Electronic Money Institution (EMI) license in UAE

The UAE is rapidly advancing in digital finance and offers licenses equivalent to the European EMI regime. We support clients from selecting the right license category (such as Stored Value Facilities or Retail Payment Services) to submitting the application to the Central Bank of the UAE and launching operations. Our mission is to ensure a fast and secure market entry, while reducing bureaucracy and building partner trust.

• Obtaining an EMI license in the UAE grants access to a growing fintech market.
• Both full licenses and small-scale provider licenses are available.
• The process involves company incorporation, documentation, and filing with CBUAE.
• Costs depend on the scope of services and capital requirements.
• The license increases credibility with banks and clients.

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Regulations for EMI license in UAE

The activities equivalent to EMI in the UAE are regulated by the Central Bank of the UAE (CBUAE) under the Stored Value Facilities Regulation and the Retail Payment Services and Card Schemes Regulation. These frameworks establish requirements for capital, operational resilience, IT security, and customer protection.

• Supervision is carried out by the Central Bank of the UAE (CBUAE).
• The regulatory basis includes Stored Value Facilities and Retail Payment Services.
• Minimum capital for major SVF providers starts at AED 50 million.
• Companies must comply with AML/CFT and KYC standards.
• All operations are subject to monitoring and reporting to CBUAE.

Types of EMI licenses in UAE

The UAE does not have a direct equivalent of the European EMI license, but the Central Bank has developed several categories that perform similar functions. They differ in scope, services offered, and capital requirements. The main regimes include Stored Value Facilities, Retail Payment Services & Card Schemes, and licenses for money remittances and currency exchange, generally referred to as Money Services.

Stored Value Facilities (SVF)

This license covers electronic wallets, prepaid cards, and any solutions related to stored digital value. SVF providers must ensure robust safeguarding of client funds, maintain sufficient capital, and comply with strict IT security standards. SVF is widely seen as the closest equivalent to EMI in the UAE.

• Minimum capital requirement for SVF is AED 15 million.
• Supervision is carried out by the Central Bank of the UAE.
• The license covers e-wallets, prepaid cards, and stored value apps.
• AML/CFT and KYC obligations must be met.
• Regular reporting and monitoring are required.

Retail Payment Services & Card Schemes (RPSCS)

This license is intended for firms providing payment services and processing, including card scheme operations. Depending on the category (I–IV), capital thresholds and permitted services differ. The RPSCS license allows companies to operate as full payment providers in the UAE market.

• The license covers acquiring, processing, and card scheme management.
• Capital requirements vary by categories I–IV.
• Activities are supervised by the Central Bank of the UAE.
• Companies must comply with IT and data security standards.
• AML/CTF and customer protection measures are mandatory.

Money Services

This license covers money remittances and foreign exchange services. While formally separate from SVF and RPSCS, it is often combined with them to provide a full range of services. It is especially relevant for firms focusing on cross-border transfers and currency operations.

• The license allows international money transfers.
• It covers foreign exchange and money service activities.
• AML/CFT compliance is strictly required.
• The license is supervised by the Central Bank of the UAE.
• It strengthens credibility with banks and clients.

Services you can provide with an EMI license

Obtaining an EMI-equivalent license in the UAE enables companies to offer a wide range of financial services. This status builds client and partner trust and allows businesses to scale regionally and internationally.

• The company may issue electronic money and operate e-wallets.
• It is authorised to provide prepaid cards and stored value products.
• The firm may execute domestic and international money transfers.
• The company may provide payment services for online stores and digital platforms.
• Client funds must be safeguarded in compliance with regulations.
• The company may offer acquiring and processing services.
• The organisation may provide additional payment instruments, including direct debits and credit transfers.

Requirements to obtain an EMI license in UAE

To obtain SVF, RPSCS or other EMI-equivalent licenses in the UAE, companies must comply with a set of requirements issued by the Central Bank. These requirements cover capital, safeguarding of client funds, governance, operational resilience, and local presence. They are designed to ensure financial stability and high levels of customer trust.

Capital, paid-up capital and financial resources

For the SVF license, the minimum paid-up capital is AED 15 million. In addition, the company must maintain own funds equal to at least 5% of the total customer float. The Central Bank may impose higher thresholds depending on the scale of operations or business model.

Safeguarding client funds and protection of the float

Customer funds must be kept in segregated accounts and protected from creditor claims. Companies are required to perform daily reconciliations to ensure that client balances fully match the actual float. Using customer funds for investments without prior approval from the Central Bank is strictly prohibited.

Governance, management and senior persons

Directors and key personnel must meet the “fit and proper” standards, which include relevant expertise, skills, and a clean track record. A clear governance structure is required, with separate responsibilities for risk management, compliance, and AML/CFT functions. In some cases, the Central Bank may request senior management meetings before the application is filed.

Operational, technology and risk management requirements

Licensed firms must adopt policies on technology risk management, including data protection, cybersecurity, and business continuity planning. They must identify, assess, and control all material risks, including operational and fraud risks. Compliance with AML/CFT standards, customer identification, and transaction monitoring is mandatory.

Local presence and legal form

The company must be incorporated in the UAE and maintain a physical office in the country. Corporate documents must comply with UAE law, and shareholder structures must be transparent. Firms are also required to follow local data protection and consumer rights regulations.

Roadmap to obtain a payment license in UAE

The licensing process in the UAE consists of several steps, from setting up the corporate structure to final authorisation by the Central Bank. It usually takes between 6 and 12 months depending on the completeness of documentation and the efficiency of communication with the regulator. Following a structured roadmap helps reduce delays and mitigate the risk of rejection.

Step 1. Incorporation and initial setup

The first step is incorporating a legal entity in the UAE and establishing the corporate structure. The company must have a registered office, as well as appointed shareholders and directors. At this stage, opening preliminary bank accounts should also be considered.

• Incorporation of a company in the UAE.
• Appointment of shareholders and directors.
• Establishment of a registered office.
• Preparation for opening bank accounts.

Step 2. Preparation of documentation

The second step involves preparing the documentation package for submission to the Central Bank. This includes the business plan, operational model, AML/CTF policies, IT infrastructure description, and safeguarding arrangements. The more comprehensive the documents, the faster the regulator can reach a decision.

• Drafting a three-year business plan.
• Preparing the description of the operational model.
• Developing AML/CTF policies and procedures.
• Documentation on IT systems and safeguarding.

Step 3. Submission to the Central Bank of UAE

Once ready, the application package is submitted to the Central Bank for review. The regulator assesses the company structure, management qualifications, and financial resources. Additional requests for information may arise, and timely responses are crucial.

• Filing the application with the Central Bank of the UAE.
• Review of documentation and corporate structure.
• Fit & proper checks for directors and shareholders.
• Responding to regulator’s inquiries on time.

Step 4. Decision and post-authorization setup

The final stage involves obtaining the license and setting up internal processes to comply with CBUAE requirements. The company must open safeguarding accounts, implement reporting systems, and prepare for ongoing supervision. From this point, the business may officially provide services.

• Receiving the license from the Central Bank of the UAE.
• Opening safeguarding accounts.
• Implementing compliance and reporting systems.
• Preparing for regular supervision and inspections.

Advantages of EMI license in UAE

Obtaining an EMI-equivalent license in the UAE provides significant opportunities for fintech businesses. The jurisdiction combines strict supervision by the Central Bank with strong support for innovation and rapid growth of the digital economy.

• The license grants access to the dynamic UAE fintech market.
• Central Bank supervision ensures high trust and transparency.
• The regulatory framework supports digital payment innovation.
• Companies can scale operations across the MENA region.
• Strong AML/CFT standards increase international credibility.
• The license enhances the company’s position with banks and partners.

Ready to move forward? Ask a question to a compliance expert

Start your EMI licensing journey in the UAE today and unlock new opportunities for your fintech business. Key2Law’s team will support you at every step: from company incorporation and documentation to license approval and compliance setup.