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 a Small Electronic Money Institution License?
A Small Electronic Money Institution (SEMI) License allows the relevant entity to issue and redeem electronic money (e-money) as well as provide most of the services that are offered by a Payment Institution. A SEMI License in the UK allows the entity to provide these services within the UK under certain limitations. Before we delve deep into dissecting the SEMI License in the UK, we must first understand what E-Money is. Put simply, e-money refers to the electronic storage of a monetary value or a medium of exchange on a computerised technical device, such that it can be exchanged for goods and services or transferred, just like normal money.
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This page was last updated on May 30, 2023.
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