The financial services industry of today relies heavily on technology. It not only serves as the foundation for traditional operations but also paves the way for the creation of innovative products and services. The incorporation of technology has brought about a significant transformation in various aspects of financial services. It has facilitated quicker and more efficient transactions, enhanced customer experiences through digital banking and mobile payments, streamlined automated processes, and introduced artificial intelligence-driven analytics for risk management, fraud detection, and personalised financial guidance. The ongoing progress in technology ensures that financial institutions remain competitive, adaptable to evolving customer demands, and capable of meeting regulatory obligations in an increasingly digital era.

In recent years, Malta has positioned itself as a thriving centre for FinTech. The country has witnessed significant growth in companies which have leveraged the latest technology and placed on the market innovative products and services in areas such as payments, compliance and biometrics. This surge in activity is a testament to Malta's commitment to nurturing the FinTech sector and its potential to drive innovation and economic growth in the country.

It therefore comes to no surprise that technology is at the core of the newly-launched Financial Services Strategy. Out of the four transformational initiatives which are at the apex of this Strategy, three are deeply-rooted in technology. These include the establishment of Centralised Identity Management/Due Diligence Portal, the creation of a national payments hub and the digitisation of the regulatory process. The Malta Institute of Accountants has been a strong advocate for a fundamental transformation in the user-experience within the financial industry, and the Strategy offers the ideal platform to propel the Maltese jurisdiction among the elite performers on a European level. 

The setting up of a national payments infrastructure aims to provide the necessary backbone to ensure accessible payment services for individuals and corporations. It seeks to establish efficient payment clearing mechanisms, facilitate instant payments, implement consistent fee structures, and enhance user experience. 

In parallel, the Strategy also focuses on FinTech as a vertical pillar of industry, with proposals aimed at leveraging Malta's EU passporting capabilities and global regulatory networks to initiate pilot projects for testing new markets. Through the concept of digital twinning, joint authorisation of third-country jurisdictions can be achieved, facilitating the sharing of outcomes and best practices among national competent authorities. 

As a result of the forthcoming reforms, the roles and responsibilities of industry professionals will be affected, emphasising the need for awareness and preparedness. Nonetheless, having an understanding of the future landscape can also open doors for growth and progress within their field. 

The MIA Biennial Conference 2023

Recognising the significant impact these reforms will bring on industry and the wider economy, the primary goal of the Biennial Conference 2023 being organised by the Malta Institute of Accountants is to delve deeper into the details of what lies ahead and provide an in-depth understanding of some of the forthcoming changes and anticipated developments in the months to come.

The MIA Biennial Conference 2023; Rethink and Reform, A Blueprint for Malta’s Competitiveness in Financial Services will be held on May 31, 2023 at the Hilton, Malta. Book your place at www.miamalta.org/Biennial23