The Financial Market Authority (FMA) Liechtenstein has published its 2016 annual report, according to a statement. In the reporting year, the FMA “had to manage an increasing number of supervision cases”, it explained.
Last year, the FMA’s Regulatory Laboratory processed 17 projects in the field of new financial technologies. In three cases, the companies had since become active, while four others were in advanced stages, revealed the FMA.
The Regulatory Laboratory is increasingly dealing with the fintech sector. In Liechtenstein, the sector comprises 12 companies in the fields of payment and e-money services, crowd funding or investing, and Blockchain and other virtual currencies. Around 50 meetings took place with fintech companies in 2016.
With the increasing digitalisation of the financial sector, the FMA’s supervisory activities have become more complex. It must now understand and monitor the functions and business models of digital financial service providers.
At the same time, digitalisation has affected the FMA’s own work. The statement cites as an example the timely processing of rapidly growing quantities of data and the digitalisation of all incoming and outgoing documents. To master the challenges of digitalisation, the FMA is working on factors including its efficiency and staff training.