MFSA licenses first electronic money institution in Malta

The issue of the first Maltese EMI licence in favour of Syspay Ltd by the MFSA, comes just a few months following the transposition of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of EMIs, which effectively brought the regulation of EMIs in Malta, previously regulated under the Banking Act, within the remit of the same Financial Institutions Act.

This change has led to greater legislative uniformity, consolidating a range of activities carried out by financial institutions under the same modern and coherent legal framework and creating a much more attractive regime for operators looking to set up an EMI in Malta.

Zammit & Associates Advocates and CSB Group assisted Syspay with the licensing formalities.