Safecharge Authorised As Electronic Money Institution

Will allow for expansion in B2C and services portfolio

Teddy Sagi's recently AIM-listed online payment processing company SafeCharge Limited has been authorised as an Electronic Money Institution (EMI) allowing the organisation to issue electronic money in accordance with the European Union E-money directive and as authorised by the Central Bank of Cyprus.

David Avgi, chief executive officer of SafeCharge said: "Obtaining the EMI license fulfils one of our central objectives, as outlined in our strategy. The EMI license places SafeCharge in a key position to capitalise on the expansion of e-wallets, mobile wallets and prepaid card issuance globally."

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