There has been considerable progress made on some of the major projects proposed through the Malta Financial Services Advisory Council in its strategy for the financial services sector.
The regulator for financial services, the Malta Financial Services Authority (MFSA), has designed a Harmonised Regulatory Reporting Framework aimed at simplifying and harmonising all the data reporting requirements from the key regulatory bodies into one integrated set of requirements. This is to be launched in the first quarter of 2025 for Financial Institutions.
Developments in the fields of Family Offices and Aircraft Leasing will come on stream next year, while many of the digital investments being made will start to bear fruit. The MFSA, the Malta Tax and Customs Administration, the Financial Intelligence Analysis Unit and the Malta Business Registry are all implementing transformational systems significantly improving their operational effectiveness, their internal efficiency and, as a result, their service levels.
Good progress is also expected on the establishment of a National Payments Hub infrastructure while the MBR's Central Data Repository will modernise Malta’s digital infrastructure and greatly facilitate due diligence processes for both consumers, businesses and all entities requiring credentials documentation validation.
