The Financial Conduct Authority has given the green light to Geoswift, the Hong Kong-based cross-border payments company, to operate collection and settlement services between the U.K. and China.
With this regulatory approval, the company’s U.K. arm can further develop its partnerships in the tax return, banking, education and travel sectors, it said in a Jan. 17 news release.
"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,” said Robert Miskin, managing director of Geoswift’s Europe, Middle East and Africa group, in the release. “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.”
Miskin also said Geoswift plans to “futureproof” European expansion plans, though he gave no indication of the timeline for such plans, and has a positive outlook for business-to-business operations between Europe and China in 2017.
Geoswift also provides B-to-B solutions for cross border collection and settlement in the education, eCommerce and travel sectors. It has offices in Shanghai, London, Vancouver, Seattle and San Francisco.