Moneycorp Group, a UK-based foreign exchange and payments company, has secured an electronic money institution (e-money) and MiFID license from the Central Bank of Ireland (CBI), easing its entrance into the European Union markets.
The license has been obtained for a local entity named Moneycorp Technologies.
This is a part of the company’s strategy to keep offering its services in the EU countries after the Brexit takes effect.
“We are delighted to have secured both E-money and MiFID licenses from the Central Bank of Ireland,” Bryan McSharry, CEO of Moneycorp’s European business, said mentioning the development. “This ensures we can continue to support our existing customer base; continue to grow our business in Ireland; and expand our business across the EU in a post Brexit environment.”
Offering forex and payments services for decades
Founded in 1979, Moneycorp is offering its foreign exchange services to both corporations and individuals. The company is headquartered in London and entered Ireland in 2013 by opening an office in Dublin to better target its corporate clients in the country.
“Since launching in Dublin in 2013, we have built a strong corporate and individual customer base of Irish clients – based on our ability to provide best in class foreign exchange services across our market-leading technology platform. We completed €3 billion of transactions for Irish clients in 2019 and we will build on that in 2020 and beyond,” McSharry added.
Apart from its presence in the UK and Ireland, Moneycorp also has offices in the USA, Brazil, Hong Kong, Spain, Gibraltar, Romania, Australia, and the UAE.
“Our CBI licenses will enable us to continue to expand our business and headcount in Ireland and offer our market-leading service to a vastly increased customer base across the EU,” the CEO continued.