London-based crypto-friendly challenger bank, Ziglu, has recently been certified as the Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA) of the UK.
Also, the newest challenger bank has introduced the peer-to-peer payments option for its users to process transactions in fiat as well as in cryptocurrencies.
Ziglu Complies With AMLD5
The EMI license issued by the UK’s FCA on September 01, would allow the crypto-friendly bank to offer e-money and payment services to its customers.
Recently, the founder and the CEO of Ziglu, Mark Hipperson, has mentioned that in May 2019, the bank initially applied for the certification in the FCA and almost after a year, it received that.
Hipperson considered this process to be very long and hard. He further stated, “I wouldn’t want it any other way because it shows the FCA selects companies that are going to take governance, compliance, risk management, and customer data really seriously.”
It is to be noted that the challenger Starling Bank submitted its application for cryptocurrencies too, therefore, the crypto team of the FCA also went through that.
Hipperson has stated that in order to start its services, it was important for the crypto-friendly bank to comply with the fifth anti-money laundering directive.
Ziglu Offers Faster Payments Services
While introducing the P2P payments services on its platform, Ziglu app notified that it would support the payment of British pounds (GBP) and four other cryptocurrencies, which include Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Further, it has been stated that Ziglu customers are allowed to process their transactions in GBP and cryptos using the Faster Payments Services.
Ziglu in its notification has mentioned that the customers would have to pay a commission of 1.25 percent on all kinds of trading.
Hipperson has stated that presently, not many people are aware of this Ziglu app, in fact, its customer base is less than thousands, because the app was launched in June 2020. But the founder of Ziglu believes that in the coming six to seven years, the customer base of the app would reach around a hundred million.