According to Business Review, a global financial project Nium, which is a partner of Ripple, has received a license from the British financial regulator to issue electronic money (EMI).
The license, issued by the Financial Services Authority (the UK's financial regulator), will allow Nium to expand global financial services for the B2B and B2C sectors and create the necessary infrastructure for this.
Nium will be able to issue e-money and offer services related to the storage of e-money in digital wallets, making real-time digital payments between the UK and approximately Z.21 billion recipients scattered around the world, avoiding delays and high transaction fees.
Nium's CEO, Prajit Nanu, said this EMI license will be very useful as the EC license will not allow them to continue working in the UK after Brexit is completed and the new rules for economic interaction between the UK and the EC come into force.
He added that with the new license, Nium customers will be able to continue to use their Open Mopew Network, offer financial services and enter new markets.
Ripple's other partner, Cripple, recently obtained a license from the Central Bank of the Netherlands.
With the new license, the e-money company will continue to operate throughout Europe, regardless of the outcome of Brexit negotiations, and will offer EC clients money transfer services based on Ripple technology.
Brexit started using RippleNet on July 2.
As for Nium and its expansion in Europe, in July the company signed an agreement with financial technology giant Visa, under which it will start issuing corporate bank cards, both credit and debit.
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