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Melanie Porter February 2, 2024 3 min read
Xace Acquires MFSA Licence, Boosting Its Growth in the EU
Xace has obtained a license from the Malta Financial Services Authority, further paving the way for a stable business account and payments solution for the EU
The Malta Financial Services Authority (MFSA) has granted a license to Xace, the specialist financial institution that offers accounts and payments for the iGaming industry with licenses in Canada, Malta, and the UK.
Xace to Accelerate Its Growth in the EU
Thanks to the new certification, the pioneering payment provider that offers segregated and named business accounts, along with local and cross-border payments and the Forex exchange market, is expected to speed up its growth across the European Union.
The fresh license from the prestigious body responsible for regulating banking, financial institutions, payment institutions, insurance companies and insurance intermediaries, investment services companies, company services providers and pension schemes, among others, will further improve Xace’s reputation, turning it into a critical player in the iGaming market.
The company has already proven to be an unrivaled payment provider in the industry thanks to its dedicated account management, business development, and customer support with expanded gaming backgrounds in Europe, the UK, and North America.
Since its inception, Xace has been determined to simplify the way financial transactions are done in the gaming world. The new MFSA license will be used to strengthen its commitment to meeting the specialized payment needs of the iGaming industry.
The latter is often met with a series of hardships tied to conventional financial institutions. Accordingly, the new license will not only mark a fresh beginning for Xace but also for the entire iGaming industry across the Old Continent by providing access to a more stable payments and business account solution.
“Uniquely Positioned” to Enhance Its Offering
Commenting on the news of the new license, Xace’s group chief executive officer, David Hodkinson, enthusiastically spoke about their clear mission “to offer an effective alternative to traditional banking for the iGaming sector” while reiterating the unique position that the MFSA license has now given them.
Namely, Hodkinson explained the license will allow them to improve their offering of premium, trustworthy payment solutions to both European and Maltese gaming companies.
At the same time, Xace Europe’s chairman, Roderick Psaila, who was also actively involved in obtaining the license, called it “a milestone” while explaining the iGaming industry was in desperate need of financial providers that are stable, secure, and reputable.
Psaila also took the opportunity to thank the MFSA for “their diligent and efficient contribution” during the application procedure, calling them a robust regulator with approachable guidance.
MFSA can grant, refuse, cancel or suspend licenses given to financial institutions and impose administrative penalties on the same entities under certain circumstances.