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Xace secures FCA licence for financial services in UK, Europe

By Robin Amlot

September 21, 2020

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London-based Xace, a digital banking platform designed for emerging markets including gaming and cryptocurrency, is now approved by the UK’s FCA to provide financial services in the UK and Europe.

Xace develops digital bank accounts and allows cryptocurrency and gaming operators to safely send and receive payments without needing to use traditional banks. Named IBANs for Euro payments via SEPA and Faster Payments for GBP are now available from Xace, which can also provide account solutions for casinos licensed out of Curacao.

With Virtual Debit Cards due to launch on the Visa network, Xace customers will be able to manage their payments dynamically based on their tailored needs, from slot machines to sports betting from cryptocurrency to blockchain, in both GBP and Euros.

Since enabling applications in July 2020, over one thousand gaming businesses and players have requested accounts with Xace. Founder and CEO David Hodkinson said: “Approval from the FCA is a significant step in our journey to becoming the go-to digital banking platform for gaming enthusiasts, cryptocurrencies and businesses. Xace has been designed for the emerging markets and this approval is testament to our extensive understanding, knowledge and experience of compliance in the industry.”

Xace is a specialist in providing accounts for online gambling and sports betting. Hodkinson added: Having worked with hundreds of casinos as chartered accountants for the past decade, we were always well aware of the problems these businesses and players were facing with their banks – or lack of banks. We knew we could provide a specialist solution to the industry that would not only solve a pain point but would enable us to demonstrate our resolve to potential customers in being there to find the answers they desperately needed.”

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