UK’s FCA allows Wizz Financial to acquire UAE Exchange UK
By Leandra Monteiro
Wizz Financial, a global FinTech company specialising in payment solutions, has received approval from the United Kingdom’s Financial Conduct Authority (FCA) to complete the acquisition of UAE Exchange UK Limited. This follows a series of previously obtained approvals for the purchase of UAE Exchange in the United Arab Emirates and affiliated regulated entities in the United States and the Middle East.
Clearance from the FCA is an important step toward fully operationalizing the UK company which plays an integral role for those making remittance payments between the UK, the UAE and India.
Wizz Financial will rebrand UAE Exchange UK as it focuses on synchronising all of its offerings between the US, UK, UAE and India. Wizz Financial invests in the latest technology to build the best exchange and compliance platforms in the world. UAE Exchange UK will offer more than money remittance but also micro-lending solutions and an array of related innovative products.
“FCA approval is an important milestone for us and we appreciate their support in our vision to create a leading financial services company underpinned by cutting-edge technology to best serve our customers,” said Wizz Financial Co-Founder and Group Chairman Amir Nagammy.
“We are appreciative to the FCA, one of the leading regulatory authorities in the world, for approving this transaction as it allows us to provide more opportunities for our customers,” said Wizz Financial’s General Counsel and Head of Compliance Adrianus (Aryan) Schoorl. “The core of what we do is to create products and solutions to serve our customers in their everyday financial decisions. With the regulatory developments in the consumer financing space, we see that our licenses give us a head start in that space.”
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