Payment Service Provider(EMI) License in Malta

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It has become clear that the use of cash as the basis for the monetary system has several drawbacks in the developed economies of today.  A PSP licensed in Malta by the Malta Financial Services Authority enjoys passporting rights to any EU Member State.  Business Ventures Management Limited LLC has structured more than 5000 Payment Processors in 40 countries.

Payment Service Provider (EMI) License in Malta

It is no surprise, that there has been a drastic increase in the use of non-payment instruments such as debit and credit cards, credit transfers and direct debits overtaking the traditional use of cheques due to their efficiency and reliable processes.

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Electronic Money Licence

Business Ventures Management Limited LLC boasts extensive experience in relation to licensing of emoney insitutions and payment services and has assisted a number of clients in the acquisition of such licences. Having significant experience in the area, we are able to assist clients in all aspects relating to their licence application and eventually their operations.
Regulated by the 1994 Financial Institutions Act (Chapter 376 of the Laws of Malta).

The primary function of an electronic money institution is the issuance of electronic money, which is defined in the Third Schedule of the Financial Institutions Act as any electronically or magnetically stored digital representation of a monetary claim due by the issuer. This claim may be stored digitally in the form of an electronic device for the purpose of making payment transactions. However, aside from simply issuing payment transactions, there are also a number of other potential activities which a licensed EMoney Institution is permitted to carry out.

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MFSA PSP/EMI Guidelines & Regulatory Frameworks

Regulated Firms

List of entities regulated by the MFSA. For more information on a particular type of Regulated Firm, click on the links below.

Credit Institutions

Credit institutions are entities licensed to operate under the Banking Act, Chapter 371 of the Laws of Malta. According to the Banking Act, a credit institution can undertake a number of activities which are specified in the same Act.

Financial Institutions 

The Malta Financial Services Authority is responsible for the supervision of entities authorised under the Financial Institutions Act (Cap. 376). These entities, referred to as ‘financial institutions’, fall in two broad categories:

(Re)Insurance 

(Re)insurance undertakings, including captives, are regulated by the Insurance Business Act, regulations issued there-under as well as Insurance Rules made by the MFSA.

Insurance Intermediaries

Insurance Agents, Insurance Managers, Insurance Brokers, Tied Insurance Intermediaries and Ancillary Insurance Intermediaries are regulated by the Insurance Distribution Act, regulations issued thereunder and the Insurance Distribution Rules and Conduct of Business Rules made by the MFSA.

Pensions 

Retirement Pensions schemes (both personal and occupational) and pension service providers are regulated in terms of the Retirement Pensions Act, regulations issued thereunder as well as Pensions Rules made by the MFSA.

Collective Investment Schemes 

Collective Investment Schemes are regulated in terms of the Investment Services Act (Cap 370) and include i)Retail Collective Investment Schemes, primarily Undertaking in Collective Investment Transferable Securities (UCITS), ii)Professional Investor Funds (PIFs).

Investment Services Providers

Investment Services Providers are regulated in terms of the Investment Services Act (Cap 370) and include: i)MiFID Firms; ii)(AIFMs) and UCITS Man Co, collectively referred to as Investment Managers; iii)Custodians.

Recognised Persons 

Recognised Persons are regulated in terms of the Investment Services Act (Cap 370) and include: i)Recognised Fund Administrators; ii)Recognised Incorporated Cell Companies; iii)Recognised Private Collective Investment Schemes.

1. Services enabling cash to be placed on a payment account as well as all the
operations required for operating a payment account;
2. Services enabling cash withdrawals from a payment account as well as all the
operations required for operating a payment account;
3. Execution of payment transactions, including transfer of funds;
4. Execution of payment transactions where the funds are covered by a credit line
for a payment service user;
5. Issuing and/or acquiring of payment instruments;
6. Money remittance;
7. Payment initiation services;
8. Account information services;

PSPs may also carry out the following additional activities:
• The provision of operational and closely related ancillary service;
• The operation of payment systems;
• Business activities other than the provision of payment services
• Granting of credit in relation to payment services

MFSA Grants Extensions To The Regulatory Reporting Deadlines Amid Coronavirus Pandemic

 

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    In some countries, an international business license is required to operate. Additionally, if you wish to be a major shareholder in a company headquartered in a country that mandates such a license, you will need approval before acquiring a stake. While requirements vary by country, there are several basic steps to obtaining an international business license. Business Ventures Management Limited is your one-stop hub, having structured over 18,000 Global Businesses worldwide to date.

    ADDRESS

    217/1, 21st September Avenue,
    Naxxar NXR 1013, Malta.

    EMAIL

    [email protected]

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