Payment Service Provider License in the UAE - Eligibility Check in 2 Min

Payment Service Provider License in the UAE- An Overview

Enterslice helps companies seeking a payment service provider license in the UAE by providing expert guidance on navigating regulatory approval, establishing a compliance framework, and liaising with the Central Bank and relevant authorities.

Our key services include providing effective advisory on business structuring, risk mitigation, AML policy drafting, and tech compliance. We ensure alignment with PSP regulations, standards, and reporting obligations in the UAE.

We support non-resident applicants like you with application submission, coordination assistance with the authorities, responding to queries, and post-registration support. Get started with Enterslice to connect with top banking/fintech solutions.

What are the Benefits of Enterslice’s Services for a PSP License in the UAE?

The benefits of Enterslice’s services for a PSP license in the UAE include ease of licensing, reduction of operational costs, and seamless compliance management. Key advantages are as follows:

Streamlined Entry

With our support, you will be able to navigate the complex regulatory process for final approval and launch your services within weeks, rather than months.

Enhanced Regulatory Compliance

Our consultants help businesses in establishing and managing the AML, CFT, and KYC compliance in line with the CBUAE regulations to ensure you don’t incur any penalties after obtaining the payment service provider license in the UAE.

Quick Banking Partnerships

Once you get on board with Enterslice for a PSP license in the UAE, we’ll help you get access to pre-integrated financial institution networks, streamlining your launch process.

Focus on Core Business Functions

By delegating the repetitive and automation heavy compliance to us, you can focus on core business like product development, marketing, and consumer experience after obtaining the PSP fintech license in the UAE.

Fewer Operational Costs

You can save a lot of money by assigning administrative, legal, and regulatory compliance functions to us instead of investing in hiring more professionals, training, and tech solutions.

What are the Mandatory Documents for the Payment Service Provider License in the UAE?

The list of documents required for the payment service provider license in the UAE is as follows:

How to Apply for Payment Service Provider License in the UAE With Enterslice?

Check out how Enterslice’s consultants will help you to apply for the payment service provider license in the UAE, as explained below:

What is the Timeline for Obtaining the UAE Payment Service Provider License?

The timeline for obtaining the UAE payment service provider license is as follows:

What are the Types of Services Under the Payment Service Provider License in the UAE?

What are the Criteria for a Payment Service Provider License in the UAE?

The criteria for a payment service provider license in the UAE are as follows:

• A company registered with the applicable mainland authority.
• Company incorporation in the DIFC or ADGM financial Free Zone.
• Directors and shareholders shouldn’t have any criminal background.
• Minimum capital, ranging from USD 10,000 to USD 2 million & more.
• The KMP must have relevant experience in the fintech industry.
• Drafting of AML/CFT policies and procedures.
• Establishing a risk management system.
• Procedures of customer due diligence KYC.
• Detailed mechanism for reporting and internal corporate governance.
• Secure payment processing systems with cybersecurity measures.
• System for data protection and fraud prevention.
• A detailed business plan with target markets/consumers.
• Operational model with financial statements of at least three years.
• Physical address, like a small private office with dedicated desks.
• Sufficient local substances and presence in the office.

Is there any Compliance Needed after the Payment Service Provider License in the UAE?

The compliance requirements after the payment service provider license in the UAE are as follows:

• Submit audited financial statements.
• Maintain and report an adequate capital ratio as per your license category.
• File Suspicious Transaction Reports (event-based) to the UAE’s FIU authority.
• Provide an overview of transaction volume and total values.
• Conduct KYC of all the clients before onboarding them. 
• Track transactions in real-time. 
• File annual tax returns irrespective of an income threshold.
• Maintain segregated accounts for clients.
• Create and manage escrow and trust accounts with the UAE banks. 
• Ensure the required capital throughout your license’s validity.
• Inform the regulator if there’s a change in the compliance/MLRO officer. 
• Notify the authorities in case of an update in the company’s management. 
• Conduct penetration tests on the tech systems. 
• Maintain continuous compliance with the PCI-DSS regulations. 
• Pay annual fees to keep the operational validity of the license annually. 
• Set up a dispute resolution system and complaint handling mechanism.
• Conduct risk assessments and internal/external AML audits. 

Why Trust Enterslice for PSP License in the UAE?

With a network of over 10,000 professionals globally, we’ve an experience of 15+ years of fintech regulatory compliance in the EMI, PSP, and virtual asset (VASPs) domain. Key reasons to trust Enterslice for PSP License in the UAE are as follows:

FAQs on Payment Service Provider License in the UAE