MFSA Warns Against Unlicensed Payments Provider Emexpay

The payments provider has come under the spotlight of the Maltese watchdog for pretending to be regulated.

Malta’s Financial Watchdog, the Malta Financial Services Authority (MFSA), issued a statement today after becoming aware of an entity operating under the name of Emexpay, which it has flagged for falsely claiming to be MFSA-licensed.

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The payments provider, which is known to have an internet presence at http://www.emexpay.com, purports to be a financial company providing payment processing services.

At a glance, the website in question reveals that it is currently ‘in maintenance mode’ so further details relating to the activities of this entity which “enables merchants to accept VISA, Mastercard, AMEX and other cards” are inaccessible. However, it is known that the firm was recently acquired by Boxhill Technologies, a company listed on the London Stock Exchange.

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The MFSA has, however, indicated that it has a registered address in Malta and a Maltese telephone number as a means of contact and has alerted the public that this entity is not a company registered in Malta, nor is it an entity licensed or otherwise authorised to provide any type of financial service.

The public has thus been advised to abstain from any business or transactions with this entity and to be aware of the increased risk caused by the lack of authorisation required to provide financial services in Malta and the European Union.

Finance Magnates last reported on the activities of the MFSA in May, when it cautioned the public about the unauthorised Alpha Capital Markets clone which had been misleading investors by pretending to be regulated.

The latest warning on Emexpay is part of the MFSA’s efforts to clamp down on unauthorised financial activities in the country.

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