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 @BalticTech: We have an urgent role in #London for a #GoogleCloud #Architect to join our client for an initial 3 months contract period.…

Brilliant to see thousands of Londoners take to the streets on #CarFreeDay, experiencing more than 27 km of closed… https://t.co/jNWjIce6eV

There’s no better forum for the latest insights in Cloud, AI, Blockchain and more than #ThinkLondon, IBM’s annual f… https://t.co/bMnrwMLUM1

Richard Stallman resigns from Free Software Foundation after defending Jeffrey Epstein behavior https://t.co/W1A9XubkV0

Two arrested in $10 million tech support scheme that 'preyed on the elderly' https://t.co/2lPaf9DQva

More in London