UK regulator Financial Conduct Authority grants agent EMI licence to FinTech PayFuture
British FinTech firm PayFuture has been granted an agent Electronic Money Institution (EMI) licence by UK regulator, the Financial Conduct Authority (FCA).
The company says that, as a result of this, it is poised to deliver “a comprehensive suite of localised payment products and methods, designed to offer convenience and efficiency in an increasingly digital world.”
“Our advanced technology platform, combined with its deep understanding of an online merchant’s needs, will enable businesses to access untapped markets effortlessly”.
The agent EMI licence positions PayFuture to issue electronic money, facilitate digital payments, money disbursements and offer a range of other payment services.
Founded in 2019, it now offers local payment services in over 40 countries and has helped hundreds of businesses around the world process over $2 billion of transactions.
Businesses use PayFuture's proprietary system "Emerging Market Entry Methodology'' (EM2) to accept and disperse payments in emerging markets.
The licence comes hot on the heels of PayFuture launching 11 direct solutions in new countries within the past six months, as well as becoming PCI Level 1 compliant.
"We are delighted to have been granted the agent EMI licence, a significant achievement that showcases our dedication to excellence in the payments industry," says Manpreet Haer, CEO and Co-Founder at PayFuture.
"This milestone is a testament to our team's quality and hard work, as well as our unwavering commitment to providing solutions that have previously not been available to merchants, resulting in net new profits for them. “
“We are excited to continue pushing boundaries and revolutionising the way people do business in underbanked emerging markets”.
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