Latest news with #ElectronicMoneyInstitution
Finextra
a day ago
- Business
- Finextra
Privalgo secures EMI licence in the Netherlands
Privalgo B.V., part of the UK-based Privalgo Group specialising in currency and payment services, has received a licence from De Nederlandsche Bank (DNB), the central bank of the Netherlands, as an Electronic Money Institution (EMI), in accordance with the European Electronic Money Directive (EMD2) and the Payment Services Directive (PSD2). 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The licence, granted on 1 August, marks an important milestone in the company's European growth strategy. With the EMI licence, Privalgo is authorised to issue electronic money, offer payment accounts, and execute payment transactions under one of Europe's most advanced regulatory frameworks. The group's European headquarters will be established in Amsterdam, from where services will be made available across the EU via the so-called 'passporting mechanism'. Expansion into new market: The Netherlands By entering the Dutch regulatory framework, Privalgo brings its client-focused currency and e-money services to a new market. Operating on a scalable, proprietary platform, the company offers tailored foreign exchange and digital wallet solutions for businesses and high-net-worth individuals. These services, already available in the UK through its sister company Privalgo Ltd, are now accessible throughout the European Union – under a recognized and respected supervisory regime chosen for its clarity, reliability, and alignment with Privalgo's long-term strategic vision. CEO Dan Biggs: Amsterdam as European Hub Dan Biggs, CEO of Privalgo, explains: 'We chose Amsterdam as the base for our European operations due to its strategic location, international business culture, and progressive regulatory environment. De Nederlandsche Bank is known for its strict yet constructive supervision, which fosters responsible innovation. Moreover, Amsterdam offers access to a highly skilled talent pool, excellent connectivity, and a modern financial ecosystem. This licence allows us to expand our international payments and foreign exchange services across the EU via the passporting mechanism. It's a major step in our ambition to position Privalgo as a global full-service financial provider.' The Netherlands continues to be a leading financial hub within the EU, offering one of the most robust regulatory frameworks for fintech companies. Its central location also makes it an ideal launchpad for Privalgo's further expansion into multiple European markets. Strengthening European businesses through local DNB licence Ronald Wallroth, Managing Director of Privalgo B.V. in Amsterdam, adds: 'With this DNB licence, we can accelerate our European growth plans. The authorisation enables us to meet the regulatory and compliance requirements of other countries in continental Europe, allowing us to support European businesses – just like those in the UK – in their international payment flows. Our service offering will be competitive, professional, and personalised. The licence is great news for us as a company, and for businesses looking for a new, efficient alternative for their international payment and currency needs.' Privalgo is one of the fastest-growing financial services providers in the United Kingdom, combining cutting-edge technology with a personalised approach. With this step into the EU market, the company aims to play a key role in supporting European SMEs, corporates, and individuals with efficient and scalable cross-border payments. The Dutch EMI licence is regarded as one of the most credible compliance standards within the EU. It ensures that Privalgo's services meet the highest standards in terms of transparency, security, and regulatory oversight.
Yahoo
01-08-2025
- Business
- Yahoo
Klarna secures electronic money institution licence in UK
Klarna Financial Services UK (KFSUK) has secured an authorisation from the UK's Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI). With the authorisation in place, the company will introduce Klarna balance and Klarna cashback later in the year. The authorisation allows UK consumers to use Klarna balance to deposit and manage funds within a Klarna account, enabling them to add money from their debit card, make transactions using Klarna, and directly receive refunds. Additionally, a cashback initiative will be introduced, providing customers with the opportunity to earn rewards on their purchases made through the Klarna app. Klarna Cashback will offer users a percentage back on their spending, which will be credited to their Klarna balance. These funds can then be used for transactions at any merchant that accepts Klarna payments. Klarna Financial Services UK head Abby Vickers said: "This authorisation marks Klarna's next big step in the UK—moving beyond flexible payments into everyday financial management. 'While traditional banks are still playing catch-up, Klarna is giving consumers a smarter way to spend—and now, to manage their finances too. This is what modern money management looks like: manage, spend, and get rewarded—without the hassle.' In April this year, Klarna has put its planned initial public offering on hold in response to tariffs introduced by the US administration. The firm reported a net profit of $21m in 2024 as against a net loss of $244m in 2023. "Klarna secures electronic money institution licence in UK " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Sun
30-05-2025
- Business
- The Sun
XTransfer to Debut as a 4-Star Sponsor at Money20/20 Europe 2025
AMSTERDAM, NETHERLANDS - Media OutReach Newswire - 29 May 2025 - XTransfer, the world's leading and China's No.1 B2B cross-border trade payment platform, is excited to announce its debut participation in Money20/20 Europe 2025 as a 4-star sponsor. The prestigious fintech event will take place from June 3 to 5, 2025, in Amsterdam, bringing together global visionaries, innovators, and decision-makers from across the financial technology ecosystem. XTransfer's presence at Money20/20 Europe marks a significant milestone in its global expansion journey. As a first-time sponsor, the company will lead a series of high-impact sessions and strategic engagements, showcasing its cutting-edge solutions and vision for inclusive cross-border finance. The event will feature a keynote product pitch by Bill Deng, Founder and CEO of XTransfer, who will introduce the company's latest cross-border payment innovations tailored for Small and Medium-sized Enterprises (SMEs) in emerging markets. In addition, multiple signing ceremonies will be held to formalise new global partnerships, reinforcing XTransfer's commitment to enabling seamless international trade. XTransfer will also host a Fireside Chat featuring leaders from top global banks to discuss how technology, collaboration, and compliance are unlocking new opportunities in the cross-border payment industry on 4th June, 11:30 AM at XTransfer's booth. Further strengthening its strategic position in Europe, XTransfer recently obtained the Electronic Money Institution (EMI) license in the Netherlands. This significant achievement enables XTransfer to offer comprehensive, compliant, and localised payment solutions to SMEs in the Netherlands. The license forms a critical part of XTransfer's vision to build a global financial network that empowers SMEs to grow and trade internationally with ease. During the event, Bill Deng will also meet with government officials and executives from international banks and financial institutions to explore opportunities for deeper cooperation and innovation in the cross-border financial infrastructure landscape. 'We are honoured to join Money20/20 Europe for the first time as a 4-star sponsor,' said Bill Deng, Founder and CEO of XTransfer. 'This is a milestone moment for XTransfer as we continue expanding our global footprint. We look forward to sharing our vision, engaging with industry leaders, and exploring new partnerships that will advance the future of the global trading and payment industry.' Money20/20 Europe is widely recognised as the premier destination for the global fintech community. XTransfer's participation marks a bold step forward in its mission to provide secure, efficient, and affordable cross-border financial services to SMEs around the world. Visit XTransfer at Booth 1G10 to learn how we are transforming the future of cross-border B2B payments. Hashtag: #XTransfer #Money2020EU #Crossborder #Payment #SMEs The issuer is solely responsible for the content of this announcement.
