Member Spotlight – Innovance

Finance Malta


Finance Malta is a non-profit public-private initiative set up to promote Malta as an international financial centre, both within, as well as outside Malta. It brings together, and harnesses, the resources of the industry and government, to ensure Malta maintains a modern and effective legal, regulatory, and fiscal framework in which the financial services sector can continue to grow and prosper. The Board of Governors, together with the founding associations: The Malta Funds Asset Servicing Association, the Malta Bankers Association, the Malta Insurance Association, the Association of Insurance Brokers, the Malta Insurance Managers Association, the Institute of Financial Services Practitioners; its members and staff are all committed to promote Malta as an innovative international.
Innovance was born from my deep-seated passion for software development, where I was always on the lookout for emerging trends and unmet needs.
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Using Innovation to Create Dynamic Growth

Innovance has used digital transformation to help over 200 projects, Co-Founder and CEO Yusuf Ürey explains.

  • For those who don't know your company, can you provide some background?

Innovance was born from my deep-seated passion for software development, where I was always on the lookout for emerging trends and unmet needs. This drive for improvement and innovation became the cornerstone of our company's ethos, sparking a journey that began in 2017.

Fast forward to today, Innovance has grown into a powerhouse of digital transformation, with a workforce of more than 750 individuals dedicated to driving change. Our experience spans multiple sectors with over 200 successful projects and partnerships in more than 4 countries.

With a diverse portfolio spanning finance, FinTech, e-commerce, telecommunications, sports, health and insurance, we offer innovative products and services tailored to the unique needs of each sector.

At the heart of our offerings are our groundbreaking products, which have reshaped the financial landscape. Innovations such as Digital Banking, Open Banking, e-Wallet, and 'Buy Now Pay Later (BNPL)' have redefined how financial services are delivered and experienced.

  • Can you share a little-known fact about your company?

In 2023, our company experienced a meteoric rise, recording an extraordinary 400% growth. This remarkable achievement is a testament not only to our strategic planning but also to our ambitious new projects and global growth targets.

  • What are you currently working on and what are your company's plans and strategic priorities for the coming years?

Currently, we are focused on two significant digital transformation projects in Germany. Both projects involve fully fledged banks and are aimed at transitioning entire cloud transformations, from core banking to digital channels.

Looking ahead, our strategic priorities for the coming years revolve around leveraging the expertise gained from these projects within the EMEA region. Our strong partnerships and reliance on composable architecture set the stage for the design and implementation of cutting-edge ecosystems for financial institutions and enterprises.

In addition, our investment plans are structured to support our strategic growth objectives. We have announced significant investments in Local US in the database field, Fiks Bilişim providing SAP services, VMoney operating in the crypto space, and servicing for investment services. In the upcoming period, we plan to announce more new investments in areas such as core banking and payment systems. Our aim is to maintain the success we have achieved domestically on a global scale.

  • Are there any projects/achievements of your company that you are exceptionally proud of?

We successfully established our global presence by opening offices in Germany, Romania and England within a remarkably short timeframe. This strategic expansion has been pivotal in broadening our reach and enhancing our services on a global scale.

One of our flagship projects is a digital wallet that we launched in just four months (which can now happen in three weeks). This project was a turnkey solution, meaning it was fully implemented by Innovance from start to finish. The wallet has since gained over a million users and has been instrumental in helping institutions with their digital transformation processes. This success has been a testament to our expertise and dedication to delivering innovative solutions for our clients.

Another significant achievement is our advanced digital banking platform. This platform offers a wide range of features and works seamlessly with other applications, providing a secure banking experience for millions of users and integrating with core banking functions. The platform is easily integrable for clients, allowing financial institutions to rapidly transition to digital-first operations. This significantly enhances customer engagement and operational efficiency. The success of this platform underscores our leadership in digital banking innovation.

Our dedication to innovation and improvement doesn't stop there. We're continuously pushing boundaries and setting new benchmarks for digital banking excellence. This commitment has earned us the trust and loyalty of clients and partners, reaffirming our position as the go-to choice for banks driving digital transformation.

  • What in your opinion makes Malta an effective jurisdiction to set up a business?

Malta's warm, welcoming culture has a profound impact on its financial services sector, as well as many others. Its openness, transparency and flexibility make it an attractive destination for external entities to conduct business. Additionally, the adaptability, receptivity, and communicative nature of its people and organizations further enhance its appeal. This combination makes Malta an ideal hub for businesses like ours.

  • What kind of people/companies in the financial services community would you want to connect with?

At Innovance, we strategically seek to collaborate with a diverse array of individuals and companies within the financial services community. Our objective is to engage with organizations that align with our values and share our dedication to driving innovation and digital transformation across various sectors. We seek partners who are committed to leveraging cutting-edge technology to enhance their products, services, and overall customer experience. By fostering these connections, we aim to create a dynamic network of like-minded entities that can collectively shape the future of the financial services industry.


Picture: Yusuf Ürey, Co-Founder and CEO, Innovance

  • Bio:

Yusuf Ürey, the Co-Founder and CEO of Innovance, embarked on his journey into the FinTech world early in his career, starting as a software developer. With a rich background in collaborating with top banks and tech giants, Yusuf swiftly identified crucial needs within the industry, igniting his passion for innovation.

Innovance emerged from this fervor, driven by his dedication to making significant strides in FinTech. His unwavering openness to innovation and a sharp eye for emerging trends serves as the cornerstone of the company's success. Yusuf firmly believes in nurturing a culture of communication and care within his team, recognizing it as the bedrock of their growth.

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