Issue link: https://maltatoday.uberflip.com/i/1466490
7 NEWS maltatoday | SUNDAY • 1 MAY 2022 new services without having the limitations that could come with off the shelf software. Satisfying AML rules in a friendly way And with banks expected to be vigilant on financial crime, I ask about anti-money laun- dering procedures adopted by Moneybase. Cuschieri says that developing simple systems for clients that allow for effective anti-money laundering checks, while being compliant with regulatory de- mands took its time. "We could have launched a year ago had we not invested in digital anti-money laundering systems that enhance the cus- tomer journey," he says. "Being a fintech company, it did not make sense for us to still require customers to phys- ically provide documentation, which is why we dedicated time and money to digitalise everything." AML is a sore point for many commercial bank customers who are asked to provide phys- ical documentation to justify certain deposits or payments, making the banking experience cumbersome and frustrating. Cuschieri says Moneybase does away with this hassle. "We do what we have to do to satisfy AML regulations but we do so in a friendly and practical way, living up to our mission of making money simple." Speaking to a human not a bot Neobanks like Moneybase are considered disruptors in the traditional banking system but the real competition for them comes from similar digital set- ups like Revolut. Cuschieri is not fazed when I bring up Revolut, insisting that Moneybase has a distinct ad- vantage over the British finan- cial technology company. "We are a Maltese company with a customer care depart- ment based here and clients seeking assistance can speak to a human not a bot," he starts off. "Our clients will not face the black screen of death and have their account frozen with- out warning because we offer a more personalised service and our attitude is completely dif- ferent." Cuschieri says that Money- base clients will also have a much bigger array of invest- ment options because they will benefit from the CC Trader platform, now renamed Mon- eybase Invest. He adds that the in-house development of the software enables Moneybase to be more amenable to local demands. "This is an important mile- stone for Malta not just for Calamatta Cuschieri because it will improve domestic payment services without having to rely on foreign entities," Cuschieri says. He says the basic Moneybase offering will be free and in- cludes an account with an IB- AN for transactional banking, physical and virtual cards, in- stant payments, access to more than 20,000 investments and competitive currency rates. "Apart from the FX rates themselves, the system is de- signed in a way that if you make a purchase in the UK and you have a Sterling account, the money is automatically de- ducted from the same curren- cy account thus saving on the exchange rate costs," Cuschieri explains. Going overseas Moneybase will be adding more features in the future such as joint accounts, busi- ness accounts, credit facilities and an open banking platform. It will also add two premium services with enhanced fea- tures. Cuschieri says the company intends tapping the overseas market with the first stop being Ireland. "Malta is a very impor- tant base for us and we believe we can surpass the 100,000 cli- ent-mark. But we will also be looking abroad and the first country of interest to us is Ire- land because it is a reputable jurisdiction and English-speak- ing." Flicking through the Money- base app on his phone, Cus- chieri insists the company is offering "a great product and a great service". As we leave the boardroom, I can feel the buzz inside the building at the upcoming launch of Moneybase – this in- terview was conducted before Friday's launch. Years of toil, development and testing have finally come to fruition for Moneybase employees. As I walk away, I cannot help but think to myself that what has happened here does not just benefit the CC Finance Group but also the Maltese economy as it looks towards a more dynamic and digital fu- ture. Alan Cuschieri is not fazed about digital banking player Revolut, insisting that Moneybase has a distinct advantage over the British financial technology company. "We are a Maltese company with a customer care department based here and clients seeking assistance can speak to a human not a bot."