Prime Minister Joseph Muscat has stated that, ‘Malta needs more banks to service its growing economy’.
He explained that with the Maltese economy growing, there was a need to increase the diversity and efficiency of banking opportunities for customers. In addition to this, banks ‘need to be prudent but proactive engines for growth and not safety deposit boxes.’
The Prime Minister delivered these comments during his speech at the launch of the MFSA’s Vision 2021 event. He praised the financial authority’s new journey towards modernising its practices in line with European and International financial regulations, but also towards the government’s goals for technological innovation.
‘It is also positive that the Authority is making a huge leap forward by publishing its FinTech strategy. This is something that as a Government we totally support.’, Prime Minister Muscat said.
New body and new strategy for financial services sector
During the launch of the MFSA’s 2021 Vision, Parliamentary Secretary Silvio Schembri announced that a Consultative Body to facilitate communication between Government, Regulator and practitioners as well as a new 10-year strategy were on the way.
Schembri explained that the new forum would serve to help action and implement the modernisation and to anticipate problems to overcome.
Echoing the Prime Minister, Schembri explained that the new MFSA strategy would be aimed at keeping the authority ahead of the curve on technological areas like FinTech. He stated that this signified ‘that Malta is the place where the fusion of finance and technology is taking place.’
Adding to this, he explained that with greater investment in new technological advances, the financial authority could advance even further.
‘This will be possible by eventually adopting RegTech and SupTech solutions, to be proactive in addressing regulatory challenges brought about by such innovators.’