The Malta Financial Services Authority (MFSA) has published a Feedback Statement following the issue of a Consultation Document on Pillar 1 of the Fintech Strategy – Regulations in July 2019.
The call for feedback on the proposed Fintech Regulatory Sandbox was answered by eighteen industry participants, which include law firms, associations, regulators, regulated firms, technology providers, and consultancy firms. Their recommendations were included in the Feedback Statement, which also contains an update on the other strategic objectives laid down within Pillar 1 of the Fintech Strategy. Respondents reacted positively towards the MFSA’s proposal with respect to Pillar 1 – Regulations of the MFSA Fintech Strategy, overall being considered as excellent (20%), good (47%), and satisfactory (33%).
The MFSA’s vision is to “establish Malta as an international Fintech hub which supports and enables financial services providers to infuse technology in product and service offerings to drive innovation.”