Mash Group Oyj
Euroloan license approved by the SFSA
The Swedish Financial Supervisory Authority (SFSA) has authorized Euroloan (ELCF Sweden AB), a subsidiary of Euroloan Group Plc, to conduct consumer lending in Sweden. The license enables Euroloan Group to grow rapidly, and means that the SFSA finds the company's key procedures and lending criteria to be sound and in good order.
Stockholm, Sweden, 2015-09-22 12:31 CEST (GLOBE NEWSWIRE) --
“This approval gives us as a consumer lender a seal of quality. We are especially pleased with the approval since it confirms that our processes and systems are solid and fulfil all requirements. This allows us to continue providing fast service to our customers and continue our rapid growth in the Swedish market. The approval is further proof of our dedication to our customers' safety and the reliability of our services”, says Eric Sederholm, CEO of ELCF Sweden AB.
All consumer lenders that have been approved by the SFSA have had their internal procedures and systems reviewed and approved according to the new law, which strengthens consumer protection when granting loans and thereby helps reduce customers' problems with over-indebtedness. Among other requirements consumer lenders should be run in a sustainable way, both in terms of ownership and management. Maintaining a high quality level is required of all licensed consumer lenders.
"These requirements are good for both consumers and the entire industry. We are very positive towards a more regulated market since it means that the industry can maintain the quality of the actors”, Mr Sederholm continues.
Seal of Quality
Tommi Lindfors, Chairman of Euroloan Group Plc comments: “We are pleased that our fully automated core processes, which we use in all our markets, have been approved by the SFSA. It is a clear indication that we are in compliance with the strictest requirements with our systems and our credit, Know Your Customer (KYC) and Anti-Money Laundering (AML) processes. This approval complements our recent ISO 27001 certification for our Information Security Management System. During the last few years we have built a solid foundation for our rapidly expanding business, which ensures our continuing success story”.
About the new Law
The Swedish Government Bill 2013/14:107 "Certain lending to consumers" came into force on January 1st 2015, and requires consumer lending companies to be approved by the SFSA.
ELCF Sweden AB is part of Euroloan Group PLC. Euroloan Group PLC (Euroloan) is a rapidly growing international finance group specialized in financial technology (FinTech). The group’s headquarters are located in Helsinki, Finland, with offices in Stockholm, Sweden and Warsaw, Poland. Euroloan has developed the most efficient financing business models and systems in the market. Euroloan’s fully automated and internationally scalable cloud banking services provide real-time credit solutions for consumers and E-Commerce. Euroloan has consolidated its market position and increased its market share continuously since the company was established in 2007. More information about Euroloan Group is available at www.euroloan.com, Finland www.euroloan.fi, Poland www.euroloan.pl and in Sweden on www.euroloan.se .
For more information please contact:
ELCF Sweden AB
CEO Eric Sederholm Tel +46 73 3344722
Chairman Jonas Lindholm Tel +358 10 217 1003
Euroloan Group Plc (Investor Relations)
Jonas Lindholm Tel +358 10 217 1003