PhotonPay announced that its Canadian operating entity, Photon Dance CA Inc., has registered with the Bank of Canada as a payment service provider under the Retail Payment Activities Act (RPAA). The company says the registration builds on the entityโs existing registration as a money services business with Canadaโs Financial Transactions and Reports Analysis Centre (FINTRAC).
What the Canadian registration covers
The Bank of Canada supervises registered providers for retail payment activities that fall under the RPAA. The framework requires providers to manage operational risks, respond to incidents and submit regulatory reports. Providers that hold customer funds must also have safeguards in place for those funds.
PhotonPay says its group is also registered as a money services business with the U.S. Financial Crimes Enforcement Network and holds money transmitter licenses in multiple U.S. states. The company reports 35 payment licenses, authorizations and registrations across the Americas, Europe and Asia.
How Canada fits into PhotonPayโs cross-border strategy
The Hong Kong-founded fintech is developing a platform that brings together multi-asset wallets, local collections, international payouts, foreign exchange, card issuing and embedded finance. It supports fiat currencies and stablecoins so businesses can manage both types of payment through the same infrastructure.
JP Pi, PhotonPayโs global chief compliance officer, said the company designs its infrastructure around the regulatory and operating requirements of each market. The company described the Canadian registration as a step in building the local infrastructure it needs to serve businesses operating across borders.
Source: PhotonPay via Media OutReach Newswire.
