Banking & Fintech /

SPI under new regime finally available

We are proud to announce that our law firm in the FinTech sector has recorded the first registered SPI (Small Payment Institution) after the introduction of stricter regulatory rules. These changes have certainly revolutionized the SPI market.

Until September 2023, the registration of SPI was carried out without major obstacles. However, with the registration of 228 entities, the Polish legislator decided to tighten the regulations. This led to stagnation in the FinTech market until February 2024. But a breakthrough came! On 23rd February 2024 , our law firm was the first to break ground and obtain SPI registration for one of our clients.

Are you wondering what exactly the new regulation introduced?

Well, an amendment to the Payment Services Act came into effect in September 2023. The process of obtaining SPI status has become significantly more complicated. Now a number of new documents are required, such as an AML policy, business plan, description of ancillary activities, risk management system or financial plan.

First registration of Small Payment Institution after changes

Our FinTech team recorded a great success in February 2024, registering the first SPI after the amended regulations. We led the entire process of preparing the documentation and represented the client before the Financial Supervision Commission, which,, had no objections to the application. Are you planning to start a business in the payment services sector? Contact us! We will reliably prepare all the required documents for you and guide you through the entire registration process.

Author team leader DKP Legal Mateusz Bałuta
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