Open banking app sync. has secured its electronic money (EMI) licence from the UK watchdog Financial Conduct Authority (FCA).

In addition, sync. also received its own Account Information Service Provider (AISP)and Payment Initiation Service Provider (PISP) licenses.

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The AISP and PISP licences are important for operating its open banking money dashboard.

sync. Secured these licenses after clearing FCA’s due diligence on all its processes including fraud and anti-money laundering (AML) policies.

The fintech said it will use the new licenses to establish new partnerships and boost customer confidence.

sync. founder Ricky Lee said: “We are so pleased to receive our own FCA licenses as it opens so many new doors for us.

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“From working with new partners to increasing customer confidence, this will make a big difference for us as we scale up and release new features in the coming months.”

Launched last month, sync. leverages open banking technology to enable its users to send money to other users for free.

It allows users to connect all their debit and credit accounts, loans, and mortgages, alongside their own sync. X card powered by Mastercard.

In the same month, sync. launched across Europe to offer a complete suite of digital financial services to its users in one place.

sync. also partnered with UK banking infrastructure TrueLayer to roll out a smart banking beta for Spanish banks.

Moreover, the sync. app allows users to open over 30 currency accounts, including creating and holding money in a GBP and/or EUR current account.

It features immediate currency exchange, money transfers, debit card payments, and peer-to-peer as well as QR code-based payments.

sync. previously used FCA licences through its partners to support several banks and fintechs across the UK.