SendSpend remittance and wallet app acquires UK FCA e-money institution license
Send, the money and wallet transfer app, reveals that it has acquired the Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA). The company will now be able to issue digital currency and offer cross-border money transfer services from its UK headquarters.
SendSpend is in cooperation with AutoPay Ltd, a payment consulting firm established to facilitate their authorization and advise on suitable Fintech business partners.
As a regulated EMI headquartered in the UK, SendSpend can now further extend its global financial reach to businesses and consumers in the UK, which should complement the operations of its subsidiaries in India and elsewhere. jurisdictions.
The SendSpend platform is completely digital, free to consumers, and can be used within minutes of registration via a downloadable software application.
Unlike some of the other mobile payment solutions, which are connected to a bank account, charge card, or mobile operator, SendSpend’s platform and services are not. It would be owned and managed by SendSpend itself. The company claims that this setup helps eliminate additional costs and complexities in the supply chain process, thereby enabling a more economical and user-friendly service for consumers and merchants.
The new e-money license will allow SendSpend to provide the following:
- A customer electronic wallet application
- An agent services application
- An e-Commerce and POS payment gateway including QR code functionality
- An API suite for business integration
- An FX suite for multi-currency transactions
Graham Davies, co-founded at SendSpend, said:
“We have decided to develop an affordable, secure and functional payment system. In addition, SendSpend’s flexible and dynamic architecture allows us to adapt to different compliance and regulatory requirements encountered in different countries and regions. This allows us to offer a full range of services and features when competitors often cannot.
Tracy Andersson, co-founder of SendSpend, said:
“Our intelligent agents are the backbone of SendSpend’s agent network. We bring financial services directly to villages and rural areas which often pose a challenge for financial institutions. Consumers no longer have to travel long distances to collect a payment. Our goal is to enable economically marginalized consumers to participate in the digital economy by having access to financial services such as insurance, money transfers and online shopping.