FinanceMalta, the public-private partnership set up to promote Malta’s financial services sector, had words of praise when launching its 2011 annual report for the industry, the government and the regulator who, it said, were working hard, driven by a common vision to ensure that Malta successfully establishes itself as an international financial centre.
In this most recent annual report on the actions being taken to deliver the policy aims, FinanceMalta shows steady progress as financial services continue to contribute across the economy, to public services, good governance and the quality of life on the islands. In keeping with the principles of openness and accountability, the report provides important information on various aspects of FinanceMalta’s activity and organisation.
The last 36 months have seen focused international attention on the world’s financial centres, including Malta. However, by taking a proactive stance in terms of co-operation, transparency and high standards of regulation, Malta was able to demonstrate, consistently, that it is in the top tier of countries that meet stringent international standards.
In an upbeat statement, FinanceMalta Chairman Kenneth Farrugia said, “The industry has performed well. I would like to take this opportunity to thank everyone involved in Malta’s financial services industry for their commitment to provide good quality services during the past year, supporting the island’s economy in a difficult international environment.”
During 2011, FinanceMalta organised, co-organised, exhibited and participated in 30 national and international events, held in London, New York, Brussels, Amsterdam, Paris, Spain, Estonia, Geneva, Guanzhou, Hong Kong, Berlin, Stockholm and Cape Town across a range of initiatives including conferences, breakfast meetings and delegations. Over a two-year period, 15,000 copies of the organisation’s Investment Guide and Business Directory were distributed at important conferences, during trade missions and through co-ordinated action by members.
Four educational clinics were held at the Malta Stock Exchange, which attracted over 150 delegates and covered ethics, aviation, global trends and developments in the exchange traded funds market. These quarterly clinics conducted by industry experts are part of the continuing development of financial services professionals supported by FinanceMalta.
The fourth annual conference held in May last year, underlined and consolidated its growing international importance by attracting a raft of top global speakers such as Karel Van Hulle, Head of Unit, Insurance and Pensions at the European Commission, Senior Global Economist at HSBC Karen Ward, Eddy Wymeersch, ex-chairman of the Committee of European Securities regulators, and Vito Spada, Professor of Banking and Finance at the Università del Salento in Lecce, Italy. Attended by over 200 local and international delegates, the conference included local and international exhibitors for the first time.
Mr Farrugia emphasised that industry must continue to focus on its five key sectors pivotal for continuing growth through the presence and availability of sufficiently qualified human resources, the importance of sustaining Malta’s responsiveness and flexibility when processing and servicing business applications, and ensuring a framework in place to expedite updates or changes to our legal and regulatory framework to sustain Malta’s competitiveness.
Having won international respect for the excellence of its financial services industry and establishing itself as one of the safest and best run financial centres in Europe, Malta’s legal and regulatory framework now holds major appeal as a serious European Financial Centre. FinanceMalta highlights the key benefits Malta offers to international investors, such as a strong and diversified economy, a motivated, trained and highly-skilled workforce, top class ICT infrastructure, market access, stable social and political environments and a balanced financial regulatory regime.
Malta is clearly establishing itself as an attractive, dynamic, cost-efficient and English-speaking jurisdiction in the European Union. The latest statistics released by the National Statistics Office show Malta has had substantial growth in the financial services sector which helps contribute over €1 billion of revenue to the economy and accounts for almost 15 per cent of GDP as one of the key pillars of the Maltese economy along with tourism, manufacturing and business services.