PSD2: German Fintechs Lie In Wait As Regulator Issues First Third-Party Approval

The impact of the revised Payment Services Directive (PSD2) is beginning to take hold in Germany after the local regulator issued its first third-party licence, with around 20 more applications from fintechs in the pipeline.

Germany was one of the first member states to implement the EU reforms, enshrining the rules into national law well ahead of the January 2018 deadline, but up until now the register for account information and payment initiation service providers has remained blank. 

On Thursday, Hamburg-based fintech figo announced that it had been given regulatory permissions for both payment services by financial regulator BaFin, becoming the first registered third party under the Payment Services Supervision Act (Zag).

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