Malta’s Financial Services Industry
The Financial Services Industry in Malta is one of the biggest contributors to the island’s economy. The industry is backed by a strong regulatory and legislative framework that makes Malta one of Europe’s most prominent hubs for financial services.
The Maltese government has invested heavily in establishing a sophisticated financial system that makes Malta an attractive option for foreign investors. This indicates the government’s ongoing commitment to sustained development within the sector. As a result, many businesses have chosen Malta as a base for their businesses, as well as a location to set up hedge funds, trusts, insurance intermediaries and other financial instruments.
Malta was also one of the first nations to embrace innovative technologies such as Blockchain, cryptocurrency and other Fintech solutions, which have revolutionised the financial service industry. The Maltese Parliament enacted three laws which support this shift: the Malta Digital Innovation Authority Act (MDIA Act), the Innovative Technology Arrangements and Services Act (ITAS Act) and the Virtual Financial Assets Act (VFAA).
The Malta Financial Services Authority
The main regulatory body for the Financial Services Industry in Malta is the Malta Financial Services Authority (MFSA), which is responsible for the regulation, supervision, monitoring and training of recognised and licenced service providers across Malta. The island’s regulatory framework is in line with EU standards and codes, as well several other international frameworks. As this sector developed, Malta earned a reputation as a robust, tax efficient and well-regulated EU member state, making it the jurisdiction of choice for banks and other financial services players.
To succeed within the financial services industry in Malta, expert insight into the opportunities that are available to companies is crucial. As providers of financial and corporate consultancy and services, our team is available to guide you when setting up a financial services company in Malta through a multi-disciplinary approach.
For more information, please get in touch.