Malta Financial Services Authority (MFSA) CEO Joseph Cuschieri believes that a FinTech Regulatory Sandbox and the proposed ‘Innovation Hub’ “will help support Malta in ushering in a comprehensive FinTech Ecosystem.”

He was speaking at the Paris FinTech Forum (PFF) during a panel discussion, according to FinanceMalta.

Mr Cuschieri went on to say that the Sandbox and Innovation hub, due to be implemented this year, will be “bringing together relevant stakeholders and catalysing them through a focal point. They will also enable tools, resources, expert and regulatory guidance leading to start-up and growth within the sector.”

FinanceMalta, a non-profit public-private initiative set up to promote the island as an international business and financial centre, also took part in the forum.

It was represented by its chairman Rudolph Psaila and COO Ivan Grech, where they met with several banks, fintech operators and industry leaders, the entity said in a press release.

This was done to promore Malta’s fintech strategy, as outlined by the MFSA.

In the digital economy and the FinTech world, a regulatory ‘sandbox’ refers to a mechanism for developing regulation that keeps up with the exceedingly fast pace of innovation.

The FinTech Innovation Hub is aimed at enabling and supporting service providers to introduce technology in their services and products.

FinanceMalta said that the two-day PFF is one of the most exclusive European annual events on digital finance & fintech, organized by Altéir Event.

In 2020, for the fifth edition, more than 2,600 international participants from 75 countries, 320 speakers, 165 exhibitors, and 200 Fintechs gathered to discuss the latest trends and topics in the sector. This event has grown to become known as the Davos of digital finance & Fintech.

The agenda of the 2020 edition of the PFF covered a range of topics including faster payments, embracing financial regulations, the future of payments and data, challenges and opportunities to foster innovation in retail banking, and many more.

“Being present and sponsoring events like the PFF are part of our annual calendar of events during which we continue promoting Malta as a safe, sound and innovative financial services and fintech jurisdiction, and to assist in developing more opportunities both locally and abroad,” said Rudolph Psaila.