Malta has become one of the most vibrant environments for operating electronic gambling businesses, and as a consequence, there has been a sharp increase in the number of Electronic Money Institutions (EMIs) that offer the infrastructure for handling the transactions in this sector. Malta now has the third highest number of EMIs in Europe, coming after the UK and Lithuania.

 

Malta was one of the first EU jurisdictions to issue specific regulations for EMIs. Today, Malta continues to be at the forefront of technology regulation and fintech, having been the first jurisdiction to enact specific DLT (Blockchain) and cryptocurrencies regulatory frameworks. The main advantages that Malta offers to EMIs are a high level of economic and political stability, an excellent telecom and IT infrastructure with outstanding levels of availability and stability, Malta’s early enactment of laws in relation to blockchain and other fintech services, and probably the most important advantage lies in its membership of the European Union which means that Malta-based EMIs have a passport to offer services right across the EU.

 

Authorization of electronic money institutions in Malta is controlled by the Malta Financial Services Authority which defines an electronic money institution as an institution undertaking payment services and the issuance of electronic money. EMIs based in Malta are allowed to issue debit cards (such as a chip device) but not credit cards since such institutions are not permitted to undertake lending or other bank related activities.

 

The majority of the EMIs are privately owned with low initial start-up capital investment, just enough to meet the requirements of the European regulations that stipulates a minimum paid-up capital of €350,000. With the exception of EMIs that have been listed onto a public stock exchange, it is not possible to determine the size of each of the banks in order to draw up a list of the largest electronic money institutions in Malta.

Without being able to validate comparative rankings, the following is the full alphabetic list we have assembles as at 30 September, 2021

Largest Electronic Money Institutions in Malta 2021 - 2022

To summarise, Electronic Money Institutions in Malta are offering innovative services for digital transactions that most conventional banks have been slow to take up on. EMIs are flexible and sensitive to the changing demands of the modern economies and can also take advantage of the relatively relaxed legislative and regulatory climate offered by authorities in Europe. Malta represents a strong competitor to the UK, especially when taking into account the possible disruption of a “no-deal” Brexit.

Recommended for you

Features of the best International Business Bank Account
03.09.22
Features of International Business Bank Accounts Setting up a business bank account is an elementary part of establishing a business built for success. There are many regulations to bear in mind and you would have an advantage by drawing on the experience of our GBO...
Ranking Of The Safest Banks In The World
03.09.22
To say which country has best banking system depends on whether you are measuring freedom of operating, legislative control, supervision or accounting methods. Almost all banks in the European Union use the same methods so there is no real choice there. Banks in the USA...
Best Online Banks and Financial Institutions in Europe
03.09.22
In this research we have summarized the best online banks in Europe, the list is below In Europe today most people use online banking, with statistics showing that 70% of European adults access their online bank account at least once a month. In some European...