The world now stands on the brink of another revolution, the Fourth Industrial Revolution1, and it is within this context that FinTech operators (‘FinTechs’) intend to add value towards how consumers transact with one another. Supported by technological advances in computing power, connectivity and knowledge dissemination, FinTech solutions are proposing a paradigm shift in the way financial services providers service their customers. Building on the Government of Malta’s initiative to establish Malta as a global thought leader in the innovative economy, the Malta Financial Services Authority (‘MFSA’ or ‘the Authority’) is now also focusing its efforts towards supporting this revolution, and establishing a holistic and robust FinTech sector for both start-ups and industry incumbents.
This Document presents the MFSA’s vision and strategy towards developing Malta into a global FinTech hub, taking into consideration the European Commission’s FinTech Action Plan which seeks to harness the opportunities presented by technological innovation, and the Commission’s efforts to build a true Digital Single Market.
The rest of the Document is split into two additional sections as follows:
- Chapter 2 outlines the MFSA’s vision and mission towards establishing Malta as a global FinTech Hub;
- Chapter 3 discusses and identifies the strategic priorities which the MFSA together with other stakeholders should aim at achieving in order to attain this goal;