The MFSA has been officially recognised as a member of the Global Financial Innovation Network (‘GFIN’).
The Authority looks forward to contributing to the GFIN’s overall discussion and its various workstreams in achieving its objectives of fostering innovation by sharing knowledge and experiences, working jointly on lessons learnt, and facilitating cross-border experimentation of innovative ideas within the financial services sector.
In line with the MFSA FinTech Strategy, the Authority will continue to identify and establish links and FinTech bridges with different jurisdictions, both within and outside of the EU. This initiative also complements the MFSA FinTech Regulatory Sandbox, as such links facilitate dialogue and cooperation with other national competent authorities to foster a regulatory environment that supports sustainable financial innovation which ensures consumer protection, market integrity, and financial soundness.
Clare Farrugia, Head of Strategy, Policy and Innovation welcomed the MFSA’s recognition as members within the GFIN and highlighted the importance of this milestone in the MFSA’s FinTech Strategy, commenting that, “this is an opportunity for us to collaborate and build bridges with other national competent authorities with the aim to drive sustainable financial innovation, both at national and international level”.
The MFSA encourages parties interested in discussing their innovative solution with the MFSA to visit the MFSA website for further information on the MFSA’s FinTech initiatives and related developments or contact us at [email protected].
Note to the editors: The Global Financial Innovation Network was launched in 2019 and was initially driven by the Financial Conduct Authority (FCA). It brings together financial regulators and related organisations with the aim to provide a platform for innovative firms to collaborate with regulators, navigate across different jurisdictions, and test new ideas. To date, the GFIN is made up of 62 organisations committed to supporting financial innovation within the financial services sector.