New E-Money Institutions authorised in Ireland (June 2020)

CompliReg is proud to power the Official Fintech Ireland Map 2020.

We are now powering the Regulated Fintech Ireland Map version 2 which showcases the regulated payment services directive and electronic money directive firms authorised by the Central Bank of Ireland.  Joining this Map in 2020 are the first of two - hopefully many more to come - e-money firms, Squareup International Limited  ("Square") and MoneyCorp. 

Ireland now has:

• 18 authorised payments firms,
• 3 registered AISPs, and
• 14 authorised emoney firms.

In addition to issuing emoney, Square is authorised to provide payment services number 3b (execution of payment transactions through a payment card or a similar device) and number 5 (issuing of payment instruments and/or acquiring of payment transactions).  

Although Moneycorp is yet to appear on the Central Bank of Ireland register, Moneycorp confirmed to us that it is also authorised to provide payment services 3b, 5 and in addition 3c (execution of credit transfers, including standing orders).  Moneycorp has been fairly busy. In addition to its emoney authorisation, it also secured a MiFID authorisation.  By the way, AFEX which was authorised as payments institution in 2019 also secured a MiFID licence. Expect to see more firms seek both an emoney/payments authorisation together with a MiFID one.

Moneycorp’s Dublin office, which opened in 2013, has operated as a branch of its UK regulated entities, saying that as part of Moneycorp’s strategic response to Brexit and wider market developments, it has now secured its e-money and MiFID licences from the Central Bank of Ireland for a newly established Irish company.  Bryan McSharry, chief executive of Moneycorp’s European business, said the licences ensured it could “continue to support our existing customer base, continue to grow our business in Ireland and expand our business across the EU in a post-Brexit environment”.

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They are:
Payments Firms:
AIB Merchant Services, Western Union, Fexco, CurrencyFair.com, TransferMate Global Payments, #Fire, CUSOP (Payments) Ltd, #PrimaFinance, Avantcard, Barclaycard, #Chasepaymentech, Google Pay, #smallworld, AFEX, BUREAU BUTTERCRANE LTD, Remitly, J.P. Morgan, Circit.io, Xpress Money, CRIF & Finclude (fka. Verge.Capital)
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Emoney Firms:
EML, Facebook, Soldo, Optal, Paysafe Group, paysafecard.com, Prepaid Financial Services Limited (PFS), #foreigncurrencydirect, Stripe, Coinbase. One4all Group, Payoneer, Square and Moneycorp.

Congratulations Moneycorp and Square and welcome to the thriving regulated Irish fintech ecosystem.

If you are looking to get authorised in Ireland as an emoney or payments firm, see these Authorisation Guides. 

Read Moneycorp's press release below.

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​Moneycorp secures its E-Money and MiFID licences in Ireland
 
New Irish entity, licenced by Central Bank of Ireland, to drive expansion across EU
 
Moneycorp to build on €3 billion of transactions executed for Irish clients in 2019
 
Dublin, 1 July 2020 | Moneycorp Group, the global foreign exchange and payments business has been granted its Electronic Money Institution (E-Money) and MiFID licences by the Central Bank of Ireland (CBI), further bolstering its offering and expansion in the European Union (EU).
 
Moneycorp is one of the world’s largest specialist foreign exchange companies, serving corporates and individuals across multiple channels since 1979. Headquartered in London, Moneycorp opened its Dublin office in 2013 to provide corporate clients with foreign exchange and payment services over its market leading on-line platform as well as directly from its Dublin dealing room.
 
Since launch, the Dublin office has operated as a branch of the Group’s UK regulated entities, however, as part of Moneycorp’s strategic response to Brexit and wider market developments, it has now secured its E-money and MiFID licences from the CBI for a newly established Irish company; Moneycorp Technologies Limited (MTL).
 
Bryan McSharry, CEO of Moneycorp’s European business, said: “We are delighted to have secured both E-money and MiFID licences from the Central Bank of Ireland. This ensures we can continue to support our existing customer base; continue to  grow our business in Ireland; and expand our business across the EU in a post Brexit environment.”
 
“Since launching in Dublin in 2013, we have built a strong corporate and individual customer base of Irish clients – based on our ability to provide best in class foreign exchange services across our market-leading technology platform. We completed €3 billion of transactions for Irish clients in 2019 and we will build on that in 2020 and beyond. Our CBI licences will enable us to continue to expand our business and headcount in Ireland and offer our market-leading service to a vastly increased customer base across the EU.”
 
About Moneycorp Group
Moneycorp Group is a global foreign exchange and payments business with offices in the UK, USA, Brazil, Hong Kong, Spain, Gibraltar, Romania, Australia, the UAE and Ireland.
 
With a forty year record of outstanding customer service, today the Moneycorp group serves the growing foreign exchange and payments needs of global businesses, importers and exporters as well as personal clients.
 
W:          www.moneycorp.com                                   L:             linkedin.com/company/moneycorp/
T:            @moneycorp                                                    I:             instagram.com/moneycorp/