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April 5, 2019
PPRO granted e-money licence by Ministry of Finance in Luxembourg

 

The license will allow PPRO to move its headquarters to Luxembourg and continue operating in Europe post-Brexit

London, 2 nd April 2019 – PPRO, a cross-border payment specialist, has officially been
granted an e-money licence by the Ministry of Finance in Luxembourg, securing its long term
future in Europe The new local entity ‘PPRO SA’ (société anonyme) has been authorised to
conduct financial services across the EU under the supervision of the national financial
services regulator, the CSSF (Commission de Surveillance du Secteur Financier).
PPRO processes cross-border payments for Payment Service Providers (PSPs) and other
merchant aggregators. As a financial institution, a license with permission to operate across
the European Union is imperative. Without this licence, PPRO would lose passporting rights
(the free movement of services within the European Union) once Brexit has been
implemented.

Even before the Brexit referendum, PPRO commenced contingency planning to continue its
operations in the EU. Subsequently, PPRO decided to apply for an e-money licence
(Electronic Money Institution Licence) in Luxembourg, the same operating licence currently
being used in the UK. Luxembourg is a major e-money regulator and is one of the only few
triple A-rated countries in the EU. With strong political and economic stability, many UK
FinTechs have opted to apply for licences in Luxembourg.
Jack Ehlers, Director for Payment Partnerships at PPRO SA, who has overseen the
licensing operation, said “It has been a long three-year process, but we’re delighted to have
been granted our e-money licence by the Ministry of Finance in Luxembourg. It was
essential we secured this licence to continue operating in Europe, regardless of how Brexit
now happens”.

Luxembourg for Finance CEO Nicolas Mackel commented “We are delighted to welcome
PPRO to Luxembourg. This demonstrates the appeal of the financial centre as a leading EU
payments hub and constitutes a further addition to the local FinTech ecosystem.
Luxembourg’s international environment provides FinTechs with a strong base from which to
successfully serve their European clients.”

 

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Tags:
e-money | Brexit
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