The National Bank of Belgium has granted PrePay Solutions, a one-stop shop for prepaid programmes and digital banking firm, an e-money licence.
As a result, the company now hopes to be able to keep trading in Europe no matter what the final Brexit deal looks like.
It is not the only British FinTech company to have looked abroad to ensure it can trade within the EU after the UK’s exodus from the trading bloc. For instance, the central bank of Lithuania reported back in February that it had received over 100 banking licence applications from financial companies.
Acquiring an alternative licence in another country is one of the way UK firms can hope to beat the uncertainty of Brexit.
The prolonged and politically charged negotiations has caused a lot of uncertainty regarding whether or not the UK would be able to remain as Europe’s FinTech leader after Brexit. As FinTech global recently reported, stakeholders in the industry have noted that while big scaleups continue to achieve massive rounds, smaller startups seem to be struggling.
In the run-up to the October 31 exit date, the British Financial Conduct Authority has been increasing its efforts to ensure the country’s companies are aware of what they need to do in order to prepare for no-deal Brexit. The organization has set up a series of adverts and a dedicated telephone line to help businesses with any Brexit questions.
Copyright © 2019 FinTech Global
