How can I start and operate an acquiring bank?
Banking
Asked by Question Bot05/Jul/20151 answer
1 Answer
F
Faisal Khan
Answered 05/Jul/2015
In the UAE for example, you would need to obtain a banking license from the Central Bank of UAE (http://www.centralbank.ae/), this license could be of a regular retail bank or an Islamic bank (with retail banking functions). Your offering has to be within the QMI set as defined by the Central Bank of UAE.
Once you have established yourself as a bank (and I'm skipping an ocean of things-to-do here in order to become a bank), you can then apply for VISA &/or MasterCard membership. From the membership, you can then present to VISA &/or MasterCard your business plan to get into the acquiring business. V/MC will then debate if they want to add another player in the acquiring business or not. If they, do, then you would have an acquiring license and would start working with them on integration, distribution, etc.
Just FYI, there wouldn't a banking license for just an acquiring bank per se. You can be a master (or super) acquirer, which essentially means you're an acquirer and a gateway (like say NI or FDI, etc.)
Once you have established yourself as a bank (and I'm skipping an ocean of things-to-do here in order to become a bank), you can then apply for VISA &/or MasterCard membership. From the membership, you can then present to VISA &/or MasterCard your business plan to get into the acquiring business. V/MC will then debate if they want to add another player in the acquiring business or not. If they, do, then you would have an acquiring license and would start working with them on integration, distribution, etc.
Just FYI, there wouldn't a banking license for just an acquiring bank per se. You can be a master (or super) acquirer, which essentially means you're an acquirer and a gateway (like say NI or FDI, etc.)