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11.07.19 5 NEWS FIMBANK has announced an extension to its payment cut-off time. Payments execut- ed up until 4pm CET via the Bank's digital banking platform, FIMBank Direct, can now be processed on the day, subject to all criteria being met where applicable. " e recent extension of the payment cut- off time underlines the Bank's commitment to provide a quality service to its esteemed clientele. We are constantly enhancing oper- ational effi ciencies so as to deliver a higher value service to our customers," said Loranne Pace, Head of Banking Operations and Pro- ject Management at FIMBank. " is added convenience and fl exibility is a key step forward in maintaining FIMBank's competitive edge as a bespoke provider of local and international corporate banking products." Over the years, the Bank has engaged a team of international corporate bankers with experience in identifying customer needs and matching these with system solutions, complemented by dedicated support. e Bank has also invested signifi cantly in its off ering for effi cient international set- tlements in major currencies such as USD, which is enabled through its global corre- spondent banking network. ese settle- ment options are off ered for same day and next day, for both normal and high value transactions. FIMBank also provides treasury services supporting international commercial re- quirements with effi cient foreign exchange services, facilitating the management of ex- change rate volatility and cash fl ow. is in- cludes competitive foreign exchange pricing with a large list of tradable currencies. e service experience is enhanced by the Bank's digital banking platform, FIMBank Direct. is platform is specifi cally designed to address the needs of corporate customers, providing a framework where accounts can be managed effi ciently and securely. Such account holders may execute single and mul- ti-currency funds transfers, as well as com- petitive Forex transactions, and benefi t from other general banking products. FIMBank extends its international and local payment cut- off time to 4pm ONE of the main issues that small businesses en- counter within island re- gions is the fi nancing gap where SMEs are unable to raise enough capital to sup- port their business venture. 'Financing Gozitan Busi- nesses to Prosper' was the theme of an information session co-organised by Bank of Valletta and the Malta Development Bank in collaboration with the Gozo Business Chamber. In his opening address, Christian Vella Masi- ni from the Ministry for Gozo, said that the econo- my of Gozo has been grow- ing by over 5% per annum per capita over the past two years, predominantly with the attraction of small- scale but high value-added manufacturing and servic- es activities. e Ministry, he said, welcomes incentives that provide easier access to fi nance as these are neces- sary to further enhance in- vestment and job creation within Gozo, giving life and energy to such businesses. Joseph Darmanin and Maria Xuereb, Chief Of- fi cers from the Malta De- velopment Bank, explained that the MDB performs a promotional role, support- ing productive and viable operations where the mar- ket is unable to accommo- date due to higher credit risks. e bank complements commercial banks in bridging fi nancial gaps in bankable investments. It provides guarantee schemes intermediated through commercial banks to enhance SME access to fi nance and to facilitate more attractive terms for bank lending to SMEs. Alfred Buhagiar, Execu- tive SME Finance at Bank of Valletta illustrated how these guarantees assist SMEs tap into fi nancing through the BOV Family Business Success and BOV SME Invest loan products. e BOV Family Busi- ness Success facilitates the transfer of ownership between family members within a Family Business certifi ed with the Family Business Offi ce, while the BOV SME Invest off ers a fi nancial solution to SMEs including start-ups, seek- ing fi nance to grow and reach their full potential through reduced collateral requirements and fi nanc- ing costs. Joseph Borg, President of the Gozo Business Cham- ber, said tha businesses in Gozo never operate on a level playing fi eld with those on the mainland. " e Malta Development Bank can be the bridge or link that can help our en- terprises prosper," he said. "With this in mind, we will be asking the Malta De- velopment Bank to study regional fi nancial packag- es, which acknowledge the specifi cities of our Island." Financing Gozitan businesses to prosper OFFICIALS from PKF Malta partic- ipated in PKF's Asia Pacifi c Regional Meeting held recently in Hangzhou, China with the theme "Collaborate, Share and Grow". e ASPAC four-day event was at- tended by Collette Mangion, Sen- ior Business Executive and Yolanda Dong, Business Development Exec- utive. During the event, the two had the opportunity to network with their ASPAC counterparts and establish new connections for the mutual ben- efi t of the PKF Partners. Mangion said that the event pro- vided ample opportunity for people across the region to collaborate, as well as share ideas and best practices. "As a global organisation, we can lev- erage such events and continue devel- oping the interconnectivity between the various regions in the world in which PKF operates in. e strong connections between Malta and Chi- na, and the wider Asia Pacifi c region, augurs well for continued growth and collaboration," she said. PKF representatives at the meeting in Hangzhou, China PKF Malta officials participate in Asia Pacific meeting

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