Fi­nan­cial Ser­vices Gozo Foun­da­tion launched

The Malta Business Weekly - - FRONT PAGE -

The Fi­nan­cial Ser­vices Gozo Foun­da­tion was launched fol­low­ing a col­lab­o­ra­tive agree­ment be­tween the Min­istry for Gozo and the Min­istry for Fi­nance, and the pri­vate sec­tor. Its role is to pro­mote Gozo as a des­ti­na­tion for the set­ting-up of busi­nesses within the fi­nan­cial ser­vices sec­tor.

The aim of the Foun­da­tion is to co­or­di­nate closely with play­ers in the in­dus­try, so that they can as­sist prac­ti­tion­ers in the market to con­sider Gozo when they are ap­proached by in­vestors, par­tic­u­larly if they are more cost-con­scious and would pre­fer to work in a less-con­gested en­vi­ron­ment.

There are dif­fer­ent fi­nan­cial sec­tors which can be at­tracted to op­er­ate from Gozo, such as in­tra­group fi­nanc­ing ac­tiv­i­ties, hold­ing com­pa­nies, over­seas im­mov­able prop­erty ac­counts, port­fo­lio man­age­ment, call cen­tres, back-of­fice op­er­a­tions, fund ad­min­is­tra­tion, and other in­vest­ment ser­vices.

The Foun­da­tion will be geared to­wards rais­ing Gozo’s pro­file as a niche fi­nance cen­tre.

In to­day’s dig­i­tal world, un­like man­u­fac­tur­ing, fi­nan­cial ser­vices com­pa­nies work­ing pri­mar­ily on­line, can, in re­al­ity, set up any­where in the world.

The is­land cer­tainly lends it­self to small en­ti­ties which, for one rea­son or an­other, want to work in an en­vi­ron­ment that is quiet, peace­ful, and more ru­ral, yet dig­i­tally-con­nected to the rest of the world. With the an­nounce­ment in the last bud­get of an in­vest­ment of 3.2 mil­lion euro for a sec­ond fi­bre op­tic ca­ble for Gozo, the is­land will have ful­filled the dig­i­tal con­nec­tiv­ity guar­an­tee for in­vestors who are wary of the present sin­gle ca­ble re­al­ity.

The found­ing mem­bers of the Foun­da­tion’s Board of Di­rec­tors have sig­nif­i­cant stand­ing in the fi­nan­cial ser­vices sec­tor, and are ea­ger to pro­vide their ex­per­tise in or­der to en­sure that Gozo can also ben­e­fit from Malta’s growing fi­nan­cial ser­vices sec­tor.

The Chair­per­son of the Board of Di­rec­tors will be Joe Portelli, who is also the Chair of the Malta Stock Ex­change. The other mem­bers are Max Ganado of Ganado Ad­vo­cates; Chris Cas­ap­inta rep­re­sent­ing the Malta Funds In­dus­try As­so­ci­a­tion; Ken­neth Far­ru­gia rep­re­sent­ing Fi­nance Malta; Juanita Bencini rep­re­sent­ing the In­sti­tute of Fi­nan­cial Ser­vices Prac­ti­tion­ers; Pau­liana Said, an ac­coun­tant; Rose Marie Az­zopardi, an econ­o­mist and lec­turer at the Univer­sity of Malta, Di­rec­tor of Tourism and Eco­nomic De­vel­op­ment Es­ther Ba­jada, and Di­rec­tor Fi­nan­cial Pol­icy Anal­y­sis Efrem Arpa.

Min­is­ter of Fi­nance Ed­ward Sci­cluna and Min­is­ter for Gozo An­ton Re­falo were present to in­au­gu­rate this foun­da­tion. Af­ter­wards, there was the first meet­ing of the foun­da­tion’s Board of Di­rec­tors.

Min­is­ter Re­falo thanked all those in­volved in the Foun­da­tion who have worked in the past months to bring this to fruition, and who are all work­ing to­gether for the ben­e­fit of Gozo. He un­der­stands this may not be an easy road, but is sure that the Foun­da­tion will work tire­lessly to make it a suc­cess.

Min­is­ter Sci­cluna said, “This project, as a con­cept, has a long his­tory but only now has it been brought to fruition. The en­thu­si­asm shown, thanks to the ex­cel­lent work­ing re­la­tion­ship by a num­ber of fi­nan­cial prac­ti­tion­ers who re­ally be­lieve in this con­cept, was in­stru­men­tal in set­ting up the foun­da­tion.”

Newspapers in English

Newspapers from Malta

© PressReader. All rights reserved.