United Kingdom · Payments & e-money
Cobanq LTD
CoBanq Ltd is a private limited company registered in England and Wales, with its registered office at One Canada Square, Canary Wharf, London. The FCA authorises it as an authorised payment institution under reference 508565. Ahmad Shah is its person with significant control, holding 75% or more of the shares. The firm offers international money transfers to consumers under the Burq FX name, and multi-currency business accounts, FX and mass payments under the CoBanq name. It was incorporated in 2003 as Zak Money Exchange Limited and renamed CoBanq Ltd in January 2026.
Licences and registrations
Held by Cobanq LTD (LEI 98450097AFD59F7F5662). 1 entry on 1 of the 22 tracked registers, retrieved 25 September 2026.
| Register | Licence | Number | Jurisdiction | Status | Registered | Ends | Activities | Register entry |
|---|---|---|---|---|---|---|---|---|
| FCA Financial Services Register - Payment Institutions & RAISPsFCALinked by LEI. Matched by Elucidate on the UK company number the register gives. | Authorised Payment InstitutionPayment Institution | 508565 | United Kingdom | Active | 2018-05-24 | — |
|
Search the register ↗ |
Trading names on the register: Speedy Remit (FCA-PSD), CoRemit (FCA-PSD), CoBanq (FCA-PSD)
- Licences belong to the legal entity, not to a BIC.
- Each licence applies in the country of the regulator that granted it.
- Registers are tracked in 37 countries. Licences granted elsewhere are not recorded here.
- The register entries and their trading names were not matched against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
Other register entries with this LEI
Shown for reference: they share the LEI but are not merged into this page
Swift network
Swift’s ISO 9362 BIC directory
- BIC
- ZMEXGB22XXX head office
- Connection to Swift
- Reverse billingThe institution is connected to Swift. Messages sent to it are billed to the institution, not to the sender. The “2” in the eighth character of ZMEXGB22 marks reverse billing.
- Swift GPI
- Not on the member list
- Payment schemes and systems
- No entry in the EPC registers, the ECB T2 and TIPS lists or the SIX Bank Master cites this BIC
- Branch codes
- None: head-office BIC only
- BIC first registered
- 2025-11-01
- Last updated
- 2026-02-09
Overview
Researched 29 Sep 2026 · Sources
Customers
Not published
Ownership
Privately held
Firm type
Money remittance
Trades as CoBanq
- Standing
- The firm changed its name from Zak Money Exchange Limited to CoBanq Ltd on 16 January 2026. It has also traded as Burq FX.
- Ownership
- Ahmad Shah, a director, is the sole registered person with significant control, holding 75% or more of the shares and voting rights.
- Major shareholder
- Ahmad Shah
- Head office
- Level39, One Canada Square, Canary Wharf, E14 5AB London, United Kingdom
- Company register
- Companies House 04995400
- Incorporated
- 15 Dec 2003
- Former name
- ZAK MONEY EXCHANGE LIMITED
Online
- Websites & references
- cobanq.com ↗
burqfx.com ↗ Burq FX trading-name site (money transfers and business accounts)
business.cobanq.com ↗ business account sign-up portal
zakmoneyexchange.com ↗ former domain, now showing Burq FX content - Official social accounts
- LinkedIn ↗ · X ↗ · Facebook ↗ · Instagram ↗
Sources · 12 pages consulted
- find-and-update.company-information.service.gov.uk/company/04995400
- find-and-update.company-information.service.gov.uk/company/04995400/officers
- find-and-update.company-information.service.gov.uk/company/04995400/persons-with-significant-control
- find-and-update.company-information.service.gov.uk/company/04995400/filing-history
- find-and-update.company-information.service.gov.uk/company/04995400/filing-history/MzQ5Mjg5MDc4NWFkaXF6a2N4/document?format=pdf&download=0
- register.fca.org.uk/servlet/servlet.FileDownload?file=015b0000006CXC7
- cobanq.com/
- burqfx.com/
- burqfx.com/terms_conditions
- burqfx.com/aboutus
- apps.apple.com/gb/app/burq-fx/id6752525825
- play.google.com/store/apps/details?id=com.khan.burqfx
Authorisation
Researched 29 Sep 2026 · Sources
- Operates under
- Its own licences
The FCA authorises the firm as an authorised payment institution under the Payment Services Regulations, reference 508565, on the register since 24 May 2018.
| Authority | Licence or registration | Number | Held | Status | Source |
|---|---|---|---|---|---|
| Financial Conduct Authority United Kingdom | Authorised Payment Institution | 508565 | In its own name | Active | burqfx.com ↗ |
Licences and registrations the research found, at home and abroad, as the firm and its regulators publish them. The Licences and registrations card shows the entries on the registers the directory tracks.
Products and markets
Researched 29 Sep 2026 · Sources
The firm's terms describe online and app-based money transfers paid out to bank accounts or in cash through partners. It says its business accounts hold up to 46 currencies and its mass payments cover 73 currencies. Its terms do not list the corridors it serves.
The firm serves senders from the United Kingdom under its FCA authorisation. It does not publish a list of receiving countries.
- Sells to
- Consumers · Small businesses · Enterprises
- Serves customers in
- United Kingdom
Leadership
Researched 29 Sep 2026 · Sources
- Executive
- Ahmad Shah Director
- Executive
- Sheroz Nadeem Director
Recent events
Researched 29 Sep 2026 · Sources
-
Other
The firm moved its registered office to Level39, One Canada Square, Canary Wharf, London.
find-and-update.company-information.service.gov.uk ↗ -
Other
The firm changed its name from Zak Money Exchange Limited to CoBanq Ltd.
find-and-update.company-information.service.gov.uk ↗ -
Leadership
Syed Wajhe-Ul-Hassan resigned as director and ceased to be a person with significant control. Ahmad Shah remained the sole controller.
find-and-update.company-information.service.gov.uk ↗ -
Other
The firm moved its registered office from 70 Ilford Lane, Ilford to One Canada Square, Canary Wharf, London.
find-and-update.company-information.service.gov.uk ↗ -
Leadership
Ahmad Shah and Sheroz Nadeem were appointed directors, and Khuram Shahzad resigned as director.
find-and-update.company-information.service.gov.uk ↗ -
Merger / acquisition
Ahmad Shah was registered as a person with significant control of the firm from 16 January 2025.
find-and-update.company-information.service.gov.uk ↗
Compliance-relevant events of the last three years, newest first: fines and enforcement, investigations, security incidents, licence changes, funding rounds, acquisitions and leadership changes. Each links to its source.
Identifiers
Head-office record
- BIC
- ZMEXGB22XXX
- How the BIC breaks down
- ZMEXBank
- GBCountry · United Kingdom
- 22Location · reverse billing
- XXXBranch · head office
- Branch description
- Not recorded in the directory
- LEI
- 98450097AFD59F7F5662
- LEI record
- View on GLEIF ↗
- Licence no. · FCA-PSD
- 508565
- How the LEI was matched
- BIC: Mapped to this BIC in the Swift and GLEIF BIC-to-LEI relationship file.Register entry: Matched by Elucidate on the UK company number the register gives.
- Register-entry ID
- 32cc3fc575ec
Profile
- Type
- Payments & e-moneyPayment institutions, e-money and stored-value issuers, and account-information providers. Licensed under payment-services law (e.g. PSD2 in the EU and UK, the Payment Services Act in Singapore). Taken from the licences on the tracked registers.
- Regulation
- Prudential licenceAuthorised with capital, safeguarding and conduct requirements, e.g. an authorised payment or e-money institution in the EU or UK, a major payment institution in Singapore, or a MiCA crypto-asset service provider.
- Register licences
- 1 entry on 1 register
- Activities
- Payment services
- Licensed in
- United Kingdom
- Website (register)
- www.cobanq.com ↗
- Country · region
- United Kingdom · Europe & Central Asia
- Trading venues (MIC)
- No MIC registered under this LEI list of 2026-09-17
- OFAC sanctions
- No listing cites this BIC
- EU sanctions
- No listing matched this BIC or its LEI
- Country sanctions
- No country programme
Types come from Swift’s BIC classification, the licences on the 22 tracked registers, and the ECB and FSB bank lists. Most banks outside the euro area appear as financial institutions, because their supervisors’ registers are not tracked yet.
Ownership and group
GLEIF relationship records
GLEIF’s relationship records name no parent for this LEI, and no group page is published for it.
Addresses
- Registered address
- ONE CANADA SQUARE, 37TH FLOOR CANARY WHARF LONDON E14 5AA UNITED KINGDOM
- Operational address
- ONE CANADA SQUARE, 37TH FLOOR CANARY WHARF LONDON LONDON E14 5AA UNITED KINGDOM
ISO 20022 identification
As an agent in a Swift cross-border payment message (CBPR+)
A CBPR+ message identifies this institution by its BIC, and may add its LEI or a clearing code. CBPR+ does not allow a name and postal address next to a BIC.
- Identified by
- BIC, with its LEI
- Roles in CBPR+
- Any agent, including the instructing and instructed agents
CBPR+
For cross-border payments on Swift: the BIC, with the LEI and clearing code where known
<FinInstnId>
<BICFI>ZMEXGB22XXX</BICFI>
<LEI>98450097AFD59F7F5662</LEI>
</FinInstnId>Full record
Every ISO 20022 element the directory holds. Base ISO 20022 allows them together. CBPR+ does not allow a name and address next to a BIC
<FinInstnId>
<BICFI>ZMEXGB22XXX</BICFI>
<LEI>98450097AFD59F7F5662</LEI>
<Nm>COBANQ LTD</Nm>
<PstlAdr>
<TwnNm>LONDON</TwnNm>
<Ctry>GB</Ctry>
<AdrLine>ONE CANADA SQUARE, 37TH FLOOR CANARY WHARF LONDON E14 5AA</AdrLine>
</PstlAdr>
</FinInstnId>The BIC, name and address are as published in Swift’s BIC directory. The LEI comes from the Swift and GLEIF BIC-to-LEI file. Check them against your own records before use.
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Sources & method
Every value comes from a public source, such as Swift’s ISO 9362 BIC directory, GLEIF or the OFAC and EU sanctions lists. Most sources are matched on a BIC or an LEI, not on a name.
Swift GPI membership is matched on names and is indicative. A missing sanctions match does not mean that no listing applies. Always screen against the official lists.
Register entries are not screened against sanctions lists. The sanctions facts on this page cover the BIC and its LEI only.
An institution is one entry in the directory: a BIC8 in Swift’s directory, or a firm on a tracked register that holds no BIC. Licences held by an institution with a BIC are shown on its page.
Read the methodology →Credits for this page
- FCA Financial Services Register - Payment Institutions & RAISPs—Financial Conduct Authority (FCA) · register ↗ as at 25 September 2026
- Overview, authorisation, partners, products, leadership and events—researched per institution by an AI model with web search, from the firm's own website, terms and filings, regulators' registers and notices, company registers and news. Licences, partners, figures, people and events link to their source, and each card shows the research date. AI research can be wrong or out of date, so check key facts at the source.
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