In major news from Europe, Middle East and Africa (EMEA), the European Union could fine Apple $ 2.7 billion for its near-field communications chip technology ( NFC), and Google is committing $ 1 billion to boost the internet and startups in Africa. Additionally, Berlin-based Swarm Markets targets masses of decentralized finance (DeFi) skeptics, Amazon opens its first 4-star store outside of the US, and Stockholm FinTech Anyfin is raising $ 52 million for expansion in Germany.
EU could fine Apple $ 2.7 billion over NFC chip
Apple could face charges as early as next year, along with a hefty EU antitrust fine for its NFC chip technology. The European Commission can fine companies up to 10% of their global profits for circumventing EU rules. In Apple’s case, that will amount to a fine of $ 2.7 billion based on its 2020 revenue of $ 27.4 billion.
Google pledges $ 1 billion to boost internet and startups in Africa
Google will inject $ 1 billion into Africa over the next five years to improve internet connectivity and help start-ups finance themselves. The research platform announced an investment fund for Africa that will give startups access to its employees and technology at the Google for Africa event. Google is also teaming up with nonprofit Kiva to provide $ 10 million in low-interest loans to small businesses in Ghana, Kenya, Nigeria and South Africa.
Berlin firm Swarm Markets targets masses of DeFi skeptics
Traditional banks and DeFi are often at loggerheads with many people doubting the ability of decentralized and unlicensed platforms to provide the same level of consumer protection that is available on regulated platforms. But Swarm Markets co-founders Philipp Pieper and Timo Lehes told PYMNTS that regulation and decentralized finance should not be mutually exclusive, and their mission is to prove opponents wrong.
Doors open for first Amazon UK 4-star store outside the United States
The first Amazon UK 4-star store opened outside of the United States, offering a wide variety of products excluding food. The 3,500 square foot brick and mortar store is on the High Street at Bluewater Shopping Center in Kent and offers merchandise based on data gleaned from online sales. All products have a minimum rating of 4 stars, hence the name of the store.
Stockholm FinTech Anyfin raises $ 52 million for expansion in Germany
Swedish FinTech startup Anyfin has raised nearly 45 million euros (around $ 52 million) in a Series B funding round to expand its business in Germany and Northern Europe. Anyfin gives consumers the ability to refinance existing loans while managing their financial health. The round was led by FinTech Collective, with participation from Accel, EQT Ventures, Northzone and Global Founders Capital (GFC). Among the new funders were Quadrille Capital and Augmentum FinTech.
Crypto Bill returns to Ukrainian Parliament
Ukrainian President Volodymyr Zelensky has sent a cryptocurrency bill back to Parliament for review. Approved by the Ukrainian parliament in September, the bill initially called for the creation of a new regulator to oversee cryptocurrency, but Zelensky instead recommended that the National Securities and Stock Markets Commission – the Ukrainian version of the United States Securities and Exchange Commission – provides oversight. .
Basware and Comdata Team to Advance Automated B2B Payments
Finnish e-invoicing solutions provider Basware is expanding its partnership with payments company Comdata to create what they call âa powerful supply-to-payment ecosystemâ. The combination of technical and product integration with sales and customer success teams will help customers further automate accounts payable (AP) processes.
TransUnion supports British FinTech Monevo
Global credit analysis and assessment firm TransUnion has invested an undisclosed amount in the Monevo personal credit platform to deliver solutions that will help lenders and aggregators work together more effectively. A subsidiary of Quint Group, FinTech Monevo, headquartered in the UK, is one of several different companies serving the consumer credit space. As part of the investment agreement, TransUnion will join Monevo’s board of directors.