The Most Important Information in Brief:

• Acquisition of the European Payment Services License: Payrexx AG from Switzerland is well on its way to obtaining a European Payment Institution License (PI). A key step for this was the establishment of Payrexx Europe AG based in Liechtenstein.

• Strong Leadership Team: 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 optimization of the software continue in Thun – the distribution in Europe will be managed from Vaduz in the future.

Gerhard Häring and Helmut Bahamon are still standing on the shores of Lake Thun, where Payrexx has been based for exactly ten years. In the future, however, they will operate in Liechtenstein and lead the new Payrexx Europe AG from Vaduz. In July, the first full subsidiary of Payrexx AG was officially founded.

"With Payrexx Europe AG, we aim to strategically access the European market, particularly the neighboring regions like Germany and Austria," explains Ivan Schmid, CEO of Payrexx AG. "The goal is to establish our innovative all-in-one payment solution throughout the entire European Economic Area (EEA)."

However, there is still a lot to be done before that. "Currently, we are deeply mired in paperwork," says Gerhard Häring, Managing Director of the new company. Because although Thun and Liechtenstein are culturally almost identical—both surrounded by mountains, both crowned by a castle, both with a similar number of inhabitants—the devil is in the details. "Especially regarding the legal specifics, we need to look closely."

This becomes apparent, for example, in acquiring the permit necessary to operate a payment institution. Obtaining this so-called Payment Institution License (PI) is very demanding, explains Helmut Bahamon, Senior Compliance Officer of Payrexx Europe AG: "We are on a good path!" After half a year of work, a preliminary application could be submitted to the Financial Market Authority in June. A more detailed examination and final revision are still pending, but if everything goes well, Payrexx Europe AG could celebrate its definitive licensing later this year.

Liechtenstein as the Perfect Starting Point for Expansion

Over the past ten years, Payrexx has established itself as a payment provider, particularly among Swiss SMEs. The solution is designed to offer merchants everything they need to 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 for transactions—whether TWINT, Mastercard, Visa, PostFinance Pay, Apple Pay, or Google Pay. And those who do not yet have an online shop can directly use Payrexx's sales tools to create simple donation forms, sales pages, or payment links. Additionally, Payrexx is currently making strides in the POS area, for example with the new payment app Tap to Pay and the upcoming card readers.

"The product is mature," Helmut Bahamon summarizes, "now we just need to present it to the European Economic Area." Liechtenstein is the perfect starting point: Not only is the principality geographically located between Switzerland and Austria, but also linguistically and legally aligned. With a license in Liechtenstein, thanks to the freedom of services and establishment, one can operate across the entire EEA. That is why the country is an attractive location for payment service providers or e-money institutions seeking to operate in Europe. "With Liechtenstein, we get the best of both worlds," adds Gerhard Häring, "so to speak, the chocolate bar and the bun."

Swiss Quality, Paired with Global Knowledge

With their extensive experience in the financial market, the two prove to be ideal figures to undertake this step together with Payrexx AG. The 62-year-old Gerhard Häring brings experience from both the IT sector and banking. In his previous activities 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 long in Munich. Before Payrexx, he was active in both the automotive industry and the banking sector. The duo is thus not only technically proficient but also globally oriented.

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

Through their involvement, it is ensured that the valuable knowledge about the payment industry, gathered in Thun over the past years, is best transferred to Liechtenstein and all neighboring regions. Ultimately, it is all about distribution and marketing of the product in Vaduz: Once the PI license is there, additional sales personnel will be hired and the neighboring market actively pursued. However, the software itself will continue to be developed and optimized in Switzerland. Or, as the Liechtenstein duo puts it: "From Thun for the world!"