Currencycloud Receives E-Cash License From Dutch Central Financial institution

Cross-border cost platform Currencycloud introduced on Wednesday it has been granted an e-money license from the Dutch Central Financial institution (De Nederlandsche Financial institution), permitting it to proceed working throughout the EU. In response to Currencycloud, the license is one among solely seven issued to non-banks by the Dutch Central Financial institution and can permit the platform to retailer cash and function e-wallets on behalf of its purchasers, in addition to course of funds and collections.

Currencycloud additional reported that the license is a part of its technique to broaden its European footprint from its present Amsterdam workplace, bringing sooner and extra clear cross-border funds to extra European monetary establishments.

“[The license] additionally ensures passporting rights which permits Currencycloud to proceed working throughout Europe, regardless of the result of Brexit negotiations. The corporate will stay headquartered in London.”

Talking in regards to the license, Mike Laven, CEO of Currencycloud, said:

“Covid-19 has accelerated the frenzy in direction of digital funds and Europe represents an incredible alternative for Currencycloud. The Netherlands possesses the proper mix of things to help our enlargement within the EU. It has a powerful fintech sector, entry to prime expertise, and a secure regulatory atmosphere, which permits us to maintain driving ahead our companies and product. The license additionally ensures we are able to proceed to serve our European purchasers successfully after the Brexit transition interval ends.”

Currencycloud went on so as to add that the brand new license belongs to its Dutch entity, Currencycloud BV, a part of the broader firm group. Currencycloud is permitted by the Monetary Conduct Authority within the UK.