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Electronic Money Institutions (EMIs)

Electronic Money Institution (“EMI”) is defined in the Third Schedule of Financial Institutions Act as “a financial institution that has been licensed in accordance with this Act and authorized to issue electronic money or that holds an equivalent authorization in another country in terms of the Electronic Money Directive to issue electronic money”
Timeframe 3 months
Capital €350,000
Accounting Required Accounting Required
Nominee Required Nominee Required

Contact us now for more information about the Electronic Money Institutions (EMIs).

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Contact us now for more information about the Electronic Money Institutions (EMIs).

E-money institutions fall under the scope of the Financial Institutions Act. In June 2011, Malta changed its domestic e-money institution regulatory framework which resulted in a lowering of the required initial capital from €l million to €350,000. This thus offers the opportunity for newcomers and smaller operators to access the market;

E-money institutions benefit from lower capital requirements in comparison to credit institutions.

Having one of the most advanced telecoms networks in the EU, Malta is also attracting an increasing amount of e-commerce companies;

Companies opting to set up in Malta benefit from lower operational costs such as salaries and office rents, in comparison to most European countries.

Scope of EMIs license provided

EMI’s are licensed to carry out the following activities:

  • Services enabling cash to be placed on a payment account as well as operations required for operating a payment account;
  • Services enabling cash withdrawals from a payment account as well as operations required for operating a payment account;
  • Execution of payment transactions, including the transfer of funds on a payment account and including the execution of direct debits, credit transfers, and payment transactions through a payment card or similar device;
  • Execution of payment transactions where the funds are covered by a credit line for a payment service user, including the execution of direct debits, credit transfer, and payment transactions through a payment card or other device;
  • Issuing and/or acquiring of payment instruments;
  • Money remittance;
  • Execution of payment transactions where the payer gives consent for a payment transaction by means of telecommunication, digital or IT devise and the payment is also made by the latter, which acts as an intermediary on behalf of the payment service user.

Document Required in Malta

  • Program of operations
  • Proposed level initial capital
  • A copy of the Memorandum and Articles of Association of the institution or the deed of partnership
  • Audited financial statements for the last three years
  • A business plan including the structure, organization, and management systems of the institution
  • Description of the internal control mechanisms
  • Description of the structural organization
  • Measures concerning the safeguarding of funds where applicable

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