Look to us for your Electronic Money Institution licensing needs!
Whether you’re a seasoned professional in the financial industry, an entrepreneur looking to venture into the digital payment space, or an academic seeking to deepen your understanding of electronic money, EMI Licensing is your go-to resource. Explore our offers in Canada, Lithuania, and Poland.
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What is EMI licensing?
Established with a vision to bridge the gap between traditional financial systems and emerging digital trends, the Electronic Money Institution serves as a hub for knowledge exchange, innovation, and collaboration. We work with researchers, economists, technologists, and legal professionals who are deeply committed to unraveling the complexities of electronic money, its implications, and its potential to shape the future of finance.
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The Canadian jurisdiction is one of those where the Fintech market has bloomed over the past three years. As forecasts say, this situation is not likely to change in the nearest future. The government of that country has focused on the Fintech sector with a commitment of $ 755 million. It is expected that this contribution will pay off and increase up to $2 billion. Undoubtedly, these indicators are identifiers of stability and prosperity.
• Risk management and Equity requirements – Minimum equity capital of an EMI is at least EUR 350,000.
• EMI providing payment initiation and/or account information services must hold civil liability insurance – Minimum insurance amount is determined following the formula of the BoL but not less than EUR 50,000.
• EMI can keep clients’ funds for an unlimited time period.
• EMI must protect the clients’ funds in the one of the following ways: ensuring segregation of clients’ funds from institution’s own funds or by obtaining a relevant guarantee, a surety letter or an insurance cover.
• Once a license is issued, an EMI may passport its licence and operate in other EEA jurisdictions through a branch or under the freedom to provide services.
• EMI is restricted to dispose of clients’ funds in its business activities. EMI must use other funds in other business activities (e.g. lending).
Small Payment Institutions (SPIs), also known as Mała Instytucja Płatnicza (abbreviated “MIP”), are authorized to conduct small and medium-sized payment services operations in Poland. Nearly all payment services are available through Polish SPI, but there are some restrictions. These include operating only within Poland, limiting each client account to 2,000 euros, and capping the average monthly value of all transactions at 1,500,000 euros.
One kind of organization involved in the payment services industry is a National Payment Institution (NPI). An NPI licence allows a business to issue its own electronic currency and offer all or a subset of payment services, which allows it to diversify into cutting-edge financial solutions.
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