Non-bank financial companies (NBFCs) are financial institutions that provide banking services without meeting the legal definition of a bank, i.e. one that does not hold a banking license. Operations are, regardless of this, still exercised under bank regulation. However this depends on the jurisdiction, as in some jurisdictions, such as New Zealand, any company can do the business of banking, and there are no banking licenses issued.Non-bank institutions frequently acts as 
*suppliers of loans and credit facilities,
*Trading money market instruments
*funding private education,
*wealth management such as Managing portfolios of stocks and shares and
*Underwrite stock and shares, TFCs and other obligations
*retirement planning
*Advise companies in merger and acquisition
*Prepare feasibility, market or industry studies for companies
*Discounting services e.g., discounting of instruments
*suppliers of loans and credit facilities,
*Trading money market instruments
*funding private education,
*wealth management such as Managing portfolios of stocks and shares and
*Underwrite stock and shares, TFCs and other obligations
*retirement planning
*Advise companies in merger and acquisition
*Prepare feasibility, market or industry studies for companies
*Discounting services e.g., discounting of instruments
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