Whites Group has recently secured its Monetary Authority of Singapore license. This license will enable Whites Group to operate their already successful foreign exchange offering to the Asian market.
Obtaining a MAS license from Singapore’s central bank is known to be a problematic, lengthy process. After two years of meticulous application planning and checks to ensure all operations are sustainable, secure and exempt of any vulnerabilities, Whites Group are delighted to announce that they are one of only a handful of FX companies who have attained the money exchange and remittance license. The official launch of the license is January 2017.
Whites Group have also successfully completed the scrupulous application process in connection with the Financial Conduct Authority (FCA) to acquire their E-Money Institution. This came into effect in August 2016.
An E-Money Institution allows clients to hold a balance on account and trade currencies at the click of a button. This new license will enable future opportunities in sectors such as pre-paid currency cards and e-wallets.
With the use of electronic payments increasing significantly and the UK Payments Markets 2016 predicting that coins and notes will account for only one in four payments by 2025, the vision of Whites Group is to continue developing new technologies in a diverse banking landscape.
Following Whites Groups success in attaining their Singaporean license, Whites Group have rebranded and redesigned their site. The design team have worked meticulously over the past 12 months to create a sustainable brand and site to reflect the ethos of the Whites Group which is ‘technology first’ across all products. WhitesPay; a new FX payment platform is also currently under development by the group.
Jack Horton, CEO: “We’re delighted to have acquired not only our E-Money license but our ability to now operate in Singapore, allows us to replicate our proven UK model. The announcement of our recent payment platform, which is due for release in January, is yet another example of our technology-first approach.”