“The Trust Alliance Project (TAP) is a working system of collaboration between independent specialist firms from the legal, tax, accounting, ICT, property management and corporate strategy sectors, based on mutual transfer of knowledge and expertise, aimed at providing more integrated and compehensive solutions to our clients. This system will in turn allow the participating firms to become more active players in an increasingly borederless globalized economy, by allowing for mutual tapping of knowledge and resources.”
This was announced by Dr Tonio Fenech, Managing Partner of FFF Legal, during a courtesy visit by Tonio Fenech, Minister of Finance, Economy and Investment at the premises which is shared by the various participants in the project.
During this visit, Minister Fenech met representatives of the Alliance’s various member firms, as well as various employees that form part of their shared support infrastructure which the project members have built.
Addressing the Minister and various project members present, Dr Fenech explained how when in 2009 a group of lawers joined together in one firm, they shared the same vision of the law as a living phenomenon, which is often an instrument of policy for the development of certain sectors of an economy.
“This has certainly been the case with Malta, originally in the maritime sector and progressively, in other sectors such as the financial services, international commerce and other areas, where the legal & regulatory infrastructure became a key component in Malta’s success. We were determined to be active players in the further development of these sectors, but immediately recognized the need and opportunity presented by a more integrated vision and approach to professional services, which eventually led to the development of the TAP workling system.”
“The TAP working system allows specialist member firms to interact with the market as an independent professional services organization, but enriched by a multi-layered and multi-disciplinary support infrastructure through the mutual outsourcing of support services, with client privacy and data protection principles being given the highest order of priority. Other management support functions are shared through the development of a common support infrastructure in such areas as marketing, human resource management and administrative systems management.”
The independent centres of expertise subscribed to TAP include Fenech Farrugia Fiott Legal (Legal consultants and Tax specialists), Alliance Trust Company Ltd (Fiduciary and Corporate Services), Capstone Advisory Limited (Accounting Services & Tax Administration), Capstone Assurance (statutory and non-statutory audit), Alliance Facilities Management Services Ltd (Commercial Property Management, Residential Property Management and Condominium administration) iMovo Ltd (Business Intelligence Systems consulting, Customer Relationship management and Cloud computing) Strategyworks Ltd (Change management & corporate strategy) and Project Solutions Corporation (Large-scale program and project management solutions).
“We are confident that this project, built around structured collaboration among independent centres of expertise, will provide for enhanced integrated solution capabilities, while at the same time alleviating the cost-driven pressures on fees normally entailed by related infrastructural development,” added Dr Fenech.
Minister of Finance, the Economy and Investment Tonio Fenech welcomed this development, which will bring in close collaboration more than 65 professionals in various fields. Minister Fenech described this collaboration as a true reflection of the transformation towards a knowledge-based economy that our country has undergone over the past few years.
"This transformation has been a tangible result of specific initiatives aimed at targeting foreign direct investment to our shores, coupled with a significant investment in education and training, that is ensuring a steady supply of top quality professionals eager to benefit from the exciting opportunities being created by our economy. While a number of European countries are still in the midst of a crisis Malta is in the enviable opportunity of seeking ways to achieve further growth, in line with our Vision for 2015 and beyond."
The initial TAP areas of expertise can be seen in detail in the TAP website, at www.trustalliance.com.mt or at the individual websites of the TAP members.