GEMA

FAQ


What does GEMA stand for?

GEMA stands for Gibraltar EMoney Association as it embraces the leading e-money corporations, which carry on regulated payment services business from or to Gibraltar.

What is e-money?

Electronic money is money which exists only in computer systems and is not held in any physical form, however is accessible online or using a prepaid card. The need for physical currency has gradually diminished as more and more citizens use electronic alternatives to physical currency such as debit, credit or prepaid cards.

When was GEMA founded?

The association has been founded on the 3rd of October 2012 thanks to the initiative of Daniel Spier (Chairman) and Peter Howitt (Secretary).

Who are GEMA’s founding members?

  • IDT Financial Services
  • Payoneer EU
  • Transact Payment Services (part of the Bancorp Group)
  • Wave Crest

What puts Gibraltar in an advantageous position to setup an e-money business?

Gibraltar is a centre of excellence and integrity for e-money issuers and the leading online payments jurisdiction thanks to its unique position within Europe. As its economy continues to expand and diversify, the Rock is becoming the destination of choice for many businesses that wish or need be located within the EU. With good communications to the rest of Europe and beyond and the availability of excellent professional advice locally, Gibraltar gives an edge to companies looking to gain an advantage in the fast moving world of e-money.

Why is an industry association needed?

GEMA has been mainly formed in order to champion Gibraltar as the location of choice for global Payment Service Providers (PSPs), further their common goals and to help solve issues within the sector. Additionally, it is the industry’s voice in dealing with regulators and international organisations.

When are GEMA’s meetings held? Can I participate without being a member?

The Association meets quarterly. If you are interested in the meeting’s attendance or membership, you should contact the GEMA Secretary.

Which regulatory body controls financial services in Gibraltar?

The financial services in Gibraltar are regulated by Financial Services Commission, who is supportive of the electronic money industry and whose main mission is protecting the public from financial loss. For more information please visit: www.fsc.gi