Background: Malta may be one of the world’s smallest countries, but it is also a vibrant financial hub where FinTech start-ups, fund managers, insurance firms, payment providers and family offices work in close proximity to one another. Despite our small size, we made the conscious decision to support a variety of financial activities and specialist segments, including a rich mix of international, regional and local institutions.
Asset management, insurance, banking, private wealth, capital markets and FinTech are the dominant forces of our finance industry. Moreover, aviation, yachting, maritime services, space finance and sustainable finance also play important roles as selective niches where Malta has built a specialist service offering tailored to the specific industry verticals. This diversity helps us to thrive and promotes cross-sector partnerships and cooperation among companies operating from Malta.
Malta’s success in Financial Services in the last three decades has been marked by strong performance and foreign investment, adding some €1.2 billion in terms of Gross Value Added to Malta’s economy. The sector facilitates trade and investment and drives employment in the country, forming part of the island’s bedrock.
The FATF’s placing of Malta on the greylist in 2021 rocked the industry, which has, in turn, reacted by working hard to remove the jurisdiction from such greylist in the record time of under a year. This difficult experience has resulted in a united movement, led by the Malta Financial Services Advisory Council and supported by FinanceMalta, to formulating a forward-looking strategy for the industry, identifying over 175 substantive initiatives which would refocus energy, investment and growth into this sector. This work represents a unique process: it was initiated by Government, with full and active participation from both the industry and the regulators. This will ensure that the strategy will be supported by all stakeholders through its full implementation.
Join this webinar to learn more about Malta’s financial services strategy and find out how you can network with the leaders in this space at the Guildhall in London on the 4th December 2023.
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