Approach aims to Promote Malta as a Global FinTech Hub
The MFSA announced a strategy for FinTech in order o showcase Malta as a key player within the emerging market.
The MFSA has issued a FinTech Strategy as well as officially approved the first batch of Virtual Financial Asset (VFA) Agents on the 14th May 2019. The strategy, which seeks to place Malta as a top contender within the global FinTech scene, was also accompanied with feedback from central stakeholders on the strategy itself.
A Fintech Strategy for the Future
The strategy was said to fulfil the sector requirements in order to promote technological innovation within the financial market, as well as keep up to date with the latest advancements in the sector. It was indicated that the strategy outlined six pillars which focused on a long-term plan to remain relevant in the future as well as of value within the market. The introduction of the Sandbox Framework is of key importance in carrying out this objective.
Despite this, concerns were raised about any obstacles for firms as well as security issues. Stakeholders also commented on the availability of resources for financial operators and the need to regulate arbitrage by service providers.
The strategy not only seeks to attract foreign investment by offering a secure environment for investors, but also promote a jurisdiction which is constantly supporting emerging technology as well as build a stable financial landscape.
Chetcuti Cauchi Advocates' FinTech Team
Chetcuti Cauchi Advocates' financial team provides advice across the full spectrum of financial services, ranging from more traditional services to those incorporated within Fintech. We are constantly up to date with the latest occurrences in the industry in order to provide clients with the guidance that best suits their needs within this ever-evolving market.
