Switzerland Electronic Money Institute (EMI) License –  (UPDATED FOR 2020)

Switzerland Electronic Money Institute (EMI) License – (UPDATED FOR 2020)

Hello there Chris here from Empire
Global Partners discussing the Swiss Electronic Money Institute license.
Switzerland a prominent global banking hub amended its laws in 2019 and
introduced a Swiss electronic money institution or EMI license in a form
called the FinTech license or “Bank license light”. This new Swiss EMI license
has been promoted as an alternative to getting a full banking license for
businesses planning to operate payment and Emani services or accept deposits
but where amount of deposits is not expected to be high. It lowers the market
entry barrier for new businesses but still enables them to benefit from a
license from a reputed jurisdiction. The Swiss EMI license permits acceptance of
deposits up to 100 million Swiss francs but does not permit payment of interest
or investment of these deposits. This makes the license ideal for purposes
such as establishing a payment service provider
imani or a wallet services or even crowdfunding services. To get the license
a business will need to have a minimum paid up capital of 300,000 Swiss francs
a business plan which shows compliance with legal requirements management based
in Switzerland and effective risk management strategies. Help in fulfilling
the requirements can be provided by Empire Global. Obtaining a Swiss EMI
license can take up to six months. But during this period the business can
continue to operate until it reaches a threshold of deposits of 1 million Swiss
francs under the sandbox model. Once the threshold is reached the business will
have to inform the regulator. If it interests you in learning more about a
Swiss EMI license and how it can help your business please complete the form
on this page and one of our dedicated team of experienced professionals will
assist you through the entire licensing process

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