‘Four to five new banks’ expected in next few years – MFSA

The Malta Financial Services Authority is expecting another “four to five banks” to set up in Malta over the next few years, according to its CEO Joe Cuschieri, who added that the island needed new actors in this field.

He was fielding questions during a panel discussion during the FinanceMalta conference, the audience of which had already heard Parliamentary Secretary Silvio Schembri say that banks were struggling to adjust to the fast-changing scenario of FinTech.

Banks have been under fire from operators as the MFSA and government move on with legislation to make Malta a 'Blockchain Island' – while they drag their feet – or refuse outright – to open accounts for companies that move here to open up operations in both blockchain and cryptocurrencies.

Sources told Times of Malta it appears that the medical cannabis sector could face the same closed doors, with the government pushing to make Malta a destination of choice, but companies finding it impossible to get bank support.

In his speech to the conference, Prime Minister Joseph Muscat admitted that the banking ecosystem was not moving at par with “government and its aspirations”.“We need to move swiftly and prudently and we...