FinTech Nium receives UK EMI license from the FCA

By Megha Bhattacharya

FinTech Nium announced that it has received the Electronic Money Institution (EMI) license from the Financial Conduct Authority (FCA) in the UK. This development is expected to enable the FinTech to issue e-money and provide cross-border digital payment services in the UK. Nium can also extend its global financial infrastructure to businesses and consumers in the UK as well as offer end-to-end B2B and B2C financial products and services.

“As our European EMI licence will not allow us to continue serving our clients in the UK after the Brexit transition period ends on 31 December 2020, this is an important step towards maintaining continuity. With the UK EMI licence, customers in the country will be able to continue tapping on our Open Money Network to offer financial services, enter new markets, expand across the globe, generate new revenue, and enhance customer satisfaction,” said Nium’s Co-Founder and CEO Prajit Nanu.

The FinTech, through this license, will be able to offer stored value, conduct real-time fund transfers, and send money to around 3.21 billion beneficiaries around the world. Nium will also be able to unlock frictionless payment experience for businesses and consumers globally through its API tools and turnkey infrastructure.

Nium’s platform allows global financial institutions, money service providers, enterprises, small businesses, and consumers to make cross border payments across 90 countries and real-time payments in 65 corridors. It also aims to allow customers to bring suppliers, business partners, and clients together in a single platform, enabling faster growth by expanding into new markets and reducing operational complexity and cost.

“We’ve spent years building our business around security and compliance, and our network today is powered by our portfolio of licences, hard-earned by building trust with global financial regulators. The FCA’s approval of our EMI licence is testament to the trust that global banks and financial regulators have in us, and recognition of our platform’s capabilities to offer the best fintech solutions to UK businesses.” said Nium’s Chief Compliance Officer Laurent Reichert.