With effect from 1 March 2023, the MFSA’s financial institutions’ authorisation and supervision teams, which previously fell within the remit of the banking supervision function, have been integrated into FinTech Supervision.
As more and more innovative technologies continue to be introduced and adopted in the financial institutions sector, this strategic decision seeks to ensure that the MFSA is better suited to deal with such technologies and provide more comprehensive and robust oversight of the sector. As a result of this integration the MFSA is better placed to maximise synergies across sectors and to understand the various risks and opportunities posed by such innovative technologies.
This step reinforces the MFSA’s recent efforts to ensure regulatory and supervisory efficiency and effectiveness.
