Central Bank of Malta to drive payments innovation with FIMA.

Things are really shaping up for Financial Institutions in Malta. In a surprise move, the Central Bank of Malta has reached out to FIMA (the Financial Institutions Malta Association) to set up a Financial Institutions Payments Committee (FIPC).

The new committee will hold regular meetings with financial institutions aiming to discuss regulation with respect to payments and any other related issues.

This is exactly what Malta needed. One of the key recommendations that emerged from the Mastercard report on Fintech in Malta which was conducted in 2023 and presented at the Finance Malta Annual Conference, was the setting up of a public and private collaboration that can drive the Fintech space. Now with the FIPC coming to life as a collaboration between the Central Bank of Malta and FIMA, Malta will be filling one of the gaps needed to drive Fintech forward.

Members of the Committee will include members of FIMA, the CBM as chairperson and the MFSA as observers. Dr. Stefan Berry, a non-voting board member of FIMA and an expert in the field, will be acting as a secretary to the Committee. This setup is promising, it brings some very talented and passionate people from the sector together to truly drive and innovate.

The FIPC is an inclusive committee, it welcomes a representative from each Financial Institution to participate in quarterly meetings which will generally be held at the CBM itself and online on an alternate basis. The first meeting will be held on the 20th February 2025 and subsequently on the 15th May, 25th September and 4th December. Both the CBM and the MFSA have been very supportive of FIMA and have urged all FI’s to join FIMA and participate.

At the end of 2024, Mastercard conducted a study on payments in Malta, there is much to be discussed at a national level and the FIPC is the right venue for it. The evolvement of the payments space continues at a fast pace, SEPA Instant is here, advancements in AI have presented opportunities and challenges, PSD3 is coming in 2026 and brings new capabilities as well as obligations to FI’s.

I look forward with excitement to seeing this committee coming to life and urge anyone in the space to participate.

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About FIMA

FIMA’s objective is to contribute towards making Malta a top-tier global fintech hub, recognised for it’s innovation‑friendly environment, dynamic ecosystem, and progressive regulatory landscape.

Objectives

Unite, Strengthen & Facilitate Innovation

FIMA fosters collaboration between various government bodies, financial institutions and startups to ultimately drive innovation by establishing Malta as a progressive fintech jurisdiction.

Support local FinTech’s

FIMA supporta local FinTech’s by promoting an innovation friendly environment and facilitating connections with talents, funding channels, international partners, and other FIMA members.

Talent and Development

FIMA seeks to cultivate a skilled local workforce to meet the evolving needs of the fintech industry. It promotes engagement in the Fintech ecosystem through events, membership programs, and knowledge sharing. It connects with other jurisdictions and international bodies.

Membership

FIMA membership is open to licensed entities operating within the Maltese financial services sector. These include Financial Institutions, Payment Institutions and MiCA regulated firms. FIMA welcome membership applications from entities who would like to join the FIMA community, participate in initiatives and support our efforts to transform Malta into an international fintech hub within Europe. The Membership fee is €250 per year and members benefit from the several opportunities including networking, presence on its new website and more.

Networking Opportunities

Direct access to the experience and knowledge of fellow members through networking events.

FIMA Board members

Chairperson – Fiorentina D’Amore

Fiorentina, a seasoned financial services expert with 25+ years of experience, excels in innovation, compliance, and strategy. She promotes fintech best practices and governance while researching AI and DLT adoption. As Bitpanda’s Managing Director, she leads crypto and investment platform growth in Malta, Italy, and the UAE.

Steve Grech

Steve Grech, with over 25 years infinancial services, specializes in cards, payments, and e-commerce. Currently CEO of Trust Payments Malta, he leads MFSA-regulated operations for local and international clients. Previously, he founded Truevo Payments and held senior roles at Banif Bank and Bank of Valletta, spearheading innovative card solutions.

Alan Cuschieri

Alan is the co-CEO of Calamatta Cuschieri Moneybase plc, Malta’s largest independent financial service group. He is also the founder and CEO of Moneybase, an award-winning Neobank based in Malta.

Alan is a governor at Finance Malta where he is entrusted with driving Fintech initiatives and has over 20 years of experience in financial services.

Ilenia Diacono

With 10 years of regulatory compliance expertise, Ilenia advanced to Associate Director at KPMG Malta, leading the Banking and Financial Institutions team. Currently Treasurer of FIMA and Head of Compliance/MLRO at Trumia Limited, she specialises in aligning businesses with regulatory standards and building robust compliance frameworks.

Julian Goffin

Julian is a C-level payments expert with 10+ years of experience in business development, high-risk markets, and solution-focused sales. Proficient in correspondent banking, SEPA, and SWIFT, he has built multiple startups from scratch, achieving multimillion-pound revenues. His leadership consistently drives substantial global growth and innovation in the evolving payments landscape.

Joseph Bugelli

Joseph Bugelli, CEO and Director of OTP Financing Malta and a founding member of FIMA, has over 40 years of experience in financial services, specializing in lending, risk management, and compliance. An Executive Director since 2009, he holds an MBA in strategic management and is an LIBF Associate.

Non-voting members of the Board

Stefan Berry

Stefan is a warranted lawyer with 23 years in FinServ. He holds an LL.M. in International Maritime Law and a Magister Juris in EU Commercial Law. Experienced in Internal Controls, regulatory roles, and gambling
compliance, he serves on boards, manages MCOF, and actively contributes to key academic and consultative bodies.

Alex Azzopardi (KPMG)

Nigel Grech (KPMG)