Issue link: https://maltatoday.uberflip.com/i/1493442
5 NEWS 23.2.2023 GO Ventures invests in UK- based tech start-up Raylo Malta growth for Praxis MSE Executive Chairman Joseph Portelli to head committee of the World Federation of Exchanges MALTA Stock Exchange (MSE) Executive Chair- man Joseph Portelli has been named Chairman of the Governance & Nominations Committee of the World Federation of Exchanges (WFE). e WFE is the trade association of publicly regulated stock, futures and options exchanges, as well as central counterparties (CCPs). Portelli's nomination to chair this committee is a prestigious announcement, both for the Exchange, as well as for Malta itself, even more so in the con- text of the current financial services market in which Malta is establishing itself as a leader on the world stage. Portelli has been serving as Executive Chairman of the MSE since 2015 and has over 38 years of experience within the financial industry in the U.S and in Malta where he was employed in various capacities. He was also chief investment officer and managing director of FMG Funds – an emerging markets specialist. Beside his role as Executive Chairman of the MSE, he also sits on its Audit Committee. Since his appointment in 2015, he has founded and chairs various MSE-owned subsidiaries including the Malta Stock Exchange Insti- tute (MSEI) amongst others. Portelli was also a visit- ing lecturer at the University of Malta and has taught courses at the Malta Institute of Accounting, and other institutions. In his new role, he will oversee elections and advises the Board on governance matters. Portelli said he was honoured to be associated with such a prestigious organisation as the WFE. "is appointment shows that despite its size, Malta is a reputable and strong financial services centre, with a vibrant stock exchange at its core," he said. e World Federation of Exchanges has over 70 members including the MSE. Its market operators are responsible for operating the key components of the fi- nancial world. It was founded in 1961 and is based in London, England. e WFE boasts many global and well-known ex- changes such as the London Stock Exchange Group, Deutsche Börse SE, the Luxembourg Stock Exchange, Abu Dhabi Securities Exchange, the Cyprus Stock Ex- change, and the Shanghai Futures Exchange, amongst many others. MSE Chairman Joseph Portelli GO Ventures, GO plc's investment arm that fo- cuses exclusively on tech- based startups, continues to support GO's quest for more sustainable growth with its latest invest- ment in RAYLO, a UK- based startup that offers a sustainable subscrip- tion service for high-end smartphones. GO's decision to invest in Raylo was driven by the tech start-up's cir- cular model of reuse, re- furbish, and recycle en- sures that smartphones are used for six years or more, thus addressing underutilization and waste. This approach fits well with GO's green strategy, a core pillar of its purpose to drive a digital Malta where no one is left behind. "Although the subscription econ- omy is revolutionizing the way we obtain products and services, the purchase of smartphones and oth- er digital devices is still confined to an ownership-based model. Conse- quently, a lot of handsets and oth- er devices end up on shelves once replaced by a newer model, even though they are still fully func- tional. This is having significant financial and environmental impli- cations," explains Paul Grech from GO Ventures. "Apart from alignment on envi- ronmental sustainability between GO and Raylo and the way it man- ages recycling when devices are ob- solete, we were also attracted to the cost of Raylo's lease model as it is significantly lower than the retail price. As GO continues to push for more sustainability across the board, investing in Raylo's sustain- able proposition is another step forward in our journey. We believe that this proposition will ultimate- ly revolutionize how devices are purchased, and we aspire for such models to be adopted locally too," added Grech. Karl Gilbert, CEO of RAYLO not- ed how GO Venture's investment, which joins other major investors such as Telefonica, Octopus Ven- tures, Macquarie Capital and Car- phone Warehouse founder Guy Johnson, will enable RAYLO to continue investing in its AI-based platform, which includes an as- sessment of risk for each sale, rec- ommendation tech, and a platform called "Raylo Pay" embedded by third-party merchants. "RAYLO's fast growth rate in- cludes doubling its subscriber base in the last year which is now on track to double again this year, and Raylo Pay growing tenfold in the last six months to a £3 billion op- portunity," said Gilbert. EXPERIENCED Malta-based trust professional Anita Mirasole has joined global financial services group Praxis as a Client Services Director. Bringing with her 16 years of fiduci- ary experience Anita will head up the Group's Private Wealth and Corporate Services team in Malta and will be re- sponsible for driving the business de- velopment strategy for the jurisdiction while building and maintaining strong relationships with existing clients. Anita has a depth of experience in creating, developing and managing client services teams within the cor- porate services industry, including the implementation of processes across different departments. She will add considerable insight and knowledge to the team having worked with a diverse range of corporate cli- ents, dealing with international struc- tures and transactions. She holds the Malta Institute of Tax- ation certificate in the Foundation Course on Taxation, a foundation cer- tificate in Trusts Law and Management and a Masters in Business Administra- tion through Henley Business School, University of Reading. Commenting on her appointment, Anita said: 'I'm really looking forward to motivating, developing and work- ing closely with my team to deliver the exceptional client service the Group is known for. It's an exciting opportunity; I will be focused on strengthening our processes and client relationships and driving new opportunities for the Mal- ta business." Alex Beetham, Managing Director of Praxis Private Wealth & Corporate Services in Malta, said: 'We've been developing our service offering in the region since establishing a presence here in 2008, and our Trust team has gone from strength to strength since it was launched eight years ago. Anita's appointment is yet another step for- ward for us as we continue to grow and develop, ensuring we remain agile and responsive to our clients' needs. Ani- ta's dedication to effective team lead- ership and service delivery makes her a great asset to our business, and I am delighted to welcome her to the team.' Anita Mirasole