As part of the MFSA’s efforts to engage with its stakeholders more effectively and encourage FinTech innovation, a consultation workshop was held by FinanceMalta in collaboration with the MFSA earlier today. The workshop was held following the publication of Pillar 1 – Regulations Consultation Document presented under the FinTech Strategy, issued by the MFSA earlier in July.
The consultation session was attended by over 120 delegates, whereby the MFSA discussed its proposals on the Regulatory Sandbox as well as the framework for Regulatory and Supervisory Technology solutions being developed by interested parties. During this event, attendees also had the opportunity to give their feedback and put forward questions in relation to how the Regulatory Sandbox will operate in practice, the eligibility criteria and participation structure.
MFSA’s Chief Officer - Strategy, Policy & Innovation, Dr Christopher P. Buttigieg explained that “in line with our vision to be a forward-looking financial services regulator, this consultation process is key to establish Malta as a global FinTech hub. Through the proposed regulatory framework, our aim is to encourage businesses to apply new and innovative business models and give them the opportunity to test the commercial and regulatory viability of their innovations, whilst containing risks to consumers and the financial system.”
Other speakers presenting their views on the proposed initiatives and the applicability of innovative technology in the FinTech sphere included: Leonard Bonello – Partner at GANADO Advocates, Tom Bull - Associate Partner, EY UK Fintech Leader, Joshua Ellul - Chairman, Malta Digital Innovation Authority, Kenneth Farrugia - Chariman, FinanceMalta, Ian Gauci - Managing Partner at GTG Advocates, Abdalla Kablan -Director, wyzer.ai & Caledo Tech and Chris Kaye - CEO and Co-founder, Sherpa.