UK-based Electronic Money Institution PayDo has secured an EMI licence from the MFSA, aimed at accelerating its European expansion strategy.
Following this announcement, the EMI licence aims to increase trust and credibility among clients, partners, and financial institutions, while also providing opportunities for deeper relationships with European banks.
In addition, more European fintechs and enterprise clients, especially those seeking a high-risk and high-growth friendly infrastructure, will also be likely to be more open to partnerships from now on. PayDo is set to continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evovling market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on PayDo’s MFSA lincence announcement
The MFSA, Malta’s sole financial regulator, represents an institution that focuses on a thorough approach and puts emphasis on transparency. Their EMI licence, issued under the Financial Institutions Act, will authorise PayDo to issue electronic money and provide payment services throughout the EU via passporting rights. At the same time, this also means that PayDo complies with key EU standards in anti-money laundering (AML), customer protection, and financial security.
Furthermore, PayDo will continue to provide its clients and customers with secure and optimised solutions, aiming to improve their experience and accelerate its development in the industry. Included in its products are dedicated IBANs with several currencies, cross-border and 3rd party payments to/from several countries through the use of SWIFT, SEPA, SEPA Instant, Faster Payments, and other global payment schemes, as well as merchant services with global and local payment methods ( including cards, wallets, and bank transfers), and issuance of free VISA virtual cards instantly and physical cards for operational expenses, online transactions, ATM withdrawals, and more.
According to the official press release, the company is currently investing in its platform, customer support, and compliance teams in order to support its EU expansion strategy.
