Financial services strategy: MFSAC reports on progress

The Malta Financial Services Advisory Council has reported considerable progress in its comprehensive plan for the financial services sector launched in March 2023. Of the 67 projects identified within the strategy, 23 have been successfully completed, representing an overall 66% completion rate across the various workstreams (excluding those led by regulators).

The aim of the plan remains to transform Malta into a leading, specialised, and competitive financial services jurisdiction, based on speed, standards, simplification, specialisation, and sustainability. Each project – many of which involve multiple entities – was designed to streamline operations and enhance the ease of doing business in Malta. The ultimate aim is to ensure that Malta becomes an even more attractive and competitive jurisdiction in this sector.

The projects are varied: for example, some are aimed at easing bottlenecks affecting bureaucracy and fragmented regulatory reporting, which have historically imposed significant burdens on financial institutions. Examples are the Centralised Identity Management system for which the tender has now been awarded, as well as a Harmonised Regulatory Reporting Framework. A thorough review of the Companies Act has also been undertaken, while other legislative changes will foster specialised niches such as aircraft leasing and family offices.

The MFSAC had also identified horizontal aspects, such as human resources and education, which are also being actively reviewed.

The projects are being overseen by working groups, involving the government, regulators and private providers.

‍