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    MFSA Invites Applications for Fintech Regulatory Sandbox

    July 22, 2020

    MFSA has launched and is inviting applications from fintech operators to test their innovations within the FinTech Regulatory Sandbox, for a specified period of time and under certain prescribed conditions. The MFSA Rule 3 establishing the Sandbox Rule, along with respective guidelines and Frequently Asked Questions and a dedicated proposal form, are also available online. The Sandbox is a regulatory environment, where fintech operators may test their innovation for a specified period of time within the financial services sectors. The aim is to support sustainable financial innovation, ensure regulatory certainty, and promote knowledge sharing.

    For participation in the Sandbox, an applicant shall first satisfy all the following Sandbox eligibility criteria in relation to the Solution. Accordingly, the Sandbox Applicant shall demonstrate innovation, need, benefit, and readiness of the solution, to the satisfaction of MFSA:

    • The solution shall be technology-enabled and  innovative, resulting in new business models, applications, processes or products within the financial services sector.
    • There exists a genuine need and objective for testing the solution within a controlled environment to identify any inherent regulatory gaps, challenges and risks.
    • The solution shall offer identifiable direct or indirect benefit to consumers of financial services and the wider financial services sector.
    • The solution is ready for testing within the Sandbox and that the applicant shall have adequate resources to operate throughout the duration of the Sandbox.

     

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    Keywords: Europe, Malta, Banking, Insurance, Securities, Fintech, Regtech, Regulatory Sandbox, MFSA

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