Malta's financial regulator has launched a consultation document designed to help credit institutions, payment providers and electronic money institutions better understand how to handle account opening requests from Fintech firms. 

The document, which was jointly developed by the Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU), lists the information institutions should be requesting from prospective Fintech clients to determine their regulatory status. 

It also seeks to better inform them of the potential risk profile of firms in that sector. 

Companies operating in cutting-edge sectors such as Fintech, blockchain and internet of things have complained that many local financial institutions are unwilling to do business with them or even grant them bank accounts. 

The consultation document is part of a wider effort being carried out by the Maltese financial services jurisdiction to develop and regulate the fintech industry.

The consultation is open until April 30. Industry participants and interested parties can send responses to fintech@mfsa.com.mt .

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