BVNK, a financial services provider, announced today the acquisition and activation of its Electronic Money Institution (EMI) license in Europe. The development includes the acquisition and operationalization of System Pay Services (Malta) Limited, the EU EMI entity based in Malta, along with the activation of its UK EMI.

Fully Licensed Status Expands Access to Key Payment Schemes

This development enables BVNK to offer enhanced Business-to-Business payment services for both Euro (EUR) and Pound Sterling (GBP), facilitating more efficient operations and enhanced customer support capabilities.

The B2B payments sector, valued at approximately $113 trillion, is anticipated to grow to $137 trillion by 2027, highlighting the increasing demand for global payment solutions as businesses expand across borders. BVNK aims to address this demand by unifying banks and blockchains through its modern payments platform, allowing businesses to send and receive payments in any currency, whether digital or fiat.

With its newfound status as a fully licensed electronic money institution in both Europe and the UK, BVNK can now provide named vIBANs in EUR and GBP, offering fast access to prominent payment schemes in the UK and Europe, including SEPA, SEPA Instant, CHAPS, and Faster Payments.

Big news 📣 After months of work across our business, we’re excited to share that our Electronic Money Institution (EMI) licence in Europe is live and operational.

This means we can offer enhanced B2B payment services for both EUR and GBP. pic.twitter.com/MHazinAfUK

— BVNK (@BVNKFinance) February 21, 2024

BVNK's Strategic Expansion in the Asia-Pacific Region

BVNK is strategically expanding in the Asia-Pacific region, appointing Anthony Man as the Regional General Manager and establishing a team in Singapore, as reported by Finance Magnates. It aims to secure licenses in 15 markets within a year, starting with a Major Payment Institution license.

The Co-Founder, Chris Harmse, relocated to Singapore to oversee expansion. Man, previously the VP at CurrencyCloud, leads as Managing Director. The CEO, Jesse Hemson-Struthers, highlighted Singapore's advantages like its location and fintech ecosystem. BVNK gained an Electronic Money Institution license in the UK in 2022 through acquiring System Pay Services, enabling services like e-money, e-wallets, and multi-currency accounts under FCA approval.