Credorax secures commercial banking licence
Written by Michelle Stevens
Multi-national acquirer Credorax has been granted a European commercial banking licence. Already a licensed financial institution under the Payment Services Directive, the company recently received its commercial banking licence from the Malta Financial Services Authority, making it one of the world’s first FinTech companies to grow into a pan-European bank.
Charlon Scicluna, the general manager of Credorax Malta, said: “The new licence enables Credorax to support domestic growth for our customers within the European Union as well as the European Economic Area, while also advancing our global business goals. It also reaffirms Credorax’s commitment to client advocacy through an expanded portfolio of ancillary services and products designed to reduce banking fees, facilitate the growth of businesses, and create a more efficient and faster flow of funds.”
He added: “The combination of being a pan-European merchant acquiring bank which processes in over 32 EU and EEA countries, together with our ePower payment platform, allows global e-commerce merchants to bank, process and settle payments, and ultimately grow their businesses directly with Credorax.”