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Electronic Money Institutions Licence Application

Financial Institutions Services

Electronic Money Institutions Licence Application

Authorized Activities for EMIs

Malta’s Financial Institutions Act [Chapter 376 of the Laws of Malta] and the EU Electronic Money Directive govern EMI operations. With prior authorization from the Malta Financial Services Authority (MFSA), EMIs can engage in various activities, including:

  • Providing specific payment services.
  • Extending credit related to specific payment services, provided it complies with prescribed safeguarding requirements.
  • Offering operational and ancillary services related to electronic money issuance or payment services.
  • Operating payment systems.
  • Conducting business activities other than electronic money issuance, in accordance with relevant laws.


Meeting the Requirements

To apply for an EMI license in Malta, your entity must possess a minimum share capital of €350,000. Meeting these minimum requirements empowers your EMI to confidently enter the market and pursue fintech ambitions.

Ensuring Prudent Management

The Board of your EMI should consist of at least two executive directors with relevant financial services expertise. Demonstrating the capacity for prudent management is crucial for successful operations. Key individuals, including the compliance officer and MLRO (Money Laundering Reporting Officer), must embody sound integrity and professionalism.

Malta’s Gateway to the European Economic Area (EEA)

As a member of the European Union, an EMI licensed in Malta enjoys the privilege of passporting throughout the EEA. This facilitates access to a broader market, allowing expansion of services and reaching customers across various EU/EEA states. Whether establishing branches or offering remote services, the principle of freedom to provide services enables seamless expansion.

EMI Licensing Process: Establishing an EMI in Malta

To obtain an EMI license, the application must be submitted to the Malta Financial Services Authority (MFSA), initiating a comprehensive review of the relevant documentation. This documentation includes:

  • A detailed Business Plan.
  • Incorporation Documents of the Institution.
  • Personal Questionnaires, accompanied by due diligence documentation, for proposed Directors, Shareholders, and key individuals.
  • Financial Projections for the first three years of business operations.
  • Own Funds Calculations.
  • Internet and Electronic Banking Questionnaire.
  • An Application form.


Once the MFSA is content with the submitted documents and any additional requested information, the license will be issued to the institution. The licensed EMI then gains the right to passport its services to other EU jurisdictions. While the remote passporting of services can commence immediately after the license issuance, the establishment of a branch is typically authorized after the EMI has been operational for approximately 6 months to 1 year and has maintained a favorable reputation.

What’s the Cost of an EMI Licence?

Obtaining an Electronic Money Institution Licence involves a one-time fee of €3,500 for application and processing, payable to the MFSA.

Additionally, there’s an annual supervision fee, which varies case by case but is no less than €2,500.

Note that these figures represent minimum fees, and the annual supervision fee may vary based on specific criteria for each case.

Key Persons

Luca Zahra Brincat

Corporate Lawyer

Ryan Barwari

Corporate Lawyer

Audrey Sapiano

Chief Commercial Officer

Angelo Vella


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