FCA awards new banking licence to Bahrain finance firm
(19 October 2016 – United Kingdom) BFC Bank, a subsidiary of the Bahrain Financing Company money transfer group, has received authorisation from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) as it finalises its launch as a UK bank.
BFC will focus on international payments and cash management services, as well as UK domestic payments. Its suite of products is designed to “complement” existing banking arrangements for SMEs.
The firm’s CEO, Nic Martin, says it will also “play an important role in the remittance sector at a time when PSPs [payment service providers] may find it difficult to access bank services”.
In a statement, BFC said that is has been in operation for nearly 100 years, and owns a network of international exchange and remittance companies across Bahrain, Kuwait, India and Malaysia.
The bank has been operating in the UK as BFC Exchange since 2003 and will continue to provide a retail remittance service under this brand name.BFC will focus on international payments and cash management services, as well as UK domestic payments. Its suite of products is designed to “complement” existing banking arrangements for SMEs.
The firm’s CEO, Nic Martin, says it will also “play an important role in the remittance sector at a time when PSPs [payment service providers] may find it difficult to access bank services”.
In a statement, BFC said that is has been in operation for nearly 100 years, and owns a network of international exchange and remittance companies across Bahrain, Kuwait, India and Malaysia.
The bank has been operating in the UK as BFC Exchange since 2003 and will continue to provide a retail remittance service under this brand name.
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