Posted On


NovaPay applies for EMI license in Europe

KYIV. March 17 (Interfax-Ukraine) – The financial company NovaPay, which is part of the Nova Poshta group of companies, the leader of express delivery in Ukraine, is in the process of obtaining a European license of the Electronic Money Institution (EMI), said Viacheslav Klymov, co-founder of Nova Poshta.

“NovaPay will develop, like the whole group – to create international expansion. And NovaPay has already applied to the European regulator for a license from a European financial institution. Now this process is underway. We apply for an Electronic money institution license,” Klymov said on the sidelines of the Forbes Ukraine Exporters Summit on Thursday.

He specified that the company does not plan to become a bank either in Ukraine or abroad.

Once licensed, NovaPay will be able to provide money transfer services and e-commerce payments to customers, Klymov said. According to him, the company is also actively working with the NBU on the possibility of opening client accounts in Ukraine.

The company plans to develop services “package on credit” and credit cards from NovaPay in Europe, but not in the short term. “In Europe, this will be the next stage – first of all, these are transfers,” Klymov said.

An EMI license allows companies to offer payment and certain other financial services, but not to operate as a bank or use a bank in their name or marketing materials.

Earlier it was reported that NovaPay intends to issue credit cards in Ukraine with additional services and discounts for Nova Poshta customers, as well as bonds.