Payment Service Provider in Malta

The number of Payment Service Provider (PSPs) licensed in Malta has seen significant growth over the last few years, and, alongside the thriving i-Gaming and e-Commerce industry, the Island has become the destination of choice for the set-up of Payment Server Providers.

PSPs may engage in various activities including: the execution of payment transactions, issuing and/or acquiring of payment instruments, as well as money remittance.

Like other financial institutions, PSPs are not allowed to receive deposits or other repayable funds from the public and must use funds exclusively to provide payment services.

Timeframe	6 Months
Capital	50,000 Euro - 125,000 Euro
Accounting Required
Nominee Required

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The benefit of having Payment Service Providers License in Malta

EU passport

5% Effective Corporate Tax Rate

Highly qualified person benefits

Ability to open a branch in other European Member States (post one year of licensing)

Scope of Service of PSP License in Malta

The Financial Institutions Act regulates companies carrying on the business of amongst other things –

Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account;
Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account;
Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider;
Execution of direct debits, including one-off direct debits;
Execution of payment transactions through a payment card or a similar device;
Execution of credit transfers, including standing orders;
Execution of payment transactions where the funds are covered by a credit line for a payment service user;

Execution of direct debits, including one-off direct debits;
Execution of payment transactions through a payment card or a similar device;
Execution of credit transfers, including standing orders;
Issuing and/or acquiring of payment instruments;
Money remittance;
Execution of payment transactions where the consent of the payer to a payment transaction is transmitted by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting solely as an intermediary on behalf of the payment service user and the supplier of the goods and services.

Financial Institutions shall not be funded through the taking of deposits or any other repayable funds from the public. They will be required to be licensed by MFSA to provide all the above payment services. According to the business plan submitted during the license application stage, the MFSA will specifically authorize the company to provide one or more applicable payment services.

Document Requirements in Malta

The Authority requires that all applications for a license shall be filed in accordance with its official application forms as applicable, and shall be accompanied by:

Draft incorporation documents;
A program of operations;
The proposed level of initial capital and evidence thereof;
A business plan and a forecast budget calculation (financial projections);
A description of the internal control mechanisms which the applicant will establish in order to comply with obligations in relation to money laundering and terrorist financing;
A description of the structure of the organization;
The identity of all officers and controllers and shareholders of the institution;
A description of the procedure to monitor, handle and follow up on security incidents and security-related customer complaints;
A description of the process in place to file, monitor, track and restrict access to sensitive payment data;
A description of the business continuity arrangements;
A description of the principles and definitions applicable to the collection of statistical data on performance, transactions, and fraud;
A security policy document and risk assessment;
A description of the measures taken for safeguarding payment service

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