Geoswift, a provider of cross-border payment solutions between China and the rest of the world, announced Wednesday (Jan. 18) that its U.K. unit, Geoswift UK, has received authorization as a payment institution from the Financial Conduct Authority (FCA). With the authorization, Geoswift UK can conduct more efficient end-to-end cross-border collection and settlement services to and from China.
In a press release, Geoswift said it presently partners with global banks, financial service providers, payment solutions providers and merchants in the U.K. “We are delighted to receive the FCA approval for our operations in the United Kingdom. In a market landscape that is vastly robust and continually evolving, it is important to ensure our operations are fully regulated, transparent and secure to meet international standards and to provide assurance to our partners and merchants,” Robert Miskin, managing director of Geoswift Europe, Middle East and Africa (EMEA), said in the press release announcing the development. “The FCA regulatory approval will enable us to meet the growing demands of our global partners and clients who require accessibility to efficient fund flows and secure cross-border payments between the U.K. and China.”
The executive went on to say that Geoswift is preparing to future-proof its expansion plan in Europe and embrace the growing demand for China throughout Europe. “We hold a positive outlook for the B2B cross-border potential between Europe and China in 2017 and look forward to establishing deeper partnerships with the FCA license,” he said.
According to the company, Geoswift is a leading player in China cross-border collection and settlement services and one of the few to have received FCA approval. In addition to providing business-to-business cross-border collection and settlement services across the education, eCommerce and travel sectors, Geoswift UK, thanks to the FCA approval, will be able to deepen its direct relationship with partners across the tax return, banking, education and travel sectors.