On 15 May 2019, the Malta Financial Services Authority (MFSA or the Authority) issued the MFSA FinTech Strategy (the Strategy) which presented the MFSA's vision 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.
In order to achieve this vision, the Authority is delving into further detail with respect to each of the identified six pillars, starting with a Consultation Document regarding Pillar 1 - Regulations (Consultation Document).
The Consultation Document, which was issued on 4 July 2019, proposed (i) the MFSA FinTech Regulatory Sandbox (Sandbox), which will encourage financial technology innovation (Fintech) through its stated objectives and (ii) proposals in relation to Regulatory Technologies (RegTech) and Supervisory Technologies (SupTech). Additionally, a status update on the other strategic objectives presented under Pillar 1 of the FinTech Strategy was also provided. Following a workshop organised by FinanceMalta in collaboration with the MFSA, the consultation period closed on 30 August 2019.
The MFSA received 18 responses from a wide range of industry participants and interested parties including regulated firms, associations, technology providers, law firms and consultancy firms.
This Feedback Statement summarises the feedback the Authority received and sets out the MFSA's response and position thereto. The contents herein should be read in conjunction with the Consultation Document mentioned above.
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