Last Updated on Thursday, 5 May, 2022 at 10:01 am by Andre Camilleri
In the last few years, the payment business in Malta has undergone a digital transformation. The change is driven by the need for superior customer experience, emerging business models, faster turn-around time and adoption of cutting edge technology. The Malta Business Weekly speaks to ALAN CUSCHIERI, co-CEO Calamatta Cuschieri on the subject of their newly released payment platform, Moneybase.
“Moneybase is the result of a €10m investment in a digital platform that offers all things finance and a range of services ranging from cards to SEPA Payments and everything in between, it’s been a labour of love for the last five years and now the time is right to launch this forward-thinking platform,” begins Cuschieri.
“It’s our entire ethos to make finance straightforward and accessible to everyone. This is the mission that drives us forward. We created absolutely everything ourselves.”
Moneybase obtained a financial institution licence in 2018 and took more than four years to develop. As a result, it is licenced to issue electronic money and undertake payment services.
The payment service operates through an app that can be downloaded on Android and Apple devices and offers users an entirely seamless digital experience. It allows users to transfer funds to their phone contacts, settle bills with third parties, top-up and receive funds and even have their salary credited to their account. Registering is very straightforward and can be done within minutes electronically. Account-holders will have an IBAN number. Clients also receive a physical card for withdrawals from ATMs and can also create virtual cards.
“We are fully compliant and have gone through all the rigorous steps to ensure safety for our clients at all times. This technology and system are a first locally. Maltese and European residents can open an account within minutes, send and receive payments in 34 countries using their own IBAN and save when spending all over the world thanks to competitive FX rates,” adds Cuschieri.
From the client on-boarding system, which uses face-recognition technology to match a person’s selfie with a photo of their identity document, to adhering to thorough anti-money laundering regulations, Moneybase adopts innovative digital technology to make the process easy for clients, Cuschieri said.
He explained that Moneybase clients would also benefit from a Malta-based ISO certified customer care service. “Finance shouldn’t be complicated and lengthy. Together we can make finance simple; we need to change the way things are done and create a process of change for future generations. This is a milestone for both Calamatta Cuschieri and the Maltese Financial Services Industry. We are truly delighted to launch such a platform.”
Calamatta Cuschieri has been operating the popular CC Trader investment online platform since 2011. Cuschieri clarified CC Trader has now been rebranded as Moneybase Invest, offering clients of Moneybase access to more than 20,000 investments and competitive currency rates on the investor platform. He also added that users could switch interchangeably between apps which are designed to work harmoniously together.
Such innovation has created numerous roles at Calamatta Cuschieri and offers exciting career options for those interested in the digital payment sector within the islands.
Finance Minister Clyde Caruana welcomed the investment, adding it was a tribute to the vision of Maltese entrepreneurs and the skills of the local workforce.