EMEA Daily: WeTransfer Pulls Amsterdam IPO Over Market Volatility; EU’s Data Protection Watchdog Supports Stricter Rules for Online Ads

In today’s top Europe, Middle East and Africa (EMEA) news, WeTransfer, the Netherlands file-sharing company, is pulling the plug for an IPO in Amsterdam due to market volatility; the EU’s privacy overseer has lent its support for additional rules on political advertising.

Plus, Binance wants to expand its cryptocurrency exchange in Russia, the U.K.’s competition authority said it has secured improvements for players on Microsoft’s Xbox online platform, and Tanzanian cross-border payments provider NALA has raised $10 million in new funding.

WeTransfer Pulls Amsterdam IPO Over Market Volatility

Netherlands file-sharing company WeTransfer is pulling the plug on an initial public offering (IPO) in Amsterdam due to market volatility, according to multiple media reports on Thursday (Jan. 27).

CEO Gordon Willoughby said in a statement that it was a tough decision to call off the IPO, especially with investor interest being so high, but the company is looking ahead to continue plans for growth and other moves aligned with its strategy, Reuters reported.

EU’s Data Protection Watchdog Supports Stricter Rules for Online Ads

The European Union’s privacy overseer has lent its support for additional rules on political advertising crafted to strengthen the 27-member states’ democratic process, according to a press release.

The European Data Protection Supervisor (EDPS) has endorsed proposed legislation that would require providers of political advertising and related services to be more transparent in their use of online voter targeting techniques.

AirPlus, Coupa, Collaborate to Offer Improved Procurement

Corporate payment specialist AirPlus International has joined forces with business spend management platform Coupa to offer clients new procurement options.

The companies say AirPlus Virtual Cards Procurement will become a payment option within Coupa’s B2B payments solution, Coupa Pay. Customers of both companies can streamline and centralize spending on things like travel, business resources and utilities.

UK Watchdog: Microsoft to Change Auto-Renewal Practices

The U.K.’s Competition and Markets Authority (CMA) says it has “secured improvements” for players on Microsoft’s Xbox online platform following concerns about the tech giant’s use of auto-renewing subscriptions for gaming services.

“Gamers need to be given clear and timely information to make informed choices when signing up for auto-renewing memberships and subscriptions,” Michael Grenfell, CMA’s director of enforcement, said in an announcement

Binance Looks For Larger Footprint in Russia

Binance wants to expand its cryptocurrency exchange in Russia, even as that country’s central bank has called for ban on digital tokens.

“Our goal is to obtain a license and conduct legal business where the regulation allows,” Binance Eastern European Director Gleb Kostarev said in an interview with Reuters Thursday (Jan. 27).

From Startups to Institutions: Solving X-Border Challenges in Africa to Facilitate Remittance Flows

For most consumers sending money abroad, peer-to-peer (P2P) payments are slow and costly. A PYMNTS study on cross-border remittances found of the 70% of consumers who pay a fee to send money overseas, 41% pay a percentage fee averaging 6.2%, while 28% pay a fixed fee that averages $14.80.

For U.S. senders alone, this represents a staggering cost of $3.5 billion. And even the 30% of respondents who said that they do not pay a fee may be paying exchange rate costs.

EU’s Plan to Protect Internet Privacy: Adopt Apple’s Solution

Like many parts of the world, Europe is trying to strengthen protections for consumer privacy. While the region’s landmark privacy law, the General Data Protection Regulation (GDPR), requires websites to ask users for permission to be tracked online, many companies make it harder to refuse consent than grant it.

“The problem with the GDPR is that it’s not being enforced properly, and therefore people don’t have a real choice,” Alexandra Geese, a German member of the European Parliament, told Wired.

Tanzanian Payments FinTech NALA Raises $10M

NALA, a Tanzanian cross-border payments provider specializing in international money transfers, has raised $10 million in new funding, according to media reports Thursday (Jan. 28).

The company, which recently pivoted from local to international transfers, allows payments from the U.K. to Tanzania, Kenya, Uganda, Rwanda and Ghana. NALA says more than 8,000 customers have transferred upwards of $10 million to African countries in the past six months.

EU Parliament Committee Urges Member States to Design a Roadmap for AI

The Artificial Intelligence in a Digital Age (AIDA) committee at the European Parliament has proposed a possible roadmap for Europe to reap the benefits of artificial intelligence, urging member states and the European Commission to consider it.

UK Payments Regulator Seeks More Transparency in Card-Acquiring Market

The U.K. Payment Systems Regulator (PSR) published a public consultation on January 26 in which it considers applying four potential remedies in the card-acquiring market.

This public consultation on potential remedies stems from the PSR’s review of the card-acquiring market, published in November, where the regulator found that small and medium-sized merchants could benefit by shopping around or negotiating with their current card-acquiring supplier.

SAP to Secure Majority Stake in Working Capital Firm Taulia

Business processes software firm SAP is planning to secure a majority stake in working capital management company Taulia for undisclosed terms, according to a press release on Thursday (Jan. 27).

The acquisition will support the further expansion of SAP’s business network and its tools to assist chief financial officers and help both firms offer clients enhanced access to liquidity and better cash flows.

French Competition Authority Will Look Into Cloud Computing Services

The newly appointed leader of the France’s competition regulator told the French National Assembly that the digital sector would be one of his top priorities, the agency announced.

eBike Designer Cowboy Gears Up for Expansion With $80M Investment

Cowboy, the electric bike designer headquartered in Brussels, has raised 71 million pounds ($79 million) to peddle its expansion in the U.S. and beyond, E-U Startups reported.

The round was led by Exor, the Amsterdam-based venture capital fund, HCVC, the Paris financer of startups, and Siam Capital, the Bangkok investment company.