Foreign exchange provider Moneycorp has gained a bank licence.
The new licence from Gibraltar comes into force in May. Gibraltar-based Moneycorp will then be able to hold deposits in multiple currencies and service the payment needs of corporate and private clients in Gibraltar. It will operate as a separate legal entity to Moneycorp’s main operating company which is headquartered in the UK. Moneycorp Bank will be regulated in Gibraltar by the Gibraltar Financial Services Commission.
CFOO of Moneycorp Group Nick Haslehurst said: “Moneycorp is making solid progress in establishing itself as a leading FX and international payments specialist, in overseas markets as well as the UK. The acquisition of a bank licence is a major step in this journey. It will enable Moneycorp to continue its controlled growth within our existing international markets but also support expansion into new markets with stable economies and strong cross-border payments.”