On the 15th May 2019 the Malta Financial Services Authority (MFSA) published the FinTech Strategy which set out six pillars: (i) Regulations (ii) Ecosystem, (iii) Architecture, (iv) International Links, (v) Knowledge, and (vi) Security, for the MFSA to “create 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.”
Following the publication of the FinTech Strategy, the MFSA has now published a consultation document on the first pillar (Regulations) wherein the Authority has proposed a number of ways forward, primarily, the introduction of a Regulatory Sandbox which aims to encourage innovation in the FinTech industry, as well as various proposals relating to RegTech (which is the management of regulatory processes within the financial industry through technology) and SupTech (defined as RegTech for supervisory authorities, which would enable such to streamline their monitoring of risk and compliance obligations).
The consultation period is open until the 30th August 2019, until such date, industry participants and interested parties are invited to send their responses to the Authority.
