BVNK Goes Live as Electronic Money Institution in Europe

BVNK, a global payments company, has announced the activation of its Electronic Money Institution (EMI) licence in Europe.

"After months of work across our business, we're excited to share that our EMI licence in Europe is live and operational," the company stated in its latest announcement.

In November 2022, BVNK obtained a payment licence through the acquisition of System Pay Services Limited (SPS Ltd)​, a British EMI-licenced company, allowing it to provide regulated payment services to global enterprises in the country. Shortly before this, the global fintech had registered as a Virtual Asset Service Provider (VASP) in Spain.

According to BVNK, the company can now provide vIBANs in EUR and GBP, and enable fast access to UK and Europe's payment schemes as a fully licenced electronic money institution in both Europe and the UK. As a result, their merchants can easily pay, and receive payments from, suppliers and partners.

Additionally, BVNK is also focused on expanding its presence in the APAC region. Last year, BVNK Co-founder Chris Harmse moved to Singapore to kick off its expansion in Singapore in March and submitted an application to the Monetary Authority of Singapore (MAS) in May for a Major Payment Institution (MPI) licence. In June of the same year, the company further strengthened its leadership team in the region by hiring Anthony Man​, an industry expert with two decades of experience in payments and financial services, as the General Manager for APAC.