CAB Payments Expands in the Dutch Fintech Ecosystem
The U.K. company secures European Payment Service Provider License to accelerate global payment solutions for hard-to-reach markets
CAB Payments Holdings has expanded into the European Economic Area (EEA) with the establishment of CAB Europe BV, trading as CAB Payments Europe. CAB Payments Europe has secured a payment service provider license with Dutch financial regulator De Nederlandsche Bank (DNB) to provide services in the Netherlands and the ability to exercise passporting rights to offer its services across the EEA. From its European headquarters in Amsterdam, the company is dedicated to move money in the most complex situations, to the most challenging markets.
Expansion to the EEA is driven by market demand and is therefore an important element of the company’s global ambitions. The current global payment landscape poses difficulties for EEA organizations to efficiently transfer funds to and from emerging markets as the withdrawal of larger traditional banks has reduced the reach and competitiveness in cross-border payments.
Move money quickly to where it is needed
The commercial activities of CAB Payments Europe are led by Kostas Konstantis as General Manager. Mr Konstantis said: “FX and payments to and from hard-to-reach markets are often expensive, slow, and opaque. Cross-border transactions can be subject to significant fees and FX margins. For EEA organizations, especially governments and NGOs looking to transparently disburse aid during humanitarian crises, these challenges exacerbate global inequality, stunts international trade, and limits growth. CAB Payments Europe aims to solve this problem across the EEA. Our network, tech, and expertise mean we can move money quickly, cost effectively, and transparently in complex situations, to complicated markets, for leading global organizations that uphold the highest standards.”
From its base in Amsterdam CAB Payments Europe will provide access to a global pool of G10 and hard-to-reach market currencies along with wholesale FX and cross-border payments, and last-mile delivery services. The company offers a single API for all cross-border payments and FX 100+ currencies across 700+ currency pairs. Leveraging the company’s extensive network of partners allows CAB Payments Europe to offer competitive prices and fast, reliable settlement
The Netherlands’ dynamic finance ecosystem
As a hub for fintech with a diverse roster of top companies and as a renowned hub for international organizations and NGOs, the Netherlands offers a great fit for CAB. Furthermore, companies in the Netherlands can rely on the vibrant, connected, financial ecosystem with an open and transparent regulatory system.
Bhairav Trivedi, CAB Payments CEO commented, “I am delighted that CAB Payments Europe has received this approval with such a respected regulator within the EEA; this is testament to the quality of our compliance and service culture. This is a significant step in the expansion of the business and presents a substantial growth opportunity. We have long seen Europe as an important market for the Group. We look forward to engaging with potential clients, to move money where it’s needed.”
In addition to its high regulatory standards, CAB selected the Netherlands because of the market opportunity, the available talent and its strong client base within the region. The Netherlands also provides a combination of a strong financial infrastructure, an established fintech ecosystem and global connectivity that make it an attractive destination for CAB Payments to expand its operations in the EEA.
Source: CAB Payments Holdings
12 June 2024