Issue link: https://maltatoday.uberflip.com/i/1275149
maltatoday | SUNDAY • 2 AUGUST 2020 13 COMMERCIAL WE are willing to pursue our work in advocating more innovation within the financial services sector. In the past days we launched the MFSA FinTech Regu- latory Sandbox, a mechanism whereby operations can apply to test their innova- tions within the aformentioned Sandbox, for a specified period of time and under certain prescribed conditions. The regulatory environment being created will further position the Malta Financial Services Authority as a for- ward-looking body as it will provide le- gal certainty to industry players, while ensuring effective investor protection, market integrity and financial sound- ness in the Fintech environment. Financial services start-ups and in- cumbents view the Sandbox as a much-needed tool to help in the adop- tion of innovative solutions within their entities in an orderly manner, while en- abling them to offer value-added prod- ucts and services to their customers. Furthermore, it will enable the MFSA to enhance its understanding of the ev- er-changing technological innovation and increase its technical knowhow in order to enable the necessary poli- cy-making to further growth of the fi- nancial services industry in a sustaina- ble manner. This marks the Authority's main ob- jectives under its FinTech Strategy. I feel that this is a milestone towards cre- ating a holistic long-term approach to catalyse innovation, growth and com- petition in the financial services mar- ket. Thus, complementing the Virtual Financial Assets Act, positioning Malta as an international FinTech hub and a global thought leader. It is crucial that we encourage fur- ther collaboration with all stakeholders within the industry to reach new heights and convey appreciation towards every- one's contribution towards this project, as well as the industry players who pro- vided their insightful feedback. Through this Sandbox we are paving the way for the next milestone in being the establishment of the FinTech Inno- vation Hub, which is a strategic objec- tive for the ecosystem of the FinTech Strategy. The MFSA Sandbox Initiative will con- tinue to contribute intrinsically towards competitiveness and economic activity. Through collaboration with partici- pants, the Authority will have the op- portunity to enhance its capacity in as- sessing the regulatory implications and gaps of such innovation solutions while identifying the appropriate response. Through this we can truly reaffirm Mal- ta's reputation as a forward-looking ju- risdiction open to innovation within the financial services sector. Nurturing innovation into our financial services Clayton Bartolo Parliamentary Secretary for Financial Services and Digital Economy It is crucial that we encourage further collaboration with all stakeholders within the industry to reach new heights and convey appreciation towards everyone's contribution towards this project, as well as the industry players who provided their insightful feedback