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Safeguarding

Whilst FIN-DIGIT OU Limited (the “Company”) takes several measures in order to ensure the maximum protection of the financial instruments and funds that the Company safeguards on behalf of its clients through our service providers. We receive, collect, and store funds for our clients, as well as facilitate FX conversions and process outbound payments. Any funds held on a client’s behalf, for the provision of a conversion or payment service, are subject to safeguarding – ensuring that your funds are always protected and can be issued back should FIN-DIGIT OU go into administration or liquidation. Unlike holding money in a standard bank account, all of our client’s funds are protected, regardless of the value.

Service Providers

Payment services for FIN-DIGIT OU are provided by The Currency Cloud B.V.. Registered in the Netherlands No. 72186178. Registered office: Nieuwezijds Voorburgwal 296-298, 1012RT Amsterdam. The Currency Cloud B.V. is an E-Money Institution authorized by the DNB (R142701) under the Regulations for the issuing of electronic money and the provision of payment services in the Netherlands.

FIN-DIGIT OU payment services are provided by Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. FCA registration number 900199.

The Debit card is issued by Monavate Ltd., pursuant to a license by Mastercard International. Mastercard is a registered trademark of Mastercard International Incorporated. Motivate Ltd is a company registered in England and Wales whose registered office is at SUITE EF38, The Officers Mess Business Centre Royston Road, Duxford, Cambridge, England, CB22 4QH. Motivate Ltd is authorized in the UK by the Financial Conduct Authority (register reference 901097) under the Electronic Money Regulations 2011 for the issuing of electronic money and the provision of payment services.

Protecting Client Funds

FIN-DIGIT OU separates clients’ funds from our company funds and place them in safeguarding accounts held with reputable UK and EU banks.

As a regulated electronic money institution, The Currency Cloud and Monavate can offer services on your account that enable you to make payments, this is known as an electronic money account and this service is regulated by the UK financial services regulator, the Financial Conduct Authority (FCA). The Currency Cloud and Monavate are not a bank, therefore, the money you hold with us is held separately by a UK Bank appointed by The Currency Cloud and Monavate which is authorized and regulated by the Prudential Regulation Authority (PRA), which regulates all banks in the UK. Whilst your money is held by The Currency Cloud or Monavate’s bank, it is fully segregated, safeguarded and identified as yours. Put simply, whilst your money is held by the bank, it is available to you only and to be used as instructed by you, so when you want access to it, it is available.

This protection continues whilst your money is held by either The Currency Cloud or Monavate’s bank on your behalf and also in the event of The Currency Cloud or Monavate’s business being terminated, however, if The Currency Cloud or Monavate was to become insolvent, administrators that are appointed to manage insolvency in the UK may use these funds and, therefore, this could decrease the amount of your money held with the bank.

If Currencycloud or Monavate was to become insolvent, the funds held in safeguarding accounts would form an asset pool from which claims of the e-money holders (our clients) would be paid above those of other creditors. The bank(s) or authorized credit institutions have no rights over funds in Currencycloud or Monavates safeguarding accounts. FIN-DIGIT OU has no rights over our clients’ accounts (other than where specified in our Terms and Conditions).

Financial Services Compensation Scheme (FSCS) and e-money issuers

The Currency Cloud and Monavate are not a bank and banks in the UK protect customer deposits differently, as they participate in the Financial Services Compensation Scheme (FSCS) and e-money issuers like The Currency Cloud or Monavate do not. The FSCS is essentially an insurance policy that protects your money in the event that your bank fails or is made insolvent. Currently, in the UK, customer deposits with banks, credit unions and building societies are protected up to a maximum of £85,000.00 per eligible person or £170,000.00 for joint accounts, also in the event of an insolvency, administrators would not be able to use any of your money, this could be seen as an advantage compared to the e-money safeguarding of your money. However, banks don’t have to safeguard customer deposits as The Currency Cloud or Monavate does and this might be seen as an advantage for e-money issuers over banks.

If you would like more information about the topics covered in the letter we’ve sent you today, you can visit the FCA’s own website https://www.fca.org.uk/consumers/using-payment-service-providers.

Alternatively, you can contact FIN-DIGIT OU Customer Support directly and we’ll be happy to answer any questions. 

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Register code: 14828613
ADDRESS: Harju maakond, Tallinn, Lasnamäe linnaosa, Väike-Paala tn 2, 11415
UK Number: +44 20 3239 1677
Estonia Number: +372 6188125
email: support@fin-digit.com
UK address: Octagon Point, St Paul’s 5 Cheapside London EC2V 6AA
Companies house
E-mail aadress findigitou@gmail.com

Payment Services are provided by Monavate Ltd is authorised in the UK by the Financial Conduct Authority (register reference 901097) under the Electronic Money Regulations 2011 for the issuing of electronic money and the provision of payment services.

Account services for FIN-DIGIT OU are provided by Currency Cloud Limited. Registered in England No. #. Registered Office: # Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money. FCA registration number: 9001

Account services for FIN-DIGIT OU are provided by The Currency Cloud B.V.. Registered in the Netherlands No. 72186178. Registered office: Nieuwezijds Voorburgwal 296-298, 1012RT Amsterdam. The Currency Cloud B.V. is an E-Money Institution authorised by the DNB (R142701) under the regulations for the issuing of electronic money and the provision of payment services in the Netherlands.

The Debit card is issued by Monavate Ltd., pursuant to license by Mastercard International. Mastercard is a registered trademark of Mastercard International Incorporated. Monavate Ltd a company registered in England and Wales whose registered office is at SUITE EF38, The Officers Mess Business Centre Royston Road, Duxford, Cambridge, England, CB22 4QH. Monavate Ltd is authorised in the UK by the Financial Conduct Authority (register reference 901097) under the Electronic Money Regulations 2011 for the issuing of electronic money and the provision of payment services.