Malta FSA supports local fintechs
The Malta Financial Services Authority (MFSA) has released its three-year strategic plan, which puts emphasis on strengthening local fintech sustainability by introducing a new monitoring function dedicated to safeguarding it.
More investment is being directed into analytics, supervisory technology and business intelligence, and the MFSA has introduced a ‘financial stability’ function to monitor “the build-up of potential risks to the financial system”.
It has also created a new general counsel position to manage domestic financial legislation.
“We are addressing challenges in the labour supply, new emerging risks emanating from the drive towards financial innovation and technology, regulatory developments and instances of misconduct on both a local and global level, which have negatively impacted the trust in the financial services market,” says MFSA CEO, Joseph Cuschieri.
He adds: “The importance for openness, transparency and accountability are also being emphasised in our strategic plan.”
Alongside this, the MFSA is also working on a new five-year business plan which will introduce new ancillary fees and a revision in the cost of supervision services based on a risk assessment of each sector.
Cuschieri reinforces this. He says: “We are currently considering revisions to our fee structures to reduce our dependency on government funding and, in the long run, become financially self-sustainable.”