Public Advisory for Money Transfer Licensing in the UK
The Financial Conduct Authority (FCA) in the UK has implemented a stringent and restrictive approach to licensing, resulting in significant delays and a sharp decrease in approval rates. Entrepreneurs seeking licenses must carefully consider the challenges and requirements before proceeding. Read more here.
What Is an EMI License in the UK?
An EMI (Electronic Money Institution) license is authorized by the FCA (Financial Conduct Authority) to companies who want to issue and redeem electronic money. EMI License holders in the UK can issue electronic money, offer e-money accounts and products of stored value to their clients, as well as retain clients’ funds for an extended period of time. In addition to this, EMI license holders can also be authorized to provide services as that of a Payment Institution in the UK.
Applying for Your Own EMI License in the UK
Post Brexit, EMI License holders in the EU/EEA region cannot passport their license in the UK which restricts them from extending their EMI services to the UK. Thus, if you want to offer your EMI services, and pick up customers from the UK you will have to apply for an EMI license from the FCA.
We help companies obtain their own EMI license in the United Kingdom. Applying for an Electronic Money Institution License in the UK is a lengthy process.
To help you get started with your new EMI license application in the UK, here are the required details:
- The Licensing Process
- Scope of Legal Services
- Timeframe & Additional Services Offered
- Fees Details
- Main Requirements for EMI License in the UK
This page was last updated on June 6, 2023.