Strategy for financial services launched

The National Strategy for Financial Services, recently launched by the Malta Financial Services Advisory Council (MFSAC), identifies over 170 action points aimed at securing the future of the sector.

The action points vary from quick wins requiring input from only one entity – to others that require complex interventions and capital injections that would take over a year. However, the Council will be conducting regular reviews to ensure that actions are on track and will work with stakeholders to identify any bottlenecks which may hold up progress.

The priorities, drawn up by nine working groups, focus on streamlining Malta’s regulatory processes and institutional architecture, building a national payments infrastructure, consolidating identity management, enabling financial services law reform and harmonisation, modernising Malta’s tax structure, and building up Malta’s talent pool in the financial services industry, among others.

The process was initiated by the Government in 2021, and the council – chaired by Joseph Zammit Tabona – brought together over 100 professionals from all the stakeholders involved, to identify key opportunities and propose ways to mitigate the weaknesses of the sector.

The objective of the National Strategy for Financial Services is to further strengthen Malta’s position and performance in a professional and regulatory compliant manner, creating a digitally-enabled, easy-to-use financial system. This will drive growth for the industry and, as a result, spur growth in other areas related to this sector.

Apart from the various sectors of the industry, the Council also looked at elements that cut across all of them, such as bureaucracy, taxation, HR & education, and sustainable finance.

The MFSAC working groups included the active participation of the Financial Intelligence Analysis Unit (FIAU), the Malta Financial Services Authority (MFSA) and the Malta Business Registry (MBR), as well as the Malta Stock Exchange, the Commissioner for Revenue, FinanceMalta and all private bodies such as the Malta Bankers Association, the Malta Institute of Accountants, the Malta Institute of Taxation and the Institute of Financial Services Practitioners.

George Vella, Chairman of FinanceMalta, said: “The inclusive process that led to the presentation of this strategy shows that all stakeholders are deeply committed to keep Malta at the forefront of financial services. FinanceMalta will continue to support the industry and is ready to contribute, as required, in all stages of the implementation of the strategy”.

The public can access the National Strategy for Financial Services by visiting the following link: https://financemalta.org/publications/mfsac-strategy-document/