The Singapore-based fintech, TranSwap has received authorization from the Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI). This will allow the company to provide payments services within the United Kingdom.
It can offer global payments and collections, borderless digital wallets, cards & spend management, platform-as-a-Service (PaaS) to businesses.
The company is already licensed in Asian markets like Singapore, Hong Kong and Indonesia, and now with FCA registration under its sleeve, it will allow global expansion. It aims to streamline the gap between the United Kingdom and Southeast Asia for business, allowing British companies to expand markets globally.
“We are excited to receive the EMI authorization in the UK to scale our international business banking services for our existing customers and partners in Asia and potential customers in the UK,” said Benjamin Wong, TranSwap's CEO.
“We [are] very much looking forward to becoming the global business banking partner for businesses that [is] currently trading between Asia, the UK and Europe.”
A Strategic Move
TranSwap’s acquisition of an FCA license is strategical as the company’s global research and development center is located in Edinburgh, Scotland. The establishment of its presence in the country in 2021 was supported by the Scottish Development International (SDI) representatives.
“By receiving EMI authorization, TranSwap will be in a position to support Scottish companies active in southeast Asia and those looking to expand into this important market.” the Trade Minister of the Scottish Government, Ivan McKee, said.
Nicola Anderson, the Chief Executive Officer of Fintech Scotland, added: “The fintech sector is adept at modifying business models and adapting in order to achieve better products and services. TranSwap brings new experiences to the FinTech Scotland community and consistently demonstrates its abilities across different international markets.”
