Nikita Veremeev
27.11.2025 | 6 min read
Updated: 27.11.2025
In a world where more than 1.3 billion electronic payments are made every day just in Europe, and the fintech market grows by 20% annually (according to Statista), a payment license becomes not just a formality but a strategic asset for any business working with digital money and cross-border transactions. A PSP (Payment Service Provider) license is a permit issued by the regulator that gives the right to legally provide payment services: to carry out money transfers, manage e-wallets, ensure the operation of payment instruments and gateways, and integrate services with banks and other financial institutions.
In COREDO’s practice, a PSP license is a key tool for companies aiming to enter international markets, ensure transparency of operations and compliance with AML (Anti-Money Laundering) and KYC (Know Your Customer) requirements. Obtaining a payment services license allows a business not only to legalize its activities but also to build trust with customers and partners, opening access to banking partnerships and new markets.
Who needs a PSP license?
Over the past years the COREDO team has implemented dozens of projects for fintech companies, startups, payment aggregators, e-money providers and international payment services. PSP license for business is necessary for those who:
- Develop fintech products, payment platforms and aggregators.
- Provide e-wallets, payment gateways and services for digital transfers.
- Are focused on international operations and working with individuals and legal entities worldwide.
- Implement solutions for integration with banks and banking partnerships.
- Conduct transactions involving e-money, cryptocurrencies and digital services.
COREDO’s experience has shown that even small startups entering the EU or UAE markets face the need to register as a PSP and obtain a payment service license to avoid the risk of account blocking and ensure sustainable development.
Benefits of a PSP license
The solution developed by COREDO for international clients demonstrates that a PSP license in the EU provides unique advantages:
- Legality: compliance with strict regulatory requirements.
- Passporting: the ability to operate in all EU/EEA countries without obtaining separate licenses.
- Access to banking partnerships: integration with leading banks and financial institutions.
- Expansion of the customer base: serving individuals and legal entities, scaling the business.
- Reduction of operational costs: process optimization, no need for multiple licenses.
COREDO’s practice confirms: properly obtaining a license for PSP banking partnerships and bank integration is the foundation of business resilience and growth in a globally competitive environment.
Main requirements for obtaining a PSP license
A financial foundation is one of the key components when obtaining a PSP license, as regulators require proof of a company’s financial stability and solvency. The minimum amount of authorized capital varies depending on the type of payment services and the jurisdiction where you plan to operate. Understanding these financial requirements is critical for successfully passing the licensing process and commencing lawful activity in the payment services market.
Financial requirements and minimum capital
In different jurisdictions the minimum capital for a PSP license varies significantly. Below is a table reflecting the current requirements:
| Jurisdiction | Service type | Minimum capital |
|---|---|---|
| Belize | Money transfers | €20,000 |
| Belize | Transactions with confirmations | €50,000 |
| Belize | Full range of payment services | €125,000 |
| UAE (Dubai) | Money transfers (Category 4) | $140,000 |
| UAE (Dubai) | Payment accounts and instruments (3D) | $200,000 |
| UAE (Dubai) | Wallet services (Category 3C) | $500,000 |
| Liechtenstein | Payment services | Individually |
The COREDO team always recommends documenting the availability of capital — bank statements, audited reports — which significantly speeds up the application review process and reduces the risk of refusal.
Corporate requirements and governance
To register a PSP in most countries, the following are required:
- At least two directors (often one must be a resident of the country).
- A clear corporate governance system.
- Distribution of responsibilities among governing bodies.
- Implementation of procedures to oversee operational risks.
- An official procedure for handling customer complaints.
- An IT monitoring system.
COREDO’s practice shows that a transparent corporate structure and robust internal procedures are the foundation for successfully passing compliance checks.
Staff and insurance requirements
Regulators require:
- Hiring qualified staff with experience in financial services.
- Mandatory professional insurance.
- Checks of competence and business reputation of executives.
At COREDO we pay special attention to staff selection and arranging insurance programs, which allows clients to meet PSP license requirements even in the most challenging jurisdictions.
Reporting and audit requirements
To obtain a license for payment services the following are required:
- Timely financial reporting.
- Audit by a licensed auditor.
- Regular audits and compliance with international standards (IFRS, GAAP).
COREDO’s experience confirms: only transparent reporting and regular audits make it possible to avoid additional requests from the regulator and speed up the licensing process.
Documents and Business Plan for a PSP License
Documents and the business plan for obtaining a PSP license: this is the foundation of the licensing process and the first step to launching a payment business. To complete the procedure successfully, you will need to collect a wide range of legal documents and prepare a detailed business plan that reflects the specifics of payment services, the company structure, and financial forecasts. In the following subsections we will review the key legal requirements and stages of document preparation.
Legal Documents
Clients of COREDO receive a detailed checklist that includes:
- Memorandum of Association (MOA), Articles of Association (AOA).
- Certificate of company registration.
- Identity documents of shareholders and directors.
- Information on beneficial owners.
- Professional and personal references for executives.
These documents form the legal basis for registering a PSP and obtaining a payment service license.
Financial Documents
In each COREDO case, emphasis is placed on:
- Audited financial statements.
- Proof of sufficient capital (bank statements).
- Demonstration of net asset value.
- Transparency of financial operations.
Only a comprehensive approach to preparing financial documents ensures compliance with PSP license requirements.
3-Year Business Plan
The PSP business plan, a strategic document reflecting:
- Description of payment services.
- Methods of service delivery.
- Target markets and customer base.
- Financial forecasts and expected transaction volumes.
- Revenue and cost structure.
- Growth scenarios and risk management.
The COREDO team develops business plans that take into account the specifics of the jurisdiction and regulator requirements, which significantly increases the chances of license approval.
Program Document and Description of Activities
In each project COREDO prepares a program of activities that includes:
- Methods of service delivery.
- Description of internal procedures and policies.
- Security policy and incident response mechanisms.
This document demonstrates the maturity of business processes and readiness to manage risks.
AML and KYC Documents
To successfully obtain a PSP license the following are required:
- Detailed AML procedures and CFT.
- Evidence of meeting compliance requirements.
- Risk management plans.
COREDO implements the best AML practices/KYC in line with FATF international standards, which ensures regulatory approval.
Technological Documents
Special attention is paid to:
- Description of software and technological infrastructure.
- Ensuring the security of payment gateways.
- Data protection and reliability of payment processing.
The COREDO team integrates solutions that comply with the PCI DSS standard, which is especially important for a PSP license for payment gateways and e-wallets.
Obtaining a PSP license by jurisdiction: step-by-step
The step-by-step process for obtaining a PSP license by jurisdiction outlines the sequential stages and key requirements that companies need to consider to successfully obtain payment service provider status in different countries. Each region has its own regulatory specifics and its own licensing procedure, so a structured breakdown by the main jurisdictions is presented below.
Obtaining a PSP license in the EU
A PSP license in the EU is an opportunity to operate in all EU/EEA countries thanks to the passporting principle. A unified regulatory framework reduces operating costs and simplifies scaling. In COREDO’s practice the most in-demand jurisdictions for registering PSPs and obtaining a license for cross-border operations are Liechtenstein, Malta and Cyprus.
PSP license in Liechtenstein: Guide
Regulator – FMA (Financial Market Authority). The process consists of:
- Preparation of documentation: operating program, three-year business plan, confirmation of authorized capital, organizational chart, security policy.
- Submission of the application: gathering the full document package and submitting it to the FMA.
- Checks and analysis: document assessment, compliance review, analysis of the business reputation of executives.
- Receiving the decision: issuance of a decision to grant the license.
- Registration: inclusion in the FMA’s official register.
COREDO’s experience shows that thorough document preparation and a transparent governance structure are the keys to successful licensing.
Obtaining a PSP license in Belize
Regulator: IFSC. The process includes:
- Company registration with a memorandum of association (MOA) reflecting the activities.
- Preparation and submission of documents: legal documents, financial statements, business plan, proof of address, references for executives, AML and CFT procedures.
- Structural requirements: at least two directors (one local), qualified personnel, insurance, a physical office.
- Financial requirements: €20,000–€125,000 depending on the type of services.
- Review and approval: IFSC document review, obtaining the license.
COREDO’s practice shows that Belize is an optimal choice for startups with a limited budget.
Obtaining a PSP license in Dubai
Regulator: Central Bank of the UAE. License categories differ by capital and type of services.
- Assessment of operational activity: compliance with local laws.
- Compliance criteria: company registration, infrastructure, capital.
- Preparation of documents: business plan, confirmation of AML/KYC, incorporation documents, personal data of shareholders and directors.
- Application submission: sending to the Central Bank.
- Review and approval: application analysis, obtaining the PSP license.
- Compliance with requirements: regular audits, reporting, compliance.
COREDO supports clients at all stages, ensuring compliance with standards and the successful obtaining of a PSP license to operate payment services.
PSP license in Mauritius
Regulator: Financial regulator of Mauritius.
- Preliminary preparation: business model analysis, compliance with requirements, strategic plan.
- Document collection: business plan, financial statements, information on beneficial owners and directors.
- Compliance and financial checks: proof of financial stability, capital, risk management, audit.
- Description of internal procedures: AML/CFT policies, technological infrastructure.
- Application submission: sending documents, review, obtaining the license.
The COREDO team helps adapt the business model to Mauritius’ requirements, ensuring transparency and sustainability.
PSP Licensing by Jurisdiction
A comparative analysis of PSP licensing by jurisdiction provides entrepreneurs with key guidelines for choosing the optimal market and market-entry strategy. Below is a comparison table of key parameters that allows you to quickly assess the features, timelines and requirements for obtaining a PSP license in different countries, as well as identify the advantages of each jurisdiction for your business model.
Comparison Table of Jurisdiction Parameters
| Parameter | Liechtenstein (EU) | Belize | UAE (Dubai) | Mauritius |
|---|---|---|---|---|
| Regulator | FMA | IFSC | Central Bank of the UAE | Financial regulator |
| Minimum capital | Individually | €20,000–€125,000 | $140,000–$500,000 | Individually |
| Director requirements | Not specified | 2+ (1 local) | Not specified | Not specified |
| Physical office | Required | Required | Required | Required |
| Passporting | Yes (EU/EEA) | No | No | No |
| Licensing timeline | 3–6 months | 2–4 months | 2–6 months | 3–6 months |
| Process complexity | High | Medium | Medium | Medium |
| Cost | €5,000–€15,000 | $3,000–$8,000 | $5,000–$15,000 | $3,000–$10,000 |
Advantages and Disadvantages of Jurisdictions
- Liechtenstein (EU)
- Passporting to the EU/EEA, high level of regulation, access to European banks.
- Significant resources and a complex licensing process are required.
- Belize
- Low capital requirements, fast process, low costs.
- No passporting, less international trust, a physical office is required.
- UAE (Dubai)
- Strategic location, developed infrastructure, high level of regulation.
- High capital requirements, office maintenance costs, lack of passporting.
- Mauritius
- Strategic position, developed system, low costs.
- Limited access to European banks, no passporting.
Choosing a Jurisdiction for Business
- For operating in Europe — Liechtenstein or EU countries.
- For Asia and the Middle East — UAE (Dubai).
- For Africa — Mauritius.
- For startups with limited budgets — Belize.
- For international operations: a combined approach.
At COREDO we always analyze the client’s objectives and propose the optimal PSP licensing strategy for cross-border operations and digital services.
Special requirements for payment services
Special requirements for different types of payment services are determined by the set of operations the company intends to perform and by regulatory standards in individual jurisdictions. The type of payment services provided directly determines the license requirements, statutory capital, internal processes and staff qualifications.
PSP license for money transfers
Minimum capital requirements, simplified AML/KYC procedures, high transaction processing speed: key parameters that the COREDO team takes into account when preparing documents for a PSP license for electronic transfers.
PSP license for e-wallets
Requirements for safeguarding client funds, data security and fund insurance are important. COREDO’s solutions include implementing PCI DSS standards and developing security policies, which are critical for a PSP license for wallets and working with e-money.
PSP license for payment aggregators and gateways
Requirements for integration with banks, real-time payment processing and security: all of this is reflected in the technical documentation that COREDO prepares for a PSP license for payment gateways and working with payment systems.
PSP license for cryptocurrencies
Additional regulatory requirements, enhanced AML/KYC procedures, restrictions in some jurisdictions. At COREDO we develop tailored solutions for a PSP license to work with cryptocurrencies and digital services, taking into account the specifics of each country.
PSP license for individuals and legal entities
Different requirements for reporting, compliance and data security. COREDO’s practice shows that adapting procedures to the client type is the key to successful PSP licensing for working with individuals and legal entities.
Timelines, costs, and mistakes of PSP licensing
Obtaining a PSP license is usually accompanied by questions about timelines, costs and possible mistakes that can lead to delays or additional expenses. Understanding the specifics of the process in different jurisdictions will help not only to assess risks in advance but also to better prepare for each stage of the licensing process.
Timelines for obtaining a PSP license by country
- Liechtenstein: 3–6 months.
- Belize: 2–4 months.
- UAE: 2–6 months.
- Mauritius: 3–6 months.
Timelines depend on the completeness of documents and the complexity of checks. The COREDO team helps minimize delays through thorough preparation.
Cost of a PSP license and its maintenance
- Government fees: €3,000–€15,000.
- Consulting services: individually.
- Office maintenance, insurance, audit – from $3,000 to $10,000 per year.
The total cost of ownership (TCO) is calculated individually, taking into account the specifics of the business and the jurisdiction.
Common mistakes when applying for a PSP license
- Incomplete document preparation.
- Insufficient capital.
- Weak business model.
- Inaccurate description of activities.
- Absence of AML/KYC procedures.
- Choosing the wrong jurisdiction.
- Underestimating regulator requirements.
COREDO’s experience confirms: most refusals are due to insufficient development of the business plan and compliance procedures.
How to avoid a license refusal
- Thorough preparation of documents.
- Consultation with COREDO experts.
- Choosing the optimal jurisdiction.
- Demonstrating financial stability.
- Developing a reliable business model.
- Compliance with all regulator requirements.
The COREDO team supports clients at all stages, ensuring results and long-term business sustainability.
PSP license or EMI license: which to choose?
Choosing between a PSP license and an EMI license is one of the key steps for a fintech company entering the payment services market. Understanding the differences and capabilities of each license directly impacts the business model, time-to-market, and the ability to scale services. Below we examine the main differences between PSP and EMI licenses.
PSP and EMI: what’s the difference?
PSP (Payment Service Provider) — a payment services provider not required to hold clients’ funds. EMI (Electronic Money Institution) — an electronic money institution that can issue and hold electronic money, subject to higher capital and security requirements.
PSP and EMI comparison table
| Parameter | PSP | EMI |
|---|---|---|
| Main function | Payment processing | Issuing electronic money |
| Holding funds | Not required | Required |
| Minimum capital | Lower | Higher |
| Security requirements | Medium | High |
| Funds insurance | Not required | Required |
| Passporting | Yes (EU/EEA) | Yes (EU/EEA) |
| Licensing complexity | Lower | Higher |
In COREDO’s practice, the choice between PSP and EMI depends on the business model, target markets and planned services. For fintechs focused on payment processing, a PSP license is often optimal. Companies planning to issue electronic money need an EMI license.
If you are deciding on a jurisdiction, license type, or facing compliance questions, the COREDO team is ready to share its experience and propose strategic solutions that will secure sustainable growth and international recognition for your business.