An EMI License allows a business to issue electronic money in exchange for fiat currency. This electronic money can be taken for farther transactions. A known example of electronic money is prepaid cards where value can be loaded and used for prospective payments. With the push for digital money and cashless transactions across the world, an Electronic Money Institute can be the next big business possibility.
Payment Services Providers are first of all involved in the sphere of transmitting payments from customers to businesses such as service providers electronically. They are also sometimes connected with payment gateways. In total, PSP are used for credit card bill payments, fund transfers, payment of utility bills, purchases and flight tickets and payment to online merchants. This license allows the business to accept customers from other jurisdictions.
The license permits these activities:
It will come with a 2 bank accounts.
The company is also registered with its own SWIFT / BIC number.
This license can be combined with the Comoros Bank and Canadian Money Service Business and can then offer all of the financial services that could be required.
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