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Discover the role of payment institutions in the financial ecosystem
Payments are the lifeblood of any economy, enabling the exchange of money for goods and services and driving business growth. In today's digital world, Payment Service Providers (PSPs) play a crucial role in facilitating seamless, secure, and efficient transactions.
Luxembourg has long been a welcoming economy for Chinese businesses and continues to attract an increasing number of Chinese firms. In 1979, a Chinese bank established one of its first overseas subsidiaries in Luxembourg. Since then, the country has become home to seven major Chinese banks and a growing number of PSPs. Among these PSPs are leading Chinese payment solution providers, some of the first to secure a PSD2 license as early as 2017 and 2019. Today, four Chinese PSPs have successfully acquired their PI/EMI licenses in Luxembourg, and EY is aware of multiple other Chinese firms currently in the application process.
Our comprehensive brochure, available in English and Chinese, delves into the importance of Payment Institutions (PIs) and Electronic Money Institutions (EMIs), explaining their roles, regulatory frameworks, and the benefits they offer over traditional banks.
Summary
There is a strong and growing interest in digital payments in the Grand Duchy. Since we published our previously FAQ in 2020, there has been much change and the environment looks quite positively and healthily different. Chinese and Asian industry players are asking new questions and old questions need fresh answers. Our refreshed FAQ looks at the top payments and digital assets questions posed by Chinese and Asian professionals currently in, or looking to develop business in Luxembourg.