Issue link: https://maltatoday.uberflip.com/i/1123240
30.05.19 5 NEWS INNOVATION in the finan- cial services industry is one of the key topics that will be dis- cussed by industry profession- als at this year's FinanceMalta 12th Annual Conference. e conference will be held on 6th June 2019 at the Hilton Confer- ence Centre, with an evening networking reception taking place on the eve of the event. e two-day event will pro- vide delegates with networking opportunities, insights into the market, and updates on devel- opments within the financial services sector, both on a local and international level. Titled "Malta: A Platform for Innovation", the conference will include sessions on the innova- tion that is driving this sector forward, such as Fintech and AI, and will also touch upon important issues that arose due to this innovation, such as cy- bercrime. Commenting about the an- nual conference, FinanceMalta Chairman Kenneth Farrugia said: "During this year's confer- ence we will be discussing the challenges and opportunities that the domestic and global fi- nancial services sector is going through in view of the ongoing technological advancements and innovation. e confer- ence is timely and relevant at a time when AI and Blockchain technologies are starting to transform, if not disrupt, pay- ment systems, core banking activities, portfolio and asset management and the insurance industry. FinTech and RegTech are becoming buzzwords." e event will include case studies focusing on setting up a business in Malta and what it entails for a foreign nation- al, thus giving further insight into people's experiences with financial services in Malta. e finance and business confer- ence will feature select local and international experts who will address delegates on con- temporary and current topics affecting the financial services industry. e conference will be chaired by Ms Federica Taccogna from FTI Consulting and will see an interesting line-up of local and foreign industry profes- sionals including the CEO of the MFSA Joseph Cuschieri, the President of the Institute of Financial Services Practition- ers Wayne Pisani, the Senior Content Editor of the Financial Times Live Michael Imerson, the Chairman of the Malta Stock Exchange Joseph Portel- li, the advisor to the OECD in Mauritius Loretta Joseph, the Chief Officer Strategy, Policy and Fintech at MFSA Christo- pher Buttigieg, PwC Partner Forensic Services & Financial Crime Leader, Switzerland Gianfranco Mautone, and the Chairman of the Malta Bank- ers' Association Marcel Cassar, among others. For further information and registration details visit www. f i n a n c e m a l t a . o r g / c o n f e r - ence-2019 Innovation in financial services focus of FinanceMalta 12th annual conference FinanceMalta Chairman Kenneth Farrugia addressing last year's Annual Conference MASSIMO COSTA SP Finance, the group which owns and operates Sea Pebbles Boutique Hotel on e Strand, Sliema, earlier in May has issued a €12 million bond with a 4% coupon, redeemable in 2029. Apart from the 52-room hotel, the group also owns the adjacent building and the two underlying commercial properties – Tex Mex Bar & Grill and MEDASIA Fusion Lounge – which are currently leased to parties outside of the group. rough the bond issue, the group will finance the acquisition of two apart- ments and the relative airspace overly- ing the adjacent building to the hotel, in additional to an adjoining guesthouse for a total of €5 million. In August 2018, the group entered into a non-automatically renewable lease agreement for the management of the operations of San Pawl Hotel, to be re-branded as Pebbles Resort, a three- star 234-room hotel situated in St Paul's Bay. e agreement is for a term of 15 years starting from the first quarter of 2019. Following a comprehensive upgrade of the premises, as per the lease commit- ments, the hotel is expected to re-open for operations in the third quarter of 2019. e Group has estimated the redevel- opment and upgrade cost at €3 million and the hotel's first full year of opera- tions will be 2020. e renovation costs will be financed through the proposed bond issue. Fol- lowing the aforesaid redevelopment and upgrade, the Pebbles Resort will be operated as a four-star hotel. In April 2017, the group entered into a lease agreement for the construction and management of Pebbles St Julians Hotel overlying Ryan's Pub for a 20-year term. e group has applied for a develop- ment permit for the addition of a ho- tel above the existing Ryan's Pub and, subject to the requisite permits being issued, the Group is expected to com- mence construction and complete the project of the proposed hotel by the end of 2019. e hotel capacity is expected to be of 18-rooms and the estimated cost for such development is valued at €0.6 mil- lion, which cost is to be funded from the proposed bond issue. Such cost shall include the finishing of the hotel rooms and the common parts and, subject to the necessary develop- ment permits being issued as previously mentioned, the hotel's first full year of operations is expected to be 2020. SP Finance, owners of Sea Pebbles Hotel in Sliema, issue €12 million bond SF Finance owns the 52-room hotel, the adjacent building and the two underlying commercial properties