FinanceMalta organised a workshop in collaboration with Malta Financial Services Authority (MFSA) on 30 July in order to engage with stakeholders and encourage fintech innovation in the island nation, according to a press release published by MFSA.
The workshop was held following the publication of Pillar 1 Regulations Consultation Document presented under the fintech strategy and issued by the MFSA earlier in July.
During the session, which was attended by over 120 delegates, 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.
Attendees were asked to provide feedback and propose questions in relation to how the Regulatory Sandbox will operate in practice, the eligibility criteria and participation structure.
“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, while containing risks to consumers and the financial system,” said Christopher P. Buttigieg, Chief Officer Strategy, Policy and Innovation of MFSA.