MFSA’s Vision 2021: Safeguarding Malta’s Financial Services

A reform agenda has been launched by the Maltese regulatory body for financial services, the Malta Financial Services Authority (MFSA), which identifies a three-year master plan for the stability of financial services in Malta. The plan, entitled MFSA’s Vision 2021, puts forward the proposed strategy for anti-money laundering (AML), risk management, counter-facing of terrorism (CFT) supervision and conduct enforcement.

During the press conference, the CEO of the MFSA, Mr Joseph Cuschieri, highlighted the strength of the island’s investment in fintech and financial services, as well as the growth of the innovation and development within the industry. Mr Cuschieri also discussed the MFSA’s approach towards sectoral reforms and its plan to include associates at a European level.

MFSA Vision 2021 - Anti-Risk Measures

A risk committee and an audit committee were also introduced to manage the formation, implementation and review of the MFSA’s risk policies, and to inspect risk management, respectively. In addition, a document describing the ‘Fintech Regulatory Sandbox’ and a Fintech Innovation Hub was published.

MFSA Vision 2021 - Financial Services Technologies  

The Prime Minster of Malta, Dr Joseph Muscat, gave his support to MFSA’s Vision 2021, and the Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri, introduced the formation of a consultative body as referential entity for talks between the government, the authority and the practitioners.

Steve Muscat Azzopardi, Senior Manager at Chetcuti Cauchi, a firm focusing on Financial Services and Fintech, said that the reform was exemplary of Malta’s pro-business approach towards a sustainable future within emerging sectors.