Scallop Obtains PSD Compliance For EU Banking Services

Good news, everyone! Scallop has successfully achieved the Payment Services Directive (PSD) compliance for its digital banking services in the EU. This means that customers in these regions can enjoy safe, secure, and regulated banking access through Scallop’s online and mobile platforms.

With Scallop becoming PSD compliant, all our users will enjoy a great banking experience — access to cutting-edge financial technologies and the peace of mind that comes with knowing their data is fully protected.

Earlier this year, Scallop obtained a money services business (MSB) license from the Financial Transactions and Reports Analysis Centre earlier this year (FINTRAC). The license allows it to execute money transfers and act as a dealer in foreign currency and digital currencies.

Scallop recently obtained provisional regulatory permission from Dubai’s Virtual Assets Regulatory Authority (VARA) as it begins the licensing procedure in compliance with VARA regulations. Scallop intends to use the VARA license to provide safe and regulated crypto exchange services to its pre-qualified investors and to establish itself in the cryptocurrency industry of the United Arab Emirates.

Scallop’s DeFi-powered mobile banking application will soon be available to EU users. If you want exclusive access to the Scallop App, fill out our whitelist form .

What does PSD signify in the banking world?

The Payment Services Directive (PSD) intends to create a unified payment market and a payment regulatory framework. Make cross-border payments as simple, efficient, and secure as domestic payments to create a more efficient EU payment region.