Malta, a financial services hotspot and also a member of the European Union provides the opportunity to obtain a Malta Electronic Money Institution (EMI) license which will enable the license holder to provide electronic payment services and also issue electronic money.  The licenses are issued under the provisions of the Financial Institutions Rules and the Financial Institutions Act by the Malta Financial Services Authority. The definition of payment services is wide which enables the license holder to provide most online and electronic payment services.

Malta Electronic Money Institution

 

The application for a Malta Electronic Money Institution (EMI) License has to be made to the Malta Financial Services Authority (MFSA) which will issue the license. The first step in the application process is the establishment of a local company incorporated under Maltese law. At least two persons who will manage the operations of the Malta Electronic Money Institution must be located in the country. There is also a minimum capital requirement of EUR 350,000.
The second step is an initial meeting with the regulator to explain the business plan and obtain initial guidance. The next step is the preparation of documents such as the Application Form, Operating Manuals, Anti Money Laundering (AML) and Anti Terrorist Financing (ATF) guidelines, Business plans, company incorporation documents, personal information about key persons and any other documents sought by the MFSA. This will be followed by the submission of the application to the MFSA with an application fee of EUR 3500.

The entire process of obtaining a Malta EMI License takes about 3-6 months after the submission of the completed application. Empire Global has a team of experienced professionals who will assist you through the entire process of Malta EMI License application including assistance in the preparation of documents, submission of application and responding to any queries from the MFSA. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Malta EMI License.

 

Malta Electronic Money Institute (EMI) License

Under the provisions of the law, a license holder may provide:

  • Services that ensure the debiting of funds from the payer’s account and related transactions
  • Services related to the crediting of funds to the payee’s account and related transactions
  • Making payments through direct debits (including one-off orders), payment cards, or any other electronic means, or credit transfers (including standing orders) within the funds or credit resources of a payment service user
  • Issuing and/or acquiring payment instruments, including electronic money instruments
  • Remittances
  • Issuing electronic money, executing payment transactions using electronic money through a mobile phone, internet, or any other electronic device
  • Executing payment transactions based on the consent of the payer given by means of telecommunication, digital, or IT devices, to or in favor of the telecommunication, IT system, or network operator that acts as an intermediary between the payer and the payee, as well as between the user and the supplier of goods or services
  • Issuance of electronic money

How can I get a Malta Electronic Money Institute (EMI) License?

The application for a Malta Electronic Money Institution (EMI) License has to be made to the Malta Financial Services Authority (MFSA) which will issue the license.

Malta EMI License Requirements

The first step in the application process is the establishment of a local company incorporated under Maltese law. At least two individuals who will operate the business of the Malta Electronic Money Institution must be located in the country. There is also a minimum capital requirement of EUR 350,000.

The next step is the preparation of documents such as the Application Form, Company incorporation documents, security policy, audited financial statements, operating manuals, Anti Money Laundering (AML) and Anti Terrorist Financing (ATF) guidelines, Business plans and any other documents sought by the MFSA. All individuals proposed as qualifying shareholders, controllers or nominated to key positions are also required to submit a personal questionnaire. Before submitting the application, there is also a pre-application meeting with the MFSA to discuss the nuances of the application.

Malta EMI License Costs

This application and documents have to submit to the MFSA with an application fee of EUR 3,500.

The MFSA may request additional documents and seek clarifications from the Malta EMI License applicant before issuance of the license. The entire process of obtaining a Malta Electronic Money Institution License takes about 3-6 months after the submission of the completed application.

After obtaining the Malta Electronic Money Institution (EMI) License, the Licensee will need to make regular submissions of accounts and records to the MFSA. These submissions need to be made on time to ensure the validity of the Malta Electronic Money Institution (EMI) License. An annual fee of 0.0002 X Total Assets but not less than €2,500 has to be paid to the MFSA.

Empire Global has a team of experienced professionals who will assist you through the entire process of Malta Electronic Money Institution (EMI) License application including assistance in the preparation of documents, submission of application and responding to any queries from the MFSA. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for a Malta EMI License.

 

   Malta Electronic Money Institution License