Payments services and technologies provider SafeCharge International Group Ltd (LON:SCH) announced that its wholly owned UK subsidiary, SafeCharge Financial Services Limited, has been authorised by the Financial Conduct Authority (FCA) as a Payment Institution. This in in addition to SafeCharge Limited’s existing authorisation as a European Electronic Money Institution.
The authorisation will allow SafeCharge Financial Services Limited to provide payments services in the UK in accordance with the Payment Services Regulations. It will enable SafeCharge to continue expanding its services portfolio to its existing client base and to new clients, as well as future proofing the business post Brexit and potential changes to the passporting rules.
David Avgi, CEO of SafeCharge, commented:
Obtaining the Payment Institution license from the FCA fulfils one of our central objectives, as outlined in our strategy. It is also an independent endorsement of our best practices in Risk management, KYC, AML and Compliance and is testament to our high operational standards. Our merchants now have the additional validation and confidence provided by the FCA authorisation.
This license places SafeCharge in a key position to capitalise on the expansion of its business and services in the UK market and other EEA members.”