The Malta Financial Services Authority launches its vision and strategy for the next three years.
During the press conference that was held yesterday, CEO Joseph Cuschieri unveiled MFSA’s Vision 2021, setting out the Authority’s mission and strategic vision underpinned by a set of goals and objectives. A consultation document on the MFSA’s FinTech strategy was also published, proposing the introduction of a ‘Regulatory sandbox’ and Innovation Hub.'
Through Vision 2021, the MFSA has set the blueprint for the authorities objectives to enhance its position as a forward-looking, proactive and trustworthy supervisory authority with one clear purpose - safeguarding the integrity of markets and maintaining stability within the financial sector.
The three-year strategy also articulates the authority’s approach to risk management, conduct, enforcement, and anti-money laundering (AML)/counter-financing of terrorism (CFT) supervision.
Prime Minister Joseph Muscat was also present and addressed the event saying that these documents reaffirm the MFSA's commitment in safeguarding and developing financial services sector.
The PM also said that the Authority had done the right decision choosing to publish its strategy. He said that Malta has already attracted some of the biggest entrepreneurs in the Blockchain sector.
Speaking about the banking sector, he said that it is facing new challenges and Malta needs more banks due to the country’s economic growth.
Parliamentary Secretary Silvio Schembri said that the Authority would start a process of consultation about this vision through a forum with all those who in some way use the Authority’s services. He said that the Authority will be in a good position to be at the forefront of Fintech and new technologies within the financial services.
Mr Schembri said that the MFSA will set up a service known as ‘Sandbox’ which offers an incubator in which new technologies for the financial services can be tested in a specially designed environment.
Mr Schembri said that the changes in this industry are continuous and the Authority is co-operating with other European regulators to be able to share its information with them.