Geoswift, a leading provider of cross-border payment solutions between China and the rest of the world, announced today that its UK entity, Geoswift UK, has received authorisation as a Payment Institution from the Financial Conduct Authority (FCA) to conduct a more efficient end to end cross-border collection and settlement services to and from China.
Geoswift presently partners with major global banks, financial service providers, payment solutions providers and merchants. The FCA is the conduct regulator for 56,000 financial services firms in the UK.
Geoswift is the leading China cross-border collection and settlement service to have received FCA approval. In addition to providing business to business cross border collection and settlement services across the education, eCommerce and travel sectors, Geoswift UK using the approval will be able to deepen its direct relationship with partners across the tax return, banking, education and travel sectors. Geoswift remains committed to being a market leader in enhancing the accessibility, efficiency, transparency and security of cross-border transactions between UK and China.
Robert Miskin, Managing Director of Geoswift Europe, Middle East and Africa (EMEA) said, "We are delighted to receive the FCA approval for our operations in the United Kingdom. In a market landscape that is vastly robust and continually evolving, it is important to ensure our operations are fully-regulated, transparent and secure to meet international standards and to provide assurance to our partners and merchants. The FCA regulatory approval will enable us to meet the growing demands of our global partners and clients who require accessibility to efficient fund flows and secure cross-border payments between the UK and China. We are also preparing to futureproof our European expansion plans in due course and embrace the growing demand for China, throughout Europe. We hold a positive outlook for the B2B cross-border potential between Europe and China in 2017 and look forward to establishing deeper partnerships with the FCA license".
Geoswift is headquartered in Hong Kong with operating offices in Shanghai, London, Vancouver, Seattle and San Francisco for strategic and regulatory functions.