Singapore Fintech TranSwap Gains EMI License in the UK

The Singapore-based fintech, TranSwap has received authorization from the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI). This will allow the company to provide payments services within the United Kingdom.

It can offer global payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and collections, borderless digital wallets, cards & spend management, platform-as-a-Service (PaaS) to businesses.

The company is already licensed in Asian markets like Singapore, Hong Kong and Indonesia, and now with FCA registration under its sleeve, it will allow global expansion. It aims to streamline the gap between the United Kingdom and Southeast Asia for business, allowing British companies to expand markets globally.

“We are excited to receive the EMI authorization in the UK to scale our international business banking services for our existing customers and partners in Asia and potential customers in the UK,” said Benjamin Wong, TranSwap's CEO.

“We [are] very much looking forward to becoming the global business banking partner for businesses that [is] currently trading between Asia, the UK and Europe.”

A Strategic Move

TranSwap’s acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of an FCA license is strategical as the company’s global research and development center is located in Edinburgh, Scotland. The establishment of its presence in the country in 2021 was supported by the Scottish Development International (SDI) representatives.

“By receiving EMI authorization, TranSwap will be in a position to support Scottish companies active in southeast Asia and those looking to expand into this important market.” the Trade Minister of the Scottish Government, Ivan McKee, said.

Nicola Anderson, the Chief Executive Officer of Fintech Scotland, added: “The fintech sector is adept at modifying business models and adapting in order to achieve better products and services. TranSwap brings new experiences to the FinTech Scotland community and consistently demonstrates its abilities across different international markets.”