PrePay Technologies - Authorised FSA e-money issuer

7th April 2003

On 20th March 2003, PrePay Technologies Ltd was authorised by the Financial Services Authority to conduct the regulated activity of issuing electronic money within the United Kingdom.

PrePay Technologies Ltd has taken an early lead in the development of an electronic money system, Splash Plastic, and is now one of only two companies in Europe authorised to conduct this type of activity. Authorisation within the UK will enable PrePay Technologies Ltd to offer an e-money service throughout the European Economic Area, under the European Union wide legal framework.

PrePay Technologies Ltd has permission under part IV of the Financial Services and Markets Act 2000.

Philippe Dufour, CEO, PrePay Technologies Ltd
"This is an important achievement for the company since it clears the way for an expansion of our Splash Plastic product together with other prepay solutions that require authorisation under the e-money regulatory framework"

EU Directive on e-money
PrePay Technologies' regulation stems from the EU directive on electronic money of October 2000 which ended years of restrictive legislation preventing the emergence of alternative payment solutions. The EU directive enables non-banks to become regulated as "e-money issuers". PrePay Technologies' secure payment service Splash Plastic, can now be offered throughout the European Economic Area within the European Union wide legal framework, in place to foster the use of e-money and consumer trust. The regulatory regime implemented by the FSA makes the UK the first EU member to implement the EU directive and PrePay Technologies is the second European company to become a regulated e-money issuer.