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City of London Group appoints CTO to support banking licence application

Tom Belger | 12:30 Thursday 4th October 2018

City of London Group (COLG) has appointed Monica Velasquez-Torres (pictured above) as chief technology officer to support its banking licence application.

Monica took up the role on 1st October and joins the business from PwC where she was a technology consultant supporting more than half a dozen new entrant banks to secure their banking or payments provider licences.

The appointment comes after COLG acquired Echo Financial Services Ltd – currently rebranding to Recognise – which is applying for a banking licence.

If successful, Recognise – which is being led by Jason Oakley, who previously worked at Metro Bank – will be a UK-based SME bank and will become a key element of COLG’s future strategy.

Michael Goldstein, CEO at COLG, said it was delighted to have Monica on board to support the Recognise team.

“Not only does she have a quite incredible academic and technical background, Monica has unique experience of taking new entrants through the licence application process.

Monica added: “Having worked with the COLG and Recognise management as part of the wider PwC banking consultancy, this was an exciting opportunity to join a talented, very experienced team on their licence journey and to deliver the technology vision.”

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