The firm commitmhttps://text.ru/antiplagiat/5f50935f7c8d0ent of the MFSA to strengthen Malta's position as an international center of excellence in financial services is embodied in the Vision 2021 strategy. Launched quite recently, the strategy is meant to stimulate the provision of financial services in Malta & improve the country’s investment climate. So, let’s take a closer look at it.
The six key principles the MFSA’s strategy is based on envisage the creation & sustainment of the properly functioning fintech innovation regulatory mechanisms in the Republic of Malta.
The idea behind is to provide progressively-minded & visionary entrepreneurs with an opportunity to combine their cutting-edge services & products in a single innovation ecosystem.
The MFSA’s strategy envisions a model whereby Maltese & international entrepreneurs will be playing the leading role. It emphasizes the importance & focuses on the benefits of the financial market participants’ joining forces for the sake of ensuring investor protection in Malta & preventing market volatility.
The strategy is seeking to lay foundations upon which FinTech start-ups & leading providers of financial services will be jointly working on creating innovative FinTech products in Malta that:
- promote competition;
- provide easier access to financial products;
- enhance customers’ experience;
- foster innovation;
- promote growth of Malta’s FinTech sector.
According to the document, the MFSA is planning to launch consultations on its upcoming initiatives & will be publishing guidelines on removing existing barriers & exploring new opportunities for opening fintech companies in Malta.
The MFSA's vigorous efforts to ensure future development of Malta’s financial services sector is positive news for potential investors, especially given the amended VFA regulatory framework. Having a well-developed regulatory framework is essential to maintaining balance & ensuring flexibility & adaptability to economic transformation.
At the same time, reasonable principles must be followed that protect Malta's reputation as an exemplary fintech jurisdiction. According to Vision 2021, the key to promoting provision of innovative financial services in Malta is the principle of proportionality, which lies at the heart of the strategy.
It is expected that the Maltese financial regulator will be launching further consultations dedicated to its innovative strategy & scheduled to take place in the coming months. According to its latest statements, it’ll be looking forward to getting feedback from the industry’s key players.
Our team will be keeping a close eye on all upcoming MFSA's initiatives, providing you with their views on this & other subjects related to Malta’s fintech sector. If you’re interested in getting regular updates on the state of Fintech in Malta or are looking for legal advice on fintech regulation in Malta, you’re welcome to contact IQ Decision UK.