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How to obtain the E-Money License in Asian countries

How to obtain the E-Money License in Asian countries.

Payment licenses allow companies to provide financial services to clients in Asia and other regions without the need to register as a standard bank. Having obtained such a permit, legal entities can issue electronic money, have virtual and electronic media for those (servers and smart-cards), create e-wallets, and execute other online operations. 

For a start, it is necessary to point out that there are no EMI/PSP licenses in Asia, as these are European permits. However, Asian countries issue alternative licenses that allow companies to do the same. 

Asian payment licenses

Our legal firm assists in obtaining payment licenses in Asian jurisdictions: Hong Kong, Singapore, and the United Arab Emirates. 

Singapore payment license

We offer applications for two types of Singapore payment permits:

  1. SPI – Standard Payment License which is a standard license with a monthly average turnover of 3 million USD, plus up to 5 million USD in e-money.
  2. MPI – Major Payment License which sets no limits on the average monthly amount of transactions.

Both permits accommodate the same number of services:

  • domestic transactions;
  • account openings;
  • international transactions;
  • e-currency issuance;
  • merchant account services;
  • cryptocurrency (digital tokens) exchange and sale operations.


  • Company registration in Singapore;
  • The company shall appoint a board of directors including either at least one executive director who is a Singapore citizen/permanent resident or one non-executive director who is a citizen/permanent resident of the country and one executive director holding a Singapore work permit;
  • Relevant seed capital.

Hong Kong payment license

SBSB FinTech Lawyers assist in documenting MSO (Money Service Operator) permits which allow you to provide financial services in Hong Kong. The license can be local or foreign and it enables the holders to provide such services as:

  • organization and transfer of funds in fiat currency both on the territory of Hong Kong and around the world;
  • organization and receipt of funds in fiat currency both on the territory of Hong Kong and around the world;


  • LTD registration in Hong Kong;
  • Hong Kong visit for an interview;
  • Minimum number of directors – one person; minimum number of shareholders – one person. The director and the shareholder can be the same person.
  • Physical address registration in Hong Kong;
  • Paid duty.

The UAE payment license

The SBSB FinTech Lawyers help their clients obtain MSB (Money Service Business) permits at Dubai International Financial Centre (DIFC). There are three categories of licenses that are issued to companies executing the following activities:

  1. Category 4 – money transfers without opening an account, e.g. money transfers for expatriates (without cash acceptance);
  2. Category 3D – assignation or management of a payment account (please, note: money shall not stay on the payment account for more than 24 hours, otherwise such activity shall be qualified as SVF); payment transactions via a payment account managed by another person; issuance of payment products (e.g. granting access to online accounts which are payment instruments);
  3. Category 3C – Issuing Store Value (ISV), e.g. issue of cards and e-wallets (with client’s balance).


  • Three-year business and financial plans;
  • Proof of relevant education and experience;
  • KYC compliance;
  • Implementation of specific customer security mechanisms and established internal policies and procedures;
  • Compliance with the Policy of Confidentiality;
  • Relevant authorized capital;
  • DIFC office and employees (at least the CEO, the MLRO, and the compliance officer must be the UAE residents);
  • Professional liability insurance.

How to apply for a payment license

If you are interested in obtaining payment licenses SPI, MPI, MCO, and MSB in one of these jurisdictions in Asia, you can order this service from us, including online on this website. We offer a turnkey license without bureaucracy and solve all the problems associated with obtaining it at an early stage.