Synch has successfully assisted EML Payments (EU) Limited , an Irish private label Mastercard issuer, in registering its 72 gift card programs with Finansinspektionen under the Limited Network Exception in accordance with the Payment Services Act (Sw. lag om betaltjänster).
Under this exemption, a payment instrument can be registered if it is used within a specific network or for a limited range of goods and services. The EML gift cards, branded for specific shopping malls or city centers, are designed for use within a single shopping mall or city center—each qualifying as a limited network.
This registration marks an important step in ensuring compliance with regulatory requirements while enabling EML to continue offering tailored payment solutions within designated retail environments.
EML was assisted by Synch’s lawyer Johan Ragnar.
EML is an Irish company which issues closed loop gift card programs within the EU/EEA, including Sweden. EML provides a global payment solutions platform offering an extensive range of innovative products and payment options including banking, credit, and disbursements services, earned wage access, gifts, incentives and rewards and FX solutions.
