London-listed online payment processor SafeCharge International Group has been licensed as an Electronic Money Institution (EMI).

The approval allows SafeCharge’s operating subsidiary, SafeCharge Limited, to issue electronic money in accordance with the European Union’s E-money directive and as authortised by the Central Bank of Cyprus.

The company says that it will allow it to continue expanding its services portfolio to its existing client base, which includes Ladbrokes, online forex trader FXDD and Russian video games developer Gaijin.

Being licensed as an EMI will also allow SafeCharge to expand the services it offers in the business-to-consumer space, as well as developing plans for card issuance and associated services.

SafeCharge chief executive David Avgi said that obtaining the EMI licence fulfilled one of the central objectives of the company’s strategy going forward.

“The EMI license places SafeCharge in a key position to capitalise on the expansion of e-wallets, mobile wallets and prepaid card issuance globally,” he added.

As well as entering the payment card sector, SafeCharge is also working on the development of a digital wallet solution, which it expects to launch in the first quarter of 2015.

Shares in Safecharge International Group Limited (Co.Data) (AIM:SCH) are currently trading up 1.70 pence per share in London this morning at 239.00 pence per share.

Related