Oct 15 - Increasing Interest in E-Money Operation in Gibraltar – Claims FSC
Gibraltar’s Financial Services Commission has claimed to be at the forefront of implementing effective regulation of electric money solutions. The Commission is working towards building on their regulatory knowledge to support future growth in the crucial area of Gibraltar’s financial sector. In a staunch effort to demonstrate that E-money solutions are now as mainstream as other financial products, the Commission’s ‘Banking, E-Money and Investment Services Division’ is further developing the internal ‘centre of excellency’ in the E-money sector.
In close cooperation with the Government of Gibraltar, the FSC is keen, by the continued development of a robust but responsive regulatory environment, to encourage providers of E-money products (pre-paid cards, mobile telephone payments and other money transfer products) to establish in Gibraltar and to make their products available to the local market as well as internationally.
Heidi Bocarisa, Head of the Banking, E-Money and Investment Services Division commented, ‘E-money in all its forms provides opportunities for the financial community to offer services to those who have previously been excluded from historic banking services. Additionally, with the increasing pressure to innovate and adapt, new technologies now provide innovative solutions to other age old problems. Cash, and the handling of it, can be cumbersome and expensive for financial institutions and businesses. It has also become a barrier to an effective economic system. We believe that Gibraltar is ideally located to expand its offering of well regulated and competitive solutions to this need.
‘We believe that Gibraltar is ideally located to expand its offering of well regulated and competitive solutions to this need’.
Daniel Spier Chairman of the Gibraltar Electronic Money Association (GEMA) added, ‘as an Association and a Business active in the E-money sector, we welcome this move by the FSC. We believe Gibraltar is an opportune jurisdiction within Europe from which to offer E-money services given the significant growth experienced within the industry’.
