On June 8, 2018, the ACPR (French Prudential Supervision and Resolution Authority, ie. Autorité
de contrôle prudential et de resolution)) granted the Up cooperative and participatory company
a European Electronic Money Institution license. The ability to issue and manage electronic
money, reinforces Up group’s independence as well as its ability to carry out its digital
transformation strategy in the service of the common good. This license covers all of its activities
for the benefit of its clients and beneficiaries. It will enable the Cooperative to diversify its
offerings and generate more than one billion euros in additional payment volume by 2020.
A driver for offer development and differentiation
The opening up of the payment market offers a great opportunity for non-bank players to imagine
new models and offer their customers safe, practical and meaningful user experiences.
With its European EMI license, Up has bolstered and consolidated its offer for management,
transaction and relationship platforms serving personal well-being, business performance and
regional cohesion.
This license strengthens the Group’s independence and gives it greater control over risks and
compliance issues, while maintaining optimum quality of service for all of its digital solutions.
Up is the first company in its industry to be qualified as a “hybrid” Electronic Money Institution, i.e.
encompassing all its activities. This development is expected to generate more than EUR 1 billion
in additional payment volume by 2020.
The premier French cooperative is committed to an inclusive vision of digital technology
The emergence of new digital uses raises the question of whether everyone will be able to benefit
from these developments. While the need for digital technology to be inclusive is a national
strategy addressing the difficulties faced by millions of French citizens, many initiatives have
flourished under the banner of SocialTech, Tech for Good or mission-based enterprises.
As a third party that is trusted by individuals, businesses, merchants and public authorities, Up has
developed genuine expertise in cooperation, inherent in the nature of the Group, which is itself
both cooperative and independent.
By way of illustration, over 3,000 public entities are daily users of Up solutions and EUR 2.5 billion
in social aid flow through its information systems. Up supports the allocation of aid, both diverse
and specific, to certain region or to certain audiences (regional Culture Pass, environmental aid,
etc.) as well as the management of larger programs (Personal Autonomy Allowance, Disability
Compensation, etc.) or the deployment of emergency aid to the victims of Hurricane Irma for
example.
Enhanced governance to stimulate innovation
In addition, Up is strengthening its governance by creating an ad hoc committee that will support
the Board of Directors on these topics.
Consequently, two highly qualified personalities, recognized for their expertise in the banking
world, in innovation and in international issues, will be joining the members already appointed by
the Board of Directors: Jean-Louis Bancel, President of the Groupe Crédit Coopératif and the
International Association of Cooperative Banks, and Ismaël Le Mouël, founding President of the
crowdfunding platform HelloAsso and the SocialGoodWeek.
Catherine Coupet, Up group President and CEO, stated:
“By becoming an Electronic Money Institution, Up is taking a new step in its digital transformation
strategy. A great wave is rising around the notion of “Social Tech”, and thanks to the power of our
cooperative values, we are determined to become one of its spearheads.”