Issue link: https://maltatoday.uberflip.com/i/1364335
4 NEWS 22.4.2021 ON 20 April, the Malta Business Bureau organised a webinar aimed at creating more awareness among the Maltese business community on the recent Euro- pean Commission EU pay transparency legislative proposal, whose objective is of strengthening the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms. e webinar was addressed by keynote speaker European Commissioner for Equality Helena Dalli. She insisted that equal work deserves equal pay. "e pay transparency legislative pro- posal is a first, but important step to- wards ensuring equal pay for equal work, or work of equal value," she said. "Once adopted, it will empower work- ers to enforce their right to freedom from gender bias in pay. Women deserve due recognition and value for their work and the Commission is committed to en- sure fair wages for women and men." e MBB also invited several guests representing local social partners to share their initial views on the proposal. Fabianne Ruggier, the Chairperson of the Malta Chamber's HR Committee said that all initiatives aiming to promote gender equality need supporting. She said that pay transparency can be one tool in a wider range of instruments addressing deep rooted cultural and so- cietal causes preventing equal opportu- nities to women. "e key with this directive is to find the right balance of meeting its objec- tives without creating disproportional financial and administrative burdens to companies," she said. "is should be the focus of discussions by all stakeholders moving forward." Norbert Grixti, Council member of the Malta Hotels and Restaurants Associa- tion said that pay discrimination based on gender is illegal and goes against the association's values. "We must however recognise the sev- eral objective factors that justify a differ- ence in pay levels such as qualifications, professional experience, and perfor- mance," he said. "We therefore need a framework that acknowledges this both in legislation and in practice to avoid a culture of litigation, particularly in view of the shift of burden of proof on employers to disprove that discrimination occurred." Josef Bugeja, Secretary General of the General Workers Union said that the pay transparency proposal was a very impor- tant step toward the enforcement of the principle of equal pay for equal work or work of equal value between male and females. "It is a measure that will lead to an end to gender bias in pay." he said. "Trade Unions will play an important role in ensuring that the right to equal pay for equal work or work of equal value is re- spected." MBB CEO Joe Tanti said that the Mal- ta Business Bureau believes in gender equality primarily as a matter of social justice but also to meet the economy's full potential. "Our mission is to create awareness about such EU legislative initiatives and to promote dialogue among all inter- ested stakeholders," he said. "We plan to consult more closely as we study the proposal in more detail to determine the impact of the EU pay transparency direc- tive." e proceedings of the webinar on EU pay transparency can be viewed on the MBB's social media. MBB webinar discusses the EU pay transparency directive European Commissioner for Equality Helena Dalli FINANCEMALTA participated in the UK FinTech Week, one of the world's leading events in the financial services in- dustry. e Maltese public-private entity, tasked to promote Malta as an Interna- tional Financial Centre, hosted one of the break-out sessions of the event. emed "Innovative, Agile and Resilient – e Qualities for a Successful FinTech Hub", the break-out session was organised in collaboration with Malta Enterprise and Tech.mt and provided insight on how Malta is an ideal jurisdiction for the devel- opment and growth of FinTech. Moderated by Peter Cunnane, Head of International, Innovate Finance, the ses- sion emphasised the importance of adapt- ing to a fast-paced sector, especially in the context of the latest EU regulations. Dana Farrugia - CEO, Tech.mt, Brian Camilleri - Head, Economic intelligence, policy and EU affairs at Malta Enterprise, Luciano Brincat - Senior Manager, Strategy Policy & Innovation at the Malta Financial Ser- vices Authority (MFSA) and Gareth Gen- ner - CEO and Group General Counsel at Trust Stamp, a member of FinanceMalta, were the panellists during the session. Rudolph Psaila, Chairman of Finance- Malta said: "FinanceMalta is glad to have hosted, with the support of Malta Enter- prise and Tech.mt, a break-out session to showcase Malta's potential at the UK FinTech Week. We continue to promote the country as an ideal destination for Fin- Tech companies with the ultimate objec- tive of attracting innovative, sustainable business to Malta and therefore contrib- ute to the growth of the financial services sector in our country." Malta Enterprise works closely with its stakeholders to ensure that Malta contin- ues to deliver one of the most competitive business propositions for FinTech com- panies eyeing or operating from Europe, according to Malta Enterprise CEO Kurt Farrugia. He added: "Being small and agile makes us the ideal environment for start- ups. We provide a personalised service to all investors and seek to develop long term business relationships. Our unique selling proposition goes far beyond finan- cial assistance." Tech.mt CEO, Dana Farrugia said: "As the entity responsible for promoting the Malta Digital Innovation Technology Strategy, it is within Tech.mt's obligation and responsibility to promote innovative and secure digital finance. COVID-19 has truly triggered a response by Fin- Tech firms to implement changes to their products and services. Whether it is the launching a new product or service or en- hancing cyber security features, the inno- vative capacity and increased conviction of such firms to stay ahead of the curve was demonstrated." e UK FinTech Week took place be- tween the 19 and 23 April, bringing together the biggest names in finance, government and tech in one place. Fin- Tech founders, bank excos, technologists, entrepreneurs, investors, regulators, pol- icy-makers, politicians, academics and media from around the world participat- ed at this virtual event to learn, discuss, debate and network. FinanceMalta promotes Malta during the UK FinTech Week The panellists of the UK FinTech Week break-out session hosted by FinanceMalta. From left to right: Luciano Brincat, Senior Manager - Strategy Policy & Innovation, Malta Financial Services Authority; Dana Farrugia, CEO, Tech.mt; Brian Camilleri, Head - Economic intelli- gence, policy and EU affairs at Malta Enterprise; Gareth Genner, CEO and Group General Counsel, Trust Stamp.