MFSA and FIAU launch consultation documents for fintechs
Consultation will guide credit and financial institutions, payment providers and electronic money institutions
The Malta Financial Services Authority and the Financial Intelligence Analysis Unit have jointly published a Consultation on Guidance to Credit and Financial Institutions, Payment Providers and Electronic Money Institutions which have the capacity to open accounts for persons utilising fintech.
The document is intended to facilitate the process for providers opening accounts for fintechs. The initiative complements a wider effort to develop and regulate the fintech industry in Malta, through this the MFSA is able to ensure investor protection, financial market integrity and financial stability.
In light of the money laundering and financial terrorism risks which technological innovation may bring about within the financial services sector, the MFSA and FIAU have taken steps to ensure more clarity vis-a-vis the opening of accounts. With this document, institutions can request clarification on their regulatory status from operators and gain comprehensive knowledge on their activities.
On the other hands, securing a bank account is crucial for companies setting up operations in Malta’s jurisdiction. With this in mind, the guidance document is also designed to assist companies operating in the fields of financial technology, A.I., DLT, IoT and cloud technologies in their application for a bank account.
The publication of this consultation document is part of a wider effort being carried out by the Maltese financial services jurisdiction to develop and regulate the fintech industry. Within this framework, the MFSA is continuously seeking to create an innovation-friendly environment, whilst ensuring effective investor protection and safeguarding the integrity and stability of the financial market.
The consultation is open to the public until 30th April 2019. Industry participants and interested parties are invited to send their responses. The consultation document is available on the MFSA website.