The board of Tungsten has received approval from the UK's Prudential Regulation Authority for the formal change of control in relation to the acquisition of FIBI Bank (UK) plc.
The fully UK authorised bank will be re-named Tungsten Bank and commence offering supply chain finance.
Tungsten has also begun providing invoice discounting services to selected US customers.
Edmund Truell, chairman of the bank, says: "We look forward to an exciting future, as Tungsten Corporation builds up a disruptive force in supply chain finance on a global basis. The combination of enormous flows of invoices; simple and transparent finance offers; and high grade credit risks should enable us to advance billions of pounds, dollars, euros and francs to suppliers on the Tungsten network."
