EMEA: New British Chancellor seeks to control inflation
In today’s Europe, Middle East and Africa (EMEA) news, the UK’s new Chancellor spent his first full day meeting with leaders from the financial sector and discussing the country’s high inflation. Meanwhile, the European Central Bank (ECB) has identified three potential use cases for a digital euro.
Potential BoE reshuffle to be expected as new UK Chancellor seeks to control inflation
The day after his appointment, UK Chancellor of the Exchequer Kwasi Kwarteng (the minister responsible for economic and financial affairs) met a small delegation of senior bankers and stressed that the new government would pursue an “unabashed growth agenda “which involve reducing taxes and regulations while creating the right conditions for investment and innovation. He also used the meeting to reiterate his support for the independence of the Bank of England, but said the central bank’s mission to regulate inflation was key to keeping the cost of living under control.
EU focuses CBDC initiatives on individuals rather than businesses, Web3
In the European Union, the initial phase of a digital euro and potential use cases for a central bank digital currency (CBDC) will target personal use rather than business processes and the advancement of the web3, said an ECB official. Speaking in a panel discussion at the conference, Evelien Witlox, Head of the Digital Euro Program at the ECB, highlighted the three immediate areas of progress: peer-to-peer, consumer-to-business and payments to or by governments. Initially, a retail digital euro would not be allowed to be used to pay bills, issue paychecks or in decentralized finance (DeFi). Instead, the focus will be on people-initiated payments.
OneSpan and BankID extend digital identity service to all Norwegian banks
Digital agreement security company OneSpan and electronic identity company BankID have expanded their partnership to extend digital identity protection covering cross-border transactions to all Norwegian banks. The partnership will bring together a range of digital identity solutions at BankID, which is an electronic identifier for secure online identification and signing issued by 90 banks and 9,000 merchants and used by 4 million Norwegians when banking, purchases and access to public services online.
MTN partners with Dooka for digital supply chain solution
The pan-African telecom giant MTN Group has signed a partnership agreement with Dooka, a B2B market operator based in Johannesburg. The combination will help transform MTN’s supply chain and lead to “digital transparency and greater efficiency for MTN’s suppliers”, the company said.
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