Digital Payments & Fintech · Malta
EMI license in Malta: e-money institution (EMI) requirements (2026)
Malta shaded by its digital payments & fintech status
Fintech and digital payments in Malta: licensing regime.
FrameworkFinancial Institutions Act (Cap. 376 of the Laws of Malta) implementing PSD2 (Directive 2015/2366), supervised by the Malta Financial Services Authority (MFSA); EU Instant Payments Regulation (EU) 2024/886 and MiCA (EU) 2023/1114 also in force
Malta operates a fully articulated licensing regime for payment institutions (PIs) and electronic money institutions (EMIs) under the Financial Institutions Act (Cap. 376), administered by the MFSA. PSD2 was transposed into Maltese law in August 2019 via the Various Financial Services Laws (Amendment) Act 2019, covering AISP/PISP open-banking frameworks. The Financial Institutions Rulebook was substantially updated in 2025 to align with the EU Instant Payments Regulation and DORA, cementing Malta's position as a fully compliant EU payments jurisdiction with active passporting activity.
How to get an EMI license in Malta
To provide electronic-money or payment services in Malta you need authorisation as an Electronic Money Institution (EMI), supervised by the Malta Financial Services Authority (MFSA), under the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2).
- Authority
- the Malta Financial Services Authority (MFSA)
- License required
- authorisation as an Electronic Money Institution (EMI)
- Framework / law
- the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2)
- Minimum capital
- €350,000 initial capital for a full (Authorised) EMI; a lighter Small EMI regime exists below an average €5m of outstanding e-money
- Timeline
- roughly 3–12 months; the regulator has up to 3 months to decide once the application is complete
- Cost
- application and supervisory fees that vary by country (often €5,000–€25,000), plus safeguarding and audit costs
- Passporting
- Yes — an EMI authorisation passports across the whole EEA (all 27 EU states plus Norway, Iceland and Liechtenstein).
What an EMI license in Malta covers
- Issuing electronic money and maintaining payment accounts
- Executing payment transactions: credit transfers, direct debits and card payments
- Issuing and/or acquiring payment instruments
- Money remittance
- Payment initiation services (PIS)
- Account information services (AIS)
How to get an EMI license in Malta: step by step
- 1Incorporate in the member state and establish real local substance (registered office and part of the business conducted there).
- 2Build the application file: programme of operations, three-year business plan, governance, AML/CFT, safeguarding and security policies.
- 3Deposit and evidence the €350,000 initial capital.
- 4Submit the application to the national competent authority.
- 5The authority has three months from a complete application to grant or refuse.
- 6On authorisation you are entered in the national and EBA registers, then passport into other EEA states before serving them.
Documents required in Malta
- Programme of operations listing each payment service you will provide
- Business plan with a three-year budget forecast
- Evidence of the €350,000 initial capital
- Governance arrangements and internal-control mechanisms
- AML/CFT policy and appointment of a compliance officer
- Safeguarding arrangements for client funds (segregated account or insurance)
- Security policy, incident management and ICT resilience procedures
- Fit-and-proper documentation for directors and qualifying shareholders
- Description of any outsourcing, agents or distributors
- Professional indemnity insurance where you provide PIS or AIS
After authorisation: ongoing obligations in Malta
- Maintain own funds under the applicable calculation method (A, B or C)
- Safeguard client funds at all times, segregated or insured
- Apply strong customer authentication (SCA) under PSD2
- Run continuous AML/CFT monitoring and reporting
- Report major operational and security incidents to the regulator
- Submit annual audited accounts and periodic regulatory reporting
EMI license in Malta: FAQ
Yes. To provide electronic-money or payment services in Malta you need authorisation as an Electronic Money Institution (EMI), supervised by the Malta Financial Services Authority (MFSA), under the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2).
The Malta Financial Services Authority (MFSA).
Application and supervisory fees that vary by country (often €5,000–€25,000), plus safeguarding and audit costs.
Typically roughly 3–12 months; the regulator has up to 3 months to decide once the application is complete.
The application file centres on programme of operations listing each payment service you will provide; business plan with a three-year budget forecast; evidence of the €350,000 initial capital; governance arrangements and internal-control mechanisms; plus fit-and-proper evidence for directors and qualifying shareholders.
Incorporate in the member state and establish real local substance (registered office and part of the business conducted there). Build the application file: programme of operations, three-year business plan, governance, AML/CFT, safeguarding and security policies. The authority then assesses the file and, once authorised, you can begin operating.
Yes — an EMI authorisation passports across the whole EEA (all 27 EU states plus Norway, Iceland and Liechtenstein).
Key points
The MFSA licenses Payment Institutions and Electronic Money Institutions under the Financial Institutions Act (Cap. 376). Minimum capital requirements are €125,000 for PIs and €350,000 for EMIs; applicants must appoint a Compliance Officer, MLRO, Risk Manager, and at least two experienced directors. High-profile recent approvals include OKX and Gate Technology.
PSD2 was incorporated into Maltese law in August 2019 via amendments to the Banking Act and Financial Institutions Act, introducing a licensing and conduct framework for third-party providers including AISPs and PISPs. The Central Bank of Malta is the designated Payment System oversight authority under the Payment Services Directive.
In May 2025 the MFSA revised FIR/02 and FIR/03 to implement changes required by the Instant Payments Regulation (EU) 2024/886 regarding participation in designated payment systems, and to align with DORA. Chapter 1 of the Rulebook (FIR/01) was further updated in October 2025, clarifying the authorisation process for PIs and EMIs.
Under EU Instant Payments Regulation (EU) 2024/886, all Maltese PSPs offering standard euro credit transfers must also offer SCT Inst (SEPA Instant Credit Transfer) at non-discriminatory pricing as of January 2025. The Central Bank of Malta collected PSP data by April 2026 for compliance reporting under the Regulation.
Open banking is operative under the PSD2 AISP/PISP framework, with the Berlin Group NextGenPSD2 technical standards applied. While mobile/online banking penetration exceeds 60%, the number of active licensed AISPs/PISPs in the Maltese market remains limited. The forthcoming EU PSD3/PSR package (anticipated mid-2027) will extend mandatory data-sharing obligations.
The MFSA FinTech Regulatory Sandbox, operational since 2020, allows firms to test innovative financial products under a controlled regulatory environment. An Innovation Office and FinTech Innovation Hub complement the sandbox, providing regulatory guidance and shared infrastructure. Malta's fintech sector represented 8.2% of GVA and employed over 14,700 people as of 2025.
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