MiFinity to provide post-Brexit payment solutions for UK & EEA

By Megha Bhattacharya

Global payments provider MiFinity announced that its solution will allow users to continue making cross border payments post Brexit. This follows FCA’s announcement that stated that passporting of certain payment services for UK licenced institutions to European Economic Area (EEA) states will expire at the end the transition period on 31 December 2020.

The development will affect UK based FCA licensed payment providers as well as payment services for companies based in EEA that carry out certain types of business in the UK.

MiFinity said in a press release, “MiFinity UK Limited (Registration Ref.900090) and MiFinity Malta Limited (Registration Ref. C64824), trading as MiFinity for the issuing of electronic money are duly authorised and regulated by UK Financial Conduct Authority (FCA) and Malta Financial Services Authority respectively (MFSA). Both licences put MiFinity in the optimal position to continue to service both UK and EEA markets into 2021 and beyond.”

The company recently launched its online eWallet in a bid to expand into the online gaming, travel and eCommerce sectors. The new rollout is expected to enable customers to perform transactions with multiple local payment options in different currencies. MiFinity offers a range of end-to-end payment solutions. It has more than 18 years of experience in the online payments space with a network of global partner relationships and a regulated technology platform.