Paybefore – 29 March 2017
A little after noon in Brussels March 29, a British ambassador delivered a letter to EU Council President Donald Trusk that set the wheels into motion for the U.K.’s exit from the EU. Today’s announcement makes official the results of the historic vote June 23, when 52 percent of voters in the U.K. stunned many around the world when they opted to leave, or “Brexit,” as it’s commonly called.The letter triggers Article 50, the legislation enabling a country to leave the union, of which the U.K. has been a member since 1973. The article provides a two-year period of negotiations to reach an agreement on the terms of the U.K.’s exit—and there’s much to be discussed. In addition to such topics as trade, financial regulations and immigration, a huge issue for the payments industry is how passporting will work because a large majority of European e-money issuers have licenses in the U.K. that they passport elsewhere.
The Prepaid International Forum (PIF), a trade association for the prepaid financial services sector, urged Prime Minister Theresa May and the U.K.’s Brexit negotiators to avoid any scenarios involving trade barriers to the financial markets, especially in the fintech sector, according to an announcement. Read the full article