We are excited to announce that following a rigorous application process, the Financial Conduct Authority (FCA) have approved our application to become an E-Money Institution. As of the 1st August 2016, our E-Money licence will come into effect.
What does this mean to you?
We will continue to provide the same great service, empowering our clients with transparent foreign exchange and international payment services. We remain regulated by the FCA, who now takes over the supervision of our compliance with the Money Laundering Regulations.
What are the benefits?
With the significant increase in electronic payments, and The UK Payments Markets 2016 predicting that by 2025, coins and notes will only account for one in four payments. WTUK’s vision is to continue developing new technologies in an ever-changing banking landscape.
Our new licence opens up future opportunities in areas such as pre-paid currency cards and e-wallets. With an E-Money Institution, clients can hold a balance on account and trade currencies at the click of a button.
We are excited about what the future holds and look forward to sharing all further developments with you.