FinanceMalta 8th Annual Conference

Title Malta’s Financial Services Industry:
Building on Success, Reaching New Horizons
20 - 21 May 2015
Time 18:00 - 21:00 (20 May)
08:30 - 17:00 (21 May)
Venue Grand Master Suite, Hilton Hotel, St Julians (Malta)

Thank you to all speakers, delegates, sponsors and guests who attended the FinanceMalta 8th Annual Conference. We look forward to seeing you again next year!


FinanceMalta 8th Annual Conference - Event Overview

The annual FinanceMalta conference provides financial services practitioners and entities with the opportunity to keep updated with developments taking place in the financial services sector both locally and internationally in order to achieve and maintain a high level of excellence in their daily work practices and methodologies.

The FinanceMalta conference will be chaired by Mr. Kenneth Farrugia, Chairman of FinanceMalta, and will feature select local and international experts who will address delegates on current topics affecting the financial services industry.

This year's FinanceMalta Conference is entitled, 'Malta’s Financial Services Industry: Building on Success, Reaching New Horizons' and is targeted to all the key players in financial services and those who seek potential and growth for their business through this industry.


The conference has been accredited with 6 hours of structured CPE by the Malta Institute of Accountants


 Registration for the FinanceMalta 8th Annual Conference is now closed

Pre-Conference Networking Gathering

On the eve of the FinanceMalta 8th Annual Conference, a networking event will be held on Wednesday, 20th May 2015 at 18:00 at the Quarterdeck Bar, Hilton Malta, St. Julians providing delegates, guests and speakers with the opportunity to network prior to attending the conference the following day.

Sponsored by 

FinanceMalta 8th Annual Conference Programme (Download the conference brochure [.pdf])

08:00   Registration

08:45   Welcome Address
Kenneth Farrugia - Chairman, FinanceMalta

09:05   Keynote Address

Deputy Prime Minister of Malta, Hon. Louis Grech


09:15   Regulation and Malta as an International Financial Services Centre

Bryane Michael - Oxford University and University of Hong Kong

Professional services - particularly legal services - help drive an international financial centre's ranking. What does rigorous academic research teach us about the way an IFC can grab mandates and assets under management? In this non-academic presentation, Dr. Michael will review some of the latest findings. He will show how the increasing tide of regulation may pose an opportunity for Maltese financial services firms; how boosting local legal training can boost Malta's position on Z/Yen's global rankings; how copying laws can lead to a booming wealth management industry; and how differentiation can help win mandates from China. He will also describe the Comparative Advantage assessment - and how it has been helping jurisdictions like London, New York, Hong Kong and Singapore stay in the top 4.

09:45   Capital Markets Union

Fabrice Demarigny - Chairman of the European Capital Markets Institute, Brussels

The European Commission has published a Green Paper to build a Capital Markets Union (CMU) within the European Union. The purpose of this initiative is to ensure greater diversification of funding of the economy by developing further market-led sources of capital and reducing the cost of fund raising, in particular for SMEs. It is also contemplated that the CMU should be based on a liquid financial system that favors investments across Europe. Fabrice Demarigny, will describe the key building blocks of the Green Paper and give a first indication of what could be the forthcoming priorities of the European Commission’ action plan.


10:10  Coffee break

10:30   Malta: Innovation through Regulation

Prof Joseph V. Bannister

The MFSA regularly assesses how and in what manner objectives are being achieved.  An objective in recent years has been the creation of an Innovation through Regulation program whereby regulatory innovation is created within the framework of existing legislation.  In recent years the program has concentrated on investment and insurance business.  The main feature in both sectors has been the extensive use of cellular structures for funds, re-insurance and securitisation. 

11:00   Islamic Finance: How plausible is it for Malta?
(Panel Discussion)

Keynote Speaker: Sohail Zubairi, CEO, Dar Al Sharia

The financial crisis, which started from the US in 2007 and worked its way towards European countries, helped catapult Islamic Finance to the global limelight as Islamic investors were saved from going through the turmoil which their conventional counterparts experienced during the crisis. Whilst most of the Islamic countries are adopting Islamic banking and finance into their mainstream economies, the non-Islamic countries are assessing if this equity-based system could provide the required cushion to eliminate or reduce the impact of any future crisis. Being in the middle of Southern Europe and North Africa, Malta stands to gain a lot from its strategic location if it decides to gradually open the doors for Islamic banking and finance.

Moderator: Reuben Buttigieg - President, World Islamic Finance Institute

Adil Hussain - Partner, Clyde & Co
David Zahra - Partner, David Zahra & Associates Advocates
Sohail Zubairi - CEO, Dar Al Sharia

11:45  Pensions in Malta: new opportunities for multinationals & individuals

Bethell Codrington - Chairman, Malta Association of Retirement Scheme Practitioners

On the 27th March 2014 the European Commission adopted a legislative proposal for new rules on occupational pension funds (IORPs). The proposal aims at improving governance and transparency of these funds in Europe, promoting cross-border activity, and helping long-term investment. With the introduction of the Pension Rules for Personal Retirement Schemes issued in terms of the Retirement Pensions Act 2011 and the new Statutory Instrument 673/2015 in UK, how do these changes enhance Malta’s offering for individual pensions? Why is Malta the “Jurisdiction of Choice” when looking at Pensions? 

12:10  Malta’s Capital Market: Growing the Critical Mass (Panel Discussion)

Keynote Speaker: Chris Meilak - Senior Manager | Valuation, Business Modelling & Economic Advisory, EY Malta

Any assessment of market failure instances in Malta with respect to enterprise access to finance would lead to the inevitable conclusion that certain local firms remain non-bankable – early lifecycle, project risk, and/ or lack of collateral being the key reasons. Given the lack of alternative forms of risk-based funding, such firms and projects remain stuck in the infamous “valley of death”. Alternatives are needed to tackle this potential instance of market failure. Private equity represents one alternative, but past experiences when setting up such local PE vehicles indicate that the lack of deal flow in Malta remains an insurmountable obstacle. Are there any ways of tackling this critical mass issue?

Moderator: Chris Meilak - Senior Manager | Valuation, Business Modelling & Economic Advisory, EY Malta

Clifford Pace - Product and Business Development Manager, Malta Stock Exchange
Edward Rizzo - Rizzo Farrugia & Co Stockbrokers
Martin Webster - Curmi and Partners
Olga Finkel - Founding Partner, WH Partners

13:00   Lunch Break

14:30 – 15:30 Workshops: Choose your preferred workshop

Workshop 1
Workshop 2
Workshop 3
Challenges and opportunities posed by the new regulatory environment. What next for Malta?

Sponsored by Valletta Fund Services Ltd.

With the EU focusing on delivering a capital market union in the next 4 years that will enhance the flow of capital from investors to the needs of the real market, the role of asset managers is recognized as a pivotal one for channeling investors’ money into that objective. This regulatory landscape along with current trends demonstrating a strong growth for total assets under management in Europe, show the significant potential ahead for the asset management industry.

Ms. Agathi Pafili will present the concrete legislative challenges ahead for the asset management sector and will focus on the areas where additional effort should be made in order to remove existing barriers, ensure a level playing field that will fully take into consideration the standalone business model of asset managers.  In that context, a strong voice of the industry via the national and the European associations has a key role in getting the industry’s message to the EU and international policy makers.  

Who should attend?

Asset managers, other financial intermediaries, investors and legal/accounting/tax service providers as well as policy makers and MFSA representatives.

The Solvency II regulation and its Impact on the Maltese Insurers

Sponsored by PKF Malta

The Solvency II Directive, due to come into effect in January 2016, regulates insurance operations within the EU. This Directive groups the European industry into three main pillars, with the intention of transforming Europe’s insurance industry into one EU market, making companies from EU member countries work under one single license.

This workshop will tackle the following:
  • Presenting results collected from the survey PKF Malta spearheaded with the collaboration of FM and local firms.
  • Reporting on the key challenges and methodology
  • The impact of Solvency II on the industry, particularly SMEs.
  • Discussion on the preparation of the methodology of the FLOAR.
  • Key Challenges
  • Pillar 3 – Views on the Solvency and Financial Condition Report (SFCR)
  • Solvency II across other jurisdictions.
  • The impact on asset capital weighting /portfolio modelling

Who should attend?

Insurance Managers, Insurance firms, Insurance Directors, Insurance Analysts, Personnel working in the Risk and Compliance sector, Actuaries and other Insurance related professionals.


The New Investor Immigration World

Sponsored by WH Partners


Investor Immigration remains a huge issue throughout the world and attitudes have changed dramatically as a result of the world economic recession. As barriers have gone up and down in many countries in the last two years, what is the current state for global investor immigration? What is happening with regulation in the sector? This session will discuss these and many other issues including:

  • Overview of global programmes
  • Overview of general regulation developments
  • Overview of local developments

Who should attend?

Immigration lawyers, policy-makers, in-house counsel dealing with immigration matters, human resource managers, corporate service providers and other parties interested in investor immigration matters.

14:30 - 14:50


Agathi Pafili
Senior Regulatory Policy Advisor, EFAMA
Lynsey Schembri
Senior Statistician, PKF Malta Accountants & Business Advisers
Nadine Goldfoot
Partner, Fragomen, LLP, London
14:50 - 15:30

Panel Session

  • Christopher P. Buttigieg -
    Director, Securities and Markets Supervision Unit, MFSA


  • James Farrugia -
    Partner, GANADO Advocates

  • Robert Coates -
    Fund Services Sales Director, Deutsche Bank, London

  • Chris Casapinta -
    Country Executive Malta, Alter Domus

  • Joseph Camilleri - Head, Business Development Division, Valletta Fund Services Limited

  • Agathi Pafili -
    Senior Regulatory Policy Advisor, EFAMA                               
  • George Mangion -
    Partner, PKF Malta Accountants & Business Advisers


  • Neil Coulson -
    PKF LittleJohn (London)

  • Sarah Goddard -
    CEO, Dublin International Insurance and Management Association

  • Elizabeth Carbonaro - Account Director, Willis Management (Malta) Limited
  • Stephen Portelli -
    Marsh Management Services, Malta                           

  • Bruno L’ecuyer -
    CEO, Investment Migration Council


  • Joseph Vella-Bonnici - Executive Chairman, Identity Malta

  • John Huber - FinanceMalta Governor

  • Nadine Goldfoot - Partner, Fragomen LLP, London
  • Rosanne Bonnici -
    Partner, Fenech & Fenech Advocates


15:30    Coffee Break

15:50   Is “Building on Success” a Habit or a Goal?

Doug Goldstein - CFP®, President of Profile Investment Services, Ltd. Israel

What’s the #1 most important skill that business leaders need to achieve success? Sharing what he learned by building a top-tier financial firm and also by interviewing hundreds of amazingly successful people from around the world, Doug Goldstein will explain not only the habits of ultrahigh-achievers, but also how all people can develop the skill sets needed to reach their greatest goals.

16:20    Financial services skills: Present and Future

The panel discussion will focus on whether we have a shortage of skilled HR in the financial services field presently and, if not, will this negatively affect us in the near future, given the current growth rates being experienced in the industry? Analysts from different backgrounds will discuss the current situation and present their views on how to tackle this issue.

Moderator: Chris Naudi - Outgoing President, IFSP

Philip von Brockdorff - Head of Department, Faculty of Economics, Management & Accountancy, University of Malta
Matthew Camilleri - Managing Director, Castille

Silvio Debono - Chairman, Malta College of Arts, Science & Technology
Dr John Consiglio - Chairman, MFSA Educational Consultative Council

17:00    Malta’s Vision for the Financial Services Industry and the Wider Economy

Hon. Jose Herrera – Parliamentary Secretary for Competitiveness and Economic Growth

17:10    Closing Address
Kenneth Farrugia - Chairman, FinanceMalta

17:15    End of Conference

FinanceMalta 8th Annual Conference Video

FinanceMalta 8th Annual Conference Sponsors

Diamond Sponsor


Founded in 2007 by technology experts, Credorax is one of the world's first hi-tech companies to become a principal member of Visa Europe and MasterCard and a financial institution licensed by the MFSA. Credorax (Malta) Limited has enjoyed tremendous growth since incorporation and the granting of its Financial Institution Licence in 2009.

By investing 25% of the Credorax Group annual budget in R&D and Technology, today the company provides online processing and acquiring services under one roof to a diverse range of online merchants, Payment Service Providers (PSPs) and Independent Sales Organisations (ISOs) across the EU-28. Credorax Malta is a ‘one-stop shop’ providing acquiring, payment gateway and fraud monitoring services; the unification of which has been a major contributing factor to its success.

Since 2013 alone, over $100 million has been invested in the Credorax Group and, with the recent obtainment of licences in Japan and the USA, the company’s vision is to offer its services seamlessly across three continents. With offices in Malta, USA, UK, Israel and Japan, Credorax aims to provide its global clients with efficient, automated and cost-effective acquiring services designed to maximise business growth and success, thus empowering e-commerce merchants to transcend many of the processing challenges they would typically experience with more traditional acquirers forced to rely on legacy platforms. 

Platinum Sponsors



Bank of Valletta is today recognised as an innovative, dynamic, forward-looking organisation, the leader in Malta’s financial services industry and a catalyst for the country’s economic development. It has evolved from a traditional bank to a fully-fledged financial services provider, enjoying 45% of the domestic market share.

Bank of Valletta developed expertise in investment banking, private banking, fund management, bancassurance, stock broking and trustee services. Today, the Bank dedicates 90% of its activity servicing local clients. Domestic operations include a network of 37 branches, a Corporate Centre, Business Centres, a Wealth Management arm and Investment Centres offering tailor-made investment solutions. BOV issues cards under the VISA and MasterCard brands and distributes American Express cards. Its services are available on a 24/7 basis via internet, mobile and telephone.

Bank of Valletta is also a major player in the provision of financial services to overseas customers based around the globe. Its International Corporate Centre is composed of dedicated relationship teams who can tap into expertise and specialists from different areas across the organisation to provide its clients with customised solutions. Meanwhile four Representative Offices situated in Brussels, Milan, Tripoli and Melbourne assist clients with interest to grow their business abroad.

WDM International is a full service firm, offering a multidisciplinary service ranging from tax and legal advice to audit and business advisory.

Through WDM Lex Advisory, the firm’s legal services arm, the firm is at the forefront in offering consultancy in the following lines of expertise:

  • Maltese residence and citizenship planning to private clients, high net worth individuals and family offices;
  • Pre and post licensing advice to funds, fund management companies, forex companies, credit and financial institutions licensed by the Malta Financial Services Authority;
  • Setting up of iGaming operations licensed by the Malta Gaming Authority;
  • Registration of aircraft on the Maltese aircraft registry;
  • Registration of yachts and commercial vessels.

The Firm prides itself of a wide client portfolio spread over a broad range of industries, from financial services operators to entrepreneurs and high net worth individuals.

WDM Lex Advisory is an approved company services provider and an accredited person for Malta’s Citizenship by Investment Programme.
Moreover, through WDM Trustees, the firm is also licensed to act as a trustee or co-trustee and as an administrator in the context of private foundations.

  Castille is a leading Search and Consultancy firm specialising in IT, Financial and Executive talent. Headquartered in Malta with a regional centre of excellence in Mauritius, Castille’s core objective is to add tangible value to client businesses by recommending best talent.

Over the years Castille has also developed a network based consultancy where clients benefit from the services of specialist teams at Castille for specific projects or longer term capacity building. Castille has built a strong track record in areas such as Software Development, Software Testing, Project Management, Business Intelligence, Accountancy, Compliance and Risk Management.

All our specialist teams ultimately report into our clients’ management however talent is search, selected and deployed by Castille with all HR operations managed professionally by our internal teams. Castille boasts a good number of such partnerships with Global, International and Local client businesses.

Furthermore, our knowledge line of service allows us to leverage on the concentration of expert knowledge our network holds within our disciplines to the benefit of our client businesses. Our professionals are genuine experts working within industry who are handpicked by Castille to impart their knowledge and expertise to our clients for improved performance.


Gold Sponsors

The Argentarius Group are experts in the securitisation of Alternative Investments to create investment products for investment managers, family offices and financial institutions.

On behalf of our clients we arrange an EU  stock exchange listed Exchange Traded Instrument (ETI) that delivers the delta-1 performance of an underlying asset or basket of assets.

Our network of Securitisation Cell Companies registered under the Securitisation Act (Malta) issue ETIs to offer to Professional Investors on the open market at the Deutsche Borse and to offer to UCITS funds and sophisticated investors on the European Wholesale Securities Market.

Transactions can be arranged in just 4 to 6 weeks and our securitisation platform enables Argentarius to deliver ETIs as a cost effective solution for volumes from Euro 3,500,000.

Established in 1891, Fenech & Fenech Advocates, is a leading  law firm providing value-driven, tailored legal services across all practice areas spanning  from financial services, tax and asset finance to shipping, aviation and ICT law.

The Fenlex group, the Firm’s associated management, trust and corporate services provider is recognised as one of the leaders on the island offering the full range of services relative to companies, trusts and foundations including accountancy, tax and VAT compliance.

KONNEKT was established in 2007 and has since developed into a leading recruitment agency, fuelled by the passion and dedication of its people, and an out-of-the-box approach to recruitment.
In less than a decade, KONNEKT has provided specialist recruitment services to over 1,000 clients, moved to larger offices and went from a headcount of 2 employees to over 25.

KONNEKT specialises in recruitment solutions for the Finance & Legal and IT industries, driven by the increase in demand for expert selection in these sectors. KONNEKT also handles recruitment for positions at all levels and across different functions, including administration, manufacturing, engineering, human resources, marketing, digital media, sales and business development.

Linedata is a global solutions provider dedicated to the investment management and credit community, with close to 1000 employees in 15 offices across the globe. Linedata has been at the service of the financial industry from day one, and applies its market and client insight to provide innovative and flexible mission-critical software and services that help its clients grow in over 50 countries. As a pioneer for over 15 years with the set-up of SaaS infrastructure for the financial industry, Linedata remains committed to this model throughout the global financial community and for its full range of products. Headquartered in France, Linedata achieved revenues of EUR 158.0 million in 2014. 

Silver Sponsor

  The Capital Financing Department within HSBC Bank Malta p.l.c. provides a full range of services to local corporates looking to diversify their sources of funds - financing solutions devised specifically to meet their needs. . We are able to leverage HSBC group’s connectivity across the Globe to provide vital expertise through highly experienced teams.

HSBC is a leader in GCC (Gulf Cooperation Council) Capital Markets and HSBC Amanah has played a key role in the growth of the Sukuk sector. HSBC has brought a number of sovereigns and Corporates to emerging transnational Islamic debt capital market. HSBC is a key player in the arranging of Sukuk, and is consistently ranked amongst the Top 3 Global Arrangers, Book Runners.

Workshop Sponsors

Funds Workshop Sponsor  Valletta Fund Services Limited

Valletta Fund Services Limited (VFS) was incorporated in October 2006 as a fully owned subsidiary of Bank of Valletta plc (BOV), Malta’s largest banking group. VFS has established itself as Malta’s leading fund servicing specialist led by a highly experienced executive management team and dedicated workforce to provide asset managers with a comprehensive suite of fund services to various investment fund structures covering UCITS, Professional Investor Funds and Alternative Investment Funds. 

 Insurance Workshop  Sponsor 
 PKF Malta

Forming part of the PKF International network, PKF Malta is committed to excellence, which commitment doubles up into eloquently broadening horizons incessantly and successfully, in-keeping with the ever-changing pulse of the market’s needs.

Our turn-key approach of customised intermediation services affords us the adequate insight and resources necessary to see our clients through the respective financial services process and successful attainment of the envisaged goal.

Citizenship & Residency Workshop Sponsor 

 WH Partners

WH Partners is a leading Maltese law firm with a business focus and expertise in M&A, corporate finance, tax, technology and gaming & gambling, specialising in e-payments, e-commerce, investments, fund management and administration, asset and wealth management, real-estate, telecoms, digital content, and IPR.  The firm received international awards for service levels, is ranked by the foremost independent legal directories, and is the exclusive Malta member in the International Alliance of Law Firms.

Bronze Sponsors 


VacancyCentre is a specialist provider of complete Recruitment, Training & HR Consultancy services – operated by CSB Group (est.1987) who provide clients with a spectrum of solutions for the setting up of businesses in Malta. Services include: Corporate & Trust; Tax; Legal; Accounting; Recruitment & HR; Credit Risk; Relocation & Real Estate.
Regus is the world’s largest global provider of flexible workplace solutions in over 3,000 Locations, 900 Cities and 120 Countries. Regus offers fully furnished Private or Shared Serviced Offices, Meeting Rooms, Business Lounges, Workplace Recovery, Virtual and Day Offices. Regus makes a great business address for start-ups and corporate companies.
Established in 1969, Frank Salt Real Estate is a leading agency with 14 branches across the islands and an extensive choice of properties for sale and to let, both residential and commercial. Awarded as Malta’s Best Estate Agency for many consecutive years including 2014 and 2015, it offers a one stop shop solution for all property needs. is an email intelligence & marketing solution for the professional user that is fully supported in Malta. It has in-built CRM features & provides the broadest insights on the behaviour of your email contacts in real-time.  It is packed with automated follow-up technologies, smartphone compatibility and allows for easy integration with business websites, databases and BI solutions.
The Malta Stock Exchange offers a cost-efficient structure for admission to its recognised lists as well as transparent and orderly secondary market trading using the Xetra trading platform.  The Exchange also offers a comprehensive range of depository services including clearing and settlement and custodial services facilitated by the relationship with Clearstream Banking.
BDO Malta, a Maltese civil partnership, is a Member Firm of BDO International, one of the world’s largest professional services firms. BDO provides accounting and auditing, tax and consultancy services on a globally integrated basis with over 1,300 offices in more than 150 countries.

BMIT is Malta’s largest data centre, cloud & managed services provider, servicing customers in industries such as iGaming, financial services, telecommunications and a range of SME’s. With over 14 years of experience, BMIT is ISO 27001 & PCI DSS compliant, offering personalised IT solutions supported by an expert 24x7 team of technical professionals.

RiskCap was established in 2013 to provide customized and outsourced risk management solutions to the financial services industry. It services over 40 funds exceeding €1 billion in AUM, providing: Risk Manager, Risk Support, Risk Report and Risk Advisory services. Our experienced team, including fully qualified PhDs, deliver an efficient and cost effective service via both custom and industry-leading risk systems.
The mission of CDDS is to help the professionals to fulfil their AML obligations. We are offering a wide range of solutions from the basic KYC report up to our flagship solution AMLspotter that enables you to run a complete analysis of your global AML/CTF risk for your management, auditors or authorities.