FCA Grants UK E-Money License to Payoneer

The Payoneer company, which specializes in providing financial services for cross-border transactions, got the license for electronic money (EMI) with the approval of the Financial Supervision Authority (FCA) in Great Britain.

FCA Grants UK E-Money License to Payoneer

Source: Pixabay.com

Obtaining this license guarantees the company the opportunity to carry out full-scale activities in the British financial services market. Now the firm has the right to interact with UK brands. The receipt of this license and the corresponding intention preceding it confirms the desire of the payment company to fill its niche in the British digital finance market.

James Allum, CEO of Payoneer Payments Services UK Ltd and SVP Europe, said that the FCA is traditionally a kind of standard in the field of regulation of the financial industry, whose actions are monitored around the world and perceived as the decisions of the regulator as a guideline. He also announced his intention to improve the quality of customer service and readiness to interact with FCA.

James Allum stated that the firm’s clients in the UK, after obtaining a license, can be confident in the continued ability of Payoneer to provide regulated financial services of the highest standard.

The company is currently licensed to operate in the UK, Europe, USA, Hong Kong, Japan, Australia, and India and is awaiting EMI in Singapore.

Payoneer was founded in 2005 in the USA. The company’s headquarters are located in New York. The firm went public on the NASDAQ Stock Exchange in 2021. In 2022, the company began offering Payoneer Checkout, a service that allows sellers to work with direct-to-customer (DTC) online stores. As of 2019, the number of employees of the firm was about 1200 people, it served more than 4 million customers in 14 offices around the world. In the same year, Payoneer was valued at more than $1 billion.

As we have reported earlier, FCA Takes Action Against Fraudulent Promotions.