Your 2025 Guide to Securing an EMI Licence in Malta

An Electronic Money Institution (EMI) licence issued by the Malta Financial Services Authority (MFSA) provides a strong and reputable foundation for fintech innovators looking to access the European market. Operating under the Financial Institutions Act (Chapter 376 of the Laws of Malta) and in full alignment with the EU Electronic Money Directive (EMD2), this licence enables regulated operations across the European Union.

One of the major advantages of holding an EMI licence in Malta is the ability to passport financial services throughout all EEA member states, reaching over 450 million potential customers through a single regulatory authorisation.

The Regulatory Authority: The Malta Financial Services Authority (MFSA)

The MFSA is Malta’s single financial regulator and is responsible for:

Assessing and approving EMI licence applications.
Supervising licensed institutions for ongoing compliance with EU and Maltese rules.
Ensuring market stability, consumer protection, and effective AML/CFT oversight.

Authorised Activities for Maltese EMIs

Once licensed and approved by the MFSA, your EMI can engage in a wide range of regulated financial activities, including:

Issuing electronic money, serving as a digital alternative to cash.
Providing payment services as defined under PSD2, such as account operations, payment execution, issuing and acquiring payment instruments, and money remittance.
Offering Payment Initiation (PIS) and Account Information Services (AIS).
Granting limited credit related to payment services.
Providing ancillary and operational services, including currency exchange and data safeguarding.
Operating payment systems or infrastructure platforms for financial transactions.

All these activities must comply with MFSA guidelines and EU regulations to ensure transparency and fund protection.

Key Requirements for Obtaining an EMI Licence in Malt

To qualify for an EMI licence, your Maltese-registered entity must meet the MFSA’s core standards, including:

Minimum Initial Capital: €350,000 fully paid-up and maintained.
Governance & Management:
- At least two executive directors (plus a recommended non-executive director).
- All key persons, including shareholders and compliance officers, must pass the MFSA’s fit and proper assessment.
Local Presence: A tangible presence and effective management in Malta, including local directors and staff.
Robust Internal Controls: Clear organisational structure, effective risk management, and safeguarding of client funds.

Funds from clients must always be segregated and held in secure, low-risk financial assets or separate accounts.

Passporting Across the European Economic Area

Holding an EMI licence in Malta opens the door to the entire EEA market, enabling you to:

Offer services throughout Europe without additional national licences.
Establish branches or operate remotely under the Freedom to Provide Services framework.
Scale operations efficiently within the EU’s single financial market.

Licensing Process Overview

The EMI application process in Malta involves several key stages, generally spanning 9 to 12 months:

Pre-Application Consultation with the MFSA (recommended).
Company Incorporation in Malta.
Submission of Application with a full suite of required documents, including:
- Detailed business plan and financial projections.
- Risk management and AML/CFT frameworks.
- IT, security, and continuity plans.
- Fit & proper documentation for all directors and shareholders.
MFSA Review and Clarifications.
In-Principle Approval, subject to final conditions.
Licence Issuance upon fulfilment of requirements and capital verification.
Operational Launch and optional EEA passporting notifications.

Indicative Costs

Applicants should budget for:

MFSA Application Fee: €10,000 (non-refundable).
Annual Supervision Fee: Minimum €25,000, depending on size and risk profile.
Initial Capital: €350,000.
Professional, Legal, and Operational Costs: Incorporation, staffing, IT, compliance, and audit services.

(Fees are subject to MFSA updates; always verify current rates.)

Ongoing Compliance Obligations

After licensing, Maltese EMIs must ensure:

Continuous adherence to MFSA and EU directives.
Regular regulatory reporting and AML/CFT submissions.
Maintenance of capital adequacy.
Strict fund safeguarding.
Operational resilience and strong internal control systems.

Why Malta?

Malta offers a compelling environment for fintechs and electronic money institutions:

Pro-business regulatory climate and accessible MFSA.
Highly skilled, multilingual workforce in finance and technology.
English-speaking jurisdiction with efficient legal and communication systems.
Attractive tax regime for international businesses.
Strong governmental support for fintech innovation.
Strategic EU location and Eurozone stability.

Launch and License with IFB International Fintech Business

Obtaining an EMI licence in Malta is a strategic step toward European expansion — and IFB International Fintech Business is ready to guide you through every stage.

Our team specialises in EU financial licensing, corporate structuring, and MFSA compliance, providing full assistance from pre-application planning to operational setup.

Let IFB help you build, license, and scale your fintech in Europe with confidence and regulatory precision.