Payment institution licence in Malta
Malta licenses payment institutions under the Financial Institutions Act, which implements PSD2. Capital depends on the services you provide, and a Maltese PI can passport its services across the EU/EEA. MFSA fees rose sharply on 1 January 2025, and the business must be directed from Malta by at least two people.
Facts under review · last checked 2026-10-08 · confirm figures with the regulator before relying on them
Regulator · Malta Financial Services Authority (MFSA) ↗
Key facts
- Minimum initial capital
- €20,000 (money remittance only), €50,000 (payment initiation) or €125,000 (services 1 to 5 of PSD2 Annex I, e.g. accounts, transfers, card issuing and acquiring)PSD2-Art-7as of 2026-10-08Source ↗
- MFSA application fee
- €10,000 for payment services (non-refundable)Malta L.N. 366 of 2024, reg. 3as of 2026-10-08Source ↗
- MFSA annual supervisory fee
- €25,000 plus the higher of 0.02% of total assets or 0.0003% of payment transaction value, with the variable part capped at €250,000Malta L.N. 366 of 2024, reg. 4as of 2026-10-08Source ↗
- Local direction
- Business must be effectively directed from Malta by at least two individuals (executive directors and/or senior management)MFSA FIR/03 R3-2.7.2as of 2026-10-08Source ↗
- EU reform status (PSD3/PSR)
- Negotiated text approved by the European Parliament ECON committee on 5 May 2026; plenary indicatively scheduled for 14 December 2026as of 2026-10-08Source ↗
Realistic timeline
Who does what, and how long each phase usually takes once work starts. The regulator’s share is outside anyone’s control.
- HartsizScoping, structure and gap analysis2–4 weeks
- YouCompany set-up, hires, capital and application pack8–14 weeksHartsiz drafts the pack; the client supplies people, capital and decisions
- RegulatorMFSA review, questions and licensing decision20–52 weeksOutside our control; depends on MFSA workload and the quality of answers
Estimated end to end: 7–16 months. Not a guarantee.
What the regulator expects to see
- Maltese company with head office and effective direction in Malta, at least two individuals directing the business locally (FIR/03)
- Directors and key function holders of good repute, with the knowledge, experience and time the MFSA expects
- MLRO and AML/CFT framework under Maltese AML rules
- Safeguarding arrangements for client funds
- ICT risk-management framework under DORA
Questions we get
How much capital do we need?
It depends on the services. Money remittance alone needs €20,000, payment initiation €50,000, and account-based services, transfers or card issuing and acquiring €125,000.
Should we apply for a PI or an EMI?
If you need to issue stored value that customers hold with you, you need an EMI. If you only move money or acquire card payments, a PI is usually enough and needs less capital.