MFSA unveils its 2021 Strategic VisionMEDIA ROOM
The Malta Financial Services Authority (MFSA) recently unveiled its strategic vision for the forthcoming three years. The MFSA’s Vision 2021 has laid down the foundations for the Authority’s ambition of not only being abreast with the current and future needs of financial services practitioners and investors alike but, by embracing technology and innovation whilst ensuring the necessary oversight and stability which any reputable financial services sector so requires.
The MFSA has identified six strategic pillars from regulations to international collaboration as well as innovation, knowledge and security. The MFSA is placing emphasis on the need to enforce risk management, anti-money laundering and countering financing of terrorism.
The Authority is looking to move beyond its key functions and is envisaging playing a central role in a collaborative environment with industry players and international regulatory bodies. This will be the catalyst for market integrity, investor protection and financial soundness.
The MFSA is focusing on a program of innovation, technological advancements as well as investment in FinTech together with a FinTech Regulatory Sandbox (“Sandbox”) and Innovation Hub.
The aim of the Sandbox is to provide a platform where firms are able to test their business concepts and solutions with proportional safeguards, in a safe environment for a specific period of time and enable FinTech start-ups to upscale and develop viable FinTech solutions through innovation. Thus, leading to a better served market, new financial products and increase competition. Such Sandbox will allow the Authority to overlook innovative business with contained risk whilst allowing it to build capacity & experience in regulating & supervising innovative spaces.
Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri announced that a consultative body would be set up to serve as a forum for discussions between the government, the regulator and practitioners, to better understand the difficulties and anticipate any developments on the international scenario.
The MFSA has also issued its FinTech Strategy Consultation Paper, and industry feedback will be received until the 1st March, 2019. CSB’s Fintech team will be submitting its own views thereon.
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