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September 27, 2024

Fintech planning Stamford office seeks to be regulated under state’s newly named innovation charter

Moneycorp CEO Velizar Tarashev
By Harriet Jones

Connecticut regulators will consider awarding a novel banking charter to another fintech company next month.

Moneycorp, which is establishing an office in Stamford, hopes to be regulated under the state’s innovation charter, formerly known as the uninsured banking charter.

The company offers international money transfer and online foreign exchange services. Founded in London in 1979, it first established a U.S. presence in Rhode Island.

In an interview earlier this year, Moneycorp CEO Velizar Tarashev described the Connecticut charter as “unique.” 

“It allows us to cover exactly the sector that we're looking for,” he said.

The charter is designed to permit financial technology companies that do not offer retail banking services to be regulated and operate in all 50 states without seeking FDIC insurance.

Another Connecticut-based fintech, Numisma, this summer became the first entity regulated under a novel charter to be awarded a master account by the Federal Reserve, something that Moneycorp has said it will also seek.

The Connecticut Department of Banking will hold a hearing on the charter award on October 9.

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