License · EMI, payment institution, money services
E-money and payments
Accounts, cards, transfers and acquiring, without lending deposits.
Compare
Statutory minimum capital, side by side.
The legal floor in each jurisdiction. It is a starting point for comparison, not a budget: the regulator sets the capital your bank will actually need.
- British Virgin IslandsFinancing and money services licence, Class A (money transmission) and Class B (money orders, cheque cashing, currency exchange) USD 10kUSD 10,000
- BarbadosPayment institution licence USD 25kBBD 50,000
- United Arab Emirates (onshore)Retail Payment Services licence (Category I, II, III or IV) USD 27kAED 100,000
- Cayman IslandsMoney services licence USD 37kKYD 30,000
- SingaporeStandard payment institution licence (SPI) USD 78kSGD 100,000
- BahamasPayment service provider licence (electronic retail payment instruments and electronic money) USD 100kBSD 100,000
- AustriaPayment institution licence (Konzession zur Erbringung von Zahlungsdiensten) USD 140kEUR 125,000
- BelgiumLicence as a payment institution USD 140kEUR 125,000
- CyprusAuthorisation as a payment institution USD 140kEUR 125,000
- EstoniaOperating licence of a payment institution USD 140kEUR 125,000
- FranceAgrément as a payment institution (établissement de paiement) USD 140kEUR 125,000
- GermanyLicence to provide payment services (Zahlungsinstitut) USD 140kEUR 125,000
- IrelandPayment institution authorisation USD 140kEUR 125,000
- ItalyPayment institution authorisation USD 140kEUR 125,000
- LithuaniaPayment institution licence USD 140kEUR 125,000
- LuxembourgPayment institution (PI) authorisation USD 140kEUR 125,000
- MaltaFinancial institution licence to provide payment services (payment institution) USD 140kEUR 125,000
- NetherlandsPayment institution licence USD 140kEUR 125,000
- PolandAuthorisation as a domestic payment institution (krajowa instytucja płatnicza, KIP); registration as a small payment institution (mała instytucja płatnicza, MIP) USD 140kEUR 125,000
- PortugalPayment institution authorisation USD 140kEUR 125,000
- SpainPayment institution authorisation (entidad de pago) USD 140kEUR 125,000
- GibraltarPayment institution (Part 7 permission) USD 140kEUR 125,000
- United KingdomAuthorised payment institution USD 140kEUR 125,000
- LiechtensteinPayment institution licence (Bewilligung als Zahlungsinstitut) USD 150kCHF 125,000
- SingaporeMajor payment institution licence (MPI) USD 195kSGD 250,000
- SingaporeE-money issuance under an MPI or SPI licence USD 195kSGD 250,000
- United Arab Emirates: Dubai International Financial Centre (DIFC)Providing Money Services (payment accounts, payment transactions, payment instruments: Category 3D; Money Transmission only: Category 4) USD 200kUSD 200,000
- South KoreaElectronic payment gateway (PG) registration USD 223kKRW 300,000,000
- SwitzerlandFinTech licence (persons under Art. 1b BankA) USD 360kCHF 300,000
- AustriaE-money institution licence (Konzession zur Ausgabe von E-Geld) USD 392kEUR 350,000
- BelgiumLicence as an electronic money institution USD 392kEUR 350,000
- CyprusAuthorisation as an electronic money institution USD 392kEUR 350,000
- EstoniaOperating licence of an e-money institution USD 392kEUR 350,000
- FranceAgrément as an electronic money institution (établissement de monnaie électronique) USD 392kEUR 350,000
- GermanyLicence for e-money business (E-Geld-Institut) USD 392kEUR 350,000
- IrelandElectronic money institution authorisation USD 392kEUR 350,000
- ItalyElectronic money institution (IMEL) authorisation USD 392kEUR 350,000
- LithuaniaElectronic money institution (EMI) licence USD 392kEUR 350,000
- LuxembourgElectronic money institution (EMI) authorisation USD 392kEUR 350,000
- MaltaFinancial institution licence to issue electronic money (electronic money institution) USD 392kEUR 350,000
- NetherlandsElectronic money institution authorisation USD 392kEUR 350,000
- PolandAuthorisation as a domestic electronic money institution (krajowa instytucja pieniądza elektronicznego, KIPE) USD 392kEUR 350,000
- PortugalElectronic money institution authorisation USD 392kEUR 350,000
- SpainElectronic money institution authorisation (entidad de dinero electrónico) USD 392kEUR 350,000
- GibraltarElectronic money institution (Part 7 permission) USD 392kEUR 350,000
- LiechtensteinE-money institution licence (Bewilligung als E-Geld-Institut) USD 392kEUR 350,000
- United KingdomAuthorised electronic money institution USD 392kEUR 350,000
- United Arab Emirates: Dubai International Financial Centre (DIFC)Providing Money Services (issuing Stored Value), Category 3C USD 500kUSD 500,000
- Qatar (QFC)QCB payment service provider licence, Category I (e-money issuance and merchant acquisition) USD 549kQAR 2,000,000
- Qatar (QFC)QCB payment service provider licence, Category II (other payment services, no customer money held) USD 549kQAR 2,000,000
- BahrainAncillary service provider licence: payment service provider, card processing, AISP and PISP USD 665kBHD 250,000
- South KoreaRegistration for issuing and managing prepaid electronic payment means USD 1.5mKRW 2,000,000,000
- Hong KongStored value facility licence (SVF) USD 3.2mHKD 25,000,000
- South KoreaElectronic money issuance permit USD 3.7mKRW 5,000,000,000
- United Arab Emirates (onshore)Stored Value Facilities (SVF) licence USD 4.1mAED 15,000,000
Not charted (no statutory figure, or currency without a reference rate): Isle of Man, Jersey, United Arab Emirates: Abu Dhabi Global Market (ADGM), Australia, Hong Kong, Japan, New Zealand, Philippines, Singapore, Antigua and Barbuda, Barbados, Bermuda, Canada, Curaçao, Dominica, Mauritius, Seychelles, South Africa. See each jurisdiction page.
Statutory minimums from each regulator. Converted at ECB reference rates or official pegs of 2026-10-08. Log scale. These are legal minimums only: the regulator sets the capital each bank must actually hold, usually far higher, and it must be the shareholders’ own liquid funds.
The path
From plan to licence.
The usual sequence for this licence. Each regulator’s own process and timeline are on its jurisdiction page.
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Model
Which services: e-money, transfers, acquiring, payment initiation. That decides EMI or payment institution, and the capital class.
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Safeguarding
How client funds are protected: segregated accounts or insurance, and the banks that will hold them.
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Application
Programme of operations, business plan, governance, AML/CFT framework, IT security and outsourcing.
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Fit and proper
Qualifying shareholders and managers assessed.
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Authorisation
Usually within three months of a complete file in the EU; passporting notifications follow.
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Scheme and rail access
Card scheme membership or BIN sponsorship, payment-system access, correspondent accounts.
What the regulator will ask for
The application file.
- 01Programme of operations
- 02Business plan and initial capital
- 03Safeguarding arrangements
- 04Governance and internal control description
- 05AML/CFT framework
- 06Security policy and incident procedures
- 07Fit-and-proper documents for managers and owners
Before you apply
Watch, then read.
E-money and payment institution licences
How EU electronic money institutions and payment institutions differ from banks: capital, safeguarding, agents, passporting and the PSD3 transition.
Regulation guide · 11 minEU payments reform: PSD3, the Payment Services Regulation and instant payments
Where EU payments law is heading: PSD3 and the PSR, the Instant Payments Regulation, verification of payee, fraud liability and open banking.
Explainer · 8 minCorrespondent banking explained
Nostro and vostro accounts, intermediary banks, SWIFT, nested relationships, de-risking, and why new banks struggle to obtain USD and EUR clearing.
Explainer · 8 minCards and payment rails
Card schemes, issuing and acquiring, BIN sponsorship and principal membership, SEPA, instant payments, ISO 20022 and real-time gross settlement.
Next step
Get a licensing plan for your case.
Tell us the activities, markets and capital you have in mind. We reply with the jurisdictions that fit and what each regulator will expect.