Banking Circle is "for the new economy"
The banking venture connects cross-country payments and markets
From the Banking Circle website:
“Banking Circle US is a newly licensed, Connecticut chartered, commercial bank. We are building a fully cloud-based, scalable financial infrastructure to support real-time, global clearing and settlement for payment services, leveraging the award-winning financial systems technology from our affiliate, Banking Circle, S.A.”
Governor Lamont and his Banking Commissioner Czar Jorge Perez have proudly announced that Banking Circle US, a fintech payments bank for the new economy, has opened its U.S. headquarters in Stamford, Connecticut.
What is Banking Circle?
Banking Circle’s ‘Unique’ charter
Excerpted from Lamont’s press release:
“The charter is ideal for companies engaged in a variety of financial activities seeking to integrate a banking function, but whose business plan does not include taking retail deposits from individuals. The charter provides a responsible, streamlined, and flexible regulatory approach allowing companies to operate across the U.S. The charter also provides a beneficial exemption to money services laws in many other states, reducing regulatory burden.”
The bank’s charter is designed to function nationwide, but notably, has a '“beneficial exemption to money services laws” —- what exactly does this mean for businesses and consumers? (note: below is a photo, not a video).
Excerpt: Banks, Payments businesses and Marketplaces can access global cross-border payments, accounts and liquidity management – delivered seamlessly through a single platform with market-leading compliance and security.
The Bank is a public limited liability company (Société Anonyme) registered in Luxembourg, and a credit institution licensed by the Commission de Surveillance de Secteur Financier (CSSF) and European Central Bank (ECB). The Bank has established and registered branches in Denmark, Germany, and the UK. The Bank is owned jointly by EQT VIII (through B Circle Holding S.A., Moneyball Bidco S.àr.l., BC Midco PTE. LTD and Moneyball Topco PTE. Ltd), EQT Ventures Investments S.àr.l., and some minority shareholders (less than 10% individually). It is headquartered in Luxembourg, and has offices in London, Munich, and Copenhagen.
Logo: an eye, or wheel
Banking Circle’s logo resembles the pupil of an eye; in the context of unilateral global governance, it looks a bit like the Sustainable Development Goal logo (albeit without color).
To download Banking Circle white papers, you must sign up after picking one.
Widely-used terms like “financial inclusion” and “embedded finance” suggest that automating all systems will allow for the most control possible.