- British financial technology company Paysend has announced that it will begin to operate in Canada following approval through a money service business license.
- The company, which was founded two years ago and has over a million global users, intends to use the new license to allow it to expand around the world.
- A senior figure at the firm described the move as a “significant step”, and pointed out the importance of the company’s services to migrant communities in Canada and beyond.
International money transfers company Paysend has received the green light to begin trading in the major North American market of Canada.
Paysend, which is based in the UK and described in the financial press as a fintech firm, has been given a money service business (MSB) license, permitting it to work in Canada.
Ultimately, it aims to use this new permission as a way to build its global reach.
The license was granted by Fintrac, which regulates money service firms in the country.
The firm, which was founded two years ago, provides money transfer services around the world.
In a statement, the firm’s chief executive officer Ronald Millar emphasized the importance of Canada’s large population of immigrants.
He pointed out that these migrants were often in the market for services that allow them to send money home on a fairly frequent basis.
“Canada is home to a large number of immigrants, most of whom regularly send money to their families back home,” he said.
He went on to say that the money transfer process is frequently of great importance for both the senders and the recipients of this cash.
“Very often these transactions are life changing for those that send or receive them. We want to support these people by making what was once laborious, slow and expensive, simple, quick and with a minimal cost.”
He concluded that the arrival of the company on North American shores was likely to be a pivotal one for it – and that it could offer significant benefits in the future.
“Moving into Canada is a significant step for Paysend global expansion plan, establishing a firm foothold in North America which is a massive opportunity.”
Paysend has a wide variety of partnerships in place that enable it to perform its function of helping migrants send money abroad.
These include Mastercard and Visa, as well as prominent Chinese company payments firm UnionPay.
Paysend is understood to have more than a million users on its books across the world.
It also operates in 45 nations.
It is believed that there are 270 million people across the globe who are resident in countries that are not those of their birth.
They are believed to send approximately US$689bn to their origin countries, according to statistics from the World Bank.
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