Licence types
E-money institutions
Issue electronic money and run accounts and cards, without lending deposits. Compared across 30 regimes. Figures are the statutory minimums from each regulator; real capital needs are usually higher.
| Jurisdiction | Licence | Minimum capital | Timeline | Risk |
|---|---|---|---|---|
| Austria Europe (EU) | E-money institution licence (Konzession zur Ausgabe von E-Geld) FMA | EUR 350,000 | ZaDiG 2018 procedure applies: decision within three months of a complete application | Standard |
| Belgium Europe (EU) | Licence as an electronic money institution NBB | EUR 350,000 | NBB decides within 3 months of confirming the file is complete and no later than 12 months after submission | Standard |
| Cyprus Europe (EU) | Authorisation as an electronic money institution CBC | EUR 350,000 | Three months from a complete application (PSD2 art. 12, applied to EMIs by EMD2 art. 3(1)) | Standard |
| Estonia Europe (EU) | Operating licence of an e-money institution Finantsinspektsioon | EUR 350,000 | Decision within 3 months of all documents and data, and not later than 6 months after the application | Standard |
| France Europe (EU) | Agrément as an electronic money institution (établissement de monnaie électronique) ACPR | EUR 350,000 | Agrément delivered within 3 months of a complete file (ACPR) | Standard |
| Germany Europe (EU) | Licence for e-money business (E-Geld-Institut) BaFin | EUR 350,000 | PSD2 Art. 12: decision within 3 months of a complete application | Standard |
| Ireland Europe (EU) | Electronic money institution authorisation Central Bank of Ireland | EUR 350,000 | Service standard: assessment stage within 90 business days (clock stops while awaiting the applicant); the Central Bank notes it can take over 12 months for firms to supply all information | Standard |
| Italy Europe (EU) | Electronic money institution (IMEL) authorisation Banca d'Italia | EUR 350,000 | PSD2 art. 12 (applied to EMIs via EMD2): decision within 3 months of a complete application; Banca d'Italia's own procedural deadline was not verified | Standard |
| Lithuania Europe (EU) | Electronic money institution (EMI) licence Board of the Bank of Lithuania | EUR 350,000 | 3 months from a complete application (2 months for the restricted-activities EMI licence); the clock restarts on submission of additional documents | Standard |
| Luxembourg Europe (EU) | Electronic money institution (EMI) authorisation CSSF | EUR 350,000 | Decision within 3 months of a complete application and in any case within 12 months, otherwise deemed refused (art. 24-3) | Standard |
| Malta Europe (EU) | Financial institution licence to issue electronic money (electronic money institution) MFSA | EUR 350,000 | MFSA must determine within three months of receipt of a formal complete application (FIR/01 paras 43 to 44) | Standard |
| Netherlands Europe (EU) | Electronic money institution authorisation DNB | EUR 350,000 | PSD2/EMD2 decision period of 3 months from a complete application; DNB notes it may need more than three months if information is insufficient | Standard |
| Poland Europe (EU) | Authorisation as a domestic electronic money institution (krajowa instytucja pieniądza elektronicznego, KIPE) KNF | EUR 350,000 | KNF decides within 3 months of a complete application (art. 62(2), applied to EMIs by art. 132b(3)) | Standard |
| Portugal Europe (EU) | Electronic money institution authorisation Banco de Portugal | EUR 350,000 | PSD2 Art. 12: decision within 3 months of a complete application | Standard |
| Spain Europe (EU) | Electronic money institution authorisation (entidad de dinero electrónico) Banco de España | EUR 350,000 | Decision within 3 months of receipt or of completion of the file; silence means refusal (RD 778/2012 art. 1(2)) | Standard |
| Gibraltar Europe (non-EU) | Electronic money institution (Part 7 permission) GFSC | EUR 350,000 | Not published | Standard |
| Isle of Man Europe (non-EU) | Class 8(4) money transmission services licence (issue of electronic money) IOMFSA | Not published | IOMFSA service standard of 6 months from a complete application; longer if incomplete or issues arise | Standard |
| Liechtenstein Europe (non-EU) | E-money institution licence (Bewilligung als E-Geld-Institut) FMA Liechtenstein | EUR 350,000 | Decision within three months of receipt of the application or of the complete information (Art. 7(3) EMA); rejection if still incomplete after twelve months | Standard |
| Switzerland Europe (non-EU) | FinTech licence (persons under Art. 1b BankA) FINMA | CHF 300,000 | Not published | Standard |
| United Kingdom Europe (non-EU) | Authorised electronic money institution FCA | EUR 350,000 | FCA must determine a complete application within 3 months and any application within 12 months of receipt (EMRs 2011 reg. 9) | Standard |
| Qatar (QFC) Middle East | QCB payment service provider licence, Category I (e-money issuance and merchant acquisition) Qatar Central Bank | QAR 2,000,000 | Governor decides within 60 days after all licensing conditions are fulfilled | Standard |
| United Arab Emirates (onshore) Middle East | Stored Value Facilities (SVF) licence Central Bank of the UAE | AED 15,000,000 | Not published | Standard |
| United Arab Emirates: Dubai International Financial Centre (DIFC) Middle East | Providing Money Services (issuing Stored Value), Category 3C DFSA | USD 500,000 | Not published | Standard |
| Australia Asia-Pacific | Purchased payment facility (PPF) provider authorisation as an ADI APRA | Not published | Not published | Standard |
| Hong Kong Asia-Pacific | Stored value facility licence (SVF) HKMA | HKD 25,000,000 | Not published | Standard |
| Japan Asia-Pacific | Issuer of prepaid payment instruments for third-party business (registration) FSA (via the local Finance Bureau) | Not published | Not published | Standard |
| Philippines Asia-Pacific | Electronic money issuer (EMI) authority BSP | Not published | Not published | Standard |
| Singapore Asia-Pacific | E-money issuance under an MPI or SPI licence MAS | SGD 250,000 | Not published | Standard |
| South Korea Asia-Pacific | Electronic money issuance permit FSC | KRW 5,000,000,000 | Not published | Standard |
| South Korea Asia-Pacific | Registration for issuing and managing prepaid electronic payment means FSC | KRW 2,000,000,000 | Not published | Standard |
Sources are listed on each jurisdiction page. Information only, not legal advice.