TranSwap, a Singaporean fintech with a growing presence in Scotland just announced it had received authorisation from the FCA to conduct payment activities as an Electronic Money Institution (EMI) in the UK.
This will allow the fintech firm to offer its comprehensive suite of services, including global payments and collections, borderless digital wallets, cards & spend management, platform-as-a-Service (PaaS).
The company had recently opened its Global R&D Center in Edinburgh and is now well positioned to provide cutting edge fintech services for its customers globally.
TranSwap can facilitate borderless trade and investment activities through technology allowing companies from Asia, UK and Europe to expand in those markets the same way local firms would.
Scottish Government Trade Minister Ivan McKee said: “This is a significant development for TranSwap and a further indication of the strength and level of innovation in Scotland’s globally competitive fintech sector. By receiving EMI authorisation, TranSwap will be in a position to support Scottish companies active in south east Asia and those looking to expand into this important market.”
Commenting on the significant milestone, Benjamin Wong, Chief Executive Officer of TranSwap said, “We are excited to receive the EMI authorisation in the UK to scale our international business banking services for our existing customers and partners in Asia and potential customers in the UK. We very much looking forward to becoming the global business banking partner for businesses that are currently trading between Asia, UK and Europe.”
Appreciating TranSwap’s agile practices since its inception, Nicola Anderson, Chief Executive Officer of Fintech Scotland said, “The fintech sector is adept at modifying business models and adapting in order to achieve better products and services. TranSwap brings new experiences to the FinTech Scotland community and consistently demonstrates its abilities across different international markets. We’re delighted to work with them and look forward to their successes.”
This article originally appeared on TranSwap’s website.