The level of client funds in electronic money institutions has doubled in the past four years to more than €35bn, according to a report this month commissioned by ClearBank.
There are now almost 600 EMIs across Europe, led by the UK with nearly 250, according to the UK and European Banks and EMIs: Friends or Foes? report. Because the UK is no longer a part of the EU, dual registration for EMIs operating in both jurisdictions is now required.
