Welcome to this week’s weekly news roundup, where we bring you a quick overview of the latest developments in finance, payments, retail, e-commerce and more across the Middle East and Europe regions.
In the Middle East…
- The Central Bank of The UAE (CBUAE) has introduced the Open Finance Regulation as part of its financial infrastructure transformation program. This regulation aims to enhance the efficiency and security of open finance services, fostering innovation and increasing the UAE’s competitiveness as a fintech hub. All financial institutions regulated by the CBUAE are required to adhere to the open finance framework for their products and services. Significantly licensed financial institutions must now provide access to customer data and enable transaction initiation with explicit user consent, ensuring services meet consumer needs. The framework is designed to help institutions use consumer financial data to offer more personalised experiences and enable seamless data sharing for more comprehensive financial management.
- UAE’s Mashreq NEO has launched a new API-enabled instant payments service for its corporate and Institutional clients, integrated with Central Bank of UAE’s Aani or Instant Payment Platform (IPP). Mashrq said is piloting the Instant Payment API to facilitate thousands of daily low-value payments for corporates in real-time via Aani.
- Additionally, Ajman Bank also announced its integration with the Aani Instant Payment Platform, this week. Both banks are among the early adopters of the technology which has the potential to revolutionize the way transactions are conducted by offering real-time funds and transfers between banks and other local financial institutions within the Aani network.
- Adyen Adyen has partnered with UAE’s noon to enhance e-commerce payments for merchants in the region. Last year, the e-commerce firm launched a peer-to-peer payments servicefor users in Saudi Arabia and the UAE. This allowed shoppers to send or request money in the form of noon credits to contacts using just their mobile phone number or an email ID. Now, by integrating Adyen’s advanced payment solutions, noon is aiming to streamline payment processes, reduce fraud, and provide valuable customer insights, leading to a more secure and efficient shopping experience.
- Staying in the UAE, Zandbank has selected Taurus SA, a provider of digital asset technology, to handle its entire digital asset infrastructure, including custody, tokenization, and blockchain connectivity.
- Most shoppers in the MENA region prefer to use BNPL for essential purchases rather than discretionary spending, a new Tabby survey has revealed. According to the research, which analysed the buying habits of 2,500 shoppers, 77% plan to use BNPL options for essential purchases in 2024. The data shows that first-time BNPL purchases are twice as likely to be essential rather than discretionary with essential purchases such as education and medical expenses occurring twice as frequently.
- Finally, an Iraq food and last-mile delivery company called Alsaree3 Group Ltd. has raised an undisclosed seven-figure Series A capital. The round was led by Snoonu, a leading food delivery and e-commerce platform in Qatar. Alsaree3 is planning to use the funding to accelerate its expansion plans across Iraq as well as to boost the overall Iraqi startup ecosystem.
In Europe…
- This week in Europe, the Swiss National Bank said it is open to expanding its use of wholesale central bank digital currencies. The SNB had previously said it will continue providing a wholesale central bank digital currency (CBDC) for at least two more years and now it has revealed that it may add more banks to the six banks that are already taking part in the project.
- Greek neobank, Snappi has received a universal banking licence from the European Central Bank (ECB), following the proposal of the Bank of Greece. The regulator’s approval comes as the first milestone in snappi’s plans to provide next-generation financial services. With the full banking license, snappi is now authorised to conduct a comprehensive range of banking activities, including accepting deposits and offering loans.
- Dutch financial services provider Mollie has teamed up with BNPL company Riverty to offer a new flexible payment option for its clients. Through Riverty, Mollie customers can now choose to pay later, with a grace period of up to 30 days. This payment method is aiming to enhance conversion rates and streamline the payment process. Riverty has already been made available to Mollie customers in the Netherlands, Belgium, Germany, and Austria.
- On the retail front, German retailer REWE Group has launched a new 1,200 square-metre store in Hamburg equipped with its innovative Pick&Go technology. According to REWE Group, the store on Hoheluftchaussee is Europe’s largest outlet utilising computer vision technology and offers multiple cashless payment options. Customers can choose from four different payment methods: using the Pick&Go app for cashierless payment, scanning and paying at a self-checkout terminal, utilising computer vision for a scan-free self-checkout experience, or using a traditional cash register.
- In major funding news, this week, Rohlik Group , a European food retail technology and online grocery specialist raised €160m in funding to help fuel its expansion plans in DACH and CEE (Central and Eastern Europe), where the company is aiming to establish a presence in at least 10 additional cities by 2030. In addition to offering online goods from fresh, locally-grown food to supermarket goods, pharmacy items and private label brands, Rohlik operates fully automated fulfillment centres, leveraging AI, ML and robotics technologies. The company, which offers 15-minute delivery windows and same-day deliveries, is planning an initial public offering (IPO) in the coming years.
- Finally, ride-hailing firm Uber is moving off land this summer with the launch of Uber Boat services in some of Europes hottest tourist destinations. Uber Yacht, Uber Cruise, and all other Uber Boat trips will be added to the popular super app in July and August with availability expected to be limited and subject to weather conditions, the firm said.
There you have it! It’s been another eventful seven days of new launches, partnerships and innovations in the world of Seamless Xtra
Till next week!
