Latest news with #ElectronicMoney
Korea Herald
08-07-2025
- Business
- Korea Herald
Treasury and Payments Platform Finmo Secures UK EMI Licence, Expands Global Footprint
LONDON and SINGAPORE, July 8, 2025 /PRNewswire/ -- Fast-growing fintech company Finmo has received approval from the UK Financial Conduct Authority (FCA) to operate as an Authorised Electronic Money Institution (EMI). This strategic milestone marks a major step in Finmo's global expansion as it establishes the United Kingdom as a core operational hub for its next-generation, integrated treasury and payments platform. With the EMI licence, Finmo is now authorised to issue electronic money and offer a range of payment services in the UK, including account issuance, domestic and cross-border fund transfers, and foreign exchange transactions. The licence also enables Finmo to issue IBANs, hold safeguarded client funds locally, and integrate directly with UK clearing systems such as Faster Payments and Clearing House Automated Payment System. David Hanna, CEO and Co-founder of Finmo said, "Securing our EMI licence in the UK signals more than just regulatory approval, it's a commitment to serving clients in one of the world's most advanced financial ecosystems. From fintechs to mid-sized global companies we're here to empower modern finance and payment teams with greater control, visibility, and confidence in their global treasury operations." Finmo was founded in 2021 by David Hanna, Akhil Nigam, Richard Oh, Raj Vimal Chopra, and Thomas Kang - financial technology veterans with decades of collective experience across corporate treasury, global banking, payments, and compliance. Finmo's entry into the UK market is part of its hub-and-spoke expansion strategy, designed to serve clients across multiple regions from key regulatory jurisdictions. The licence also supports Finmo's plans to scale embedded finance solutions and deepen partnerships with capital market providers for liquidity and FX risk management. Immediate rollouts under the EMI licence include the launch of GBP-denominated accounts, and Faster Payments access for eligible clients. Finmo is also expanding its UK-based compliance and operations team to support these efforts. This move enhances Finmo's ability to serve UK-headquartered mid-market enterprises, international businesses with cross-border operations, and companies with complex financial requirements looking for regulated, high-performance treasury infrastructure. The company recently launched MO AI, a conversational assistant embedded directly within its intelligent treasury platform. Built for CFOs, controllers, and finance teams, MO AI transforms fragmented, multi-entity workflows into a unified, real-time experience, enabling users to retrieve balances, analyse payments, initiate transactions, and generate reports using command-based prompts. About Finmo Finmo is a global financial technology company transforming the way modern finance teams manage treasury and payments. The company was founded in 2021 by David Hanna, Akhil Nigam, Richard Oh, Raj Vimal Chopra, and Thomas Kang - financial technology veterans with decades of collective experience across corporate treasury, global banking, payments, and compliance. Its intelligent platform integrates payments, FX risk mitigation, liquidity and cash management, and financial system connectivity into a single, secure solution - providing real-time visibility, control, and operational efficiency across global financial workflows. Trusted by fintechs and mid-sized global companies, Finmo holds regulatory approvals in key jurisdictions including Singapore, Australia, New Zealand, Canada, the United States, and the United Kingdom. The company is committed to building a faster, smarter, and more resilient financial infrastructure for the digital economy.
Business Recorder
31-05-2025
- Business
- Business Recorder
No legal framework exists: FIs must avoid deals involving VAs: SBP
KARACHI: The State Bank of Pakistan (SBP) on Friday said it has directed financial institutions to refrain from engaging in transactions involving Virtual Assets (VAs), citing the lack of a legal and regulatory framework governing such activities. With reference to the news items regarding the 14th meeting of the National Assembly's Standing Committee on Finance and Revenue, SBP has clarified, in 2018 SBP advised its regulated entities including Banks, Development Finance Institutions (DFIs), Microfinance Banks (MFBs), Electronic Money Institutions (EMIs), Payment System Operators (PSOs), Payment Service Providers (PSPs), and Exchange Companies to avoid dealing in Virtual Assets (VAs) due to the absence of any legal and regulatory framework for the VAs; not because it was declared illegal in the country. SBP, Finance ministry inform NA body: 'Cryptocurrency is not legal in Pakistan' This was done to protect its regulated entities and their customers from the risks emanating due to the absence of legal and regulatory framework for VAs in the country, the SBP said. The SBP and Finance Division are currently engaged with the Pakistan Crypto Council established by the Federal Government for, among others, developing an appropriate legal and regulatory framework for VAs in Pakistan, it added.'We understand that the legal and regulatory framework would provide the requisite clarity and legal coverage about the VAs ensuring consumer and investor protection,' the SBP concluded. Copyright Business Recorder, 2025
Malay Mail
08-05-2025
- Business
- Malay Mail
XTransfer Officially Licensed as EMI by Dutch Central Bank
Builds EU Service Network with the Netherlands as the Hub AMSTERDAM, NETHERLANDS - Media OutReach Newswire - 8 May 2025, is pleased to announce that it has officially been granted an Electronic Money Institution (EMI) license by De Nederlandsche Bank (DNB), the central bank of the Netherlands. This significant milestone demonstrates international recognition of XTransfer's excellence in compliance, security, and service capabilities, and will further accelerate the company's localised development in Europe and its global strategic an independent and authoritative central bank and supervisory authority, DNB is regarded as trustworthy and credible by both the general public and the financial sector. Additionally, it is a core member of the European System of Central Banks (ESCB). Obtaining this license is a significant endorsement of XTransfer's compliance capabilities and validates the company's credibility, transparency, and security in global this new license, XTransfer will officially launch localised services in the Netherlands, providing a comprehensive payment solution for local trading SMEs. The services will include local accounts, cross-border settlements, and foreign exchange, China's second-largest trading partner in the European Union, the Netherlands, home to the Port of Rotterdam, Europe's leading international trade and logistics hub, plays a vital role in global trade. XTransfer's services will offer Dutch SMEs faster, more efficient, and cost-effective cross-border payment services, enabling them to expand their international presence. Additionally, it will strengthen the financial connection between China and the Netherlands, further promoting bilateral trade relations., said, "Receiving this license from DNB is a significant milestone in our global strategy, following our earlier authorisation as an Authorised Payment Institution by the UK's Financial Conduct Authority (FCA). With the Netherlands as our operational base, we plan to expand our services across all 30 countries in the European Economic Area (EEA). Our goal is to provide secure, efficient, and cost-effective cross-border payment solutions to more SMEs. Additionally, we will seek further opportunities in emerging markets by leveraging the Netherlands' financial connectivity with regions like Africa and the Middle East."Since its founding in 2017, XTransfer has established a regulatory presence in major financial centres, including the United States, the United Kingdom, the Netherlands, Singapore, Canada, Australia, and Hong Kong SAR, serving over 600,000 trade enterprises globally. The acquisition of the EMI license in the Netherlands represents another significant milestone in its international journey. Moving forward, XTransfer plans to continue expanding its global licensing #XTransfer #Netherlands #Centralbank #PaymentLicense #CrossBorderPayment The issuer is solely responsible for the content of this announcement. About XTransfer XTransfer, the world-leading and China's No.1 B2B Cross-Border Trade Payment Platform, is dedicated to providing small and medium-sized enterprises (SMEs) with secure, compliant, fast, convenient and low-cost foreign trade payment and fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness. Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, and Nigeria. XTransfer has obtained local payment licences in Mainland China, Hong Kong SAR, Singapore, the United Kingdom, the Netherlands, the United States, Canada, and Australia. With more than 600,000 enterprise clients, XTransfer has become the industry No.1 in China. By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and a data-based, automated, internet-based and intelligent anti-money laundering risk control infrastructure centred on SMEs. XTransfer uses technology as a bridge to link large financial institutions and SMEs around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations. XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The Company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners. For more information, please visit:
