Stockholm, July 25th 2019: Stratevic Finance Group AB (formerly Stockholm IT Ventures AB – Frankfurt Stock Exchange: SVAB – ISIN SE 0006027546), announces the usage of rights for E-Money licences with EU-origin for its services.
By further reinforcing the implementation of the company’s cross-asset banking strategy, Stratevic Finance Group AB is pleased to confirm it has acquired the rights to use Licences for E-Money and for the exchange of crypto- into FIAT-currency for services like wallet-based currency management and exchange of different currencies.
Additionally the company entered into an agreement to get access to a so called EMD license which is issued by the British FCA (Financial Conduct Authority), which gives the benefit, that Stratevic can act on behalf of another firm (its ‘principal’) that is authorized or registered by the FCA as an E-money institution. The agreement is structured as a “white-label agreement” with the right to acquire the principal at a later stage.
This form of achievements of E-Licences gives cause for the company to review its previous intention to purchase the SAS Bank and Eurothereum.
Stratevic Finance Group AB confirms that after lengthy due diligence the company has decided not to pursue this transaction. By mutual agreement with the SAS Bank the acquisition will no longer be continued. The subsequent acquisition of Eurothereum will not be proceeded either since both transactions were linked to each other.
“Following our announcement of last month for pursuing a new strategy of becoming a cross-asset bank, implementing this new service is a crucial part. By securing an E-Money-Licence as opposed to a full banking organisation we are able to offer the same services but without the burden of additional of significant capital requirements and infrastructure costs.”, says Bert Scheen, CEO of Stratevic Finance Group AB.
Stratevic Finance Group AB (formerly: Stockholm IT Ventures AB) is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The company specialises in FinTech such as banking and trading in virtual and physical currencies. For more information visit: www.stratevic.com. You can also find the Company on Facebook, Twitter and LinkedIn.
Stratevic Finance Group AB, Bert Scheen, CEO, email@example.com