moneyHOP will obtain a UK license in six months

moneyHOP, a portal that provides cross-border payment and remittance solutions, will be the first neobank in the country to facilitate and enable Indians to open bank accounts in the UK, after obtaining a license from the Financial Conduct Authority (FCA) in the next six months, making it a UK banking entity, said Mayank Goyal, CEO and Founder.

The FCA is the authority that authorizes and regulates the opening of bank accounts in the UK. The launch will help moneyHOP replace existing currency wallets with multi-currency bank accounts, which will be issued in five minutes, the neobank said. This would essentially mean that travelers landing in the US can simply swipe their moneyHOP card and spend there in dollars, pounds in the UK and transact in rupees in India.

Goyal said: “Forex cards, firstly, do not work in India, and secondly, they are prepaid instruments not tied to your account. This means you spend in India using your debit or credit card and then take a separate forex card when traveling abroad, and you use one platform if you need to send money overseas, use another platform if you want to scan and pay in India via UPI.”
The goal is to help customers’ moneyHOP accounts become the leading global spending accounts and also enable access to a single point of contact to facilitate international travel expenses, fund study abroad, help with shopping, sending money abroad, investing in foreign stocks and all international banking. needs through an app and a card — like relationship banking, Goyal said.

moneyHOP also says that it won’t charge its users any account opening fees for the first few days, at least. The documents required to initiate this will vary, and the discussion is still ongoing, but will have a list of the minimum documents an applicant will need, along with the necessary due diligence and additional work if an applicant’s “risk score” is raised.
moneyHOP already has a team of at least six people working in its London office, registered there.

There are several neobanks in India offering a diverse set of products such as savings, loan, investment, insurance and other domestic services, but moneyHOP says its goal is to solve cross-border banking problems. The biggest barrier to entry is currently transferring money from India, which is regulated by the Reserve Bank of India and must comply with the Foreign Exchange Management Act (FEMA).

“Across geographies, moneyHOP provides an app and card that will allow you to hold, send, and spend in any currency anytime, anywhere, 100% digitally, economically, Obtaining an FCA license in the UK is only the first step in a long series, as we also plan to expand moneyHOP to various other emerging markets,” said Goyal.
moneyHOP had raised $1.25 million in August 2021, in its funding round, from prominent global investment bankers. It is currently not in talks to raise additional funds.

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