With companies taking strategic steps in response to Brexit, Payoneer is the latest fintech company to double its regulatory investment by opening an office in Ireland.
To protect the uninterrupted cross-border trade for customers in the EEU, Payoneer has been approved by the Irish Central Bank as an electronic money institution. The fintech unicorn announced that it will open a new office in Dublin, Ireland, to demonstrate its continued commitment to its customers in the uncertainty surrounding trade after Britain's exit from the EU.
This is a remarkable milestone for Payoneer, the 12th company to receive CBI approval as an e-money institution and passport for the entire European Economic Area (EEA). Payoneer supports sellers on the main platforms Amazon, Cdiscount, Joom and Rakuten as well as small companies with headquarters in Europe. With this license, the company can ensure that these customers can continue to provide seamless services.
Scott Galit, CEO of Payoneer, said: “This license is the culmination of our efforts to ensure stability and continuity for our customers. With this investment, we can continue to support the growth of our customers from around the world and make cross-border trade run smoothly regardless of the regulatory changes triggered by Brexit. We are very grateful to the CBI for their guidance and support in issuing the new license and IDA Ireland for their support. "
The new Dublin office will be managed by Patrick de Courcy, who previously led Payoneer's APAC activities. He comments: “We are very excited to start in Dublin and join the growing number of e-money and payment institutions established here. Ireland has a credible and experienced CBI regulator and provides access to a sophisticated financial services ecosystem with a large pool of people, managers, professional advisors and service providers that we will look for as we grow our business. "
Martin Shanahan, CEO of IDA Ireland, said: “Ireland is a major location for payment technologies with around 25 payment companies. Payoneer is a recognized brand in the payments industry and a very welcome addition to the Irish sector where, after Brexit, they will benefit from Ireland being a committed member of the EU and the Eurozone, our strong economic and competitive environment, open economy and a strong competence base. I wish Patrick and his team every success here. "
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(tagsToTranslate) fintech (t) Ireland (t) Payoneer (t) Bexit