Client
Certificates
DORA
FMpay, a fast-growing fintech company, aimed to expand across Europe. A critical step in this journey was securing regulatory approval from the Malta Financial Services Authority (MFSA). However, navigating the complex compliance landscape presented a challenge – hiring an in-house compliance officer would have been both costly and time-consuming.
Securing an MFSA license was just the beginning. FMpay also needed to comply with the DORA regulation, adding a significant burden to its resources. For financial institutions, meeting DORA requirements is a complex, resource-intensive process that demands specialized expertise, which can drain internal resources and slow down expansion efforts.
To streamline compliance and optimize resources, FMpay adopted an efficient, cost-effective approach – leveraging external expertise.
By partnering with CyberUpgrade through its compliance platform and CISO-as-a-Service offering, FMpay offloaded 80% of compliance responsibilities related to both the MFSA licensing process and DORA compliance.
This approach provided FMpay with:
"Ensuring compliance with DORA would have required significant internal resources, but by leveraging CyberUpgrade expertise, we streamlined the process while saving over €60K. CyberUpgrade’s CISO-as-a-Service not only reduced our compliance burden but also strengthened our cybersecurity posture, allowing us to focus on scaling our business across Europe."
Roman Loban, Managing Director, FMpay
FMpay successfully secured MFSA in-principle approval, accelerating its European expansion while optimizing compliance costs.
The strategic decision to outsource compliance delivered significant financial and operational benefits:
With net savings of over €60K (after accounting for CyberUpgrade’s solution cost).
Enabling FMpay to move forward with European expansion.
Ensuring alignment with DORA requirements.
Instead of compliance overhead.
This success story highlights the power of managed automation, proving that fintech companies can achieve regulatory milestones and expand into new markets – all while optimizing costs and operations.
