Digital banking and payment

Over the past few years, the up-to-the-minute tendency in the business industry is the so-called neobanks, a new generation of financial establishments that supply services entirely online. The demand for online payments had risen due to the recent pandemic when more people began to shop and pay for everything remotely. These organizations do not use offices to serve clients, they are accessible via mobile phones, tablets, and computers. Clients can make instant transactions at any time of the day, regardless of holidays and schedules.
This promising industry opens up huge opportunities for participants in the financial sector. Creating an online institution for digital banking and payment is much easier than a classic bank with branches and employees. However, it is worth noting that there are some rules and laws that all market players must obey.
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Legal assistance for digital finances

Support in the field of banking and financial law for legal entities is a complex area that requires extensive knowledge and qualifications. In addition, digital banking and payment require an understanding of modern financial technologies and market trends. Also, the specialist must keep track of constantly changing legislation. Often this is beyond the power of a full-time lawyer, therefore, to register a banking institution, it is better to contact our company. Advice from a professional team will help you avoid costly mistakes. Regulators in many countries are quite demanding on such institutions; failure to file reports can result in a serious fine or loss of license. Competent legal registration of a new bank is the key to financial success.

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).

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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.