FCA Grants SafeCharge a Payment Institution License

The new license grants the company several new permissions.

SafeCharge has been awarded an FCA Payment Institution license. The company’s wholly-owned subsidiary SafeCharge Financial Services Limited has been authorized by the UK watchdog. The permit an addition to the firm’s European Electronic Money Institution.

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The license grants the company permission to offer several more services. SafeCharge can execute payment transactions via direct credit, debit, payment cards or similar tools.

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In addition, the firm will be able to issue and/or acquire payment instruments, execute money remittance, and provide FX and ancillary services.

According to the official statement made by the company, the new license will enable SafeCharge to continue expanding its services portfolio. The FCA’s decision also cements the company’s future in the UK market after any Brexit scenario, ignoring any potential changes to the passporting rules.

Commenting on the move, the CEO of SafeCharge, David Avgi, said: “Obtaining the Payment Institution license from the FCA fulfills one of our central objectives, as outlined in our strategy. It is also an independent endorsement of our best practices in Risk management, KYC, AML and Compliance and is a testament to our high operational standards.”

“Our merchants now have the additional validation and confidence provided by the FCA authorization. This license places SafeCharge in a key position to capitalize on the expansion of its business and services in the UK market and other EEA members,” he elaborated.

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