On 27th March 2023, the MFSA published its study on Digital Transformation & FinTech Adoption: Within the Maltese Financial Services Sector. The study was prepared in view of information received from 390 relevant authorised persons who responded to the online questionnaire issued by the MFSA in July 2022.
The study assesses whether authorised persons have a digital transformation strategy, the manner in which various technologies are being used for innovation and the perceived risks in the Maltese local context. Enabling and innovative technologies referred to therein include distributed ledger technology, artificial intelligence and machine learning, application programme interface, digital identity, biometrics and cloud computing. In addition, to the study the MFSA has also prepared a presentation on Digital Transformation & FinTech Adoption within the Maltese Services Sector.
The MFSA indicated that the purpose of this study is to provide it with information required to carry out initiatives in view of the increase in digital technologies and fintech, and to ensure proper supervision. However, the study also provides information on the current state of digital transformation and the adoption of FinTech in Malta.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
