The Malta Financial Services Authority (“MFSA”) has published a Consultation Document on its FinTech strategy (“Consultation Document”), with the aim of adopting a strategy where the MFSA focuses its efforts towards supporting such industry, while establishing a holistic and robust FinTech sector for both start-ups and industry incumbents.
The Consultation Document presents the MFSA’s vision and strategy towards developing Malta into a global FinTech hub, taking into consideration the European Commission’s FinTech Action Plan which seeks to harness the opportunities presented by technological innovation, and the Commission’s efforts to build a true Digital Single Market.
The Consultation Document is split into three sections as follows:
Chapter 2 – MFSA’s vision and mission towards establishing Malta as a global FinTech Hub.
Chapter 3 – Discussion and identification of the strategic priorities which the MFSA together with other stakeholders should aim at achieving in order to attain its goal.
Chapter 4 – Encouraging feedback from the industry through a set of questions contained in an online survey.
MFSA’s vision and mission
The MFSA aims to establish the foundations to enable FinTech start-ups and scale-ups, technology firms and established financial services providers to develop viable FinTech solutions which drive innovation and enhance access to financial products, increase competition whilst promoting market integrity, deliver better customer experiences, and ultimately, contribute to the long-term success of the Maltese financial services sector.
MFSA’s strategic priorities – The Six Pillars
The Consultation Document sets out the identified six strategic pillars in order for the MFSA to achieve its objective in creating a holistic long-term approach to catalyse innovation, growth and competition in the financial services sector, whilst ensuring robust investor protection, market integrity and financial soundness.
The six strategic pillars are the following:
Regulations – Adopt regulatory and supervisory initiatives to support innovation and improve regulatory efficiency.
Ecosystem – Foster community, demand and collaboration and enhance access to finance.
Architecture – Encourage collaboration through the adoption of Open APIs and shared platforms.
International Links – Build international links across jurisdictions to foster collaboration and trust.
Knowledge – Cultivate deep talent pools and stimulate research and collaborative ideation.
Security – Establish an environment that is resilient to cybersecurity threats.
Feedback from the Industry
The MFSA is seeking feedback from the industry before proceeding with detailed proposals on the implementation of the FinTech Strategy presented in the Consultation Document. Such input from the industry may be provided by answering and completing a set of questions contained in an online survey, developed specifically for the purpose of facilitating major stakeholders in the industry to submit their feedback in relation to the Consultation Document. The consultation is open to the public until 1st March 2019.
Please feel free to contact us with any queries on the Consultation Document and the MFSA’s FinTech strategy.