EMI/PSP Licenses

Fintech industry continues to grow and Legarithm team is proud to take part in this process.

Are you starting your own neobank, payment institution, electronic money institution or cryptocurrency exchange? We are looking forward to assisting you.

Our specialists know all the details of payment institution licensing, choice of suitable jurisdictions, preparation of business-plan and compliance with the regulator.

PSP and EMI in the EU

EMI – Electronic Money Institution License is the most complete …

More
Money Service Operator (MSO) in Hong Kong

If your aim is to conduct money management activities you …

More
Payment Institution license in Singapore

PIL Singapore is divided into two types, standard and major. …

More
Membership in SRO Switzerland

Many are convinced that cryptocurrencies are the future. Many entrepreneurs …

More
Cryptocurrency license in Estonia

A cryptocurrency license in Estonia is one of the most …

More

What financial technology means?

Financial technology, or fintech, is one of the most promising industries today. Fintech companies are flooding businesses with innovative ideas and new technologies, changing the entire financial world for the better.

The banking sector is ripe for change. It has new players in the form of fintech companies, new technologies are dynamically developing, for example, blockchain.

The essence of fintech is contained in two simple words: “I manage myself.” Take money transfers developed by startups, for example. The user sees what is happening with his money, he does not have to pay the intermediary commission.

Fintech is very popular in developing countries, the lack of infrastructure in such countries makes room for innovation, because developing countries are not limited to the usual business models and client typologies, they are able to offer a more recent solution that goes beyond standard business models.

How is fintech regulated?

You must be (not “may be”) financially compliant. Every fintech entrepreneur is obliged to take care of the reliability and safety of his service, regardless of geographic location and applicable law. Almost every country has its own legislation that would regulate such financial activities.

As a rule, in the US and EU countries, such activities are strictly regulated, although there are rare exceptions, very often you will need to obtain a certain financial license for your business model.

The Legarithm team has worked with various financial projects, we will be happy to offer comprehensive support for your project. We will register a company, open current accounts, prepare all the necessary documentation and obtain a license for your project.

Which legislation regulates fintech?

If your company provides payment services, be prepared to provide an additional set of regulatory documents. As part of the anti-corruption policy, the activities of P2P, P2B, B2B payment platforms are subject to strict control in almost all countries of the world.

The main objective of the EU Payment Services Directive is to provide a legal framework for the creation of a pan-European market for payment for services. Recently, the Council of the European Union approved a version of the PSD2 directive to provide consumers with an efficient and secure environment for making payments regardless of the host country.

Another goal of PSD is to improve market efficiency by admitting new players and increasing competition. In parallel, the directive provides the necessary legal platform for the creation of a Single Euro Payments Area

click fraud detection