Financial Supervision Authority issues two activity licenses for paying authorities
Pursuant to the Paying Authorities and E-Money Institutions Act, the Financial Supervision Authority has issued a paying authority activity license to AS Eurex Capital and AS Tavid.
The activity license for provision of payment services issued to AS Eurex Capital and AS Tavid allows them to provide money transfer service.
Under the Paying Authorities and E-Money Institutions Act, which entered into force in January 2010, companies that provide payment service must apply for a paying authority activity license. The activity license must be applied for regardless of whether the provision of payment services is the primary or ancillary area of activity. Paying authorities were not previously subject to Financial Supervision Authority supervision, and companies could provide payment services without a relevant activity license until 30 April 2011.