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Payoneer opens new Dublin hub to protect customers post Brexit

Digital payment platform Payoneer has announced its business expansion with the establishment of a new Dublin office. The FinTech has also received authorisation from the Central Bank of Ireland (CBI) for conducting its activities in Dublin as an Electronic Money Institution.

Scott Galit, CEO of Payoneer said, “This license is the culmination of our efforts to ensure stability and continuity for our customers. With this investment, we are able to continue to support the growth of our customers from around the globe, keeping cross-border commerce flowing smoothly, regardless of the regulatory changes triggered by Brexit.”

The FinTech states that the CBI authorisation counts as a significant milestone as it becomes the twelfth company to be granted the license. The expansion and the license are expected to enable its customers to continue their business operations in the EEA following Brexit. The license will also support the small businesses in Europe selling goods and services globally.

Patrick de Courcy, the head of the new Dublin office, commented, “Ireland has a credible and experienced regulator in the CBI and provides access to a sophisticated financial services ecosystem with the deep pool of staff, managers, professional advisers and service providers that we’re looking for as we grow operations.”

James Allum, the newly appointed VP Regional Head of Europe commented, “This new license and Dublin office highlights our continued investment across Europe. We offer customers and partners a premium service and that means ensuring the highest levels of regulatory compliance and security, and investing in local markets to give them the support they need.”

Established in 2005 in New York, Payoneer’s digital platform aims to deliver a suite of services that includes cross-border payments, working capital, tax solutions and risk management.

CEO of IDA Ireland, Martin Shanahan said, “Ireland is a significant location for payments technologies, home to some 25 payment companies. Payoneer is a well-recognised brand in the payments industry and very welcome addition to the sector in Ireland where, post-Brexit, they will benefit from Ireland being a committed member of the EU and Eurozone, our strong pro-business and competitive environment, open economy, and a strong skills base. I wish Patrick and his team every success here.”

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