A regulatory filing by publicly listed provider of payment services, SafeCharge International Group Limited, (LON:SCH) revealed that the company has been granted approval for Issuing Activity from MasterCard Europe.
After the firm becomes a Principal Member, SafeCharge will be able to start issuing pre-paid, co-branded MasterCard products. The move will provide SafeCharge’s clients the opportunity to provide clients of the company with a new withdrawal method, by transferring funds from their accounts to a pre-paid card.
SafeCharge International Group’s (LON:SCH) CEO, David Avgi, shared in the company announcement, “The extension of our MasterCard Principal Membership is another achievement for SafeCharge. The approval enables us to issue our own and co-branded pre-paid cards and is a significant step in building a new pillar to our business.”
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Earlier this year, the company was granted a VISA Europe Principal Membership status, while in September SafeCharge International Group (LON:SCH) got authorized by the Bank of Cyprus to issue electronic money. The move led to full compliance with existing EU regulations in accordance with the European Union Electronic money directive, with passporting of regulation across the continent.
The firm has also appointed a new Executive Vice President of its Card Issuing Division. Mr Ali Farid Khwaja CFA will join the Company in February 2015, from his position as Financial Technology Analyst at Berenberg, where he specialized in the payments space.
Prior to Berenberg, Ali was responsible for investments in emerging markets and a Technology Analyst at UBS.