Following this announcement, Navro acquired a Foreign Money Services Business (FMSB) registration in Canada. The registration was issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and it will provide the company with the possibility to provide money transfer services to businesses and clients in the region.
In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Navro's FMSB registration will give Canadian enterprises and businesses the possibility to benefit from its Payments Curation Platform under full regulatory protection. These services will also address the various cross-border payment challenges that are currently faced by businesses in the region of Canada, including high costs, lengthy delays, regulatory complexity, and the overall risk of poor customer experiences.
Navro will also remove the need for businesses to deal with a complex range of tool providers, payment gateways, and local regulatory authorities, providing immediate access to the best payment tools in every region of the world through one platform, one API, and one contract, which will enable businesses to develop at pace.
Through this registration, Navro has expanded its footprint into North America, while also moving a step closer to its ultimate aim of building a complete, global payments platform on which businesses will have the possibility to receive and collect transactions anywhere in the world using the most popular payment methods. Businesses will also be enabled to carry out cross-border payments through a single, simple-to-use platform that delivers lower fees, faster execution, and less friction than traditional approaches.
At the same time, Navro has submitted an application to The Bank of Canada’s Retail Payments Activity in order to obtain a more comprehensive licencing footprint in the region of Canada.
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