MFSA underlines the importance of FinTech strategy

Malta Financial Services Authority publishes consultation feedback regarding new regulatory framework for FinTechs

Today the MFSA published a Feedback Statement following a Consultation Document on Pillar 1 of the FinTech Strategy – Regulations. The Feedback Statement provides the MFSA’s position in relation to the proposed initiatives within the Consultation Document, namely the implementation of the MFSA FinTech Regulatory Sandbox. It also provides an update on the other strategic objectives presented within Pillar 1 of the MFSA’s FinTech Strategy.

As an annex to the Feedback Statement, the Authority has also published the proposed MFSA Rule establishing its FinTech Regulatory Sandbox. This Rule is open for consultation to the public until 7 February 2020. Until that date, interested parties are invited to submit their feedback by sending an email to [email protected].

MFSA’s Chief Officer Strategy, Policy and Innovation, Christopher P. Buttigieg, welcomed the substantial and generally positive feedback received from the industry. “The FinTech Strategy is an essential tool to establish Malta as an international FinTech Hub,” he said.

“Consultation with all stakeholders is crucial for its success. The Authority has taken onboard the comments received and proposed some changes to the overall structure of the Sandbox.

“We look forward to receiving further feedback on the Rule proposed and we will implement the initiatives presented to foster technology-enabled financial innovation, while containing the associated risks to consumers and the financial system.”

The MFSA reiterates its commitment to focus its efforts towards the implementation of the FinTech Strategy. And, intends to launch its FinTech Regulatory Sandbox following the consultation period on the proposed Rule.