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UK's Moneycorp to operate as FX bank in Brazil

London-based payments and foreign exchange company TTT Moneycorp Ltd. obtained a license to operate as a currency exchange bank in Brazil, the company said in a filing.

The unit, which will be named Moneycorp Banco de Câmbio, will primarily offer services to small and medium-sized enterprise and midcap clients. The license allows Moneycorp to perform foreign exchange operations in the local Brazilian currency and receive deposits from clients who intend to engage in foreign exchange transactions.

This is the second international banking license for Moneycorp, in addition to a European license in Gibraltar.

"The ability to hold real deposits in market is expected to encourage foreign investment into Brazil, overcoming the hassle, opaque costs and delays that are often encountered when dealing with a restricted currency," Moneycorp said in a press release.

In April, Moneycorp completed a purchase of a controlling stake in Brazilian foreign exchange service provider Novo Mundo Corretora de Câmbio S/A.