Lionsgold fintech unit receives FCA e-money approval

Gold-focussed exploration company and gold-holding fintech developer Lionsgold announced on Tuesday that its majority-owned fintech subsidiary TRAC Technology has received approval as an EMD Agent from the Financial Conduct Authority.

The AIM-traded firm said the approval would allow it to act as a payment or e-money institution under an electronic money licence.

“We are delighted to report that Lionsgold's fintech subsidiary, trading as ‘The Real Asset Co’, has received FCA approval to provide certain regulated products and services under an e-money licence,” said Lionsgold CEO Cameron Parry.

“As announced to the market on 18 October, Lionsgold has been developing TRAC's physical gold account product offering into ‘Goldbloc’ - a global digital currency that represents direct ownership of physical gold.

“This approval is an important step to complete in the lead up to the initial product release.”