In business valuation analysis, a Banking License is one of the intangible assets possessed by a bank which has been granted an authorisation to operate a banking business. An E-Money License is a form of banking license granted to E-Money Institutions (EMIs) or Payment Service Providers (PSPs) to offer restricted banking services. An e-money license does not permit operators to offer the full range of payments and banking services to customers. Such licenses permit recipients to offer limited payment services such as money transfer and currency exchange. A banking license is categorised as contract intangible assets as it grants protective and legal rights to the bank to conduct business in a legally regulated setting. The rights granted under the e-money license for fulfilling the legal requirements to operate the banking business have value to the holder. In valuing a bank for transaction purposes, business valuators estimate the fair market value of the operating license separately from the tangible assets by applying techniques under the market, asset and income valuation methods. An E-money banking license qualifies as an intangible asset because it is identifiable, separable and the associated economic benefits can be accurately measured.