DLocal scores UAE, Turkey and Philippines licenses
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These strategic approvals from regulatory bodies in the United Arab Emirates, Turkey, and the Philippines ignite a new chapter in dLocal's global expansion, reaffirming our steadfast commitment to navigating and upholding the highest standards of regulatory compliance in diverse markets worldwide.
In the United Arab Emirates, dLocal has been granted a Payment Services License. This license enables dLocal to directly operate cross-border flows for both payins and payouts, our two main services, within the country.
In Turkey, dLocal has received authorization from the Central Bank of the Republic of Türkiye to operate cross-border payments via Lidio Payment Services Inc (Lidio). We consider Lidio a key player in the local market, and this authorized partnership will help us to ramp up the volume and operations in the Turkish market.
In the Philippines, a key market for the inflow of remittances, dLocal has obtained a Money Services Business License, allowing the direct operation of remittance flows in the country.
These new licenses join dLocal's growing portfolio of over 30 licenses and registrations worldwide, notably including the FCA (Financial Conduct Authority) license obtained earlier this year in the UK. Operating with this portfolio of licenses provides a compliant framework within local regulatory landscapes, offering a material advantage over competitors and the potential for more efficient direct integrations.
"Expanding our licensed footprint in key high-growth markets like the UAE, Turkey, and the Philippines is essential to our mission of unlocking the power of emerging markets and connecting financial underserved populations to the global digital economy. It demonstrates our commitment to operating under the highest standards of trust and compliance, providing our global merchants with the secure and reliable access they need to reach billions of consumers." said Pedro Arnt, CEO.
dLocal specializes in solving the unique payment challenges in regions where traditional cards represent only a fraction of transactions, connecting global companies to over 900 local payment methods across 40+ countries through a single integration. By enabling merchants to accept payments via methods like digital wallets, instant payment networks, and bank transfers, dLocal empowers populations who rely on these alternative methods and fosters economic growth.
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Powys County Times
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Lenders have avoided potentially having to pay compensation to millions of drivers, after the Supreme Court ruled they are not liable for hidden commission payments in car finance schemes, but some motorists may still receive payouts. The UK's highest court ruled that car dealers did not have a relationship with their customers that would require them to act 'altruistically' in the customers' interest. The decision comes after two lenders, FirstRand Bank and Close Brothers, challenged a Court of Appeal ruling which found 'secret' commission payments, paid by buyers to dealers as part of finance arrangements made before 2021, without the motorist's fully informed consent, were unlawful. 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Handing down the judgment, Lord Reed said the car dealer 'was at all times pursuing its own commercial interest in achieving a sale of the car on profitable terms'. He continued: 'In reaching the opposite conclusion, the Court of Appeal failed to understand that the dealer has a commercial interest in the arrangement between the customer and the finance company. 'The court mistakenly treated the dealer as acting solely in the interests of the customer once the customer had chosen a car and agreed a price.' The FCA, which intervened in the case, previously said it would set out within six weeks whether it would consult on a redress scheme. But a spokesperson said after the ruling that it would confirm whether it will consult on any such scheme by 8am on Monday 'to provide clarity as quickly as possible'. 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Lawyers for the lenders told the Supreme Court at a three-day hearing in April that the decision was an 'egregious error', while the FCA claimed the ruling went 'too far'. In their 110-page judgment, the five Supreme Court justices found that 'an offer to find the best deal is not the same as an offer to act altruistically'. They said: 'No reasonable onlooker would think that, by offering to find a suitable finance package to enable the customer to obtain the car, the dealer was thereby giving up, rather than continuing to pursue, its own commercial objective of securing a profitable sale of the car.' However, the judges upheld a claim brought by Mr Johnson under the CCA that his relationship with the finance company had been 'unfair'. Mr Johnson, then a factory supervisor, was buying his first car in 2017 and paid the £1,650.95 in commission as part of his finance agreement with FirstRand for the Suzuki he purchased. 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Close Brothers said it was 'considering' the judgment and 'will make any further announcements as and when appropriate'. Kavon Hussain, founder and lawyer at Consumer Rights Solicitors, which represented Ms Hopcraft and Mr Wrench, said it was 'disappointing' the Supreme Court did not fully uphold the Court of Appeal's ruling. He said: 'The Supreme Court ruling supports our view that lenders had acted unfairly in millions of car finance deals. 'This should now pave the way for the biggest compensation payout to motorists in British legal history. 'We will fight to get consumers the money they are owed by these lenders.'
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- North Wales Chronicle
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Rhyl Journal
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Lenders do not owe millions compensation over car finance, Supreme Court rules
The UK's highest court ruled that car dealers did not have a relationship with their customers that would require them to act 'altruistically' in the customers' interest. The decision comes after two lenders, FirstRand Bank and Close Brothers, challenged a Court of Appeal ruling which found 'secret' commission payments, paid by buyers to dealers as part of finance arrangements made before 2021, without the motorist's fully informed consent, were unlawful. The ruling in October last year found that three motorists, who all bought their cars before 2021, should receive compensation after they were not told either clearly enough or at all that the car dealers, acting as credit brokers, would receive a commission from the lenders for introducing business to them. 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'The court mistakenly treated the dealer as acting solely in the interests of the customer once the customer had chosen a car and agreed a price.' The FCA, which intervened in the case, previously said it would set out within six weeks whether it would consult on a redress scheme. But a spokesperson said after the ruling that it would confirm whether it will consult on any such scheme by 8am on Monday 'to provide clarity as quickly as possible'. Lord Reed said the Supreme Court had decided to deliver its ruling on a Friday afternoon, outside of trading hours and after the markets had closed for the weekend, to avoid the risk of 'market disorder'. The three drivers involved in the case, Marcus Johnson, Andrew Wrench and Amy Hopcraft, all used car dealers as brokers for car finance arrangements for second-hand cars worth less than £10,000 before January 2021. 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They said: 'No reasonable onlooker would think that, by offering to find a suitable finance package to enable the customer to obtain the car, the dealer was thereby giving up, rather than continuing to pursue, its own commercial objective of securing a profitable sale of the car.' However, the judges upheld a claim brought by Mr Johnson under the CCA that his relationship with the finance company had been 'unfair'. Mr Johnson, then a factory supervisor, was buying his first car in 2017 and paid the £1,650.95 in commission as part of his finance agreement with FirstRand for the Suzuki he purchased. The Supreme Court ruled he should receive the commission and interest, which Mr Johnson told the PA news agency totalled 'just over £3,000'. Mr Johnson said that he was 'dumbfounded' by the ruling, which he said 'does not sit right with me'. He said: 'I am obviously happy that my case was successful, but for so many other people that were also overcharged, I just don't like the message it sends to the UK consumer.' He said the ruling 'sounds like it's fine to secretly overcharge customers for commission'. A Treasury spokesperson said it would work to 'understand the impact for both firms and consumers'. They said: 'We recognise the issues this court case has highlighted. That is why we are already taking forward significant changes to the Financial Ombudsman Service and the Consumer Credit Act. 'These reforms will deliver a more consistent and predictable regulatory environment for businesses and consumers, while ensuring that products are sold to customers fairly and clearly.' Close Brothers said it was 'considering' the judgment and 'will make any further announcements as and when appropriate'. Kavon Hussain, founder and lawyer at Consumer Rights Solicitors, which represented Ms Hopcraft and Mr Wrench, said it was 'disappointing' the Supreme Court did not fully uphold the Court of Appeal's ruling. He said: 'The Supreme Court ruling supports our view that lenders had acted unfairly in millions of car finance deals. 'This should now pave the way for the biggest compensation payout to motorists in British legal history. 'We will fight to get consumers the money they are owed by these lenders.'
