Seamless obtains money-transfer license for EU

Source: Swedish Financial Supervisory Authority

The Swedish Financial Supervisory Authority (FI) has granted Seamless a licence to conduct money transfers.

The licence applies to the Seamless company Seamless Remittance AB, which plans to offer payment and remittance services such as international money transfers.

FI's approval also allows Seamless to offer its services in other EU countries.

"FI's decision opens up a huge and interesting market for Seamless and our payment service SEQR. The licence allows us to offer competitive solutions compared with banks and international money transfer agents such as Western Union, which enables users to send international payments via their mobile phone, for example. We're primarily targeting the private market," explains Peter Fredell, CEO of Seamless.

"Money transfers are a huge market both in Sweden and internationally, with an annual turnover of around 500 billion dollars. And this could prove a significant future business for Seamless," he continues.

"Many of our international mobile operators have been asking for this type of service. Our own transaction exchange and SEQR make us perfectly placed to quickly build up a business for international payments with a minimum of outlay." 

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