Danish Financial Supervisory Authority grants Safenetpay an EMI licence

Safenetpay News 15 October 2021
Danish Financial Supervisory Authority grants Safenetpay an EMI licence

We are pleased to announce that we have been granted an EMI (Electronic Money Institution) licence, courtesy of the Danish Financial Supervisory Authority.

We are licensed in the UK under the Financial Conduct Authority  (which also used to cover us in the EU/EEA) but after Brexit transition period this was no longer the case. We are now covered following the establishment of our Danish subsidiary and the granting of our EMI licence.

 

What is an EMI licence?

Electronic Money Institutions are companies that are licensed to issue e-money and provide financial payment services to third parties and store their relevant funds on special segregated accounts.

 

What does this mean for Safenetpay?

Our new EMI licence gives us our group the freedom to promote and provide our services across the EU/EEA (subject to passporting), without the need to negotiate arrangements and obtain separate licences in other member states countries. This not only saves us untangling bureaucratic legal webs, but it also means that we can focus on what we do best – simplifying payments.

There are a reported 25 million SMEs within the European Union and as of 2019, 32.9 million people identified as being self-employed. More now than ever people are looking for flexible and affordable financial services that they can trust.

 

What does this mean for Safenetpay customers?

Setting up our subsidiary in Denmark and securing our EMI licence gives us the right to provide Safenetpay services in and target new customers within the EU/EEA (subject to passporting). This will allow us to expand our operations in Europe and provide SMEs and sole traders across the continent with smarter business solutions. 

 

Can EEA based SMEs, sole traders and freelancers open a Safenetpay account? 

Our free business accounts are currently only available for UK SMES and sole traders; however, we are working hard to expand to other regions. As an EEA SME you may still be able to benefit from Safenetay’s products services with a Bespoke plan.  

If you’re interested in finding out how Safenetpay may be able to help your business, please don’t hesitate to get in touch. We’d love to hear from you!

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