Early Stage Fintechs Get Regulation Guidance

by PaymentsJournal 0

Saxo Payments logo

London, 11th April 2018 – The Emerging Payments Association (EPA), with the support of its Benefactor, Saxo Payments Banking Circle, has launched a vital resource for early stage FinTech and PayTech companies. The EPA FinTech Regulation Helpline, which will be resourced by Banking Circle and Lipis Advisors, is set to provide useful guidance to help FinTechs navigate new payments-related regulations.

Initially the Helpline will be open twice a week for 3 hours per day, with a view to expansion as usage increases.  It will operate on Tuesdays and Thursdays each week between 9:30am and 1:30pm.

The FinTech Regulation Helpline is being delivered under Banking Circle’s Benefactor support for the EPA’s Project International Trade. The project encourages trade between EPA members and organisations that use payments outside the UK, to stimulate the adoption of new payments products and services in emerging markets, and support the growth of early stage PayTech companies around the world. The project has been endorsed by Foreign Secretary, Boris Johnson, for its accomplishments in supporting and promoting international trade.

“The new Regulation Helpline is a way to de-mystify the complex world of payments for early stage FinTech businesses”, explained Tony Craddock, Director General of the EPA. “Regulations should be an enabler of innovation, not an obstacle to it. Through the Helpline, we hope to remove a barrier to entry and support entrepreneurs with great ideas to succeed in our thriving industry.”

Anders la Cour, Co-founder and Chief Executive Officer of Saxo Payments Banking Circle, added: “There have been major changes to regulation in recent months, with more to follow.  Regulation is challenging for any business, but even more so for smaller firms with less experience.  It is vital, therefore, that the industry helps small and young businesses get to grips with the new requirements, rather than risk non-compliance, which could have a devastating impact.

“We believe the Helpline will be invaluable to many companies in need of information and guidance in navigating the changing payments landscape, and we are proud to be playing such a fundamental role in supporting this service.”

About Banking Circle

In 2013 Saxo Bank formed a new entity, Saxo Payments A/S, with the purpose of using Saxo Bank’s core capabilities within the non-cash payments market. In October 2015 the company launched the Banking Circle – its grounbreaking product for payments and FX to the Financial Tech industry. In October 2017, the company launched its new identity for the Banking Circle, to reflect its position as a financial utility within core banking.

Domiciled  in the European Union, Saxo Payments specialises in providing global payment account transactions and foreign exchange services to financial institutions, including FinTechs, banks, acquirers, payment service providers, FX brokers, money transfer businesses, e-wallets, and alternative payment providers. Saxo Payments is a Saxo Group company.