SAXE Global announces its status as the official banking representative of the Republic of San Marino opening up access for Crypto, Forex and I-Gaming companies to the region.
SAXE Global Ltd, a corporate services consultancy firm headquartered in London, has announced that it is now charged with facilitating access to San Marino's banking system for businesses involved in cryptocurrencies, e-payments, forex brokerage, and online gaming, as well as spearheading the representation of the country's licensing initiatives in the digital assets field backed by "key local decision makers"
Learn more at https://www.saxe-global.com/san-marino
The goal, according to the firm, and related sources is to make San Marino an international transactional banking hub on-par with Europe's open-minded fintech darlings of Switzerland, Luxembourg and The Baltics - attracting innovative fintech companies and online businesses to the region through a range of global transaction banking (GTB) services on offer, as well as attractive tax- incentives for setting up shop in the region.
The initiative seems to attempt rejuvenating a long, well-established financial tradition. As the world's oldest independent republic, the country's finance sector has long been a traditional mainstay of the Republic's advanced economy, with a per-capita GDP of over $45,500 - one of the highest in the world.
Eschewing a tax haven business model that depended on Swiss-style banking and tax secrecy - the country now seems to be moving towards a more diverse and modernized growth-centric approach.
Such initiatives are not totally new however- "San Marino Innovation", a local "Techno Science Park" has existed since 2014, attracting a small number of fintech and med-tech startups as an incubator, witnessing a growth-spurt from 2019 after the local government issued the new Innovation Decree "Rules for high-tech companies" aimed at all those who wanted to create an innovative enterprise in San Marino, announcing a number of tax-advantages and relocation-centric incentives.
No foreign entity however, to this date has publicly announced that they are representing San Marino's interests in an international capacity apart from SAXE Global and PSP Angels Management. “We are excited to see the local institutions embracing change and are looking forward to be charting a course for San Marino in non-traditional areas of business that promise both innovation and high internal returns for the local community”- commented Mark Walsh, a Vice President at SAXE. "This initiative is a unique opportunity which will change the face of how Blockchain and Crypto companies are banked and regulated worldwide" backed up Viktoria Soltesz, the CEO and Founder of PSP Angels Management.
SAXE claim that San Marino's trade union with the EU will provide newcomers utilizing the local banking system all the functionality of a "Tier-1" European Bank and Acquirer whilst at the same time exempting local institutions of some EEA regulatory requirements.
Such approach is perceived to be increasingly important, as more and more companies look towards "steadier shores" when it comes to corporate banking and payments services, with some actively moving away from the overheated e-money and offshore banking market back towards forward-thinking neoclassical banking institutions regulated under banking, as supposed to e-money regulations.
As MiCA comes into effect, it is yet unclear how San Marino will position itself alongside crypto powerhouses of Europe whilst regulating crypto companies, however with expanded guidance expected to be released in early 2023, SAXE aims to take full advantage of offering this licensure opportunity to key crypto players in the space as early as end of Q1 next year.
Whilst this initiative has just launched recently, both SAXE Global and PSP Angels confirmed a great deal of interest in the program, with a "waiting list" already filling up with companies worldwide looking to take advantage of this opportunity as early as possible.
Interested parties are encouraged to learn more at https://www.saxe-global.com/san-marino and related official company sources.
