Procedure to Obtaining the E-money Electronic Money License in Estonia


Introduction

In this article, we look at the process of becoming an electronic money institution (EMI) in Estonia.

Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), is Estonia's regulator. It is responsible for financial services businesses and financial markets.

Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority) regulates firms that provide regulated services, including, consumer credit, payment services, electronic money, lending, insurance and investment services.

If you wish to issue electronic money services in Estonia, such as prepaid cards or electronic wallets, you will require an Authorised Electronic Money Institution license from Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority).

When seeking a license, planning is key. It is important that you match the financial service you intend to provide with Finantsinspektsioon's (Estonian Financial Supervision and Resolution Authority) list of regulated activities.

Another important thing you must do before making an application is to ensure you meet the regulator's conditions. For example, you will need to ensure that your management and people such as directors, must be located in Estonia. You will need to demonstrate through your application that you have appropriate resources to operate your business. This includes having sufficient financial, management, staff, and systems to manage your business.

Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority) expects firms to meet a range of requirements before it allows them to provide regulated financial services. When an applicant firm submits an application seeking authorisation, Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority) reviews their business plans, risks, resources, systems, controls and people.