Oxygen8 Money, which provides mobile money solutions, has been granted an Authorised e-Money Licence by the Financial Services Authority (FSA). The licence makes Oxygen8 Money an approved issuer of electronic money, placing them amongst a select few businesses on the FSA E-money Register.
Oxygen8 Money provides cross-border international mobile remittances, facilitating person-to-person money transfer. Receiving the licence means that the company can provide payment services without the need to partner with a traditional bank.
“To have received FSA approval is a real milestone for Oxygen8 Money,” said Oxygen8 Money CEO, Nouman Hashmi. “Becoming a fully authorised remittance business makes our offering even stronger; it’s a huge vote of confidence in our business model.”