Licensing & Regulation

Licensing Regulation

Payments institution or regulators provides three types of licensing options that are:

1. Electronic money institutions (EMI)
2. Payment service institutions (PI)
3. Money Service Business (USA, CANADA, etc….)

If you want to deal with Electronic money or simply E-money, you have to register with or be authorized by the Regulator as EMI. On the other hand, if you want to do money transfer services rather than dealing in electronic money, you have to register with or be authorized by the Regulator as a PI. MSBs, EMIs, and PIs are further categorized into types of license, as;

• Small (SEMI, SPI)
• Authorized (AEMI, EMI, API, and PI)
• MSB (Money Service Business USA, CANADA, etc….)

The difference between authorized and registered licenses is due to application fees, pass-porting rights, paid-up capital, and revenue size of the Business.