Key Facts & History

Company Information

Name: Insignia Cards Limited

Company Registration Number: C.54426

VAT Number: MT 2060-1917

Registered Address: Insignia Cards Limited, Level 11 Portomaso Tower, Portomaso, St. Julians, Malta STJ 4011

Date of Registry: 17th November 2011

Insignia Cards Ltd is a limited liability company incorporated in Malta and is licensed by the Malta Financial Services Authority (MFSA) to undertake payment services and to issue electronic money.

In May 2013, Insignia became a principal member of VISA.  Insignia Cards Ltd operates various card programs in Malta and issues the YES Money Card, the YES Money VISA Card and the YES e-Card. Insignia Cards Ltd also operates the YES Net Merchant services enabling YES Net Merchants to accept payments by customers made with the YES Money Card.


Board of Directors

The Board of Directors of Insignia Cards Ltd. is composed of the Chairman and four Directors as follows:

Chairman, Tonio Depasquale

Tonio Depasquale retired as Chief Executive Officer of Bank of Valletta plc in December 2011. He had joined the Bank in 1969 and held a series of senior management positions within the Group, the largest financial services provider in Malta, before he was appointed Chief Executive Officer in July 2004.

Mr. Depasquale has considerable experience in the insurance business and for more than 10 years he was a board member of Middle Sea Insurance Company and MSV Life Company, the two largest general and life insurance companies in Malta. He contributed and participated actively in the setting up of Finance Malta, where he sat on its Board of Governors from its first days until his retirement from Bank of Valletta in 2011. Tonio Depasquale also served as Chairman of the Malta Bankers Association.

Director, George Kesidy

Mr. Kesidy has over 15 years of experience within Insignia Group.  He is currently COO for Insignia Group where he is responsible for managing the group’s strategic and day-to-day relationships. In addition to the operational aspects of the role, he is responsible for IT and risk within the group. Prior to joining Insignia, Mr Kesidy worked at AB Ukio Bankas (Lithuania), and was responsible for the Bank’s relationship with Card schemes. 

Director, Charles Rapa

Mr. Rapa is the Chairman of the Malta Accountancy Board and the Quality Assurance Oversight Committee and represents the Ministry of Finance as an expert on Working Parties held in the EU on audit policy matters.

He is a Director of Dark Cover Ltd responsible for the company’s operations in Malta. He also currently holds a number of prestigious positions as an Independent Non-executive Director in various property, financial and investment companies operating overseas registered and/or controlled and managed in Malta. 

His previous work experience includes Director of Security, Finance Director and Board Secretary of British American Tobacco Malta. He was seconded, for a period of more than one year to British American Tobacco plc as the Internal Audit Manager for the Southern European Area based in Lausanne, Switzerland.

Other positions held include President of the Malta Institute of Accountants, President of the Malta Professional Associations, Core member of MUESAC, Council Member Malta Federation of Industry, Director Maltacom Limited, Chairman Casma Limited.

Director, Rafael Carrascosa Caballero

With a degree in Business Law and a Masters in Business Administration, Mr. Carrascosa Caballero has over 20 years of experience working in financial institutions around the world. During this period he held several positions of responsibility with American Express in UK and USA from where he moved to become Vice President MasterCard Advisors Europe for South and Eastern Europe. Shortly after, Mr. Carrascosa Caballero joined the Russian Standard Bank ZAO as Managing Director of American Express Card Business where he was promoted to Head of Retail Banking.

During the last years, Mr. Carrascosa Caballero held the CMO position at Brokerage Credit Services in Moscow and was CEO at Forex Club Holding Group. He joined Insignia Group in June 2013 as Chief Executive Officer of Insignia Global Card Business where he brought with him his extensive knowledge and experience in financial services and the credit card business. 

Director, Joseph Zammit Tabona

Mr. Zammit Tabona was articled with Turquand Youngs & Co. in London and qualified as a Chartered Accountant in 1971.  Mr. Zammit Tabona became partner of the local branch of Turquand Youngs & Co. in 1972 and was a partner of PricewaterhouseCoopers until his retirement from active practice in March, 2000.

Mr. Zammit Tabona is a Fellow of the Institute of Chartered Accountants in England and Wales, a Fellow of the Malta Institute of Accountants, a Fellow Member of the Institute of Taxation and also has a warrant to practice as a Certified Public Accountant.

In 2009 Mr. Zammit Tabona was appointed by the Government of Malta as High Commissioner to the Court of St James’s and more recently appointed non-resident Ambassador Extraordinary and Plenipotentiary of Malta to the Republic of Ireland. Mr. Zammit Tabona’s term in office as Malta’s High Commissioner to the United Kingdom & Northern Ireland and no resident Ambassador to the Republic of Ireland came to an on the 31st of July 2013.

On the 1st of August 2013 Mr. Zammit Tabona was appointed as Special Envoy to the Prime Minister of Malta for Investment Promotion.

Mr. Zammit Tabona has served as Chairman of the Malta Stock Exchange, Chairman of Finance Malta, President of the Malta Federation of Industry, Director at Bank of Valletta, Director of HSBC Life assurance (Malta) Ltd, Director on the Board of the Malta Council for Arts, Science and Technology and held other Chairmanships and directorships from within the private sector.

In August 1997 Mr. Zammit Tabona was conferred the significant honour of a knighthood of Magistral Grace by the Sovereign Military Hospitalier Order of St. John of Jerusalem, of Rhodes and of Malta.


Management Committee

The Management Committee is composed of the Institution’s CEO, CFO, COO and CIO. Meetings are chaired by the Institution’s CEO, responsible for monitoring the Institution’s strategic progress and its performance against the key drivers within the Institution’s business plan.

Chief Executive Officer (CEO), Dr Frederick Ellul

Dr Frederick Ellul completed Doctorate of Laws and obtained Law Degree (LLD) from the University of Malta in 2004. Dr Ellul started his career by setting his own private practice, where his focus was primarily financial services, corporate and commercial law. Fredrick later joined CredoraxMalta Ltd., a licensed financial institution, as Head of Legal and Compliance, where he was eventually promoted to General Manager. In July 2013, Dr Ellul joined Insignia Cards Limited as Chief Executive Officer.

Chief Operating Officer (COO), Jurate Kajackiene

Jurate Kajackiene has a Diploma in engineering from Kaunas University of Technology, Faculty of Economics and Management and a Masters Degree of Science in Management.  Jurate has over 13 years of experience in payment cards.  She held the position of Head of Payment Cards Department of AB UkioBankas (Lithuania) for the last 6 years, where she was responsible for new card products/services implementation and certification, ATM/POS network development strategy, fraud management, as well for card personalization process. In December 2012, Jurate joined Insignia Cards Limited as Chief Operations Officer.

Chief Financial Officer (CFO), Ryan Cachia

Graduated as BSc (Hons) Banking and Finance from the University of Manchester and has 10 years of experience within the financial services industry. Ryan Cachia started his career as a Finance Officer at Erste Bank Malta, later moving to Fortis Bank Malta as the Finance Manager. In 2009, Ryan moved to NBG Bank Malta as Finance Manager and during the last 2 years assumed responsibility of the CFO within the same bank. In July 2013, Ryan was appointed as the CFO at Insignia Cards Limited.

Chief Information Officer (CIO), Ephrem Pisani

Ephrem Pisani holds a BSc (Hons) in IT from the London Metropolitan University and joined Insignia Cards Ltd as IT Projects Manager in 2013. Ephrem commenced his career as a programmer with Gasan Mamo Insurance Ltd. and later moved on to APS Bank Ltd in 2010. Ephrem subsequently assumed responsibilities as a Data Management Supervisor within the mentioned bank. Ephrem holds vast experience in data management, application development, integration and automation and has been appointed as CIO in February 2014. 



“Insignem cum honore serba! – Wear this mark of distinction with honour” – as he lay dying, Grand Master of the Maltese Order, Jean Parisot de la Valette, beckoned with these words over his most faithful of knights, Sir Oliver Starkey, placing a special object in his palm.  On a smooth oval stone, as if polished by the sea’s waves, was a unicorn rearing in battle, symbol of purity of heart and noble spirit. Sir Oliver Starkey was awarded with this Insignia of victory and valour several years after one the most glorious in the history of all Medieval Knighthood – the Great Siege of Malta in 1565…

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