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We help clients obtain Payment Institution and the Electronic Money Institution EMI/E-money license in most European countries. The license required to provide payment services in Europe is called a Payment Institution. By obtaining the Payment Institution license in one European country, say the United Kingdom, you are able to 'passport' and operate all countries within the European Economic Area.
We work with clients based in the Asia-Pacific, including, China, Hong Kong and Singapore. These range from large well-established brands to start-ups. We help them to expand into Europe and offer financial services, including, payment services, electronic money, investment services, banking, lending and fintech services and products to the European market. This often requires careful planning and working closely with such clients to help them with their operational setup in Europe as well as obtaining the relevant licenses.
By obtaining a Payment Institution license, you are able to provide the following payment services:
i. Issue payment accounts such as payment debit cards
ii. Provider payment processing services
iii. Provide merchant acquiring services and acting as a master merchant
iv. Provide money remittance or money transfer services
We spend time with our clients to understand their plan and strategy as well as their business model. We typically help our clients with the operational setup, including, hiring their management and employees, obtaining office premises, obtaining banking facilities and liaising with third parties where additional services are required.
In preparing a strong authorised payment institution license application it is important to address a number of key areas. As part of the basic conditions, you will be required to operationally set up in the European country of the license application E.g. The United Kingdom. This means local management and employees, as well as a physical office to operate from. Virtual offices are not accepted by the regulator. A number of documents will be required to be submitted with your license application. These typically include a business plan, financial forecasts, programme of operations, business continuity arrangement, compliance procedure, money laundering policy, and risk management policy. You will also be required to provide details of your management team, staff and shareholders. We are able to manage this process on your behalf.
How we can help
Buckingham Capital Consulting is a leading international consulting firm, specialising in payment services, electronic money, banking and investment services. We are able to advise you on the best course of action and strategy based upon your business plan and financial product or service. We can you with licencing, compliance, operational setup and related services, including, obtaining banking facilities.
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