Access to banking services, in particular for foreigners residing in Malta, has become tedious and every form of deterrent is being adopted by the banks as a measure not to accept new customers. The days when proof of address and your ID would have sufficed to open a personal bank account, are long gone by. In some instances, customers are also being forced to close their accounts.
Also facing this unsurmountable hurdle are companies and businesses who depend on banking services for their survival and the livelihood of their employees. Facing this hardship are iGaming companies and those companies whose ultimate beneficiary owner/s (UBO) is of foreign descent.
Despite the fact that banking services are considered as essential, banks are required to carry out the necessary due diligence procedures as required by law. However, opening a bank account in any one of the local banks has reached incomprehensible and ridiculous levels that defy logic.
The rise of Fintech banks has re-shaped the financial services industry. It combines financial services with evolving technology. This innovative industry has urged The Signature Selection to seek alternative solutions to meet the demands of our trusted customers and members who are being under-served by the mainstream banks. Depending on the specific needs and wants of our customers, through our affiliation with leading and licensed electronic money institutions (EMI’s) and providers of financial services in the mainland Europe, we assist businesses, iGaming companies and individuals to obtain IBAN and merchant accounts, and payment services through a transparent and streamlined onboarding process. Companies who are involved in blockchain, ICO and STO, can also avail themselves from our services.
The Signature Selection offers full assistance in opening your IBAN account, whether personal or business. The registration process is simple and, if all documentation is in place, obtaining an IBAN would only take between 48 and 72 hours.
Individuals wishing to open a personal IBAN account only need to download the application form. Once the application is filled in and duly signed, you can email it to us together with a copy of your ID or passport.
Companies are required to sign a letter of engagement, a KYC document and submit supporting documentation by email. All that is required are:
- copy of the memorandum and articles of association;
copy of the certificate of incorporation;
copy of identification documents of involved parties or UBO (passport or ID);
copy of ID or passport of director/s or authorised representative.
Verification is completed during the application process by means of a video call. Opening an account has never been so easy.
Simple Banking – Easy and Risk Free
The IBAN account is easy to manage, making everyday payments simple task through a user-intuitive online banking interface. You can set limits and authorise people at a click of a button. SEPA transfers are fast and convenient and clear that same working day. Gone are the days where you have to wait two to three working days for a payment to clear. The fastest solution for cross-border Euro bank transfers is now available. Sending funds outside SEPA is also available through SWIFT. And unlike traditional banks who invest depositors’ funds for their own profit, your money is always available and ready to use to withdraw.
The financial sector has evolved through the years. The core weaknesses of traditional financial institutions and the ever increasing presence of smart devices has fuelled FinTech banks to attract a substantial market share. In today’s fast-paced world, streamlining the onboarding process and improving the customer experience will have a great impact on the value chain.
The Signature Selection has embraced these innovations and opportunities as they help us understand our customers’ financial needs and choices.