We help payment businesses choose the right regime, obtain authorisation or registration and build the compliance, finance and technology needed to operate. Lawyers, finance specialists, anti-money laundering (AML) and compliance specialists and engineers work on one project plan, from the first assessment to the first live transactions.
A payment institution (PI) is a non-bank company permitted to provide payment services: execution of payment transactions, money remittance, issuing payment instruments, acquiring card and online payments, payment initiation and account information services. The permission covers only the listed services and does not turn the company into a bank.
Each jurisdiction defines the services, the form of permission and the capital in its own way. In the EU the basis is the Payment Services Directive (PSD2), transposed into national law; the UK applies the Payment Services Regulations 2017; the Central Bank of the UAE (CBUAE) licenses retail payment services in four categories; Singapore regulates payments under the Payment Services Act 2019. In Kazakhstan a payment organisation is registered by the National Bank (NBK), while the Astana International Financial Centre (AIFC) has a separate authorisation for Providing Money Services.
The EU is reforming its payments framework: a new directive (PSD3) and a Payment Services Regulation (PSR) are intended to replace PSD2. Final texts and transition periods must be checked at the date of application, so we confirm the applicable requirements at the assessment stage.
The table shows the regimes we work with and the requirements confirmed against official sources. Where a figure could not be verified, we confirm it at the assessment stage.
| Jurisdiction | Regulator | Regime | Key points |
|---|---|---|---|
| European Union (PSD2) | National competent authority | Authorisation | Initial capital: €20,000 for money remittance only, €50,000 for payment initiation, €125,000 for other payment services. Ongoing own funds are calculated under one of three methods chosen by the regulator. Member states may exempt small PIs with an average monthly volume of up to €3 million. |
| Lithuania | Bank of Lithuania | Authorisation | PSD2 capital tiers apply. National options, including the small PI regime, and procedure details are confirmed at assessment. |
| Czech Republic | Czech National Bank (CNB) | Authorisation | PSD2 capital tiers apply. National options and the application procedure are confirmed at assessment. |
| United Kingdom | Financial Conduct Authority (FCA) | Authorisation (authorised PI) or registration (small PI) | Authorised PI: €20,000 / €50,000 / €125,000 depending on services; no capital for account information only. Small PI: average monthly volume up to €3 million, no PIS or AIS, head office in the UK. The new safeguarding chapter, CASS 15, applies from 7 May 2026. |
| UAE — mainland and non-financial free zones | Central Bank of the UAE (CBUAE) | Licence, Category I–IV | Initial capital depends on category and on average monthly volume below or above AED 10 million: Cat. I AED 1.5m / 3m, Cat. II AED 1m / 2m, Cat. III AED 0.5m / 1m; Cat. IV (payment initiation and account information only) AED 100,000. Capital must be maintained at all times. |
| UAE — ADGM | Financial Services Regulatory Authority (FSRA) | Financial Services Permission — Providing Money Services | Since 9 Nov 2020 the permission has covered payment accounts, stored value, currency exchange and money transmission. Capital follows the prudential category and is confirmed at assessment. |
| UAE — DIFC | Dubai Financial Services Authority (DFSA) | Licence — Money Services | Capital depends on the DFSA prudential category; the rules were amended in 2025–2026, so amounts are confirmed at assessment. |
| Singapore | Monetary Authority of Singapore (MAS) | Licence: Standard (SPI) or Major (MPI) Payment Institution | SPI base capital S$100,000. An MPI licence is needed above S$3 million a month for one service, S$6 million for two or more services, or S$5 million average daily e-money float. |
| Kazakhstan | National Bank of Kazakhstan (NBK) | Registration with the NBK | Four types of payment services. Applications are filed via the e-government portal; payment services cannot be provided without a registration number. Minimum charter capital is set by the NBK and confirmed at assessment. |
| AIFC (Astana) | Astana Financial Services Authority (AFSA) | Authorisation — Providing Money Services | Covers currency exchange, issuing payment instruments and stored value, executing payments and money transmission. AIFC law applies only to AIFC participants; capital is confirmed at assessment. |
| Kyrgyzstan | National Bank of the Kyrgyz Republic (NBKR) | Licence (payment organisation; payment system operator) | Minimum charter capital for new entrants: KGS 30 million for a payment organisation, KGS 20 million for a payment system operator and KGS 50 million for both; higher amounts, up to KGS 110 million, apply to cross-border payments to non-resident providers, tax collection and acquiring. Existing licensees reach the new levels in stages by 1 October 2027. Issuing e-money requires a separate right shown in the NBKR register. |
| Georgia | National Bank of Georgia (NBG) | Registration | Non-bank payment service providers register under NBG rules approved by Order No. 77/04 of 1 May 2023, since updated to cover account information and payment initiation services, significant provider status and notification of changes in ownership. Capital adequacy requirements, in force since 1 January 2024, apply only to significant providers and payment initiation service providers; the amounts are confirmed at assessment. The applicant must be a Georgian legal entity with its head office in Georgia. |
Regulatory capital is separate from state and application fees, operating costs and our fees. Our fees are agreed after the project assessment.
We analyse the business model, payment flows and target markets, define the regulatory perimeter and compare regimes. Result: recommended jurisdiction, type of permission and a list of requirements.
Incorporation or adaptation of the company, shareholding, governance and outsourcing model. Result: a structure the regulator can assess without gaps.
Business plan, financial model, policies, AML/CFT framework and safeguarding model. Result: a complete application package.
Filing, answers to the regulator's questions, interview preparation for managers. Result: a decision on the application.
Paying in capital, opening safeguarding accounts, setting up processing, KYC and monitoring systems. Result: readiness to operate.
Operational launch, first regulatory reports, internal control and changes to the business. Result: a working payment institution that meets its obligations.
Review periods are set by national law or regulator practice and differ between jurisdictions; we confirm them for the chosen regime. In practice, the timeline depends mostly on the quality of the application and how quickly the regulator's questions are answered. We do not promise a fixed decision date.
Licensing of electronic money institutions and stored value facilities in the EU, UK, UAE, Hong Kong, Singapore and the AIFC, and e-wallet models for Kazakhstan.
Learn moreLicences and registrations for money transfer businesses: EU and UK payment regimes, Canadian and US MSB registration, US state licences, Hong Kong, UAE, Kazakhstan and the AIFC.
Learn morePayment services linked to digital assets, e-money, payment apps and infrastructure.
Learn moreRisk assessment, policies, KYC/KYB, sanctions and transaction monitoring, travel rule and inspection readiness for licensed and to-be-licensed financial and crypto businesses.
Learn moreDescribe your project in a few sentences. We will give you a substantive reply: which questions need answering and where to start.
Discuss your projectIt depends on the services and volumes. The UK small PI and the EU small PI exemption are lighter regimes with volume limits of up to €3 million a month; in Kazakhstan payment organisations are registered by the NBK rather than licensed. Higher volumes or services excluded from lighter regimes require full authorisation.
Initial capital depends on the services: from €20,000 to €125,000 under PSD2 and UK rules, from AED 100,000 to AED 3 million in the UAE mainland depending on category and volume, S$100,000 for an SPI in Singapore. This is regulatory capital only; state fees, operating costs and our fees are separate. Our fees are agreed after the assessment.
Under PSD2 and UK rules, no: issuing e-money requires an EMI authorisation. The EU reform under way may change the structure of these regimes, so we confirm the position at assessment. In Kazakhstan, payment organisations may distribute e-money and process e-money payments; issuing it is reserved for the issuers named in the Law on payments.
From 7 May 2026 authorised PIs and EMIs apply CASS 15 of the FCA Handbook; small PIs apply it only if they opt into safeguarding. A subsequent regime depends on legislative changes and does not yet have a fixed date.
No, these are separate regimes. NBK registration covers the national market; activity in the AIFC requires AFSA authorisation as an AIFC participant. We help choose the regime that matches the client base and the payment flows.
No. The decision belongs to the regulator, and banks and payment providers make their own onboarding decisions. We prepare the project so that the application and the operating model meet the requirements and the questions are answered fully.
We do not perform regulated functions. We help prepare and support the person appointed by the company and can discuss outsourced support models where the law allows; this is determined for each project.
Tell us about your services, target markets and expected volumes. We will assess the regulatory perimeter, compare the regimes and propose a project plan; fees are agreed after the assessment.
We will review the description and give you a substantive reply: which regime may apply and where to start.
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