Izitifiketi zemali ye-e kanye nezinhlangano zokukhokha

Izinkampani eziningi ze-fintech ezihamba noma zigcina imali yomxhasi azidingi ilayisense lebhange. E-European Union bavame ukudinga enye yezigunyazo ezimbili ezincane: ilayisense lenhlangano yokukhokha (PI) noma ilayisense lenhlangano yemali ye-elekthronikhi (EMI). Zonke zibiza kancane futhi zishesha ukuthola kunelayisense lebhange, kodwa zombili zivela ngemikhawulo eqinile mayelana nokuthi inkampani ingakwenza kanjani nezimali zomxhasi.

Lo mhlahlandlela uchaza ukungafani phakathi kwamamodeli amathathu, izimali kanye nokulondolozwa kwemithetho ngaphansi kwezincomo zamanje, indlela abameli, abahlinzeki nokufaka iziqu zisebenza ngayo, nokuthi yini okushoyo ukuthuthukiswa okuzofika PSD3 kuzinkampani ezinalayisense. Ukuthuthukiswa ngokwalo, kanye ne-agenda ebanzi yokukhokha, kuhlolwe emkhakheni wokuqondisa ohlukile we PSD3 nokukhokhwa ngokushesha.

Amamodeli amathathu: ibhange, EMI ne-PI

I-line yomthetho phakathi kwezithathu mayelana nokuthi kwenzekani ngemali yomhlinzeki uma ifika. Ibhange lithatha izitolo futhi lingabakhokhela ngaphandle. Isinhlangano sokubuyiselwa imali kuphela esebenza ukukhokha, futhi inhlangano ye-e-mali ikhipha inani lemali eligcinwe ukuthi umhlinzeki angachitha noma abuyiselwe.

	Inhlangano ye-Credit (ibhange)	Inhlangano yemali-elektroniki	Inhlangano yokukhokha
Imisebenzi ebalulekile	Amadiphozi kanye nokudlulisa imali	Ukukhishwa kwezimali ze-e, kanye nezinsizakalo zokukhokha	Izinsizakalo zokukhokha kuphela
Ingathatha izitolo	Yebo	Hayi	Hayi
Ungakwazi ukudlulisa imali yomxhasi	Yebo	Hayi	Hayi
I-Credit ivunyelwe	Umsebenzi wokudlulisa	I-credit yesikhathi esincane kuphela ehlobene nokukhokha, hhayi kusuka kumabhange	I-credit yesikhathi esincane kuphela ehlobene nokukhokha, hhayi kusuka kumabhange
Indlela imali yomxhasi ekhuselwa ngayo	Uhlelo lokuqinisekiswa kwediphozithi kanye nemali engenayo	Ukuvimbela	Ukuvimbela
Imali engenayo encane yokuqala ye-EU	Misela ngaphansi CRD (bona umhlahlandlela webhange)	i-EUR 350,000	20,000 kuya ku-125,000

Ephansi EMD2 Isigaba 6, ngo EMI “akufanele athathe amadiphozithi noma ezinye izikweletu ezikhokhelwa ngemali evela kumphakathi”, futhi izikweletu ezitholakele kumthengi kufanele zishintshwe zibe yimali ye-e ngaphandle kokulibazisa. Ikhedi elixhunywe nezinsizakalo zokukhokha livunyelwe kuphela ngezimo, futhi alikwazi ukunikezwa kusuka ezimalini ezifunyenwe ngokushintshaniswa kwemali ye-e.

PSD2Isigaba 18 sibeka umkhawulo ofanayo ku-PIs. Izimali abazitholanga azikho izitolo futhi azikho izimali ze-e, futhi bangagcina kuphela ama-akhawunti wokukhokha “asetshenziswa kuphela ekuthengiseni kwemali”.

Okubalwa njengemali ye-e

EMD2 Isigaba 2 sichaza izimali ze-e njengenani lemali eligcinwe nge-elekthronikhi, elibonakaliswa yicala kulowo okhiphayo, elikhishwa uma lithola imali yokukhokha izitolo zokukhokha, futhi livunyelwe ngumuntu othile ngaphandle kolowo okhiphayo. Ikhadi elikhokhelwe ngaphambili noma isibalo se-wallet esikwazi ukuchitha nomnikazi neqembu lesithathu yinkinga ejwayelekile.

Imithetho emibili eyengeziwe ihlela yonke imikhiqizo yemali-e. Ngokuya ngesigaba 11, imali-e kufanele ikhishwe ngokufanayo futhi ibuyiselwe ngokufanayo “noma yisiphi isikhathi” uma kudingeka ngumnikazi, nezindleko zokubuyisela ezivunyelwe kuphela ezinhlotsheni ezincane. Ngokuya ngesigaba 12, umkhiqizi angakhokhi inkokhelo noma enye insizakalo exhunywe nokuthi isikhathi esingakanani umhlinzeki ugcina imali-e.

Uma imodeli yebhizinisi lixhomekeke ekukhokheni inzalo emilinganisweni, ilayisense EMI ngeke liyixhase. Lokhu kuyinye yezizathu eziyinhloko ukuthi ezinye izinkampani zihambe phambili zibe nelayisense lebhange.

Yini ebhekwa njengesevisi yokukhokha

I-Annex I ku-PSD2 ihlanganisa izinkonzo zokukhokha eziyisithupha:

1. Ukubeka imali engenayo kwi-akhawunti yokukhokha nokuphatha i-akhawunti.
2. Ukukhishwa kwemali engenayo kusuka ku-akhawunti yokukhokha kanye nokusebenza kwe-akhawunti.
3. Ukwenza ukukhokhelwa kwezinkokhelo ezifana nokukhokha ngokuqondile, ukukhokhwa kwekhadi kanye nokudluliswa kwe-credit.
4. Ukwenza izitolo ezifanayo lapho imali igcinwa khona nge-credit line.
5. Ukukhishwa kwezinto zokukhokha nokufinyelela ekuthengiseni kwemali.
6. Ukuthumela imali.
7. Izinsizakalo zokuqapha ukukhokha.
8. Izinsizakalo zolwazi lwe-akhawunti.

I-PI igunyazwe ngezinsizakalo ezikhethekile kulolu hlu, futhi imali engenayo yayo ixhomekeka kulezi. EMI inganikeza nanoma yiziphi lezi zinsizakalo kanye nokukhishwa kwemali ye-e.

Imali-mboleko nezimali zomuntu siqu

Izimali ezincane zokuqala zibekwe emininingwaneni. Amazwe amalungu aguqula lezi zinhlamvu zibe ngumthetho wezwe, futhi abaphathi bangalindele okuningi ekwenzeni ngokuya ngohlelo lwebhizinisi.

Ilayisense nemisebenzi	Imali encane yokuqala	Isisekelo somthetho
I-PI, ukuqashwa kwezimali kuphela (inkonzo 7)	i-EUR 50,000	PSD2 Isigaba 7(b)
PI, ukuthunyelwa kwemali kuphela (inkonzo 6)	i-EUR 20,000	PSD2 Isigaba 7(a)
PI, noma iyiphi yezinsizakalo ezingu-1 kuya ku-5	EUR 125,000	PSD2 Isigaba 7(c)
Ulwazi lwe-akhawunti kuphela (inkonzo 8)	Akukho zimali zokuqala; ukubhaliswa kanye ne-inshurensi yokubuyiselwa	PSD2 Isigaba 5(3) ne-33
EMI	i-EUR 350,000	EMD2 Isigaba 4

Um kapitali wokuqala yindawo yokuphumula kuphela. PSD2 Isiqephu 8 sidinga imali engenayo yomuntu ngamunye ngaso sonke isikhathi engaphansi kakhulu komkapitali wokuqala kanye nenani elilinganiselwa ngaphansi kwenye yezindlela ezintathu ezibekwe kwisiqephu 9, ezikhethiwe ngumphathi.

I-EMIs, EMD2 Isiqephu 5 ingeza “Indlela D”: imali esemthethweni yokukhipha imali ye-e engaphansi kuka-2% yomthamo wemali ye-e ekhona. Umthamo wemali ye-e ekhona ulinganiselwa eminyakeni emihlanu eyedlule, ngakho-ke izidingo zikhula ngokuzenzakalela njengoba izibalo zikhula.

Izinhlangano ezincane zisusa

Izincomo zombili zivumela amazwe amalungu ukuthi abhalise amabhange amancane ngaphansi kwemithetho elula ngaphandle kokugunyazwa okuphelele. PSD2 Isigaba 32 sivumela lokhu lapho umthamo wokukhokha ophakathi kwezinyanga ezidlule eziyi-12 ungangaphezu kuka-EUR 3 million. EMD2 Isihloko 9 sivumela lapho umthamo wemali ye-e engenayo ungangaphezulu kuka-EUR 5 million.

Inkampani encane ebhalisiwe ayinayo ipasipoti. PSD2 Isiqephu 32 sisusa izihloko zepasipoti futhi sidinga ukuthi ikheli lebhizinisi lisezweni lamalungu lapho ibhizinisi liqhutshwa khona.

Ukuvimbela

Ukuvikelwa kuyindawo eyinhloko yokuvikela abathengi be-PIs ne-EMIs, kanye nendawo lapho abaphathi abaningi bathola khona ukungaphumelelanga. Ayikho insizakalo yokuvimbela ukugembula noma ukulimala kwexabiso; iyimithetho yezomthetho nenqubomgomo eyenziwe ukwehlisa imali yamakhasimende uma inkampani ingaphumelelanga.

PSD2 Isigaba 10 sinikeza izindlela ezimbili:

1. Ukuhlukaniswa. Amabhange ekhasimende akufanele axhunywe nezinye izimali. Uma kungekho ukukhokhelwa ngemuva kokuphela kosuku lomsebenzi, kufanele abekwe ku-akhawunti eyahlukileyo kwinhlangano yemali noma athengiswe kuma-asethi aphephile, anele, anengozi ephansi, futhi ahlukaniswe namanye amabhange engozini.
2. Isikweletu noma isiqinisekiso. Amamali ahlotshiswe yinqubomgomo yesitifiketi noma isiqinisekiso esilinganisekayo senkampani ye-insurer noma inhlangano yekhadi elingaphandle kweqembu lenkampani, ngenani elizohlukaniswa ngokwezinye izindlela.

EMD2 Isigaba 7 sisebenzisa izindlela ezifanayo kuma-akhawunti atholakele wemali ye-e, futhi sidinga ukuthi amakhadi akhokhelwe ngezimali azikhuseleki kuze kube yizinsuku eziyisithupha zebhizinisi ngemuva kokukhishwa kwemali ye-e.

I- Umthetho wokukhokha okuzenzakalelayo iguqulwe kanje PSD2 Isigaba 10 sokufaka i-EMIs ngokucacile futhi sivumele imali ekhuselwe ukuthi igcinwe kwibhange eliphakathi, ngokwesinqumo saleyo bhange. Amazwe amalungu kufanele asebenzise ushintsho kuze kube ngumhla ka-9 kuNhlangulana 2025. Lo mgomo uguqule iDigrithi Yokuqedela Ukuxoshwa ukuze ama-PI nama-EMIs angazibandakanya kumasistimu wokukhokha abekwe.

Ukucindezeleka okuqhubekayo ngaphandle kwe-EU

E-UK, i- FCAi-'s PS25/12, eshicilelwe ngomhla ka-7 Agasti ka-2025, yafaka imithetho yokuvimbela okungeziwe kusukela ngo-7 Meyi ka-2026 kumaPI agunyaziwe, ama-EMIs agunyaziwe namancane kanye nezingxowamali ezikhipha imali yedijithali.

e-Hong Kong, HKMA imithetho ephathelene nabanikazi belayisense ilindele ukulungiselelwa okusebenzayo kwethrethi phezu kwe-float, ehlukaniswe ngezimali zomuntu onelayisense. Uqinisekiso lwebhange noma inshuwalense ingasetshenziswa kuphela njengenye indlela noma isithako lapho umuntu onelayisense eqinisekisa khona.

Ukufaka isicelo selayisense e-EU

Isihloko sesicelo silinganiswe ngokubanzi. PSD2 Isigaba 5 idinga, phakathi kwezinye izinto:

• iphrojekthi yokusebenza kanye nohlelo lomsebenzi lweminyaka emithathu olunezimali ezilindelekile;
• isiqinisekiso semali engenayo yokuqala;
• ukuchazwa kwezinqumo zokuvimbela;
• ukuphathwa, ukulawula kwangaphakathi, ukuphatha umngcipheko kanye nohlelo lokukhokha;
• ingozi yokuphepha, imininingwane ebalulekile yokukhokha, ukuqhubeka kwebhizinisi kanye nemithetho yokuphepha;
• AML kanye nokulawula ukuxhaswa kwezinhlekelele;
• i-identity kanye nokufaneleka kwabagibeli bezimali abafanelekayo, kanye negunya elingcono, ulwazi kanye nesipiliyoni sabaphathi nabaphathi.

Nge PSD2 Isigaba 12, umphathi kufanele athathe isigqibo ngaphakathi kwezinyanga ezintathu zokuthola isicelo esiphelele. Ikhalenda aliqhubeki uma ifayela lingakaqediwe, ngakho-ke imingcele yesikhathi sangempela ivame ukude kunesikhathi somthetho.

Isiqephu 13 sivumela ukukhishwa uma inkampani ingasebenzisi isitifiketi segunya ngaphakathi kwezinyanga ezingu-12 noma imisa umsebenzi ongaphezu kwezinyanga ezinhlanu.

Ama-akhawunti ebhange yingxenye yelayisense

I-PI noma i- EMI ayikwazi ukuvimbela imali noma ukusebenza ngaphandle kwe-akhawunti kwibhange. PSD2 Isiqephu 36 sidinga ukungena kuzinsizakalo ze-akhawunti yediphozithi yezinkampani zokukhokha “ngokwenhloso, ngaphandle kokuhlukunyezwa nokulingana”, futhi ibhange kufanele linikeze umphathi izizathu zokuthi kungani li refuses.

Ngokuya ngenqubo, ukufinyelela kwi-akhawunti ihlala ingenye yezindlela ezinzima kakhulu zokusebenza, ngakho-ke ukuxhumana kwebhange kufanele kulungiswe kanye nesicelo selayisense.

Abameli, abahlinzeki kanye nokuzibophezela

Amanye ama-PIs nama-EMIs afinyelela kumakhasimende ngengxenye yesithathu. Imithetho ihlukile ngokuya ngokuthi yini eyenza iqembu lesithathu.

Ingxenye yesithathu	Yini eyenza	Inqubo
Umphathi we-PI noma EMI	Ukuhlinzeka ngezinsizakalo zokukhokha ngosizo lwenhlangano	Ibhaliswe ngumphathi wekhaya ngaphansi PSD2 Art. 19
Umhlinzeki we EMI	Yabelana futhi ubuyisele imali ye-elekthronikhi ngesandla se EMI	Ivunyelwe yi EMD2 Art. 3(4); ayikwazi ukudlulisa imali ye-e
Isihlinzeki Esingaphandle	Yenza imisebenzi yokusebenza	Isiqinisekiso kanye nokulawula okungaphandle

I-agent PSD2 Isigaba 19 idinga isigungu ukuhlinzeka ngemininingwane ummeli, yayo AML Uchwepheshe unenyanga ezimbili ukuqinisekisa ukubhaliswa, futhi umphathi angaqala kuphela uma kuvele eqenjini.

EMD2 Isiqephu 3(5) sisho ngokucacile ukuthi i-EMIs “akufanele ikhiphe imali ye-elektroniki ngosizo lwama-agents”. I-EMI ihlala iyi-emittent futhi ibambe iqhaza ngokuphelele kuma-agents ayo nama-distributors.

Ukunikezwa kwepasipoti ezweni lonke

I-PI egunyazwe noma EMI inikeza izinkonzo kwezinye izifundazwe ze-EEA noma ngemikhawulo noma ngohlelo PSD2 Isigaba 28, inkampani imemezela umphathi wayo wasendlini, onenyanga eyodwa yokudlulisa ifayela ezweni elisha; ikhaya linamasonto amabili ukulihlola futhi liphendule.

Ukuthola ipasipoti kuyinqubo yokwazisa, hhayi ilayisense yesithathu, kodwa akuyona into engekho emthethweni. Abaphathi bendawo yokuhlala bathola ulwazi mayelana nabameli namahhovisi, futhi umphathi wekhaya angayeka ukubhaliswa lapho indawo yokuhlala iphakamisa ukhathazeka ngokudlidliza kwemali.

Ipasipoti isebenza kuphela ngaphakathi kwe-EEA. Ilayisense laseUK, eSingapore noma eHong Kong alinika ithuba lokungena emkhakheni we-EU, futhi ilayisense le-EU alinika ithuba lokungena kulo mkhakha.

Izinhlelo ezilinganisekayo ngaphandle kwe-EU

Izinhlobonhlobo ezifanayo zikhona kwezinye izindawo, kodwa ama-labels, ama-thresholds nezimali zihlukile.

Umthethosivivinywa	Isimo	Isihloko senhlokodolobha
i-EU	PI ngaphansi PSD2; EMI ngaphansi EMD2	EUR 20,000 kuya ku-EUR 125,000 (PI); EUR 350,000 (EMI)
i-Singapore	Inhlangano Yokukhokha Ejwayelekile noma Ekhulu ngaphansi koMthetho Wezinsizakalo Zokukhokha 2019	S$100,000 (ejwayelekile); S$250,000 (ikhulu), kanye nediphozithi yokuphepha yezinhlangano ezinkulu
i-Hong Kong	Ilayisense yendawo yokugcina impahla engaphansi kweMithethonqubo Yokukhokha Nezindawo Zokugcina impahla	i-HK$25 million ekhokhiwe noma imali engenayo elinganayo

ESingapore, MAS isebenzisa ama-volume aphansi kunalezo zinhlobo zesevisi ukuhlukanisa izitifiketi ezimbili eziyinhloko. Inkampani kufanele ibambe isitifiketi esibalulekile uma idlula i-S$3 million ngenyanga nganoma yisiphi isikhungo esisodwa, noma ibambe ngaphezulu kwe-S$5 million yemali engekho ngemininingwane.

I-Hong Kong ibeka indawo yokungena ephakeme kakhulu. I HKMA ichaza i-HK$25 million njengento ephansi kuphela futhi ithi ingabeka izidingo eziphezulu ngokuya ngesilinganiso kanye nobunzima bebhizinisi.

I-crypto, i-stablecoins kanye nelayisense lemali ye-e

Ngaphansi MiCA Isihloko 48, kuphela inhlangano yemali noma EMI inganikeza e-imali token kumphakathi e-EU, futhi e-imali tokens zibhekwa ukuba imali electronic. Crypto amabhange ukuphatha ezifana tokens angase afune ukugunyazwa inkokhelo: the EBA s February 2026 opinion ifaka indawo ngemuva kokuphela kwesikhathi sayo sokushintshaniswa ngo-2 March 2026.

PSD3: yiziphi izinguquko zabanikazi belayisense

I-EU ifaka indawo ye PSD2 ne EMD2 ngemiyalelo entsha (PSD3) kanye noMthetho Wezinsizakalo Zokukhokha osebenza ngokuqondile. Ngo-Okthoba 2026, i-Legislative Observatory ibonisa amafayela alinde ukufundwa kokuqala kwesimo seNkantolo, nokuvota kweParliament okuphawulwe ngomhla ka-14 kuDisemba 2026. Izibalo ezingezansi zivela ku-April 2026 compromise text futhi zingashintshwa ngesikhathi sokuqedwa komthetho.

Ushintsho olukhulu lwelayisense kulo mbhalo:

• Uhlobo olulodwa lwelayisense. Ukukhishwa kwemali ye-E kwenziwa njengenkonzo yokukhokha (Isiqendu I, isigaba 8), futhi ama-EMIs abizwa ngokuthi izinhlangano zokukhokha.
• Izinhlayiyana ezintsha. I-EUR 40,000 yokudluliselwa kwemali kuphela, i-EUR 50,000 yokuqala ukukhokha, i-EUR 150,000 yezinsizakalo ezingu-1 kuya ku-5, ne-EUR 250,000 zokukhishwa kwezimali zedijithali. Amanani afakwa ndawonye lapho inkampani inikeza inani elikhulu.
• Imininingwane ye-akhawunti. Abahlinzeki bemininingwane ye-akhawunti babhalisa ngaphezu kokufuna imvume.
• Indlela esheshayo ye-CASPs. I-MiCA egunyaziwe CASP enikela ngezinsizakalo zokukhokha kuphela nge-e-money tokens kufanele ithole isixazululo ngaphakathi kwezinsuku zebhizinisi ezingu-60 zokufaka ifayela eliphelele.

I-PIs ne-EMIs ezigunyaziwe ngaphansi komthetho okhona zingaqhubeka iminyaka engu-27 ngemuva kokukhishwa kwemithetho, kodwa kumele zinikeze ulwazi ukuze umphathi wabo aqinisekise ukuthi bahlangabezana nemibandela entsha. Amabhange angeke anciphise umphathi kuze kube yilapho kuqediwe izinsuku zokugcina, nakuba umphathi angaphinde avumele kabusha ngokuzenzakalela lapho ekhona ubufakazi bokuthi bahlangabezana nemibandela.

Abasunguli abakhetha ilayisense manje, inkinga ekhona ukuthi isicelo esiyenziwe namhlanje sizohlolwa ngaphansi kwe PSD2 ne EMD2, bese kubuyekezwa kabusha ngaphansi kwe PSD3 eminyakeni emincane. Amaphuzu omsebenzi, ukuhlela imali kanye nokulondoloza izilungiselelo kufanele zifakwe ukuze zihlangabezane nazo zombili.