Malta has experienced a substantial rise in the number of PSPs authorized there in recent years. As a result, the island has emerged as a top location for financial businesses. The specialists at Eternity Law International are eager to assist clients with obtaining a PSP license in Malta.
Maltese law effectively supervises the mechanisms of monetary services provision. The FIA transposes the Directive 2007/64/EC into the Maltese legal framework (Cap. 376). According to it, PSPs as “quasi-banking” vehicles fall under the same level of regulation as credit firms, but without the restrictions stipulated by the Banking Act of 1994’s regulations.
Malta is one of the most suitable centers for the licensing of PSPs or considering Malta PSP for sale because of the passport rights, low startup costs, availability of professional services, potential to improve tax efficiency, and the emergence of the Maltese monetary market as a hub for portfolio management and monetary services.
The decision to register a PSP in Malta or to buy a company with a PSP license in Malta brings around passporting privileges across the European Economic Area. Servicing clients in any EEA state is thus permitted for firms located in the Eurozone with cross-border operations without the need for further authorization.
An entity with a payment agent license in Malta assists commercial entities to collect e-payments. PSPs serve as middlemen between two parties: merchants who take payments and customers who make them.
PSPs create technological ties between acquirers and card networks, allowing firms to use a variety of options without having to connect with a specific banking entity. They fully oversee payment procession and connections to external networks, reducing the merchant’s reliance on banks. Moreover, in addition to depositing and withdrawing cash, PSP services can include remittance, fraud prevention, and risk management procedures.
An applicant may be eligible to get a PSP license in Malta if the legal entity fulfills the below-mentioned terms for PSPs:
The complete authorizing process may take three to six months. However, there is an option to speed it up – to buy a PSP license in Malta or consider a ready-made PSP for sale.Get in touch with us if you’re interested in how to get an offshore PSP license in Malta and how it can benefit your company. Our specialists will walk you through the whole process of licensing your new company.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.