Impact of Brexit on PSD II companies in the UK

Sunday August 4, 2019

It seems that Brexit is indeed set to happen in October 2019. While negotiations that would allow UK-authorized payment providers to continue servicing customers in the EU, EEA, and EFTA, the outcome is still unclear. If the UK leaves without an agreement, UK regulated payment providers (Payment Institutions, Electronic Money Institutions) will no longer be permitted to provide services in the EU, EEA and EFTA, as the UK FCA license will no longer be recognized in the Union. This may be the most unfortunate turn of the events, yet this cannot be ruled out. With the above in mind, Zitadelle suggests looking for an alternative base for operations within the EU. During the last 2 years Lithuanian Electronic Money Institutions became very attractive and at the moment there are more than 100 companies regulated by the Lithuanian Central Bank. While Zitadelle can assist with a new application to the Central Bank, our group currents holds representation rights to sell two existing businesses: – Dormant company with an existing EMI license from the Central Bank; – Existing company with active and profitable business running under the Lithuanian Central Bank and having a business office in Vilnius. Reach out to learn more,

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