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Small Payment Institution (SPI) License in Poland
Small Payment Institutions (SPIs) in Poland are a promising business venture due to their unique position within the financial landscape. While they have fewer powers and capital requirements than fully licensed institutions, they still play a vital role in the payment services sector.
Key Activities of SPIs:
SPIs are registered service providers and issuers of e-money, engaging in various activities such as:
- Account replenishment and withdrawal;
- Conducting transactions between client accounts;
- Debit operations;
- Card transactions;
- Cash operations using credit lines;
- Money transfers.
Notably, SPIs cannot initiate transactions or provide access to account data, limiting their scope compared to traditional financial institutions.
Obtaining an SPI License in Poland:
While there are no strict regulations for staffing, having a team of two local directors and four resident employees is advisable. The management should include individuals responsible for AML policies, compliance, financial reporting, cybersecurity, and marketing. Additionally, a minimum initial capital of €125,000 is required. Once the license is granted, the SPI has six months to establish its infrastructure and commence operations.
Acquiring an SPI through Purchase:
Acquiring an existing SPI license is a viable option, eliminating the need to navigate the licensing process. The required documentation for a license application includes:
- Company details and articles of association;
- List of services provided;
- Financial reports;
- Business plan (including marketing and operational plans);
- Proof of funds;
- Risk management and internal control systems description;
- Personal data of directors and officers;
- Professional experience confirmation;
- External auditor information;
- Proof of commission payment;
- List of branches or agents (if applicable).
Purchasing an SPI with an existing license streamlines the process, as the documentation is already prepared.
Advantages of Operating an SPI in Poland:
Poland offers attractive conditions for SPIs, including:
- Access to the Eastern European market;
- Cost-effective and skilled workforce;
- Simple business account opening procedures;
- Straightforward residency permits for employees;
- Stable currency and a robust foreign exchange market;
- Growing opportunities for money transfers due to a significant emigrant population.
These factors make Poland an appealing destination for establishing and operating an SPI.
If you’re considering entering the Polish payment services market, acquiring or establishing an SPI could be a lucrative and strategic move. With careful planning and execution, you can capitalize on this growing sector and establish a successful business venture in Poland.
International Fintech Business (IFB) can help you enter the fintech industry. We can help you incorporate a company with an SPI license in Poland. IFB also provides a diverse selection of ready-made companies with these licenses for sale. Our experts can help answer any questions you may have. Contact us today!
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