October 08, 2020 – The Reserve Bank of Mount Vema announced on Wednesday that it will be accepting applications from applicant corporations for Mount Vema banking license that meet banking requirements.
The reserve bank said it will be issuing one full banking license, two international banking licenses, and two non-banking financial institution licenses which can be used as soon as the license is issued.
The full banking license can only be used to provide banking services to anyone working within the Vema Seamount territorial waters or to Mount Vema citizens and corporations overseas, and can be used for general banking activities, such as taking deposits.
The international banking licenses (offshore banking licenses) will prohibit any local business activities but can be used to provide banking services overseas. Until 2030, holders of a Mount Vema international banking license who engage in supporting city of Mount Vema projects globally will have access to liquidity of up to 5 billion golles in foreign exchange if needed, according to sources at the Bank of Mount Vema.
The other license to be issued, the non-banking financial institution (NBFI) license will be for institutions that provide financial services but have to comply with fewer regulations than the ones with a full banking license.
Companies who wish to carry on a banking business and apply for a Mount Vema banking license can express interest by contacting the Reserve Bank through the official contact page of Mount Vema to request the list of legal prerequisite for a Mount Vema financial institution.
Under the laws of the Vema Seamount Territory, a business is not permitted to carry words like a bank, insurance, national in their name, unless it holds a corresponding license. The cost of a Mount Vema banking license vary but start with $500,000 USD.