Despite a very challenging global economic environment in 2015,
financial services in Malta have continued to expand. Significant
new business was registered particularly in the banking and other
related services, investment services and trust services, with the
other sectors experiencing modest growth in the number of new
licensed companies.
In the banking sector, one company had its licence upgraded from
that of a financial institution to a credit institution to be able
to transact the business of banking in terms of the Banking Act.
This brings the total number of authorised credit institutions to
28 at the end of 2015, one more than the previous year. Nine
companies were granted a financial institution licence in terms of
the Financial Institutions Act, of which two institutions were
licensed to provide payment services while another institution was
granted a licence to issue electronic money. Another three
institutions were licensed to provide both payment
