During a visit at the Malta Financial Services Authority,
Parliamentary Secretary for Financial Services, Digital Economy and
Innovation, Silvio Schembri announced that the Government was
publishing a MSFA consultation document for the strengthening
of the authority to take the financial services sector to a new
level.
Silvio Schembri said that in such a dynamic financial services
environment, time was ripe for MFSA to step up the game through a
pragmatic risk based approach rather than a descriptive one,
fostering more efficient processes and a more conductive
environment for innovation.
He emphasized that this public consultation should lead to an
authority which is reactive enough to address situations where
regulations lag the developments of new products in the market.
Silvio Schembri said that a strengthened MFSA should be well
set to harness the industry in the design of new products like
Fintech, Blockchain and other niches to tap.
