What is an EMI License?
An EMI (Electronic Money Institution) license is permission to issue electronic money. License holders have the right to issue digital currencies and provide payment services. Additionally, they can create and maintain their payment system and offer a full range of services related to electronic money issuance. The license has no expiration date; it is obtained once and for all. However, it can be revoked for serious financial violations or fraudulent activities.
What opportunities does an EMI license open for businesses?
An EMI license in Sweden provides the opportunity to offer various types of payment services in a broader range compared to financial institutions that work with instant payment processing.
Acquiring this authorization grants the right to provide the following services:
- Cash deposits to accounts
- Withdrawal of funds
- Payment processing, including fund transfers from a user to a payment service provider’s account and vice versa
- Issuance and distribution of payment instruments
- Initiating payments
- Issuing electronic money
- Providing account activity information
Advantages of obtaining an EMI license
The process of obtaining permission to operate as an EMI in Sweden comes with favorable conditions, including the following highlights:
- Access to the EU market. License holders can offer their products and services across all EU member states. This allows companies to significantly expand their market share and broaden their customer base.
- Direct connection to SEPA. There is no need for intermediary banks in SEPA transactions.
- Flexibility. License holders can issue electronic money, conduct electronic payments, and offer a wide range of financial services. This flexibility makes EMI licenses an attractive option for innovative FinTech companies looking to diversify their offerings.
- Competitiveness. EMI licenses enable companies to develop and provide new financial products and services, enhancing their competitiveness in the market. Furthermore, possessing an EMI license enhances a company’s credibility and reliability in the eyes of potential partners, making it easier to establish relationships with customers.
- Operational control. License holders can control their financial transactions, reducing dependence on third-party payment processors and expanding their capabilities to adapt services to customer requirements.
Requirements for EMI license holders in Sweden
The process of obtaining an EMI license in Sweden is regulated and supervised by the Swedish Financial Supervisory Authority (Finansinspektionen). To get the authorization, a firm must meet the following criteria:
- The company is a legal entity registered in Sweden or another EU country.
- The company’s directors and senior employees are residents of the country.
- The firm has an effective risk management system, which includes assessing and monitoring threats associated with its activities.
- Documentation is submitted in English, except for the business plan and terms (which are in Swedish).
- The company has an account with a reputable bank for conducting commercial activities.
- The share capital is not less than 350,000 Euros in Swedish Kronor equivalent.
These are not the only requirements that must be met to obtain an EMI license. The IFB team is well-versed in every aspect of the licensing process and in dealing with Swedish government authorities. We possess a high level of expertise and extensive experience. By turning to our company, you will obtain your license in the shortest time possible, without unnecessary complications, while adhering to all necessary procedures.
What services do we offer?
Obtaining an EMI license can be complex and exhausting. This is where the professionals at IFB step in to assist. With our support, you will guarantee the issuance of an electronic money license.
We provide a comprehensive range of services to help you become a full-fledged player in the financial market:
- Preparation. We will fully handle the document collection process and, if necessary, assist in preparing a business plan, accounting reports, AML procedures, and other essential documents.
- Risk Assessment. Our team will help identify and rectify inconsistencies and errors in your existing business plan. This reduces the likelihood of license rejection and ensures the smooth and secure operation of your business.
- Guidance. Our expert consultants will guide you throughout the entire application process, from submitting your application to the relevant authorities to obtaining the license.
- Consulting. After obtaining the EMI license, we will guide the further development and digital transformation of your enterprise in the financial sector. Our team will also assist in implementing blockchain and other projects related to virtual assets.
Unlock new financial opportunities with an EMI license! The IFB team will provide comprehensive support in obtaining the license in Sweden. Contact us to receive a free consultation!
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