Issue link: https://maltatoday.uberflip.com/i/1544987
6 COMMERCIAL maltatoday | SUNDAY • 17 MAY 2026 Malta's opportunity to define effective fintech in practice By Sergio Fogel, Founder, dLocal Malta has spent years build- ing its reputation as an inno- vative jurisdiction for financial services and payments in Eu- rope. The next phase of Euro- pean fintech will not be defined by ambition alone, but by those that achieve successful imple- mentation. For companies deciding where to build, scale and li- cense their European activity, the question is no longer sim- ply which jurisdictions have the right rules on paper. It is the jurisdictions that can make those rules work in practice. Malta can lead not just by at- tracting those companies, but by defining what good imple- mentation looks like. Malta has clear ambitions to be a prime investment hub and to attract financial services and fintech companies seeking an EU operating licence. It's a nat- ural hub with EU alignment, li- censing experience, an engaged regulator and a business envi- ronment that understands the importance of cross-border fi- nancial activity. In finance, credibility is earned through execution. Firms need clarity, regulators need confidence, consumers need protection and markets need resilience. The jurisdictions that stand out will be those that combine high standards with construc- tive engagement and practical understanding of how new fi- nancial technologies operate in real-world use cases. As a company operating across multiple jurisdictions, dLocal sees this every day. Clarity matters as much as speed. A fast process is valua- ble, but a predictable, rigorous and well understood process is what gives firms the confi- dence to invest in country for the long term. Stablecoins are a useful ex- ample. Too often, they are dis- cussed only as a digital asset issue. In practice, when used for payments and settlement, they sit at the intersection of several critical policy ques- tions: governance, AML/CFT, consumer protection, opera- tional resilience, cross-border supervision and the future of payment infrastructure. That makes stablecoins a practical lens through which to examine MiCA implementa- tion. How should firms demon- strate safety and resilience? How should supervisors assess cross-border payment use cas- es? How can regulation protect consumers and the financial system while allowing respon- sible innovation to develop? These are the operational questions that require practical dialogue between policymak- ers, regulators and companies with experience building and managing payment infrastruc- ture across markets. Industry has a responsibility to contribute to that dialogue. Not by asking for lower stand- ards, but by helping make high standards workable, propor- tionate and globally compet- itive. At dLocal, our perspec- tive is shaped by the realities of cross-border commerce. We support payment flows between Europe and emerg- ing markets, where businesses often need faster, more flexi- ble and more reliable ways to reach customers, suppliers and communities. That experience reinforces a simple point that innovation only succeeds when it is trust- ed. Trust comes from strong safeguards, clear rules and constructive supervision. It al- so comes from regulators and industry being willing to sit together and discuss how new models work in practice. Malta can play an important convening role here. A struc- tured dialogue between regula- tors, government and industry on MiCA implementation, sta- blecoins and cross-border pay- ments would help build shared understanding of both the op- portunities and the safeguards required. The discussion should focus on the process of how compa- nies are authorised to operate under MiCA. It should con- sider what good supervision looks like for real payment use cases. It should explore how Malta can position itself within the EU framework as a cred- ible digital finance hub. And it should ask how the country can support innovation while maintaining the regulatory credibility that serious firms and policymakers expect. There is also a wider Euro- pean dimension in that Malta does not need to act alone. It could help convene like-mind- ed European states focused on practical fintech implemen- tation: how regulation works, how firms scale, and how Eu- rope remains competitive while maintaining high standards. MiCA could be the starting point for that discussion. With the broader opportunity to shape a more practical Europe- an conversation about digital finance, payments and imple- mentation under EU law. This is where Malta can dif- ferentiate itself as the juris- diction that understands the balance between innovation and credibility. That balance is what global fintech firms in- creasingly need. At dLocal, we want to con- tribute to that process as a long-term partner. We believe Malta can help shape the future of European digital finance by focusing on what matters most - making innovation safe, use- ful and ready for the real world. Clarity matters as much as speed. A fast process is valuable, but a predictable, rigorous and well understood process is what gives firms the confidence to invest in country for the long term Sergio Fogel, Founder, dLocal