The global financial settlement network registers with Canada’s FINTRAC as a Money Service Business to provide superior cross-border solutions in the region
EMQ, a global financial settlement network, announced today its latest gateway expansion in Canada to bolster its presence across North America. The company is also registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). This will enable EMQ to provide consumers and businesses in Canada with a faster, transparent, and more consistent cross-border payments experience.
“Canada is among one of the leading remittance sending markets in the world. This year, digital remittances in the country make up a value of over US$1.4 billion and is expected to reach US$2 billion in 20231. To support the rapidly growing demands for cross-border settlements, customers will require a network infrastructure that can facilitate faster, secure and real-time payments,” said Max Liu, co-founder and CEO of EMQ. “With our new Money Service Business registration, we can now connect EMQ’s global network to Canada and provide increased access and value-added services to the financial sector.”
Powered by EMQ’s global financial settlement network, customers in Canada will be able to make and receive payments quickly and transparently from over 80 key global markets. This will further enhance digital international payment offerings across North America.
“As a network infrastructure provider that connects the whole payments ecosystem, our goal is to enable everyone to send money anywhere in the world and to any end point in a fully compliant and transparent manner. Our expansion to Canada marks another major milestone in our journey to fulfill this promise,” Liu added.
The latest development comes on the heels of a recent series of expansion initiatives to bolster EMQ’s network infrastructure globally, which currently spans across Asia Pacific, Africa, Canada, Europe and the United Kingdom. EMQ is also licensed in Hong Kong, Singapore, and Indonesia and was accepted into Taiwan’s Regulatory Sandbox by the Financial Supervisory Commission in Taiwan.
 Digital Remittances Canada, Statista, 2020.