Today in Europe, the Middle East and Africa (EMEA) news, Walmart has announced that it is acquiring the remaining shares in South Africa’s Massmart, while Irish blockchain company FixxFi launched its embedded finance solution for the auto and home repair industries.
Walmart has struck a deal to fully acquire Massmart and buy the shares it doesn’t already own for 62 rand ($3.65) each, with the deal also delisting the African retailer from the Johannesburg Stock Exchange (JSE) if approved. Walmart bought a majority stake in Massmart in 2011 for 16.5 billion rand. If the deal is finalized, the company’s turnaround plan can move forward following rocky financials in part due to the pandemic, civil unrest and flooding in KwaZulu-Natal earlier this year. Those large-scale issues compounded otherwise weaker demand from consumers and a competitive retail environment for Massmart.
Irish blockchain company FixxFi has launched its embedded finance solution for the auto and home repair industries. Funding for unexpected repairs will happen with a quick approval process through the FixxFi app at the point of service. FixxFi is positioning the credit solution as an accessible and flexible alternative to paying for repairs with a credit card.
Budweiser Brewing Group U.K. owner AB InBev has plans to debut its B2B eCommerce platform, called BEES, in the U.K., which will give retail customers more insights and flexibility. Users will now have access to a more seamless order experience and communication using the platform, as Budweiser Brewing Group is focusing more on a digital experience for retailers buying from the company. Business owners will be able to browse for products, place orders, set up deliveries, work with invoices and more. BEES was initially piloted in 2020 in the Dominican Republic and is now used in over 17 countries.
Arab Bank has launched a banking package in Saudi Arabia tailored to doctors’ banking requirements. The new package — Tabeeb Plus — will provide medical professionals a personalized banking experience and preferential banking benefits. The Tabeeb Plus package includes a range of accounts and will be complemented by Arab Bank’s cross-border banking scheme Arabi Cross-Border, and the bank’s online banking tools. The package includes credit options with preferential benefits and interest rates.
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