Payoneer (NASDAQ: PAYO), a payments Fintech, has been approved to provide services under the UKs Electronic Money License. Payoneer is a global platform that currently provides services for millions of SMEs, particularly in emerging markets, to pay and get paid, manage their funds, and more.
Payoneer was recently approved for services in Singapore.
The license means Payoneer is regulated by the Financial Conduct Authority (FCA). While Payoneer did not mention the services it intends to provide under the license some neobanks operate with an EMI.
Payoneer said it will seek to expand its services in the UK to “help more businesses navigate the world of global digital commerce.”
James Allum, CEO of Payoneer Payment Services UK Ltd and SVP Europe of Payoneer, said the FCA traditionally sets the tone of financial regulation and they are extremely proud to be authorized under the E-money license in the UK.
“We’re excited to be able to continue serving our customers in the UK and with our relationship with the FCA. Our customers in the UK now have confidence in Payoneer’s consistent ability to provide regulated financial services of the highest standard.”
Payoneer also holds licenses or approvals in the United States, Europe, Hong Kong, Japan, Australia, and India.
