” Britten Maughan, president of Lids, said in the release. “London is a natural fit for Lids. The enthusiasm for both American sports and streetwear aligns with our on-field and fashion-focused hat and jersey assortment. We are excited to bring our brand and product to market.”
Brazil’s Movile Bets on Logistics, Payments and the Metaverse to Sustain Growth Streak
A star of the pandemic digital shift, from massive mobile commerce growth to attracting FinTech investment, Brazil is cementing its position as an epicenter of digital innovation in Latin America. According to the Global Digital Shopping Index: Brazil Edition, a PYMNTS and Cybersource collaboration, 41% of Brazilian consumers say they are very or extremely likely to use digital-first features to make purchases across product categories in 2021, surpassing the interest levels in other major international markets PYMNTS studied this year.
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