Message from the FinanceMalta Chairman
Message from the Chairman of FinanceMalta - Mr Kenneth Farrugia
Welcome to FinanceMalta’s internet portal which I am sure you will find to be an excellent information resource on Malta’s financial services industry. This portal further complements the various media channels that are used by FinanceMalta when promoting Malta as an international financial services centre. As part of its objective to provide financial information, FinanceMalta has introduced a Resources section that groups all the relevant files and reports on the major industry sectors of Funds, Insurance, Banking, Trusts and Wealth Management, as well as an improved Membership Directory.
Since the actual setting up of FinanceMalta which took place in May 2007 it is very evident that the industry has markedly evolved over these last eight years, brought about the development of cluster formations in certain sectors particularly in the asset management and insurance business and evolved to be an important economic enabler providing work to around 10,000 people across the key and supporting service sectors.
FinanceMalta organises a plethora of initiatives across the key media platforms with a stronger emphasis on the use of the social media platforms alongside other key promotional platforms. In effect, various initiatives were organised through our various communication platforms such as the e-media, conference and business led events and the print media all supported by a strong public relations program. The concerted range of initiatives and events have in no small way contributed to strengthen the visibility of Malta outside our shores and more so have created invaluable networking opportunities for FinanceMalta’s members.
Apart from the media driven promotional initiatives, education remains an important plan in our overall strategy. In fact a number of educational clinics are organised annually covering topics relevant to our members such as EMIR, Wealth Management, Islamic Finance and many others.
Apart from these initiatives, FinanceMalta holds various meetings with Honorary Consuls, Ambassadors, business delegations, prospective investors and also hosts a number of foreign journalists in Malta.
Despite the achievements that are registered across the various sectors of the industry, we must not be lethargic and disregard the reality that the international financial services industry is a highly competitive one. This means that collectively, we need to ensure that Malta remains a compelling proposition for prospective investors seeking to establish or extend their footprint in Europe. This requires us to periodically review and refresh our strategic priorities and in the process constantly remain relevant to the current and evolving needs of the international financial services community.
In my view, Malta’s key strategic priorities revolve around the need to continue refining the way we promote Malta as an international financial centre widening our reach beyond the traditional European shores. Equally important, we need to ensure that the operating environment remains efficient and effective at both the setting up phase of a new business and particularly from an ongoing servicing perspective. The ease of accessibility to the Government and the Regulator also remains a highly important differentiator between jurisdictions competing for this business and this needs to be preserved and improved where possible.
Innovation remains an important objective in Malta’s positioning as a financial centre and I feel there is a dire need to create a strategic link between Malta’s capabilities in information technology and the technological requirements of financial services operators, both in Malta and abroad, minded by the increasing significance of technology to the financial services business. There are clearly opportunities in this space to service the requirements of the industry driven by the evolution of governance, regulatory and compliance requirements.
Last but not least, our Education Standards permeate the very essence of our financial services value proposition and we need to ensure that we have a structured educational program aiming to ensure that there are sufficient of skills and competencies in the market to service the current and future needs of the industry.
Please take time to visit our website as we invariably strive to keep its content fresh with new developments.