Passport to the Future: Payments Industry Paper
With the UK potentially leaving the EU in 2019, there could be a risk of losing its passporting rights to the European single market meaning many regulated payments companies in the UK & Gibraltar will be unable to deliver products and services across the European Economic Area (EEA). In this report the Emerging Payments Association (EPA), with Ramparts as sponsors and co-authors, provide a review of 15 countries that these payments companies could become regulated in to continue to access the EEA common market, along with an in-depth analysis of the six best countries to be considered.
Whilst Brexit negotiations are taking place, the UK government cannot ignore the value of passporting as this could result in many of the UK Treasury’s estimated 60,000 FinTech employees to move their operations abroad. Given the risks of Brexit, every regulated payments company (PSP) must consider their options, the report outlines some very good jurisdictions in addition to the UK in case that proves necessary.
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