Various policy makers and important figures within the financial industry attended the Second Annual Fintech Conference on Regulation on a European Level and Beyond on the 27th of February 2018. Due to the fact that FinTech has not been officially regulated on an EU level, this conference was held to discuss the key aspects regarding its policy, the best practices, the role of artificial intelligence in financial services, the place for standard setting in FinTech, and any new technologies which may contribute to the regulation of financial services.
Malta, a leader within the FinTech sphere
The Conference was aimed at addressing the issues which will be presented in the European Commission’s FinTech Action Plan, which was published a few weeks following this conference. Various leaders who attended this conference pointed out the great potential which the transformation of the financial industry can offer, however, it was also held that special attention must also be given to the challenges presented. Olli Rehn, former Vice-President of the European Commission held that “Digital transformation in the financial sector is well underway and moving fast. Europe has realistic chances of succeeding well in this transformation with its many initiatives. If we can fully utilise our potential, this can be turned to the benefit of the whole society”.
Recently, Malta has announced itself as a leader within the industry due to the fact that unlike most European Countries, it has decided to address such technologies. Hon. Silvio Schembri, the Maltese Parliamentary Secretary for Financial Services, Digital Economy and Innovation was one of the key-note speakers analysing Malta’s position at this conference. He highlighted Malta’s proposed framework which aims at offering legal certainty within such a highly unregulated area. The Maltese representative also announced Malta’s legislative plans to become a blockchain-friendly jurisdiction, providing a safe space for start-ups to foster growth and innovation within the industry whilst nonetheless maintaining financial integrity.
The European Commission has acknowledged the significant advances within FinTech and has addressed the Union’s potential as well as the challenges it might subsequently face in its FinTech Action Plan dated 8th March 2018. The Commission highlighted the main issues which must be addressed, including the protection of personal data, the strengthening of cyber resilience and the maintenance of the integrity of the market, and the measures which will be used to ensure their protection.
Our FinTech Practice
Chetcuti Cauchi welcomes any innovations within the financial sector and will seek to provide our clients who wish to venture into fusing traditional legal notions with such technologies with expert advice on how to do so.
If you would like to set up a meeting with our financial services team in order to determine how to explore Malta’s full potential within the FinTech industry, contact us on [email protected]