Launch map
Start with the US, then compare Gulf licensing routes and runway.
Runway cost = your assumed wait × monthly operating cost. Capital requirements and licence fees are additional.
US
Starting pointMoney transmission / stored value: assess the funds flow
FinCEN + relevant state regulators
- Capital requirement
- Depends on state, activity and structure
- Application timeline
- Not verified for this model
What to check
Federal classification is only the first step. Check each state where the product operates, the flow of customer funds and any partner-bank role before selecting a licence route.
Illustrative operating spend, not an approval forecast
UAE
Route identifiedSVF License
CBUAE
- Capital requirement Source checked
- AED 15 million paid-up capital; aggregate capital funds at least 5% of customer float (CBUAE may require more)
- Application timeline
- End-to-end timeline unverified
Route scope & review notes
Other figures and timelines remain planning estimates.
Estimated operating spend before revenue
KSA
Route identifiedElectronic Money Institution (Micro or Major)
SAMA
- Capital requirement Source checked
- Micro: SAR 2m; Major: SAR 10m initially, then higher of SAR 10m or 2% of average outstanding e-money
- Application timeline
- End-to-end timeline unverified
Route scope & review notes
Other figures and timelines remain planning estimates.
Estimated operating spend before revenue
Bahrain
Route identifiedPayment service provider (CBB Volume 5, AU)
CBB
- Capital requirement Source checked
- BHD 250,000 minimum core capital; CBB may require more
- Application timeline
- End-to-end timeline unverified
Route scope & review notes
AU-2.5.4 is the published ancillary PSP capital rule. The February 2026 proposed PS module is a consultation and is not used as a final requirement. Confirm the permissions for your funds flow.
Estimated operating spend before revenue
Qatar
Route identifiedPayment Service Provider — Category I
QCB
- Capital requirement Source checked
- QAR 2m / 5m / 10m by transaction-volume tier, or 2% of relevant 90-day average outstanding balances, whichever is higher
- Application timeline
- End-to-end timeline unverified
Route scope & review notes
PSR 9.1–9.4: small <500,000 monthly transactions; medium 500,000–1m; large >1m. Capital for multiple payment-service categories must be assessed together; customer-fund safeguarding requirements also apply.
Estimated operating spend before revenue
Oman
Route identifiedPayment Service Provider — Category 1, 2 or 3 by service
CBO
- Capital requirement Source checked
- OMR 100,000 / 200,000 / 500,000 by category; security deposit 5% of base capital, capped at OMR 100,000
- Application timeline
- End-to-end timeline unverified
Route scope & review notes
Category 1 covers wallets, aggregation and gateways via indirect connection. Category 2 adds domestic transfers; Category 3 includes cross-border remittances and card issuance. Confirm connection permissions and any higher requirement with CBO.
Estimated operating spend before revenue
Kuwait
Route identifiedE-money Service Provider registration (small or large)
CBK
- Capital requirement Source checked
- Small: KWD 100,000; large: KWD 1 million paid-up equity
- Application timeline
- End-to-end timeline unverified
Route scope & review notes
May 2023 Instructions, Article 5. Small providers have customer, balance and transaction limits; small EMSPs cannot provide BNPL. Service approval and ongoing controls apply.
Estimated operating spend before revenue
Routes depend on activity and structure. Only marked fields are source-checked. Planning inputs are not regulatory deadlines or approval forecasts.