In today’s top Europe, Middle East and Africa news, the European Parliament and member states have reached an agreement on the Digital Services Act, and Paysend co-founder and CEO Ronnie Millar said moving money should be as easy as sending a text.
Plus, Zimbabwe President Emmerson Mnangagwa said companies manipulating currency and price gouging could lose their licenses, the European Union and India are strengthening ties with a joint trade and technology council, and Egyptian eCommerce startup Kemitt has unveiled a B2B platform.
EU’s Deal on Online Content Bill Still Leaves Questions Unanswered
On April 23, the European Parliament and EU member states reached an agreement on the Digital Services Act (DSA), which establishes a new threshold for internet platforms’ accountability regarding unlawful and harmful information.
According to the EU institutions, the DSA would strengthen internet users’ basic rights and provide a uniform set of regulations for the internal market, making it easier for smaller platforms to grow.
Paysend CEO: Cross Border Payments Have Failed Consumers and SMBs
Ronnie Millar, co-founder and CEO at U.K.-based FinTech firm Paysend, told PYMNTS in an interview that sending money internationally has become far too complex, given the realities of today’s digital world.
“Whatever social media platform you’re using, at the end of the day, you’re [simply] sending an electronic signal,” Millar said. “That’s been the case for many years, yet consumers or businesses have somehow had to put up with a [money transfer] service that doesn’t do that.”
Zimbabwe President Threatens to Seize Licenses for Currency Manipulation, Price Gouging
Zimbabwe President Emmerson Mnangagwa has said that banks and companies engaging in local currency manipulation and unjustifiable price increases may be at risk of losing their operating licenses.
The government said it found the entities responsible, and the administration is now looking into methods to deal with those responsible.
India, EU Look to Strengthen Trading Ties
The European Commission announced Monday (April 25) that India and the European Union are working to strengthen ties with one another through the launch of a joint trade and technology council.
“Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement,” European Commission President Ursula von der Leyen said in a statement.
Kemitt Expands Egyptian eCommerce Offering with B2B Platform
Kemitt, an Egyptian eCommerce startup, has launched a business-to-business (B2B) platform to diversify its offerings beyond business-to-consumer (B2C) services.
The online marketplace reportedly connects product and furniture designers with consumers by handling the manufacturing, overhead and last-mile logistics for those companies. Additionally, the B2B marketplace features furniture, home accessories and materials, allowing businesses to discover products through its all-in-one platform.
Meta Challenges Order to Kill $315M Deal to Acquire Giphy
Tech giant Meta Platforms is fighting allegations from the U.K.’s Competition and Markets Authority (CMA) that its acquisition of GIF search engine Giphy violates anticompetitive rules.
Meta accused the CMA of being “irrational” and “inconsistent” when it determined Giphy was a competitor in the display advertising market.
Stitch Rolls Out Payments Product LinkPay
Stitch, a South African application programming interface (API) infrastructure startup, has launched LinkPay, which the company bills as its “core payments product.”
Stitch said that LinkPay is the first payments solution that tokenizes financial accounts and enables variable recurring payments. Additionally, the firm said customers can “link their preferred financial accounts via Stitch and enjoy a payments experience as convenient as a card, but without high fees or fraud.”
Authentic Brands Group Looking to Add Ted Baker Label to Its Growing Portfolio
The brand licensing conglomerate Authentic Brands Group (ABG) is reportedly considering a bid for British fashion retailer Ted Baker.
ABG, which includes brands like Reebok, Aeropostale and Forever 21, is among “several parties” considering making an offer for Ted Baker. The group has also been speaking with financial advisers, and is reported to be part of a process that included a bid deadline of Thursday (April 21) for non-binding offers.
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