The Rotterdam Office of Vitesse PSP Secures PI Licence in the Netherlands
Vitesse obtains a licence from the Dutch Regulator
Payment service provider Vitesse PSP, specialized in global payments solutions, obtained a Payment Institution licence from the Dutch regulator De Nederlandsche Bank (DNB) on 5 June 2019. The approval follows the opening of Vitesse PSP’s office in Rotterdam in 2018, which will help the firm to grow its share of the market for global payments from Europe. The British parent company of Vitesse PSP already had an EMI-licence in the UK, but with a Dutch PI licence the company is now covering itself against a hard Brexit and will continue to benefit from so-called ‘passporting’ rights to operate across Europe.
Vitesse deliberately chose to apply for licence the Netherlands
At Vitesse PSP they deliberately chose to apply for a PI-licence in the Netherlands. Other EU countries often have a faster application process, but the question is whether this outweighs the disadvantages. Companies and banks have already indicated that they have less confidence in a licence from a more flexible regulator and prefer to opt for a partner with a Dutch licence.
Dutch welcoming culture, open to innovation and fintech
Vitesse PSP will be in good company in the financial and fintech industry in the Netherlands. With companies like Bloomberg, UK P&I Club, MarketAxess en Azimo also chosing the Netherlands as the base for their European licences, Vitesse PSP will be joining a blooming Dutch fintech cluster.
And why was Rotterdam in the Netherlands chosen as the base? The Netherlands, because it offers a welcoming culture open to innovation and fintech. Next to that, the Rotterdam mentality such as speed and can-do fits Vitesse PSP. Add to that the location close to Rotterdam-The Hague airport (within 45 minutes in London), Amsterdam quickly accessible with the High Speed Train and the beautiful and bold skyline, then the choice makes sense.
Source: Vitesse PSP26 July 2019