sync, the first digital smart open banking app, has been given its own electronic money (e-money), Account Information and Payment Initiation Service Provider (AISP and PISP) licenses from the Financial Conduct Authority (FCA).
The FinTech hopes this will increase customer confidence and trust as it shows that sync. has passed the FCA’s due diligence assessment on all its procedures, including demonstrating stringent compliance on fraud and anti-money-laundering policies.
sync. launched in August 2020, aiming to help customers budget, manage and track their money in one place, offering a unique user experience as a money management platform with tailored insights.
It does this by leveraging Open Banking, allowing users to connect all their debit and credit accounts, loans and mortgages alongside the sync. X card, powered by Mastercard.
The app’s features will include creating and holding money in a GBP and/or EUR current account, opening 30+ currency accounts with immediate currency exchange, money transfers, debit card payments, and worldwide instant digital payments (Peer-to-Peer & QR code).
Sync.’s Open Banking money dashboard is at the heart of its offering, so the AISP and PISP licenses are particularly important.
The Fintech will use the new licenses to work with new partners and increase customer confidence.
Ricky Lee, Founder of sync., said: “We are so pleased to receive our own FCA licenses as it opens so many new doors for us. From working with new partners to increasing customer confidence, this will make a big difference for us as we scale up and release new features in the coming months.”
Previously, sync. used an FCA license via their partners, so the new license will allow them to make decisions and develop new products to market more quickly.
The 30-strong team, based in London and Malaga, plan to launch several new app features in the coming months.