SendSpend, the remittance and wallet 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 money and offer cross-border remittance services from its UK head offices.
SendSpend is co-operated with AuthoriPay Ltd, an established payments consultancy to facilitate their authorization and advise on appropriate Fintech business partners.
As a regulated EMI headquartered in the United Kingdom, SendSpend may 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 other jurisdictions.
The SendSpend platform is completely digital, free-of-cost for consumers, and may be used within minutes of registering through a downloadable software application.
Unlike some of the other mobile payment solutions, which are connected to a bank account, a payment card, or a mobile operator, SendSpend’s platform and services are not. It’s reportedly owned and managed by SendSpend itself. The company claims that this setup helps with eliminating additional costs and complexities in the supply chain process, thus enabling a more economical and user-friendly service for consumers and merchants.
The newly granted e-money license will allow SendSpend to provide the following:
- A Customer e-Wallet App
- An Agent Services App
- An e-Commerce and POS Payment Gateway including QR Code functionality
- A Suite of API’s for corporate integration
- An FX Suite for multi-currency transactions
Graham Davies, Co-found at SendSpend, stated:
“We set out to develop a payment system that was affordable, secure and functional. Also, SendSpend’s flexible and dynamic architecture enables us to adapt to different compliance and regulatory requirements encountered in different countries and regions. This allows us to offer a full suite of services and functionality when competitors often can’t.”
Tracy Andersson, Co-founder at SendSpend, remarked:
“Our Smart Agents are the backbone of SendSpend’s Agent Network. We’re taking financial services right into the villages and rural areas that frequently pose a challenge to financial institutions. Consumers no longer need to travel long distances to collect a remittance. Our goal is to enable economically marginalized consumers to participate in the digital economy by having access to financial services like insurance, money transfers and online buying.”