Spayex Technology Limited authorised by GFSC to operate in Gibraltar.

We are very pleased to announce that our client, Spayex Technology Limited (Spayex) has very recently been granted authorisation by the Gibraltar Financial Services Commission (GFSC) to carry out regulated activities in the distribution and redemption of electronic money.

Spayex is led by a group of seasoned professionals from the financial and corporate sectors and its Board has a wealth of experience in financial services, compliance, and company management. It has been a real pleasure working with the Spayex team on this application and we are grateful to them for confiding in us to handle their application.

Spayex will be providing a digital, cross-border financial payment service platform to e-commerce merchants that have branches in Gibraltar and/or the UK, and that need cross-border payment services to and from Gibraltar or the UK. Whilst Spayex is not the first EMI to be licensed in Gibraltar, it is the first that focuses on providing these specialised services to the ever-growing e-commerce industry.

This authorisation marks a significant milestone for Spayex as it expands its operations within Gibraltar’s progressive and well-regulated financial ecosystem. It also serves to showcase Gibraltar’s passporting regime with the UK. Financial services firms that set up and obtain regulatory permissions in Gibraltar are able to passport their services to the UK on a cross-border basis. This is permissible via a notification process, given the equivalent financial services regulatory standards set by both the UK and Gibraltar regulators. Being a significantly smaller jurisdiction, however, allows for a greater level of interaction with regulators and speed to market. Spayex intends to commence the passporting process as soon as possible.

We extend our thanks to the team at the GFSC for their pragmatism and invariable support throughout the application process.

Register here See Startup Grind Gibraltar x Spayex | Panel Discussion + Launch Reception at Startup Grind Gibraltar for the next Denise Matthews Startup Grind Gibraltar event to learn more.