PaySaxas Achieves EMI License from FIN-FSA and Appoints New CEO, Dmitrii Barbasura

Strategic Insights -

A licensed Electronic Money Institution (EMI) is a significant step forward for PaySaxas, a leading fintech brand, as it gears up to capitalize on the European fintech market.

The company has secured an EMI license from the Finnish Financial Supervisory Authority (FIN-FSA), granting it the authority to issue electronic money and provide payment services throughout the European Economic Area. This regulatory milestone demonstrates the company's commitment to financial innovation and regulatory excellence.

Key Takeaways:

  • PaySaxas Oy has successfully acquired an EMI license from the FIN-FSA, solidifying its position as a compliant and secure fintech player in the European market.
  • CEO Dmitrii Barbasura brings a wealth of experience in fintech and financial services, particularly in scaling businesses, driving innovation, and fostering strategic partnerships.
  • With its regulatory status secured, PaySaxas plans to introduce a range of enhanced financial products and services designed to support businesses in managing payments more efficiently.
  • The company aims to leverage its EMI license to develop faster and more secure payment processing solutions, multi-currency support, and enhanced financial management tools tailored to the needs of modern enterprises.

Statistics:

  • PaySaxas Oy is one of the first fintech companies in Finland to secure an EMI license from the FIN-FSA.
  • The company has been instrumental in establishing close relationships with leading financial institutions and technology providers in Europe.
  • PaySaxas has seen rapid growth, with its user base increasing by more than 200% in the past 12 months.
  • The new EMI license is expected to propel PaySaxas's growth by providing a strong regulatory endorsement, increasing confidence among clients and partners.

Sources:

  • FIN-FSA (2019) "Regulations and approvals".
  • European Banking Authority(January 2024) "List of businesses under supervision of Authorized Credit Institutions and financial institutions (EU passporting)"