Next quantum leap to Malta as a financial centre

Apart from the organisation of its own events and participation in a number of third party events, FM is also very active on the social media channels such as Linked-In, Facebook and Twitter. FM’s social media presence is integral to its strategy to ensure that Malta’s financial services industry is also visible and present on the key digital channels. Moreover, FM has set up and continuously invested in a dedicated website which is underpinned by the latest technological developments. This portal has a highly rich information content not just at a generic level but also provides technical information at the level of the key financial sectors that FinanceMalta promotes beyond its shores. In fact, the website enables its users to download numerous publications and fact sheets forming part of the marketing toolbox supporting the main industry’s sectors. Multilingual versions are also available – in Spanish, Arabic, German, Italian and Chinese to facilitate the dissemination of information in other languages.

Apart from the aforementioned initiatives, FinanceMalta is also active on the educational front. In fact FM has organised numerous Educational Clinics covering regulatory and industry related matters. Incidentally, just a few days ago FM organised a clinic on Blockchain Technology which was very well attended and very engaging. This is one of the new sectors that is being actively followed up by FinanceMalta.

One of the key annual events organised by FinanceMalta is its Financial Services Conference which is the largest domestic financial services conference to be organised in Malta which last year attracted over 400 delegates. This year’s 10th annual conference, which features a high number of carefully selected local and international experts, will address delegates on contemporary and current topics affecting the financial services industry. The conference will be addressed by the Hon Dr Joseph Muscat, Prime Minister of Malta and will be moderated by Michael Imeson, Senior Content editor, Financial Times Live and Contributing Editor, The Banker, FT Group. This year’s programme primarily revolves around the new and emerging sectors which in the view of the Board of Governors of FinanceMalta will sustain the growth of the industry going forward. The themes to be discussed will in fact include international pensions, Blockchain Technology and Malta as a potential international test bed, crowd-funding, crypto currencies, family wealth and securitisations.

Another theme that will take centre stage during this year’s conference will be Brexit and the implications this will have on the UK, Malta and the rest of Europe. The conference will also address the opportunities that might potentially arise within the Commonwealth countries as a result of Brexit. It is interesting to note that Malta is one of two Commonwealth member states that are also EU member states and developments that will eventually shape the strategic direction of the UK insofar as initiatives undertaken within the Commonwealth countries might potentially create opportunities for Malta as a conduit to Europe for financial services operators in Commonwealth countries. In order to address this interesting topic, FM has invited the Rt Hon Lord Marland of Odstock to speak about this development.

This year’s conference will also feature a women-only panel discussion on crowd-funding as well as a panel of international and domestic speakers that will address Malta’s positioning as a centre for international family businesses where among others information on the Family Business Act will be provided during this panel discussion.

Going forward, Malta is very well positioned to sustain the growth it has achieved so far. Clearly the onset of expats that are travelling to Malta to work in the financial sector and other industry sectors is creating a number of infrastructural and service demands. Consequently it was welcoming to note that plans are in hand to turn a former hospital in Mtarfa to a school for children of foreigners that are residing and working in Malta. Equally so the high level of our health sector is also an important criterion that is assessed when foreigners are considering to set up an operation in Malta and relocating workers to Malta in the process. Other factors, where Malta needs to sustain its focus, relates to the accessibility and efficiency of our regulatory authority when processing the applications of new licences and in attending to the ongoing requirements of licence holders, as this creates an important competitive advantage, the ongoing presence of a comprehensive legal and regulatory framework, ensure that the responsiveness of the industry practitioners to the needs of international investors remains competitive and last but not least the need to ensure that innovation remains a key driver of business growth. These are all highly important pull factors for Malta.

We must all recognise that the face of Malta’s economy has changed over this past decade as the country has in the process continued to open up to international business. In the process, we need to ensure that we live up to our value proposition and ensure that we are adapting to this new reality and at the same time adopting strategies to support this industry. Malta’s small size is a huge advantage which we sometimes tend to underestimate. Consequently, we must ensure that this reality is being effectively leveraged to the benefit of the financial services industry and the wider national economy.