TransactPay secures in principle approval for post Brexit licence

Payments innovator, TransactPay, has addressed the need to be Brexit-ready after securing  in principle approval in respect of its application for an Electronic Money License  from the Malta Financial Services Authority. This ultimately means that the TransactPay will, subject to fulfilling the MFSA’s pre-go live conditions, continue to service customers throughout the European Economic Area (EEA) post-Brexit via its new entity, TransactPay.

This is a significant boost for the payments specialist, which is also licensed by the Gibraltar Regulator, the Financial Services Commission, via which it will continue to support the UK and Gibraltar markets in addition to future market opportunities arising from Brexit.

CEO of TransactPay, Kriya Patel, said “This marks a major milestone for TransactPay and our numerous partners as it ensures that we, through all of our payment service offerings, can continue to support the EEA market post completion of Brexit.  This equates to uninterrupted services for hundreds of branded partners and millions of cardholders who have trusted TransactPay and now TransactPay to be their payment services provider.”

TransactPay established their Malta office in summer 2019 and completed recruitment of a full team in Q4 of 2019 in preparation of being issued a new licence. The timetable was designed to ensure a seamless transition can be achieved for its non-UK customers over to the MFSA license. The new office will work closely with the multiple site teams of the existing TransactPay business to ensure a smooth transition and integration of services.

Aaron Carpenter, CEO of the new licenced entity TransactPay, said “Our number one objective has always been to ensure that Brexit does not prevent Transact from continuing to service our valued customers throughout the EEA, and with the issuance of the Approval in Principle, we are now able to ensure that we meet this objective.  However, our ambition does not stop there.  Malta itself presents a number of exciting opportunities for TransactPay and we look forward to pursuing these over the coming months.”.