Fintech
Electronic money institution
A firm authorised by the FCA to issue electronic money (balances held in an account or card) and make payments, without being a bank. Many fintechs are e-money institutions. Also shortened to EMI, which is also a UK share option scheme.
A plain-English explanation, not financial or tax advice. Rules and rates change, so check your own situation. For free, impartial guidance, try MoneyHelper. Disclaimer.
You'll hear it as
They're an electronic money institution, not a bank, so balances are safeguarded rather than deposit-protected.
Also called EMI (e-money).
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