Update on the MFSAC’s Strategy for the financial services sector

The Malta Financial Services Advisory Council has been doing a substantial amount of work behind the scenes since it launched the strategy for the financial services sector last March. The strategy had identified 175 initiatives and the Council is now identifying which of these can be completed over an 18-month period to 31 December 2024.

On 21 June, Council members together with four regulators and chairpersons of all Working Groups attended a 10-hour meeting. Nineteen presentations were made by the regulators – namely the Commissioner for Revenue, the Malta Financial Services Authority, the Financial Intelligence Analysis Unit and the Malta Business Registry – plus the 15 chairpersons of various groups. They met again on 31 July 2023 to continue their work and will, of course, be meeting regularly to monitor progress.

A Project Management Office has been set up which is being led by consultant Pier Massa, assisted by FinanceMalta’s Chief of Strategy Bernice Buttigieg. They are presently extremely busy meeting the chairpersons of all the Working Groups to assist them in outlining how initiatives are going to be implemented together with appropriate budgets.