SVB & Signature Bank – A message from our CEO

SVB & Signature Bank – A message from our CEO

Due to recent developments about Silicon Valley Bank (SVB) both in the UK and the US and Signature Bank in the US we wanted to provide our esteemed clients and partners with an update regarding our exposure to SVB and Signature Bank.

The short answer is that our exposure is non-existent, as we have never held customers’ funds or our own corporate funds with SVB or Signature Bank.

We would like to take this opportunity to reaffirm the following fundamental points regarding your E-Money accounts held with us:

* As an E-Money Institution we are required to safeguard our customer’s funds into specific segregated client accounts with approved partner banks in compliance with the Payment Services Regulations.

* Privat 3 Money Ltd. does not lend your deposits to third parties and does not commingle your deposits with its own corporate funds ensuring that the E-money issued is constantly 100% backed by the same amount of deposits in cash or cash equivalent in every currency held in our clients wallets.

* Our clients’ USD deposits are held with reputable financial institutions that either custody our USD balances directly with the Federal Reserve or in short term maturity Treasury Bills issued by the US government (15-30 days on average).

* Our clients’ GBP deposits are held at the Bank of England via our sponsor partner bank.

* All other currencies are held in Safeguarding accounts with our partner bank in Switzerland that hold liquidity ratio of 206%, and in short term fiduciary deposits with Tier 1 European Banks.

Privat 3 Money is authorised and regulated by the Financial Conduct Authority (FCA). We are audited regularly, and apply stringent risk management at all times when it comes to counterparties and have strong governance.

Do not hesitate to reach out to your relationship manager for any further queries you may have as we are at your disposal to provide you with any detail you may require.

Thank you for your trust and business.

Reda Bedjaoui, CEO