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April 5, 2019

PPRO receives e-money licence in Luxembourg as Brexit looms

Payments provider PPRO has secured an e-money licence from the ministry of finance in Luxembourg.

The move offers a hedge against the uncertainties of Brexit, enabling the firm to have uninterrupted access to the European Union (EU).

The new entity will be regulated by Commission de Surveillance du Secteur Financier (CSSF). Furthermore it will operate as PPRO SA.

Firms have been flocking to different countries over the fear of a no-deal Brexit.

Britain’s departure from the EU bloc would strip the firms of their passporting rights.

These rights currently allow firms to conduct business freely across all markets in the European Economic Area (EEA) without the requirement of separate authorisation from each EEA state.

PPRO has been chalking out plans to continue its EU activities prior to the Brexit referendum.

PPRO SA director for payment partnerships Jack Ehlers said: “It has been a long three-year process, but we’re delighted to have been granted our e-money licence by the Ministry of Finance in Luxembourg.

“It was essential we secured this licence to continue operating in Europe, regardless of how Brexit now happens.”

This January, Chinese mobile payment platform Alipay too received an e-money licence in Luxembourg.

In the same month, TransferWise applied for Belgian payment institutions licence over Brexit fears.

Last month, Soldo landed an e-money licence from the Irish central bank, while Earthport received payment institution licence in Lithuania.

 

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