EMEA Daily: European consumers are turning to private labels

In today’s major Europe, Middle East and Africa (EMEA) news, financial institutions (FIs) in several countries have started launching information-sharing platforms in a bid to better spot fraud and money laundering.

Research overseen by UK think tank, the Royal United Services Institute, has identified at least 15 information-sharing projects around the world, The Wall Street Journal (WSJ) reported on Monday (July 25th). And while most countries don’t allow banks to 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 five largest banks in the Netherlands that allows them to pool encrypted transactional customer data, according to the report.

Credit Suisse is reportedly considering further cost reductions

Zurich-based Credit Suisse is reportedly considering new ways to cut costs after a poor performance last quarter.

An unnamed source told Swiss newspaper SonntagsZeitung that the bank’s figures are “catastrophic” and staff morale is at rock bottom, Reuters reported on Sunday (July 24th). It comes as managers and the board began talking about an expansive new plan designed to cut costs.

Report: Barclays buys stake in Crypto Company Copper

Barclays reportedly bought a stake in crypto exchange and digital asset investment platform Copper.

According to unnamed sources, the lender will join a Copper funding round and invest “a few million” dollars, Bloomberg reported on Sunday (July 24). Copper’s services include custody, prime brokerage and settlement for institutional investors in crypto assets.

CPG brands lose sales as European consumers switch to store brand items

As Europe faces a cost-of-living crisis, analysts predict lower consumer packaged goods (CPG) sales due to shoppers choosing cheaper store brands amid inflation and rising food prices.

Private label has gained more market share in Europe over the past month, the Financial Times reported on Saturday July 23, and analysts said this came with “modest declines in share” ahead of 2022.

Some of the things consumers are ditching include branded yogurt, coffee, ice cream, and paper products. Instead, they choose various store-brand versions, and the report notes that analysts are also seeing this trend in salty snacks and frozen meat and vegetables.

A number of multinational food and household makers, including Unilever and Danone, will release their first-half results this week. According to the FT, analysts believe many are likely to chronicle lagging sales.

B2B marketplace Cartona raises $12 million for expansion

Cartona, an Egyptian B2B e-commerce marketplace for the fast moving consumer goods (FMCG) space, raised $12m in Series A funding. The round was led by Silicon Badia, with participation from the Fund SANAD for MSMEs, Arab Bank Accelerator, Sunny Side Ventures, Global Ventures and Kepple Ventures.

According to a statement published today in the press, Cartona plans to use the funds to expand its presence in Egypt, develop its range of products and services and explore sectors other than FMGC.

Network International, Infobip Team on WhatsApp for Business Banking in Africa

Network International, a digital payment solutions provider, today announced that it will bring WhatsApp for Business banking services to financial institutions across Africa through a collaboration with 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 payment solution, TBI Bank today officially launched a new buy it now and pay later service that allows consumers to make interest-free split payments when shopping online. 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 said that “Greek consumers have access to this convenient payment method in an extensive network of more than 100 merchants (on our network of 700 partners) from various industries, allowing them to share the total cost of any purchase in 4 interest-free installments.”

Banks launch information-sharing campaigns against fraud

Financial institutions (FIs) in several countries have started launching information-sharing platforms in an effort to better spot fraud and money laundering.

Research overseen by UK think tank, the Royal United Services Institute, has identified at least 15 information-sharing projects around the world, The Wall Street Journal (WSJ) reported on Monday (July 25th).

Among efforts to facilitate interbank data sharing for the purpose of fighting financial crime, the report lists Transactie Monitoring Nederland (TMNL), a collaboration launched in 2020 by the five largest banks in the Netherlands that allows them to put shared encrypted transactional customer data.

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NEW PYMNTS SURVEY FINDS 3 IN 4 CONSUMERS HAVING HIGH DEMAND FOR SUPER APPS

About: Results from PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed responses from 9,904 consumers in Australia, Germany, UK and USA. and showed strong demand for one super multi-functional app rather than using dozens of individual apps.

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