American payments technology firm Payoneer has obtained electronic money licence (EMI) from the UK’s Financial Conduct Authority (FCA).
The licence, secured through the firm’s subsidiary Payoneer Payment Services UK, allows the company to offer its digital financial solutions in the UK.
Furthermore, Payoneer also revealed its plan to further strengthen its presence in the UK.
Payoneer Payment Services UK CEO and Payoneer SVP in Europe 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.”
The latest development comes shortly after Payoneer secured in-principle approval for a Major Payment Institution Licence from the Monetary Authority of Singapore (MAS).
The firm has already received licenses or approvals in the US, Europe, Hong Kong, Japan, Australia and India.
According to Payoneer, it leverages a regulation-compliant and safe payments platform to process transactions. The firm’s platform is supervised by various financial regulators of the world.