ACCountplan Ltd Granted Exclusive Restricted Classified FX Dealers License

ACCountplan Ltd Granted Exclusive Restricted Classified FX Dealers License for Money Transfer Services (MTS) Operations

The Central Bank of Solomon Islands (CBSI) is pleased to announce the granting of a Restricted ClassifiedFX Dealers License to ACCountplan Ltd that is a local registered and 100% owned by a Solomon Islander,allowing them to operate Money Transfer Services (MTS) in the country. The license was officially awardedon 6th March 2024, marking a significant milestone in the financial landscape of the Solomon Islands.

ACCountplan Ltd, trading as ACCountplan Money Transfer Service, introduced the innovative ‘FreedomPacific Platform’, a cutting-edge money transfers platform and app, designed to revolutionize the way money transfers are conducted in the region. The platform offers a comprehensive suite of forex and remittance services, including international and domestic money transfers, currency exchange, travel money services, business forex solutions, and online and mobile forex and remittance services.

The journey towards obtaining the Restricted Classified FX Dealers License began when CBSI, through theFinancial Market Exchange Control Department (FMECD) received an expression of interest fromACCountplan Limited on 18th April 2023. Following a thorough preliminary assessment and bilateraldiscussions, it was agreed that the Freedom Pacific Platform would undergo testing under the RegulatorySandbox (RSB) framework administered by the Financial Systems Regulations Department (FSRD).

The testing period, which commenced in August 2023 and concluded in February 2024, demonstrated theplatform’s compliance to CBSI’s Regulatory Sandbox testing conditions and readiness to operate withinSolomon Islands’ regulatory framework. This is the first company whose product has been tested under the Regulatory Sandbox framework.

Upon successful completion of the RSB testing, ACCountplan Ltd formally applied for the conversion of itstemporary MTS license to a full Restricted Classified FX Dealers license from CBSI, which was granted on6th March 2024. The granting of the license signifies the recognition of ACCountplan Money TransferService as the fifth MTS operator in the Solomon Islands, alongside other esteemed entities such asFEXCO-Western Union, BSP MoneyGram, Solomon Post MoneyGram, and POB using the RIA Platform.

The formal handover of the Restricted Classified FX Dealers License took place in the CBSI Board Room, inthe presence of distinguished officials including the Deputy Governor, Chief Manager of FMECD, Manager of Exchange Control, Senior Analyst of Exchange Control, Exchange Control Compliance officer, and theDirector of ACCountplan Ltd.

With the issuance of the license, ACCountplan Money Transfer Service officially opened its doors to thepublic on 6th March 2024, ushering in a new era of convenient and reliable money transfer services for the people of Solomon Islands.

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