PhotonPay boost Financial OS with Canada regulatory registration

It holds 35 payment licenses and regulatory functions across the Americas, Europe and Asia.

Hong Kong-based financial firm PhotonPay announced on 10 November that its Canadian operating entity, Photon Dance CA, is now a registered payment service provider with the Bank of Canada.

The entity was previously registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The update brings it under Canada’s Retail Payment Activities Act (RPAA), securing the firm’s regulatory foundation with stringent requirements covering operational risk management, incident response and end-user funds protection.

PhotonPay currently holds 35 payment licenses, regulatory authorisations and registrations across the Americas, Europe and Asian markets.

In the US, PhotonPay is registered as a Money Services Business with the Financial Crimes Enforcement Network (FinCEN). The new registration boosted its regulatory presence across North America.

The firm said this expansion fuels PhotonPay’s financial operating system. Beyond connecting payment capabilities across markets, it also helps develop local regulatory and financial infrastructure.

“Our approach is to build a Financial OS that brings together global capabilities whilst respecting the regulatory and operational requirements of each local market,” said JP Pi, the global chief compliance officer at PhotonPay.

“The RPAA registration is another step in putting that approach into practice, as we continue developing infrastructure to support businesses operating across an increasingly interconnected financial landscape,” he said.