SafeCharge Expands into Electronic Money, Gets Authorized by the Central Bank of Cyprus

The company’s wholly owned subsidiary SafeCharge Limited has received the authorization under the European Parliament’s 2009 directive applying to payment

safecharge logoOne of the leading payment services providers for the foreign exchange industry, SafeCharge (AIM: SCH), announced that the company’s wholly owned subsidiary, SafeCharge Limited, has received the authorization under the European Parliament’s 2009 directive applying to payment service providers which issue electronic money in the European Union (EU).

The company has been authorized by the Bank of Cyprus and will be able to issue electronic money fully complying with existing EU regulations in accordance with the European Union Electronic money directive.

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Electronic money (or E-money) is a digital form of cash, which is stored on an electronic device or remotely at a server in the cloud. One of the most widely known E-money systems is Ebay’s subsidiary PayPal, others include PayPal, eCash, WebMoney, Payoneer and some not so fortunate services such as Liberty Reserve.

Various types of services which electronic money providers deliver include an ‘electronic purse’ service, which permits users to store relatively small amounts of money on their payment card or other smart card, or on their mobile phones.

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The firm stated that the event enables SafeCharge to expand its services to its existing client base and increase its “Business to Consumer” (B2C) exposure. It also mentions plans for card issuance and associated services in the near future.

The company’s CEO David Avgi, commented,”Obtaining the EMI license fulfils one of our central objectives, as outlined in our strategy. The EMI license places SafeCharge in a key position to capitalise on the expansion of e-wallets, mobile wallets and prepaid card issuance globally.”

The company’s shares are trading at an all-time high around 239 pence, following the company’s upbeat first half results which revealed that the firm payed a dividend to its shareholders and raised its growth forecasts only five months after listing on London’s Alternative Investment Market (AIM).

SafeCharge has also recently been granted a VISA Europe principal membership.

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