The global financial sector is rapidly transforming itself in shape and form. New digital technologies are giving rise to an array of new value-added financial services, nowadays commonly labelled FinTech services, to meet the growing demands and expectations of an international customer base which is slowly but surely turning its back on the inefficiencies inherent in the traditional financial system.
The multi-dimensional nature of the FinTech evolution has ushered in a discussion on if and how these developments should be best regulated. With some attempts, such as PSD2 and MiFID2, the EU is trying to capture the momentum and put the new-kids-on-the-block into legal order. Nonetheless, the road to regularise open standards in the case of payment services, peer-to-peer lending platforms, crowdfunding and crowdsale or even virtual currencies seems to be long and slow.
ARQ’s newly formed Digital Strategies Unit, a specialized unit within ARQ Group with which the law firm works closely on all regulatory and technical matters in the sector, has positioned itself as a key player in the field of digital strategy services in Malta. It brings together a wealth of regulatory, technical and legal experience and will be actively participating in island’s development in this fast growing practice area.
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