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Payment institution licence
Applying for a licence to provide payment services without issuing electronic money, in the EU, the UK, Singapore or Canada.
- €20,000 to €125,000 of capital by service
- EU, UK, Singapore and Canada compared
- Application prepared with you
What the licence allows and who needs it
A payment institution licence authorises a company to provide payment services (payment accounts, transfers, card issuing, acquiring, money remittance, payment initiation and account information) without issuing electronic money. It suits acquirers, remittance businesses, payment facilitators, open-banking providers and payroll companies that move money without holding balances.
Under the second Payment Services Directive the capital depends on the services (€20,000 for remittance, €50,000 for payment initiation, €125,000 for the rest) and the decision takes three months from a complete file in every EU state and in the UK. Singapore runs a modular payment-services licence and Canada registers rather than licenses.
Countries
Each country opens with the regulator, the licence, the capital, the fees the regulator publishes, the requirements, the documents, the steps and the sources we checked, with the date we checked them.
| Country | Regulator | Minimum capital | Government fees | Timeline | Last reviewed | |
|---|---|---|---|---|---|---|
| United Kingdom | FCA | €20,000 to €125,000 | FCA application fee by category | 3 months (complete) or 12 months (incomplete), statutory | 2026-11-11 | |
| Lithuania | Bank of Lithuania | €20,000 to €125,000 | Bank of Lithuania fees | 3 months from a complete application (statutory) | 2026-11-11 | |
| Ireland | Central Bank of Ireland | €20,000 to €125,000 | Central Bank fees | 3 months from a complete application (statutory) | 2026-11-11 | |
| Malta | MFSA | €20,000 to €125,000 | MFSA application and supervisory fees | 3 months from a complete application (statutory) | 2026-11-11 | |
| Cyprus | Central Bank of Cyprus | €20,000 to €125,000 | Central Bank fees | 3 months from a complete application (statutory) | 2026-11-11 | |
| Netherlands | DNB | €20,000 to €125,000 | DNB application fee | 3 months from a complete application (statutory) | 2026-11-11 | |
| Luxembourg | CSSF | €20,000 to €125,000 | CSSF application fee | 3 months from a complete application (statutory) | 2026-11-11 | |
| Singapore | MAS | S$100,000 or S$250,000 base capital | MAS application and annual fees | Ask us | 2026-11-11 | |
| Canada | FINTRAC and Bank of Canada | None | Registration fees | Ask us | 2026-11-11 |
United Kingdom
A very large fintech licensing market under the FCA: the EU capital rules without the passport, with lighter small-firm registrations.
- Regulator
- Financial Conduct Authority (FCA)
- Licence
- Payment institution (PI)
- Initial capital
- €20,000 (remittance), €50,000 (payment initiation) or €125,000 (other services), PSD2 Article 7
- Own funds
- Method A, B or C (PSD2 Article 9)
- Statutory review
- 3 months (complete) or 12 months (incomplete), statutory
- Passport
- United Kingdom only
What the licence allows
A payment institution provides payment services: operating payment accounts, executing transfers and direct debits, issuing payment instruments, acquiring card payments, money remittance, payment initiation and account information. It may hold client funds only for the time a transaction takes.
Capital and safeguarding
PSD2 sets initial capital by service: €20,000 for money remittance, €50,000 for payment initiation, €125,000 for account operation, transfers, instruments and acquiring; none for account information. Ongoing own funds follow Method A, B or C. Client funds are safeguarded at a credit institution or insured.
Requirements
- A company with its registered office and head office in the member state
- Fit-and-proper qualifying shareholders and directors with payments experience
- Safeguarding arrangements, professional indemnity insurance for initiation and account-information services
- Governance, internal control, ICT and security risk management (DORA), outsourcing policy
- AML/CFT programme with a compliance officer and MLRO
Documents
- Programme of operations and a three-year business plan
- Governance, internal control and security descriptions
- Safeguarding, incident, business-continuity and AML policies
- Good-repute evidence for shareholders, directors and managers; proof of initial capital
Steps and timeline
The competent authority decides within three months of receiving a complete application (PSD2 Article 12). A small payment institution or an account-information registration follows a lighter route where the state provides one.
Local notes
- The UK kept the EU rules after Brexit as the Electronic Money Regulations 2011 and the Payment Services Regulations 2017, without the EU passport
- A small EMI (average outstanding e-money under €5,000,000) and a small payment institution (under €3,000,000 a month) register under lighter requirements
- Safeguarding is moving to a CASS-style regime with audits under the FCA's 2025 policy
Last reviewed: 2026-11-11
Lithuania
A major EU EMI hub: a regulator that publishes its timelines, and direct SEPA access through the central bank.
- Regulator
- Bank of Lithuania
- Licence
- Payment institution (PI)
- Initial capital
- €20,000 (remittance), €50,000 (payment initiation) or €125,000 (other services), PSD2 Article 7
- Own funds
- Method A, B or C (PSD2 Article 9)
- Statutory review
- 3 months from a complete application
- Passport
- EU and EEA
What the licence allows
A payment institution provides payment services: operating payment accounts, executing transfers and direct debits, issuing payment instruments, acquiring card payments, money remittance, payment initiation and account information. It may hold client funds only for the time a transaction takes.
Capital and safeguarding
PSD2 sets initial capital by service: €20,000 for money remittance, €50,000 for payment initiation, €125,000 for account operation, transfers, instruments and acquiring; none for account information. Ongoing own funds follow Method A, B or C. Client funds are safeguarded at a credit institution or insured.
Requirements
- A company with its registered office and head office in the member state
- Fit-and-proper qualifying shareholders and directors with payments experience
- Safeguarding arrangements, professional indemnity insurance for initiation and account-information services
- Governance, internal control, ICT and security risk management (DORA), outsourcing policy
- AML/CFT programme with a compliance officer and MLRO
Documents
- Programme of operations and a three-year business plan
- Governance, internal control and security descriptions
- Safeguarding, incident, business-continuity and AML policies
- Good-repute evidence for shareholders, directors and managers; proof of initial capital
Steps and timeline
The competent authority decides within three months of receiving a complete application (PSD2 Article 12). A small payment institution or an account-information registration follows a lighter route where the state provides one.
Local notes
- Direct access to SEPA through the Bank of Lithuania's CENTROlink, without a sponsor bank
- A restricted EMI licence exists for Lithuania-only business under lower thresholds
- The Bank of Lithuania publishes its three-month statutory timeframe and a Newcomer Programme for applicants
Last reviewed: 2026-11-11
Ireland
An EU passport from an English-speaking common-law jurisdiction, with a thorough and well-documented authorisation process.
- Regulator
- Central Bank of Ireland
- Licence
- Payment institution (PI)
- Initial capital
- €20,000 (remittance), €50,000 (payment initiation) or €125,000 (other services), PSD2 Article 7
- Own funds
- Method A, B or C (PSD2 Article 9)
- Statutory review
- 3 months from a complete application
- Passport
- EU and EEA
What the licence allows
A payment institution provides payment services: operating payment accounts, executing transfers and direct debits, issuing payment instruments, acquiring card payments, money remittance, payment initiation and account information. It may hold client funds only for the time a transaction takes.
Capital and safeguarding
PSD2 sets initial capital by service: €20,000 for money remittance, €50,000 for payment initiation, €125,000 for account operation, transfers, instruments and acquiring; none for account information. Ongoing own funds follow Method A, B or C. Client funds are safeguarded at a credit institution or insured.
Requirements
- A company with its registered office and head office in the member state
- Fit-and-proper qualifying shareholders and directors with payments experience
- Safeguarding arrangements, professional indemnity insurance for initiation and account-information services
- Governance, internal control, ICT and security risk management (DORA), outsourcing policy
- AML/CFT programme with a compliance officer and MLRO
Documents
- Programme of operations and a three-year business plan
- Governance, internal control and security descriptions
- Safeguarding, incident, business-continuity and AML policies
- Good-repute evidence for shareholders, directors and managers; proof of initial capital
Steps and timeline
The competent authority decides within three months of receiving a complete application (PSD2 Article 12). A small payment institution or an account-information registration follows a lighter route where the state provides one.
Local notes
- An English-speaking EU passport favoured by groups serving the UK and the EU together
- The Central Bank publishes application forms and a pre-application engagement process
Last reviewed: 2026-11-11
Malta
An EU passport from a regulator used to payments, gaming and crypto groups under one roof.
- Regulator
- Malta Financial Services Authority (MFSA)
- Licence
- Payment institution (PI)
- Initial capital
- €20,000 (remittance), €50,000 (payment initiation) or €125,000 (other services), PSD2 Article 7
- Own funds
- Method A, B or C (PSD2 Article 9)
- Statutory review
- 3 months from a complete application
- Passport
- EU and EEA
What the licence allows
A payment institution provides payment services: operating payment accounts, executing transfers and direct debits, issuing payment instruments, acquiring card payments, money remittance, payment initiation and account information. It may hold client funds only for the time a transaction takes.
Capital and safeguarding
PSD2 sets initial capital by service: €20,000 for money remittance, €50,000 for payment initiation, €125,000 for account operation, transfers, instruments and acquiring; none for account information. Ongoing own funds follow Method A, B or C. Client funds are safeguarded at a credit institution or insured.
Requirements
- A company with its registered office and head office in the member state
- Fit-and-proper qualifying shareholders and directors with payments experience
- Safeguarding arrangements, professional indemnity insurance for initiation and account-information services
- Governance, internal control, ICT and security risk management (DORA), outsourcing policy
- AML/CFT programme with a compliance officer and MLRO
Documents
- Programme of operations and a three-year business plan
- Governance, internal control and security descriptions
- Safeguarding, incident, business-continuity and AML policies
- Good-repute evidence for shareholders, directors and managers; proof of initial capital
Steps and timeline
The competent authority decides within three months of receiving a complete application (PSD2 Article 12). A small payment institution or an account-information registration follows a lighter route where the state provides one.
Local notes
- Licensed under the Financial Institutions Act with the EU capital rules
- Often paired with gaming and crypto groups already supervised in Malta
Last reviewed: 2026-11-11
Cyprus
An EU passport beside Cyprus's investment firms, with a new pre-application stage that tells you early whether the file will fly.
- Regulator
- Central Bank of Cyprus
- Licence
- Payment institution (PI)
- Initial capital
- €20,000 (remittance), €50,000 (payment initiation) or €125,000 (other services), PSD2 Article 7
- Own funds
- Method A, B or C (PSD2 Article 9)
- Statutory review
- 3 months from a complete application
- Passport
- EU and EEA
What the licence allows
A payment institution provides payment services: operating payment accounts, executing transfers and direct debits, issuing payment instruments, acquiring card payments, money remittance, payment initiation and account information. It may hold client funds only for the time a transaction takes.
Capital and safeguarding
PSD2 sets initial capital by service: €20,000 for money remittance, €50,000 for payment initiation, €125,000 for account operation, transfers, instruments and acquiring; none for account information. Ongoing own funds follow Method A, B or C. Client funds are safeguarded at a credit institution or insured.
Requirements
- A company with its registered office and head office in the member state
- Fit-and-proper qualifying shareholders and directors with payments experience
- Safeguarding arrangements, professional indemnity insurance for initiation and account-information services
- Governance, internal control, ICT and security risk management (DORA), outsourcing policy
- AML/CFT programme with a compliance officer and MLRO
Documents
- Programme of operations and a three-year business plan
- Governance, internal control and security descriptions
- Safeguarding, incident, business-continuity and AML policies
- Good-repute evidence for shareholders, directors and managers; proof of initial capital
Steps and timeline
The competent authority decides within three months of receiving a complete application (PSD2 Article 12). A small payment institution or an account-information registration follows a lighter route where the state provides one.
Local notes
- Licensed under the Electronic Money Law and the Payment Services Law with the EU capital rules
- A revised licensing process from 3 August 2026 starts with a pre-application exploratory stage and an initial meeting
Last reviewed: 2026-11-11
Netherlands
A northern-European passport with high supervisory standing, for payment groups that want the Dutch banking ecosystem.
- Regulator
- De Nederlandsche Bank (DNB)
- Licence
- Payment institution (PI)
- Initial capital
- €20,000 (remittance), €50,000 (payment initiation) or €125,000 (other services), PSD2 Article 7
- Own funds
- Method A, B or C (PSD2 Article 9)
- Statutory review
- 3 months from a complete application
- Passport
- EU and EEA
What the licence allows
A payment institution provides payment services: operating payment accounts, executing transfers and direct debits, issuing payment instruments, acquiring card payments, money remittance, payment initiation and account information. It may hold client funds only for the time a transaction takes.
Capital and safeguarding
PSD2 sets initial capital by service: €20,000 for money remittance, €50,000 for payment initiation, €125,000 for account operation, transfers, instruments and acquiring; none for account information. Ongoing own funds follow Method A, B or C. Client funds are safeguarded at a credit institution or insured.
Requirements
- A company with its registered office and head office in the member state
- Fit-and-proper qualifying shareholders and directors with payments experience
- Safeguarding arrangements, professional indemnity insurance for initiation and account-information services
- Governance, internal control, ICT and security risk management (DORA), outsourcing policy
- AML/CFT programme with a compliance officer and MLRO
Documents
- Programme of operations and a three-year business plan
- Governance, internal control and security descriptions
- Safeguarding, incident, business-continuity and AML policies
- Good-repute evidence for shareholders, directors and managers; proof of initial capital
Steps and timeline
The competent authority decides within three months of receiving a complete application (PSD2 Article 12). A small payment institution or an account-information registration follows a lighter route where the state provides one.
Local notes
- A demanding regulator with a strong name among banks and card schemes
- Applications go through DNB's digital portal with the standard EU forms
Last reviewed: 2026-11-11
Luxembourg
The passport of choice for large payment groups, with a regulator that expects real substance in the Grand Duchy.
- Regulator
- Commission de Surveillance du Secteur Financier (CSSF)
- Licence
- Payment institution (PI)
- Initial capital
- €20,000 (remittance), €50,000 (payment initiation) or €125,000 (other services), PSD2 Article 7
- Own funds
- Method A, B or C (PSD2 Article 9)
- Statutory review
- 3 months from a complete application
- Passport
- EU and EEA
What the licence allows
A payment institution provides payment services: operating payment accounts, executing transfers and direct debits, issuing payment instruments, acquiring card payments, money remittance, payment initiation and account information. It may hold client funds only for the time a transaction takes.
Capital and safeguarding
PSD2 sets initial capital by service: €20,000 for money remittance, €50,000 for payment initiation, €125,000 for account operation, transfers, instruments and acquiring; none for account information. Ongoing own funds follow Method A, B or C. Client funds are safeguarded at a credit institution or insured.
Requirements
- A company with its registered office and head office in the member state
- Fit-and-proper qualifying shareholders and directors with payments experience
- Safeguarding arrangements, professional indemnity insurance for initiation and account-information services
- Governance, internal control, ICT and security risk management (DORA), outsourcing policy
- AML/CFT programme with a compliance officer and MLRO
Documents
- Programme of operations and a three-year business plan
- Governance, internal control and security descriptions
- Safeguarding, incident, business-continuity and AML policies
- Good-repute evidence for shareholders, directors and managers; proof of initial capital
Steps and timeline
The competent authority decides within three months of receiving a complete application (PSD2 Article 12). A small payment institution or an account-information registration follows a lighter route where the state provides one.
Local notes
- The home of PayPal's and Amazon's European payment licences
- The CSSF expects substance in Luxembourg and a detailed outsourcing framework
Last reviewed: 2026-11-11
Singapore
A modular payments licence: pick the services, stay standard under the thresholds or go major without them.
- Regulator
- Monetary Authority of Singapore (MAS)
- Licence
- Standard or Major Payment Institution licence (Payment Services Act 2019)
- Base capital
- S$100,000 (standard) or S$250,000 (major), plus a security deposit for a major institution
- Management
- At least one executive director resident in Singapore
What the licence allows
Account issuance, domestic and cross-border money transfers, merchant acquisition and digital payment token services are each a licensable service. A standard institution stays under monthly transaction thresholds; a major institution has none.
Requirements
- A Singapore company with a permanent place of business and a resident executive director
- Fit-and-proper controllers and directors
- Safeguarding of customer money (major institutions), technology risk management and AML/CFT notices
Last reviewed: 2026-11-11
Canada
Registration with FINTRAC and the Bank of Canada rather than a capital-based licence: a practical route for remittance and payment businesses serving Canada.
- Regulators
- FINTRAC (money services business registration) and the Bank of Canada (retail payment activities)
- Capital
- No minimum capital for an MSB
- Registrations
- MSB registration under the PCMLTFA; registration under the Retail Payment Activities Act for payment service providers
- Québec
- A separate AMF licence for money-services businesses
What the registration allows
Canada registers rather than licenses: a money services business (foreign exchange, remittances, virtual currency) registers with FINTRAC for anti-money-laundering supervision, and a payment service provider registers with the Bank of Canada under the Retail Payment Activities Act, which brings safeguarding and operational-risk rules. Québec adds its own licence.
Requirements
- A Canadian company or a foreign MSB serving Canadians
- A compliance programme: compliance officer, policies, risk assessment, training, biennial review
- Record keeping and reporting to FINTRAC; safeguarding and incident reporting under the RPAA
Last reviewed: 2026-11-11
What regulators look at
The detail differs by country. Applications are usually assessed on:
- Capital: the minimum the licence requires, held in a form the regulator accepts, and where it comes from
- People: fit-and-proper owners, directors and the compliance, risk and anti-money-laundering officers
- Substance: a physical office, local directors or staff where the country requires them
- Policies: the business plan, the compliance manual, risk management and the protection of client money
- Systems: the trading or payment platform, its security, its records and its outsourcing
What we do and what you provide
What we do
- Compare the countries that license your activity against your plan, clients and capital
- Prepare the application file and the policies with you
- Coordinate with the regulator during the review and answer its questions
- Set out the obligations once licensed, and keep the calendar
What you provide
- A business plan for the payment business
- Background documents for owners, directors and key staff
- Evidence of the capital and its source
- Decisions on structure, staff and office
Steps and timeline
- 1ConsultationWe talk through what you need, where you operate and what you already have in place.
- 2PlanYou receive a plan that sets out the steps, the documents and the parties involved, so you can decide how to proceed.
- 3Set-upWe prepare the applications and documents with you and coordinate with the providers involved.
- 4Ongoing supportAfter set-up, we stay available for renewals, changes and questions.
Your choice, our commitment
Your business model
The structure follows how your business works and where it operates.
Your resources
We start from the documents and people you already have, and say clearly what is still needed.
Support
Questions about the company, the accounts and the licence are handled in one conversation.
Clear next steps
You see what each step involves before you decide to go ahead.
Frequently asked questions
Still have a question?
Talk to usHow long does it take?
It depends on the jurisdiction, the provider and the documents involved. We give you an estimate for the licence after the consultation.
What does it cost?
Costs depend on the jurisdiction and on the services you choose. We set them out for the licence after the consultation, before any work starts.
Do I need to travel?
Some steps can be completed remotely and others need you in person. We tell you which applies to your case before you start.
Is the licence guaranteed?
No. The regulator decides. We prepare the application so it is complete and consistent with the regulator's requirements.
Where do the facts on this page come from?
From the regulators' and registries' own publications, linked in each country's dialog with the date we last checked them. Rules change; we confirm the current position in the consultation before anything starts.
What comes next
Each service leads to the next: the structure, then the accounts, then the payments and the licence.
Plan your licence application
Talk to us- IncorporationForming a company or foundation, and keeping it in good standing.Talk to us
- BankingBusiness and personal accounts, and accepting payments.Talk to us
- LicensingFinancial licences for regulated activities.Talk to us
- InvestmentsOpening investment accounts for a company or for yourself.Talk to us