The financial industry is one of the main economic pillars of Malta at this moment. The skilled and educated workforce had a great contribution at the development of this sector, however most IT specialists in the country have driven the financial industry on the path of innovation making the fintech sector one of the most prolific during the last several years. However, financial technology has existed in Malta since 2010. In only 6 years, Maltese fintech companies rose at a spectacular pace, in 2016 alone the industry registering a 67% growth compared to the previous year. During the first 3 months of 2016, fintech reached 5.3 billion USD in Malta.
Foreign investors interested in starting a fintech company in this country must comply with the licensing requirements imposed by the Malta Financial Services Authority (MFSA). You can obtain information on the financial regulations from our lawyers in Malta.
Types of fintech companies which can be established in Malta
Entrepreneurs who want to start a business in the fintech industry in Malta can choose from a wide variety of the financial sector in this country. They can open:
- – payment service companies;
- – electronic money companies;
- – companies which create blockchain solutions;
- – crowd funding businesses;
- – investment funds which trade cryptocurrencies.
Maltese financial companies can also engage in creating new financial products for testing.
Licenses for fintech businesses in Malta
Those who want to set up a fintech company in Malta must apply for one of the licenses issued by the MFSA. The most employed licenses by fintech companies in Malta are the financial and the investment services permits.
This type of companies must also comply with the Data Protection Law which specifically provides for electronic money companies in Malta. Also, Maltese fintech companies may use their rights to register the products or services they offer under the Intellectual Property Law.
In the next years, the MFSA is expected to adopt a legislation which covers the financial technology alone.
For full information on how to start a fintech business in this country, please contact our law firm in Malta. We can also assist with the registration of the Maltese company.