Xace secures licence from Malta Financial Services Authority

Updated:2024-03-25 13:49    Views:832

Xace has received its licence from the Malta Financial Services Authority (MFSA).

This will allow the financial institution to provide its services to iGaming companies across the European markets.

Alongside handling payments, Xace also deals with named business accounts, local and cross-border payments, as well as foreign exchange markets.

David Hodkinson, Xace CEO, said: “Our mission has always been clear - to offer an effective alternative to traditional banking for the iGaming sector.

“With the MFSA licence, we're now uniquely positioned to enhance our offering of reliable, cutting-edge payment solutions to Maltese and European gaming firms alike.”

As the iGaming industry is almost entirely online and operators can cross several different jurisdictions at once, financial companies have refined payment solutions to become more specialised in recent times.

This is to account for the foreign exchange market,blackjack game laws established by different regulators and the volume of transactions associated with the nature of online casinos.

Roderick Psaila, Xace Europe Chairman, said: “Achieving this licence is a milestone for us.

“The iGaming industry desperately needs a stable, secure and reputable financial provider, so we are thankful to the MFSA for their diligent and efficient contribution during the whole application process.

“They have proven to be a robust regulator with approachable guidance throughout, meaning Xace Europe’s new home is set to fill a prominent role across the EU - without hindrance.”

In other payments news, Trustly recently completed its merger with SlimPay.

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