The changes that the world experienced in recent years, especially during the COVID-19 pandemic, urged banks to imply significant changes in the digital banking world designed for the digital era to serve customers more efficiently than traditional banks. This can also be seen being implemented by local banks in Malta.
In fact, nowadays, the European market hosts hundreds of Electronic Money Institutions (EMI’s) to be able to provide core financial services across businesses in different industries. In Malta there are around 21 EMIs, licensed and authorised by the Malta Financial Services Authority and can conduct activities in any of the 31 EEA member states.
What is an EMI?
According to the Third Schedule of Financial Institutions Act, an electronic money institution is defined as a “financial institution that has been licensed in accordance with this Act and authorised to issue electronic money or that holds an equivalent authorisation in another country in terms of the Electronic Money Directive to issue electronic money”.
Why opt for an EMI?
It is efficient and competitive. In order to operate, businesses require at least one fully operational bank account to be able to handle business transactions. In the post-Covid era, and following strict AML/CFT rules, most businesses opted for this type of bank account as customers are offered a quicker alternative which is also handy and readily available through a smartphone app.
Why Admin Genie?
Admin Genie, through its mother company, Fairwinds Management Limited is also able to handle business requests related to banking. The first step to opening an EMI bank account is to get in touch with our team and explain what type of business you run and what your requirements are. Based on this, our team with years of experience in corporate banking, will be able to assist you by proposing the best EMI for your business needs. Excellence is one of Admin Genie’s core values and this is only achieved by serving our clients in the best possible way.
For more information about this service, including the process involved in introducing you to an EMI to open a new bank account, you can visit our website by clicking on the following link: https://admingenie.com.mt/our-services/business-banking/. To request a meeting with our team, you can get in touch with us on firstname.lastname@example.org.