Vogogo Inc. ("Vogogo") (TSX VENTURE:VGO) today announced that its wholly-owned subsidiary, Vogogo EU Ltd, has obtained final authorization from the Financial Conduct Authority (FCA), the UK's banking and financial services regulator, to operate as an authorized Electronic Money Institution (EMI).
As an authorized EMI, Vogogo has also established safeguarding accounts with a commercial bank based in Europe and transaction acquiring relationships with three banks based in Europe.
Obtaining the EMI authorization allows Vogogo to operate as an independent provider of payment processing, stored value, e-wallet, pre-paid card, and foreign exchange services in addition to providing related risk management services. The authorization is issued for the UK and extends to the broader European Economic Area (EEA) through a cross-border services arrangement known as passporting.
The EMI authorization requires that Vogogo has achieved and will maintain comprehensive corporate, financial and operational structures, practices, policies and procedures in accordance with the UK's Electronic Money Regulations directive and as authorized by the FCA.
"We are both reassured and excited to have final authorization from the FCA." said Vogogo Inc. CEO, Geoff Gordon. "The EMI authorization allows us to move forward on several business opportunities in Europe. As a result, I believe we will see strong growth in Europe and we look forward to realizing that."