The digital money transfer company, Azimo, has managed to secure a license from the Dutch central banks. After recently establishing an office in Amsterdam, the Fintech company applied for a license so it could continue to provide its services in the region.
This license will also allow Azimo to continue using its “Passporting” to operate and allow money transfers across Europe even in the event of Brexit. As mentioned in one of my videos:
Passporting is a mechanism by which a license which is covered in a specific geographic area is then extended out to other geographic areas.What is Passporting
Watch below to understand what it means:
For a digital money transfer service like Azimo, “Passporting” is an extremely valuable method for them to provide services in Europe.
Read the complete news about Azimo here.