Chinese paytech YeePay secures UK licence, marking major expansion move

Chinese payments giant YeePay has strengthened its international ambitions after securing an Electronic Money Institution (EMI) licence from the UK's Financial Conduct Authority (FCA). The approval allows YeePay UK to offer regulated payment services in the market, giving the company a stronger foothold in one of the world's leading fintech hubs and helping support businesses that operate across borders.

The licence is the latest milestone in YeePay's partnership with UK clearing and embedded banking provider ClearBank, which was announced earlier this year. As part of the collaboration, ClearBank supported YeePay's EMI licence application process and will provide the banking infrastructure needed to expand its services across the UK and Europe.

Through the partnership, YeePay's clients will benefit from easier access to UK and European payment networks, as well as local virtual IBANs (VIBANs) for merchant customers. For businesses looking to scale internationally, the move is expected to simplify payments and make managing cross-border transactions more efficient.

Founded in 2003, YeePay now processes more than $720 billion in transactions annually across more than 200 countries and regions. Its FCA approval places the company alongside a growing list of fintechs securing EMI licences in the UK this year, highlighting both YeePay's expansion ambitions and the continued appeal of the UK as a destination for global payments and fintech innovation.