MFSA Warns Against Unlicensed Payments Provider Emexpay

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.

Join the industry leaders at the Finance Magnates London Summit, 14-15 November, 2016. Register here!

The Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider, which is known to have an internet presence at https://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 Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term.

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.