Interview with Money Magazine following Moneybase launch.
<Leading the way in the local Fintech sector >
As consumer demand for digital services continues to rise, financial institutions have made efforts to reduce the need for individuals to physically visit their local banking branches. However, Fintechs have emerged as the ultimate challengers, bringing innovation and disruptive technology to the table.
A pioneer of the local financial services industry and with innovation having always been at the heart of the Group, Calamatta Cuschieri is trailblazing Malta’s fintech sector as it unveils Moneybase, the country’s first neobank.
Money Magazine speaks to Alan Cuschieri, co-CEO of Calamata Cuschieri and founder of Moneybase, to find out more about the new brand and platform’s offering.
What is Moneybase all about?
Moneybase is Malta’s first neobank. We are focused on making finance easier and are on a mission to redefine the way you grow and manage your money.
As a new powerful platform for all things finance, we offer a multitude of services including transactional banking, instant payments, physical and virtual cards, as well as access to over 20,000 investments all under the same ecosystem.
More specifically, with transactional banking, you can send and receive payments in 34 countries using your own Moneybase IBAN. With cards available directly in app, you can create a virtual Mastercard the minute you onboard and order a physical one, while you can freeze, unfreeze or cancel it whenever you want, set up customised permissions, such as restrict ATM withdrawals, Internet or Swipe payments. You can also view your PIN. With Moneybase you can send and receive money to friends easily and instantly at no cost, whereas customers also save when spending across the globe thanks to our competitive currency rates.
On the other hand, our investing app, previously known as CCTrader, has now become Moneybase Invest. It forms part of the same ecosystem and continues to provide access to 20,000 investments across 40 exchanges, including top-rated stocks, ETFs, funds and bonds, as well as investments on the Malta Stock Exchange.
When did Moneybase become part of your vision?
My vision for Moneybase started over a decade ago with CCTrader. I wanted to create a platform that made investing online easy and cost-effective, whilst providing a wide choice of investments across all devices. Since then, CCTrader has won awards, becoming a market leader and a household name. It eventually became clear to me that we could take this to the next level and offer a banking experience that when combined with our existing investment offering would result in something really unique.
From a vision to becoming a reality, Moneybase is the result of years of development of our next-generation core banking system that was made possible thanks to a dedicated and talented team that is passionate about what we do.
Who can make use of Moneybase’s offering?
Moneybase is currently offered to individuals of any nationality who are over 18 and primarily our service is offered to EU residents. The app can be downloaded from Google Play for Android and the App Store for IOS.
A Moneybase account can generally be opened in just a few minutes. Doing so is free of charge, while the onboarding process is simple, easy and fast, allowing new customers to get up and running in just a few minutes.
Is there a fee to use Moneybase?
Moneybase is free to use with no monthly fee. Currently users get free deposits, free transfers to their own bank accounts, free instant person to person payments, a free virtual card, free investment research and great FX rates.
In the not-so-distant future, our aim is to offer three distinct plans, each with its own unique perks. Once launched, users will be able to pick the plan that suits their needs and upgrade instantly with a just few taps on their phone.
How is Moneybase different from other offerings out there?
One of the things that’s unique about Moneybase is that whilst we provide a 100% digital experience, we also offer ISO certified phone support, 7 days a week. In fact, we are the only neobank internationally to offer an ISO9001 customer service combined with a one-stop-shop for payments and over 20,000 investment opportunities.
Is Moneybase a bank?
Moneybase is not a bank. We are a licensed Financial Institution, authorised by the Malta Financial Services Authority to provide payment services and issue electronic money. We have passported all our services throughout the European Union (EU) and the European Economic Area countries (EEA).
As a Financial Institution we do not conduct certain services which a bank typically offers, such as taking customer deposits and granting loans out of those deposits. Our offering is focused on bringing you the best available technology to make money simple by solving your payments headaches.
Moneybase is not a bank. We are a licensed Financial Institution, authorised by the Malta Financial Services Authority to provide payment services and issue electronic money. We have passported all our services throughout the European Union (EU) and the European Economic Area countries (EEA).
As a Financial Institution we do not conduct certain services which a bank typically offers, such as taking customer deposits and granting loans out of those deposits. Our offering is focused on bringing you the best available technology to make money simple by solving your payments headaches.
Is my money safe with Moneybase?
Funds are held with major EU Banks that are covered by the Depositor Compensation Scheme and which recognise that funds are client funds. Any investment services offered on the Moneybase Invest app are provided by our Investment Services company Calamatta Cuschieri Investment Services Ltd, which also forms part of the Investors Compensation Scheme.
Our customers benefit from the best security features available today, including encryption and 3DS2, which provides a seamless and easy way to approve payments in app when shopping online by sending a push notification to the mobile app.
Where do you see Moneybase heading into the future?
As we constantly push forward to develop ingenious solutions to our clients’ finances, there is much more in the pipeline. Moneybase is community-driven so we invite everyone to be part of the journey. This is why we launched our public roadmap for users to be able to suggest features, express their ideas and take part in shaping the next-generation financial platform. We invite you to join the ever-growing community at http://www.moneybase.com. Together, we can make money simple.
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