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Rockin’ E-Money on Gibraltar
A license to do business in the world’s largest, if not totally unified, economy. And, more than 300 days of sunshine a year. Are there any reasons not to consider getting your e-money license in Gibraltar?
The workforce is one you might think about. With a resident popu- lation of only 30,000 and nearly 100 percent employment, attract- ing the right employees is a mixed bag. The Bancorp, for example,
has experienced both dearth and abundance in filling positions at different times. “But, we’ve made some really good hires of people with good payments experience,” says Patel. “Some have come out
of the gaming sector, where billions of payments are being processed, and they have great backgrounds in managing the issues around fraud and money laundering detection and prevention. Those skills are very transferable, and Gibraltarians and Spaniards (re- member, you can walk from Spain into Gibraltar) like the idea of working for a U.S. company.”
Brands acknowledges that if the number of e-money providers on Gibraltar skyrockets, the employee pool could get competitive. But, she adds, “some positions can be staffed from anywhere—like operational support, business development and relationship management.”
Another reason to think twice about Gibraltar, she points out,
is that it’s more difficult to get
to than London. But, she adds, “Some people in London are open
Gibraltar is a British Crown Colony at the southern tip of the Iberian Peninsula, just nine miles from the African continent, at the entrance to the Mediterranean—on a clear day, you can see Morocco from the top of the Rock—and 2,625 feet from Spain. Queen Elizabeth II is the head of state, represented by a governor. Gibraltar, which is an EU member through its affiliation with Great Britain, holds elections for its unicameral Gibraltar Parliament every four years.
The currency is the Gibraltar pound, traded at
gibraltar today
par with the British pound, which also is accepted locally, and the official language is English. Approximately 30,000 people live
on Gibraltar’s 2.3 square miles.
Although Gibraltar has changed hands numerous times throughout history, it’s been English for 350 years, solidified under the terms of the 1713 Treaty of Utrecht, in which Spain ceded Gibraltar to Britain in perpetuity (with the right of first refusal if Great Britain ever wishes to rid itself of Gibraltar). Since the treaty, Spain has made various military and diplomatic attempts to get Gibraltar back, particularly during the 18th century. Even today, Spain wants Gibraltar back— under peaceful terms—and makes no bones about it. But 98 percent of Gibral- tarians wish to remain British, and the British government refuses to discuss sovereignty with Spain without the consent of the Gibraltarians.
to moving to Gibraltar. It’s easy to get used to the sunshine.”
Build It and They Will Come
Gibraltar’s e-money licensed incumbents recommend doing your due diligence if you’re contemplat- ing becoming an e-money issuer. They sensibly advise considering the challenges of working in Europe and the advantages and disadvantages of various jurisdic- tions where you might consider getting your license.
And, what about getting your e-money license in Gibraltar specifically?
“It’s a great place to live and work, and now is the right time to make Gibraltar your European launchpad for prepaid and payments ser- vices,” advises Howitt. “During the past 12 months, the industry has worked closely with the FSC and the Gibraltar government to ensure that we’re seen as the European center of excellence.
“This sector requires a high degree of commercial and technological innovation as well as a pragmatic risk-based approach to regulation,” he adds. “And the FSC is willing
to look at applications from good operators and move quickly,