Because of its disruptive nature, Bitcoin and other cryptocurrencies sit very uneasily with the traditional banking sector as there is a fear the digital currency could render them obsolete. The UK boasts about its relative dominance in the fintech sector, but its own banks are making life difficult for the country’s bitcoin businesses. Source: Bitcoin […]
Episode 5 – Money Transmitter License Agent If you are trying to be an agent of someone else’s money transmitter license, you might want to know about this.
Episode 4 – What is a Payment Account Lost access to MSB Business Bank Account. Do you know there is something called a Payment Account, which is essentially offering the same services as an MSB Friendly Bank?
HSBC published a study of more than 12,000 people in 11 countries into global technology perceptions and habits around two weeks ago. The report highlighted many contradicting attitudes in people. One thing that I found interesting is the varying attitudes according to geographic locations. The figure above represents the percentage of people who think: “I […]
If you have tried to start a money transfer service from Australia, then you probably know about the problems of setting up such a business. Access to banking is going to be one of the top issues with the large amount of capital that is required to set it all up being another problem. We […]
If you have been thinking about starting a money transfer service from Canada, then you are well aware of the hurdles like getting up and running in the land of the maple leaf! Access to banking is going to be your #1 issue and then the capital required to set it all up. We provide […]
Let’s work together! The art of networking is what business is all about. Meet the right people and you can do business together. Herein lies the problem. Networking takes time. It requires immense trust and vetting before one can take the next step to discuss business. The trust deficit It is no hidden secret, banks, […]
Money Transfer License The world of money transfer licensing can be confusing and often you will be inundated with information. Presented here (in a summarized format) is Information & How-To material on money transfer license / money transmitter licenses for Money Services Businesses (MSBs) or Money Transfer Operators (MTOs). We’ve covered the UK Money Transfer […]
Introduction Remittance industry is not that difficult to enter into, once you understand the basics (which would be true for any other business as well), then you can, with relative confidence, ease into the business. It is also important to understand that money transfer is a serious business as far as the law is concerned. […]
Money Services Businesses (MSB) Regulators The US Money Transmitter Licenses are issued by each US State individually. If you are classified as an Money Services Businesses then typically the regulator in the State that is issuing such a license is the Department of Financial Services, Department for Financial Institutions, Department of Banking & Finance, etc. […]