Digital banking and payment
Legal assistance for digital finances
One of the important thing for payment institution is international trademark registration. The lawyers of our company will help protect your brand within the country, the European Union, or at the international level. We recommend protecting the digital product as much as possible due to the peculiarities of the online sphere because digital services and goods are easier to copy than physical objects. For example, building a fraudulent “digital bank” website is easier than building a fake office.
The creation of an online financial institution or payment system demands its own software, including front-end (mobile application for users, website or online banking interface) and back-end (technologies for making payments, storing and transmitting data, invisible to clients). Developing an application for a bank can be quite costly, so it is worth taking care of IP protection of software at the planning stage.
Other services may include business account opening, privacy protection, and GDPR (for institutions based in the EU or working with EU citizens and thus storing their personal data).
Licensing of digital banking and payment
Any bank, payment system, or institution that carries out transactions with real or digital money is a participant in the financial market. Issuers of digital currencies must obtain a banking license from government agencies. Legislation in many countries is different. Fintecharbour lawyers help to obtain licenses for electronic money institutions (EMI) in different jurisdictions and will be able to choose the best tax regime and collect a list of required documents.
At the moment we provide assistance in obtaining EMI license in Lithuania and EMI license Singapore. We accompany the process from A to Z, including the collection of papers, the opening of a local company and bank account, the preparation of application forms for the National Bank and other government bodies, as well as all types of reorganization of the banking companies and financial institutions. In addition, our assistance includes, but is not limited to, setting up accounts overseas, auditing on financing, attracting investments, developing internal compliance policies, KYC procedures, etc. We also help to renew the license, submit reports to the tax authority and many other issues.
Fintecharbour is your personal Fintech lawyer. Our dedicated international team consists of multilingual professionals who combine knowledge of the law and modern financial technologies. We constantly monitor trends and new legislation in order to provide our clients with competent advice and guarantee the best quality of services.