e-Money Institutions are governed under Maltese law by the Financial Institutions Act (Chapter 376 of the Laws of Malta) and the e-Money Directive. Malta offers an efficient telecoms infrastructure which is able to withstand and support a wide range of eCommerce companies. This is coupled by more than 250 iGaming companies which are established in Malta and that require payment services.
Malta’s rapid development in this industry is also owing to the low operational costs as well as the fact that e-Money institutions can benefit from a reduced capital requirement when compared to credit institutions.
Apart from issuing electronic money, e-Money institutions may also engage in the following activities:
- Provision of certain payment services
- Grant of credit relating to certain payment services
- Provision of operational services and closely-related ancillary services
- Operation of payment systems
- Related business activities