Malta aims at Becoming Centre of Innovation and FinTech
A FinTech Strategy was issued by the Malta Financial Services Authority (MFSA), showcasing Malta as a key player within the global FinTech market. The strategy was created after consultation with major stakeholder who also provided feedback on the proposal.
Feedback on the strategy was overall positive, indicating that the proposed initiatives satisfy the growing needs within the sector as well as supported financial and technological innovation. The strategy also follows trending movements in the industry through a six-pillar plan that focused on withstanding long-term developments. The launch of the Sandbox was noted to be significant in doing so. Along with the strategy, the MFSA also approved the first Virtual Financial Asset (VFA) Agents.
Stakeholders also provided feedback regarding the possibility of obstacles for service providers such as security issues. They also voiced concerns on resource availability for operators and the necessity to regulate arbitrage by such firms.
Despite this, the strategy has been received as one that seeks to establish an environment in which investors are protected as well as one that ensures innovation and financial stability.