In-Depth Legal Consulting Services for Securing Banking License
Acquiring a banking license or an EMI/PSP permit in 2025 opens endless opportunities. LegalBison assists entrepreneurs and companies in securing banking licenses.
Banking License - Types, Regulations, How to Obtain
Setting up a banking institution to provide services commonly associated with banks is difficult without proper guidance. Before starting out, it is very important that you understand what a banking license is, what the different types of licenses exist, their differences, and what they actually allow to a licensed entity. This part should give you a first overview of the possibilities and a hint of which license may best suit your business model.
Defining what we call a banking license
A corporation may provide a range of banking services to its customers by obtaining a banking permit from an appropriate regulatory authority. With this license, the business may legally take deposits, lend money, and handle many other financial operations. This proves the company’s dependability and trustworthiness in the industry while also showing that it complies with strict regulatory regulations, both national and international.
Numerous financial organizations, such as conventional banks, EMIs, PSPs, and other payment institutions, need specialized banking licenses to carry out their unique operations.
Definition of an Electronic Money Institution license
To issue electronic money and provide a variety of related financial services, a business needs regulatory permission known as an Electronic Money Institution (EMI) license. Typical examples of such services include electronic account maintenance, payment facilitation, and the ability to transfer cash. A company’s capacity to conduct safe and transparent operations within the electronic money ecosystem is shown by an EMI license, which also guarantees compliance with applicable financial legislation.
You can book a free call with LegalBison to find out if this type of license is the appropriate solution for your business.
Definition of a Payment Services Provider (PSP) license
A corporation may provide a variety of payment services to its customers with a Payment Service Provider (PSP) license. Although PSP licenses are comparable to EMI licenses, the issue/usage of electronic money is usually not part of a PSP license. In contrast, provide assistance in the facilitation of payment transactions and associated financial services. The range and kind of services provided by PSPs in comparison to EMIs may be affected by this difference. Nevertheless, both licenses are crucial for the regulatory system to enable safe and efficient financial operations.
Providing accounts with an IBAN number — IBANs with a banking license
A much-desired feature—providing IBAN accounts through your company—is now at your fingertips with our service. For our customers, this feature is a huge boon since we can help streamline the license-obtaining process for businesses that want to be able to provide IBAN accounts to customers after they open banking license. This competitive advantage allows you to achieve your objectives at a quicker rate than ever before. With this type of bank license, you may finally enjoy the results you wanted since IBAN issuance will help you stand head and shoulders above the competition.
Ability to issue payment cards with a banking license
We are pleased to provide a much-desired feature: a banking license that would enable you to issue payment cards. Offering your customers unmatched ease and flexibility in managing their money, this highly sought-after service can really become a game-changer for small- and medium-sized businesses that acquire an EMI banking license. No doubt, having your own payment card is a liberating change and there is a high demand for this service in certain regions. With this option, you may confidently take advantage of any opportunity, whether it’s for penetrating a new market or expanding your existing service. Your new clients can enjoy the convenience and security of payment cards like never before.
Remittance services with a banking license
In many years of experience, we saw many of our clients benefit from a license that enables them to provide a vital service – remittance. Your clients will be able to send and receive funds across many bank networks with utmost convenience and safety. Remittance services that always provide fast and secure international money transfers are a huge draw in both undeveloped and developed economies, so, for example, many fintech banking license companies use this to their benefit. Growing a client base is easier when you have a clear-cut set of competitive advantages.
Your clients are waiting for your move. LegalBison is here to help.
Looking for the cheapest way to start your banking services activity? Contact our team to inquire about the existing possibilities to set up an EMI or payment company within your budget!
Examples of Banking Licenses
EMI license in Lithuania
There is a lot of respect for Lithuania’s EMI license among banks, other financial institutions, and clients. This permit, issued by the Bank of Lithuania, is a symbol of compliance with stringent criteria that promote confidence and trust among customers and companies. Notable businesses, like Revolut, use this prestigious license, attesting to its dependability and efficacy. The extensive capabilities offered by the so-called Revolut banking license provide financial institutions with services such as electronic money issuance, payment services, remittance, and more. To get additional details, you may check out the Bank of Lithuania’s official website.
FCA license in the United Kingdom
The license issued by the UK’s Financial Conduct Authority (FCA) is highly esteemed. The FCA’s rigorous supervision of EMI licenses helps to build confidence and trust among consumers. Its authenticity and dependability are attested to by notable market players like Monzo, which operates under this coveted license and has over 7.4 million clients. With the backing of the FCA license and its forward-thinking banking philosophy, Monzo has become something of a market leader. Businesses that meet the EMI license requirements in the UK can facilitate sending money abroad, issue e-money, etc. You may get additional details on the official website of the FCA.
SPI & MPI license in Singapore
The Singaporean financial industry holds the Small and Major Payment Institutions (SPI & MPI) license in the highest respect. Businesses and consumers alike may rest easy knowing that these licenses, issued by the Monetary Authority of Singapore (MAS), indicate adherence to stringent banking license requirements. Renowned organizations such as Red Dot Payment demonstrate their reliability, growth potential, and success in the payment sector by operating under these licenses. The SPI and MPI licenses provide all-inclusive solutions for companies that need to conduct online transactions, including features like merchant acquisition services and online payment gateway systems. Take advantage of these licenses to open doors to new prospects in Singapore’s booming e-commerce scene. The MAS has an official website that you can check out if you want to know more.
As a recent development, the Singapore Payment Institution framework incorporated the provision of virtual asset services into its legal framework, making it a blend of a banking and crypto license in Singapore.
Payment Institution in Austria
The reputation of Austria’s licenses is high in the world of finance. These licenses are subject to rigorous supervision by the Financial Market Authority (FMA). It ensures compliance with laws similar to those that credit institutions are subject to. These licenses attest to the legitimacy and success of well-known organizations like, for example, Bitpanda. This Vienna-based platform allows its users to trade a wide array of assets, including cryptocurrencies, commodities, and equities. Bitpanda is a prime example of a company that operates under an Austrian Payment Institution license; it has over 2.7 million clients and is valued at more than 4 billion USD. Take advantage of Austria’s flourishing financial industry and feel confident as you learn how to get a banking license in one of Europe’s most prestigious jurisdictions.
EMI license in Poland
In Poland, the Polish Financial Supervision Authority (KNF) oversees the Electronic Money Institution (EMI) license, which is highly regarded in the nation. Businesses may accept electronic payments, conduct varied financial transactions, and provide a range of payment services thanks to this license. Businesses operating under this license are exemplified by the highly successful Billon Solutions. Authorization as an EMI has been given to the company as of April 9, 2020. Although cryptocurrencies are not yet subject to direct regulation in Poland, EMIs and other certified payment service providers are able to lawfully process transactions using virtual assets, redefining what is an EMI license. Additional information concerning the license is available on the KNF site.
Bank license in Saint Lucia
There are significant financial benefits, as well as outstanding privacy and asset protection, to obtaining an international banking license in Saint Lucia. Companies may establish international banks in Saint Lucia under the International Banks Act, provided they meet the criteria stipulated by the Financial Services Regulatory Authority (FSRA). Saint Lucia’s financial industry is home to a wide variety of enterprises, such as Prism Services, which was first established in 1993 in Barbados. Prism Services is a provider of outsourced business services, including payment solutions, to a wide range of sectors. It is not an EMI, however. When compared to an EMI license Europe, obtaining a permit in Saint Lucia usually is cheaper and easier.
- Lithuania EMI license
- United Kingdom FCA license
- Singapore Small & Major Payment Institutions
- Austria Payment Institution
- Poland EMI license
- Saint Lucia bank license
EMI license in Lithuania
There is a lot of respect for Lithuania’s EMI license among banks, other financial institutions, and clients. This permit, issued by the Bank of Lithuania, is a symbol of compliance with stringent criteria that promote confidence and trust among customers and companies. Notable businesses, like Revolut, use this prestigious license, attesting to its dependability and efficacy. The extensive capabilities offered by the so-called Revolut banking license provide financial institutions with services such as electronic money issuance, payment services, remittance, and more. To get additional details, you may check out the Bank of Lithuania’s official website.
FCA license in the United Kingdom
The license issued by the UK’s Financial Conduct Authority (FCA) is highly esteemed. The FCA’s rigorous supervision of EMI licenses helps to build confidence and trust among consumers. Its authenticity and dependability are attested to by notable market players like Monzo, which operates under this coveted license and has over 7.4 million clients. With the backing of the FCA license and its forward-thinking banking philosophy, Monzo has become something of a market leader. Businesses that meet the EMI license requirements in the UK can facilitate sending money abroad, issue e-money, etc. You may get additional details on the official website of the FCA.
SPI & MPI license in Singapore
The Singaporean financial industry holds the Small and Major Payment Institutions (SPI & MPI) license in the highest respect. Businesses and consumers alike may rest easy knowing that these licenses, issued by the Monetary Authority of Singapore (MAS), indicate adherence to stringent banking license requirements. Renowned organizations such as Red Dot Payment demonstrate their reliability, growth potential, and success in the payment sector by operating under these licenses. The SPI and MPI licenses provide all-inclusive solutions for companies that need to conduct online transactions, including features like merchant acquisition services and online payment gateway systems. Take advantage of these licenses to open doors to new prospects in Singapore’s booming e-commerce scene. The MAS has an official website that you can check out if you want to know more.
As a recent development, the Singapore Payment Institution framework incorporated the provision of virtual asset services into its legal framework, making it a blend of a banking and crypto license in Singapore.
Payment Institution in Austria
The reputation of Austria’s licenses is high in the world of finance. These licenses are subject to rigorous supervision by the Financial Market Authority (FMA). It ensures compliance with laws similar to those that credit institutions are subject to. These licenses attest to the legitimacy and success of well-known organizations like, for example, Bitpanda. This Vienna-based platform allows its users to trade a wide array of assets, including cryptocurrencies, commodities, and equities. Bitpanda is a prime example of a company that operates under an Austrian Payment Institution license; it has over 2.7 million clients and is valued at more than 4 billion USD. Take advantage of Austria’s flourishing financial industry and feel confident as you learn how to get a banking license in one of Europe’s most prestigious jurisdictions.
EMI license in Poland
In Poland, the Polish Financial Supervision Authority (KNF) oversees the Electronic Money Institution (EMI) license, which is highly regarded in the nation. Businesses may accept electronic payments, conduct varied financial transactions, and provide a range of payment services thanks to this license. Businesses operating under this license are exemplified by the highly successful Billon Solutions. Authorization as an EMI has been given to the company as of April 9, 2020. Although cryptocurrencies are not yet subject to direct regulation in Poland, EMIs and other certified payment service providers are able to lawfully process transactions using virtual assets, redefining what is an EMI license. Additional information concerning the license is available on the KNF site.
Bank license in Saint Lucia
There are significant financial benefits, as well as outstanding privacy and asset protection, to obtaining an international banking license in Saint Lucia. Companies may establish international banks in Saint Lucia under the International Banks Act, provided they meet the criteria stipulated by the Financial Services Regulatory Authority (FSRA). Saint Lucia’s financial industry is home to a wide variety of enterprises, such as Prism Services, which was first established in 1993 in Barbados. Prism Services is a provider of outsourced business services, including payment solutions, to a wide range of sectors. It is not an EMI, however. When compared to an EMI license Europe, obtaining a permit in Saint Lucia usually is cheaper and easier.
Meet our clients, hear what they say about LegalBison
LegalBison helped us navigate a space that’s often uncertain and complex, which gave us the confidence to move forward with our project.
As a result of the fruitful cooperation with LegalBison, Yellow Card obtained a VASP registration, fast and without any legal complications.
LegalBison excels at adapting to challenges and demonstrates a perfect understanding of our business needs.
I highly recommend Legal Bison to any entrepreneur or business seeking top-notch services for their company formation. Their commitment to excellence and customer satisfaction is truly commendable.
The team of LegalBison was very helpful and fast in supporting my company’s structural set up. They are undoubtedly top-level experts when it comes to licensing and registrations in the crypto and web3 industry. Highly recommend!
Quick set-up and straightforward process. It was a smooth process, we are happy to have chosen LegalBison as our Partner for incorporations, globally.
How to Get a Banking License in 2024
Banking licenses, whatever their type and jurisdiction of provision, are complex financial licenses that require proper preparation before application. The first step to success is then to get familiar with the process and requirements to get a banking license.
Overview of the Process
The procedure begins with a thorough application that is painstakingly prepared and then reviewed by a legal advisor. We send the application to the regulator after we are sure it’s up to our high standards. Afterward, conversations with the regulator are held to resolve any issues.
Documents to Prepare
A thorough business plan with goals and strategies, in-depth information concerning the technology framework, financial predictions, and team/board member details are all necessary documents to produce. Be it an offshore banking license or any other type, you might be asked to provide additional paperwork as well.
Compliance with Regulations
In order to be considered, an application must show that your business complies with KYC, Anti-Money Laundering (AML), and Counter-Financing of Terrorism (CFT) laws. Appropriate measures, such as policies, processes, and safeguards, should be described in detail to guarantee that all regulatory standards are satisfied.
Share Capital Requirements
The minimum amount of capital needed to get a banking permit is usually rather high. A share capital of 350,000 EUR is required, for example, to get an EMI license in Lithuania. The licensee’s capacity to conduct secure operations within the financial sector is very important to any governing body.
Fitness and Property of the Board
Board members are evaluated based both on their competence and integrity. Candidates are required to appear in person for interviews at the regulator’s office with proper identity, résumé, and certifications stating that they have no criminal past. This guarantees that the board is competent and honest enough.
Ready-made banking licensed company for sale
LegalBison has a rolling stock of banking licensed companies in various jurisdictions.
Live companies with clients, AUM, and active businesses are regularly made available.
Reach out now for more information on the availability and order a shelf company.
About banking licenses (EMI, PSP, PI, bank licenses)
Not exactly: starting a bank needs a large investment of time, energy, knowledge, and human capital, among other things, not to mention very high EMI license fees. To expand, not everyone can open a bank because of the complicated nature of banking operations and the strict regulatory requirements. This demanding undertaking is best left to individuals who possess the requisite skills and resources since it requires a thorough comprehension of banking processes, risk management, and financial laws.
An electronic money institution’s business model often involves keeping client accounts in a digital system and maintaining an account with a central bank. Customers are able to fill their electronic accounts, which opens up a world of streamlined operations: payments, transfers, and others. As a more dynamic alternative to more cumbersome and risky conventional banking options, EMIs are rising in popularity. That is why there is such a high demand for EMI license for sale offers.
How an EMI manages its customers’ money is the main distinction between it and a traditional bank. Client money is not under the institution’s direct control in an EMI. Rather, the client’s account serves as a credit, representing the worth of the institution’s cash. Also, EMIs and banks are oftentimes controlled, assessed, and licensed differently in varied jurisdictions. Obtaining a mortgage banking license would be different than registering an EMI.
The project- and regulator-specific criteria for obtaining a banking license determine the exact process. In most cases, it necessitates interacting with the appropriate authorities, preparing extensive paperwork, and adhering to regulatory norms. We invite you to contact us for personalized advice and support as you go through the licensing procedure. If you are interested in obtaining a banking license, our team of professionals is here to assist you every step of the way. Your first call is free.
When it comes to managing money, there are some differences between the two. Although both EMIs and PSPs enable monetary transactions, the “electronic money” component is absent from the former. EMIs issue electronic money and PSPs just facilitate payments, so they do not issue electronic money themselves. Also, the process of how to get an EMI license might differ slightly.
A number of variables, including technological infrastructure, company scope, and regulatory constraints, affect the initial bank license cost. Your total may include operating expenditures, software development, compliance fees, and license fees. Feel free to contact us for a personalized quote and project-specific recommendations to make sure you don’t overpay elsewhere or mismanage your finances.
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