Wish Granted Payment Institution License for the EU
July 06 2021 - 9:00AM
Business Wire
The license is a first step toward allowing
Wish to process all EU payments on its platform
ContextLogic B.V. (“CLBV”), a Dutch subsidiary of ContextLogic
Inc. (d/b/a/ Wish) (NASDAQ: WISH), today announced it has been
granted a Payment Services License by the Dutch Central Bank (De
Nederlandsche Bank N.V., “DNB”).
The new Payment Services License will enable Wish to process
transactions and increase control over the payments value chain in
a compliant manner, while also reducing reliance on third parties.
In addition to the Netherlands, the license will be passported to
the other European markets where Wish operates. Wish will initially
utilize the license to pay its EU merchants directly and will
explore other payment services in the future. The license will not
have an impact on consumers in Europe.
“The granting of this license is an exciting first step towards
becoming a payments services provider in Europe,” said Ward
Homminga, Regional General Manager of CLBV. “Not only will it
deliver cost savings as we eventually maintain control over our
payments processes, but it will also provide a framework to explore
opportunities in the payment services space.”
The provision of payment services is subject to the European
Payment Services Directive 2 (“PSD2”) as implemented in the
European countries in which CLBV operates. In view of such
implementation, CLBV applied for a license to act as a payment
institution. As a payments institution, CLBV is now under the
supervision of DNB and, as such, is required to comply with rules
applicable to payment institutions.
About Wish:
Wish brings an affordable and entertaining shopping experience
to millions of consumers around the world. Since our founding in
San Francisco in 2010, we have become one of the largest global
ecommerce platforms, connecting millions of value-conscious
consumers in over 100 countries to over half a million merchants
globally. Wish combines technology and data science capabilities
and an innovative discovery-based mobile shopping experience to
create a highly-visual, entertaining, and personalized shopping
experience for its users. For more information about the company or
to download the Wish mobile app, visit www.wish.com or follow @Wish
on Facebook, Instagram and TikTok or @WishShopping on Twitter and
YouTube.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding Wish's outlook, priorities,
strategic direction, expectations, and growth opportunities. In
some cases, forward-looking statements can be identified by terms
such as “anticipates,” “believes,” “could,” “estimates,” “expects,”
“guidance,” “intends,” “may,” “outlook,” “plans,” “potential,”
“predicts,” “projects,” “seeks,” “should,” “will,” “would” or
similar expressions and the negatives of those terms. These
forward-looking statements are subject to risks, uncertainties, and
assumptions. If the risks materialize or assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. New risks emerge from
time to time. It is not possible for our management to predict all
risks, nor can we assess the impact of all factors on our business
or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in
any forward-looking statements we may make. Further information on
these and additional risks that could affect Wish’s results is
included in its filings with the Securities and Exchange Commission
(“SEC”), including its Annual Report for 2020 on Form 10-K filed on
March 25, 2021 and its Form 10-Q for the first quarter of 2021
filed on May 12, 2021, and future reports that Wish may file with
the SEC from time to time, which could cause actual results to vary
from expectations. Any forward-looking statement made by Wish in
this news release speaks only as of the day on which Wish makes it.
Wish assumes no obligation to, and does not currently intend to,
update any such forward-looking statements after the date of this
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20210706005437/en/
Media contact: Carys Comerford-Green, Wish
press@wish.com
Investor contact: Dennis Walsh, Wish ir@wish.com
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