Nasdaq-listed Payoneer, the financial technology company, announced Friday that it has received its Electronic Money License (EMI) from the UK’s Financial Conduct Authority (FCA) via its subsidiary Payoneer Payment Services UK Ltd.
The license allows Payoneer to continue providing its full suite of services to UK-based businesses and is a critical requirement for digital financial institutions operating in the UK.
Payoneer was founded in 2005 with the aim of enabling anyone to participate in the global digital economy, building a financial platform to try and help SMBs, especially in emerging markets, to manage their funds, pay and get paid, and grow their business.
The company already holds licenses in countries such as Japan, the United States, Europe, Australia, Hong Kong, and India.
Payments processed via Payoneer are made through a compliant, tightly audited, and secure payments platform supervised by financial regulators worldwide, the company states.
The company said the new FCA authorisation demonstrates its commitment to the UK market. The company seeks to continue providing regulated financial solutions and grow its footprint in the UK.
CEO of Payoneer Payment Services UK Ltd and SVP Europe of Payoneer, James Allum, said:
The FCA traditionally sets the tone of financial regulation globally and therefore we are extremely proud to be receiving our e-money license in the UK. We’re excited to be able to continue serving our customers in the UK and with our relationship with the FCA. Our customers in the UK now have confidence in Payoneer’s consistent ability to provide regulated financial services of the highest standard.”
Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.