Shares in Australian fintech firm EML Payments plunged almost 46 per cent in Sydney on Wednesday as it emerged the Irish Central Bank had raised anti-money laundering and counter-terrorism concerns at its Irish-founded Prepaid Financial Services. The share slump wiped $850 million Australian (€538.7 million) off EML’s market value. US-based Allied Market Research estimates the global prepaid card market will grow from $1.85 trillion (€1.51 trillion) in 2019 to $5.51 trillion by 2027. EML said any action undertaken by the Central Bank would not affect its Australian or North American operations, or EML’s other Irish-regulated subsidiary EML Money DAC. A spokeswoman for the Central Bank declined to comment beyond EML’s statement.

Source: The Irish Times May 19, 2021 05:19 UTC