The Key Points in Brief:

• Acquisition of the European Payment Services Licence: Payrexx AG from Switzerland is on track to receive a European Payment Institution Licence (PI). An important step in this direction was the founding of Payrexx Europe AG, based in Liechtenstein.

• Strong Leadership Team: With Gerhard Häring and Helmut Bahamon, two experienced finance and compliance experts are at the helm of the new company.

• Technology Remains in Switzerland: Development and optimisation of the software continues in Thun – the sales in Europe will in future be managed from Vaduz.

Gerhard Häring and Helmut Bahamon are still standing on the shore of Lake Thun, where Payrexx has been based for exactly ten years. However, in the future, they will work in Liechtenstein and manage the new Payrexx Europe AG from Vaduz. In July, Payrexx AG's first wholly-owned subsidiary was officially established.

"With Payrexx Europe AG, we want to specifically tap into the European market, particularly adjacent regions such as Germany and Austria," explains Ivan Schmid, Managing Director of Payrexx AG. "The aim is to establish our innovative all-in-one payment solution throughout the European Economic Area (EEA)."

There is still a lot to be done before that can happen. "Currently, we are deeply engaged in the paperwork," says Gerhard Häring, Managing Director of the new company. For although Thun and Liechtenstein are almost culturally identical – both surrounded by mountains, both crowned by a castle, both with a similar number of inhabitants – the devil is in the details. "Especially when it comes to the legal nuances, we need to take a close look."

This is noticeable in the acquisition of the permit necessary for operating a payment institution. Obtaining the so-called Payment Institution Licence (PI) is very demanding, explains Helmut Bahamon, Senior Compliance Officer of Payrexx Europe AG: "However, we are on the right track!" After half a year of work, a preliminary application was submitted to the Financial Market Authority in June. A more detailed review and final revision are still pending, but if all goes well, Payrexx Europe AG could receive the definitive licensing this year.

Liechtenstein as the Perfect Launchpad for Expansion

Over the past ten years, Payrexx has established itself as a payment provider particularly among Swiss SMEs. The solution is designed to provide merchants everything they need to successfully start their business online. Those who already have an online shop can easily connect Payrexx with it and offer their customers all popular payment methods – whether TWINT, Mastercard, Visa, PostFinance Pay, Apple Pay or Google Pay. And those who don't yet have an online shop can directly use Payrexx's sales tools to create simple donation forms, sales pages or payment links. In addition, Payrexx is currently also advancing in the POS sector, for example with the new Tap to Pay payment app as well as the upcoming card readers.

"The product is mature," summarises Helmut Bahamon, "now we just have to present it to the European Economic Area." Liechtenstein is the perfect launchpad: Not only is the principality geographically situated between Switzerland and Austria, but also from the language and legislation perspectives. Moreover, with a licence from Liechtenstein, thanks to the freedom of services and establishment, one can operate throughout the entire EEA. Therefore, the country is an attractive location for payment service providers or e-money institutions to operate Europe-wide. "With Liechtenstein, we get the best of both worlds," adds Gerhard Häring, "so to speak, the chocolate bar and the bread roll."

Swiss Quality, Paired with Global Expertise

With their many years of experience in the financial market, both prove to be ideal personalities to take this step together with Payrexx AG. The 62-year-old Gerhard Häring brings both IT and banking experience. In his previous roles for various international banks and consulting mandates, the native of Basel worked in many corners of the world. The 35-year-old Helmut Bahamon, on the other hand, was born in Moscow, grew up in Spain and lived in Munich for a long time. Before Payrexx, he worked in the automotive industry and the banking sector. The duo is not only professionally skilled but also globally oriented.

"We are very pleased to have a capable, innovative and forward-looking duo with Gerhard and Helmut at the helm of Payrexx Europe AG. Together they will shape the future of Payrexx and optimally represent our vision," says Ivan Schmid, CEO and founder of Payrexx. He himself will serve on the board of directors of Payrexx Europe AG, alongside Michael Müller and Thomas Feldkircher.

Their involvement ensures that the valuable knowledge about the payment industry, gathered in Thun over the past years, is transferred as best as possible to Liechtenstein and all adjacent regions. In Vaduz, it will mainly focus on the sales and marketing of the product: Once the PI licence is there, more sales staff will be hired and the adjacent market actively approached. The software itself, however, will continue to be developed and optimised in Switzerland. Or, as the Liechtenstein duo puts it: "From Thun to the world!"