The Malta Financial Services Authority has today launched its mission and vision for the next three years. During a press conference held this afternoon, Chief Executive Officer Joseph Cuschieri unveiled MFSA’s Vision 2021, setting out the Authority’s mission and strategic vision underpinned by a set of goals and objectives aimed at establishing the MFSA as one of the leading financial services regulators in Europe.
Through Vision 2021, the MFSA has set the blueprint for its mission 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 vision document also articulates the Authority’s approach to risk management, conduct, enforcement, and Anti-Money Laundering (AML)/Counter-Financing of Terrorism (CFT) supervision.
MFSA’s CEO, Joseph Cuschieri stated: “The MFSA’s Vision 2021 is the start of a transformative journey supported by an ambitious change programme focused on innovation, investment in FinTech and RegTech, modernisation of supervision, and technological development. Our reform agenda includes an overhaul in our organisational and governance structures to enable the Authority meet its future challenges more effectively”.
In his address, Prime Minister Joseph Muscat stated that his presence today “re-confirms the Government’s commitment to support the MFSA’s transformation and reform programme so that MFSA can be a top-tier European financial services regulator”.
Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri said that the launch of Vision 2021 and Fintech Strategy earmarks the necessity to revolutionize an Authority that is required to serve us perfectly well in the digital age. “With this in mind, a consultative Body will be set up which will serve as a Forum for discussions between the Government, the Regulator and the practitioners, in aim to understand better the difficulties and anticipate any developments on the international scenario.” said Hon. Schembri.
In keeping with its new Vision, the MFSA has also published a Consultation Document outlining its FinTech Strategy which is underpinned by six strategic pillars. Some of the key elements of the Strategy include the introduction of a ‘FinTech Regulatory Sandbox’ and a FinTech Innovation Hub. The Sandbox is aimed at providing a platform where start-ups and firms may explore and test their business concepts in a specially designed environment.
MFSA’s CEO, Joseph Cuschieri noted that “the MFSA is looking forward to continue working with and providing legal and regulatory certainty to industry players, whilst ensuring effective investor protection, market integrity and financial soundness in the FinTech environment”. Reflecting the MFSA’s Vision, the Authority has also unveiled its corporate branding, including a new website which provides an enhanced user experience.
