Previously a licensed financial institution, Credorax has now officially evolved into a commercial bank in Europe. Having recently received our commercial banking license from the Malta Financial Services Authority (MFSA), we have become one of the first fintech companies in the world to grow into a pan-European bank.
To celebrate this monumental milestone, Credorax held an inaugural event on November 10 at the company’s Malta office. To confirm the license officially, our esteemed guest, the Hon. Prime Minister Joseph Muscat, unveiled the license plaque during the event. Representatives from the Maltese Government, MFSA, FinanceMalta, the Malta Chamber of Commerce, the Malta Bankers Association, and major banks were all present to show their shared commitment to economic growth in Malta and fintech globally.
Charlon Scicluna, General Manager of Credorax Malta, spoke to the attendees about the significance of this license for Credorax and, most importantly, for its partners and customers. In his speech he stated that:
The new license enables Credorax to support domestic growth for our customers within the European Union as well as the European Economic Area while also advancing our global business goals.
It also reaffirms Credorax commitment to client advocacy through an expanded portfolio of ancillary services and products designed to reduce banking fees, facilitate the growth of businesses, and create a more efficient and faster flow of funds.
The combination of being a pan-European merchant acquiring bank which processes in over 32 EU and EEA countries, together with our ePower payment platform, allows global e-commerce merchants to bank, process and settle payments, and ultimately grow their businesses directly with Credorax.
Mr. Scicluna concluded his remarks by recognizing the efforts of the Credorax team as the organization has rapidly grown and expanded into an international company. Credorax currently operates out of offices in Malta, Israel, the United States, Japan, China and the UK. We are proud of the fact that our largest office is in Malta.
We were honored to have the Prime Minister say a few words as well. Hon. Joseph Muscat noted in his speech that Malta is proud to have Credorax within its portfolio of successful businesses operating out of Malta. The Prime Minister also recognized Credorax’s significant achievement in becoming one of the first financial institutions to evolve into a merchant acquiring bank licensed by the Malta Financial Services Authority.
Click here to see more pictures from our celebration.