Finmo CEO reveals wider strategy after securing UK EMI licence
Fintech platform Finmo has officially received authorisation from the UK Financial Conduct Authority (FCA) to operate as an Electronic Money Institution (EMI).
Announced July 8, this regulatory approval allows Finmo to issue electronic money, hold safeguarded client funds in the UK, and directly access local payment systems such as Faster Payments and CHAPS.
The licence marks a significant step in Finmo’s expansion, enabling it to offer domestic and cross-border payment services, foreign exchange solutions and IBAN issuance to UK-based and international clients.
Payment Expert sat down with David Hanna, CEO and Co-founder of Finmo, to understand the importance of securing a UK licence for the Singapore-based fintech.
“The UK remains a global financial epicentre with a mature regulatory environment, giving Finmo the credibility and infrastructure to anchor our EMI operations,” said Hanna.
“Direct participation in Faster Payments and CHAPS allows us to deliver real-time GBP clearing, settlement, and treasury flows – removing reliance on third-party intermediaries and enabling end-to-end control.
“London’s time zone overlap with Asia and North America makes it the ideal hub for 24/7 treasury orchestration and payment routing across global markets.”
The hub and spoke model
The hub-and-spoke model puts a central “hub” in a key regulatory region to handle compliance, payment systems and treasury tasks for connected regional “spokes.”
The new UK EMI licence turns London into a European and global payments hub, connecting directly to Faster Payments, CHAPS and the Bank of England’s settlement systems. This setup allows payment flows into the EU and beyond without relying on passporting.
A well-known example is Revolut, which in 2017 got an EMI licence in Lithuania (later upgraded to a full banking licence) to offer services across all 30 EEA countries, making Vilnius its European hub.
“The UK EMI licence is a key spoke in Finmo’s global regulatory architecture, complementing our existing approvals in Singapore, Australia, New Zealand, the US, and Canada, so clients can operate across jurisdictions with unified compliance and consistent infrastructure,” said Hanna.
“With each regulated entity integrated into our treasury platform, clients benefit from a single source of truth for balances, flows, and FX exposure across the UK, Asia Pacific, and North America.”
As Revolut’s example shows, many companies pick jurisdictions where authorisation is easier. However, setting a hub in the UK offers real-time sterling payments, strong liquidity, clear regulatory standing, and direct API or correspondent-bank links into Europe and beyond.
All this is done while reusing the same/similar compliance rules, technology and treasury processes, avoiding the need to start from scratch in each market.
What the licence means for clients and partners
Securing a UK EMI licence not only unlocks technical advantages but also carries significant reputational value. Holding a licence from a highly respected regulator like the FCA signals trustworthiness and regulatory strength, making a stronger impression on potential partners and clients.
“UK-based corporates, funds, and fintechs now gain direct access to Faster Payments rails via Finmo, removing friction from payroll, vendor payments, and global intercompany transfers,” said Hanna.
“Global clients managing GBP flows, especially across Asia or North America, will see improved settlement speed, reduced FX leakage, and greater visibility into working capital.
