The United Kingdom’s Financial Conduct Authority has awarded an e-money license to payment and risk management firm The ai Corporation.
The approval, granted earlier in July, enables The ai Corporation to provide fully FCA-compliant financial services. Effective July 1, the company’s status changed from an authorized payments institution to an electronic money institution.
“Our e-money licence will give our clients greater confidence that our business has passed a high degree of scrutiny in achieving the licence and being FCA approved,” The ai Corporation CEO Mark Goldspink said. “Ensuring The ai Corporation is known as a regulated and well-managed business is very important to the team at ai.
“We believe The ai Corporation is extremely well positioned to take advantage of the omni-channel revolution that is going on in the business world today,” Dr. Goldspink added.
“We firmly believe our flexible payment solutions, and state of the art machine learning risk and fraud management tools, provide our customers a long term sustainable offering to take advantage of payment digitisation.”