TransferWise applying for Brussels license in bid to navigate a ‘no deal’ Brexit

Jan 10, 2019 · techcrunch.com

Transferwise borderless account mobile card

TransferWise, the London-headquartered international money transfer company, is applying for a new licence in Brussels, in a bid to navigate a possible "no deal" Brexit as the U.K. prepares to leave membership of the European Union on March 29 this year.

One of the definite plusses of EU membership, and something that has undoubtedly benefited U.K. fintech startups, is so-called "passporting" of financial services. This sees a certain level of financial regulatory harmony across the EU and means that companies authorised in any EU (or EEA) state can offer their services freely in any other, and with minimal additional authorisation.

Furthermore, these "passports" are the foundation of the EU single market for financial services. Therefore, if the U.K. leaves the single market, which a no deal Brexit and other likely forms of Brexit will result in, then fintech companies in the U.K. that trade in the EU/EEA or have plans to do so, will need to obtain new licenses from an EU/EAA country.

Read Complete Article

RT @LDNconnectory: We have a special announcement... Our website is live! Read all about our space, find out what's going on and meet our…

We are working with the homebuilding sector to build more genuinely affordable homes. Today we discussed how to man… https://t.co/kf9qnOiBXw

RT @SDL: 🎥 Watch our interview with Tech Week TV at The #AISummit where we introduced our Linguistic AI™ capabilities to the #AI community:…

EU's GPS satellites have been down for four days in mysterious outage https://t.co/6qpc708XZy

Britain's highest paying degrees, perhaps unsurprisingly, include law, business and economics. But university optio… https://t.co/hrzeVAKcY1

More in London