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Thursday, January 24, 2019

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FCA sees 60% rise in e-money applications

Theo Osborn | 17:00 Wednesday 2nd January 2019

A total of 61 applications were made to the FCA in 2018 to become an e-money institution (EMI), according to a freedom of information request.

The request by Specialist Banking revealed an increase of more than 60% in the number of applications made compared with 2017.

Some 38 applications were made in 2017, the same number as in 2016.

April and October were the busiest months for applications last year, with 10 in each month.

Only two applications were made in March and one in December.

Firms that are looking to issue electronic money must register with or become authorised by the FCA as an EMI.

Firms must apply to become an authorised e-money institution if the business will generate more than €5m average outstanding e-money.

Applications can be made to become a small e-money institution if the business is not expected to generate more than an average of €5m of outstanding e-money.

If a firm qualifies as a small EMI, it can still choose to apply to become an authorised EMI if, for example, it wants to issue e-money in other European Economic Area member states.

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