PEXA shares climb on regulatory approval for UK product launch
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More news: Property settlements company PEXA was the best performing ASX 200 company after morning trade as the UK's Financial Conduct Authority paved the way for the launch of its sale and purchase product offering.
PEXA shares were up 3.9% to $11.90 at 12:40pm AEST.
PEXA wins approval for UK sale and purchase product
The news: Property settlements company PEXA has received an approval from the UK's Financial Conduct Authority (FCA), allowing it to launch its sale and purchase product offering.
The context: PEXA, which entered the UK market last year in its first overseas expansion, said the regulatory milestone enables the company to develop and launch its product in the second half of the calendar year.
The FCA approved the application of Digital Completion UK, trading as PEXA, to become an authorised payment institution (API), which is required to launch the source account capability within PEXA's UK sale and purchase product offering.
The authorisation will also allow PEXA to act as a third party managed account provider to UK conveyancers for sale and purchase transactions.
What they said: "The FCA approval of our API application is a key component of our UK strategy, most notably the launch of the sale and purchase product," said PEXA chief executive and managing director Russell Cohen.
"We are well positioned with a broader product offering to deepen relationships with UK financial institutions as well as legal and conveyancing practitioners, as we work towards securing industry commitment to the platform."
The source: ASX
