The Malta Financial Services Authority just launched its reform agenda at a press conference held this afternoon. MFSA’s Vision 2021 will act as a master plan to increase the authority’s ambition of assuring the principle and stability of the financial services sector.
MFSA Vision 2021 - The Beginning of a Transformative Journey
Approach to risk management, conduct enforcement and anti-money laundering (AML)/ counter-facing of terrorism (CFT) supervision was also highlighted in the three-year plan. MFSA CEO Joseph Cuschieri stressed that this is the beginning of a ‘transformative journey’ encouraged by a programme focused on innovation., investment in Fintech and technological development.
Prime Minister, Joseph Muscat confirmed the government support for the MFSA reform programme while addressing the launch. Silvio Schembri, the Parliamentary Secretary for Financial Services, Digital Economy and Innovation announced that a consultative body would be set up as a point of reference for discussions between the government, the authority and the practitioners.
MFSA Vision 2021 - Financial Services Technology
Joseph Cuschieri MFSA CEO, highlighted that ‘the focus on investment in financial services technology has never been greater’. In addition, a consultation document including the introduction of a ‘Fintech Regulatory Sandbox’ and a Fintech Innovation Hub was also published.
Concerns by stakeholders were also addressed with the introduction of a risk committee which will oversee creation, enforcement and inspect the authority’s risk management policies while an audit committee will scrutinise risk management. Joseph Cuschieri announced that MFSA plans to involve more its associates at European level to assist in sectoral reforms.
''These announcements emphasise the MFSA's forward-looking approach to the regulation of traditional and emerging industries in particular in recognising the importance of technology to business today.''
''International investors are sure to welcome the Fintech sandbox regime, which will further encourage the investment in, and promotion of evolving technology.''
Steve Muscat Azzopardi
