Issue link: https://maltatoday.uberflip.com/i/1496177
maltatoday | SUNDAY • 2 ARPIL 2023 8 COMMERCIAL National Strategy for Financial Services launched THE National Strategy for Fi- nancial Services, prepared by the Malta Financial Services Advisory Council (MFSAC), has been launched. The strategy represents a unique process: it was initiated by the Government with the ac- tive contribution from both the industry and the regulators. It is the result of the work of over 100 professionals who worked together to elaborate concrete actions to address key oppor- tunities and mitigate the weak- nesses of the sector. This comprehensive and mul- ti-sectorial strategy is based on a detailed analysis of the finan- cial services industry conducted by task forces composed of rep- resentatives from all the stake- holders involved. The MFSAC, chaired by Joseph Zammit Tabona, was set up by the Government in January 2021. One of its five terms of reference is to prepare a long-term stra- tegic plan for Malta's financial services industry. The strategy is now complete and will act as a cornerstone to reenergise this industry, building on a strong foundation to enabling Malta to position itself with a foundation of a reputable and successful in- ternational financial services ju- risdiction that excels in innova- tion and responsiveness through a nimble and joined up regulato- ry framework and a robust tech- nology foundation. The objec- tive of the National Strategy for Financial Services is to further strengthen Malta's position and performance in a professional and regulatory compliant man- ner, creating a digitally-enabled, easy-to-use financial system. This will drive growth for the industry and, as a result, spur growth in other areas related to this sector. The core principles supporting this vision are anchored around speed, standards, simplifica- tion, specialisation and sus- tainability. These areas will all be critical for Malta to leapfrog to the next generation service offering in this industry. The strategic priorities of the strat- egy are focused on streamlining Malta's regulatory processes and institutional architecture, building a national payments infrastructure, consolidating identity management, enabling financial services law reform and harmonisation, modernis- ing Malta's tax structure, and building up Malta's talent pool in the financial services indus- try, amongst others. In total, the strategy includes upwards of 175 initiatives, de- veloped with the input of 102 professionals who were in- volved in its development. Dur- ing 2021, nine Working Groups were set up by the MFSAC Council, with the aim of iden- tifying actions on five Vertical Pillars, namely Banking and Payments, Insurance and Pen- sions, Capital Markets, Wealth Management, and Fintech and AI, and Horizontal Enablers such as addressing Bureaucra- cy, Taxation, HR & Education and Sustainable Finance. The MFSAC working groups included the active participa- tion of the Financial Intelli- gence Analysis Unit (FIAU), the Malta Financial Services Authority (MFSA) and the Mal- ta Business Registry (MBR), as well as the Malta Stock Ex- change, the Commissioner for Revenue, FinanceMalta and all private bodies such as the Malta Bankers Association, the Malta Institute of Accountants, the Malta Institute of Taxation and the Institute of Financial Servic- es Practitioners. The context for the develop- ment of this strategy is that over the past 30 years, Malta built a strong, performance-based financial services industry, at- tractive to a multitude of global players and providing a trust- ed and stable base for business. Malta has been no exception in facing some significant challeng- es. In the wake of the Financial Action Task Force grey listing in July 2021, Malta responded with urgency, resulting in it be- ing removed from the grey list by June 2022. While Malta retains strong fundamentals, the MF- SAC sees the opportunity to tar- get a new era of digitally-enabled financial services and to re-as- sert Malta's presence in a glob- ally competitive marketplace and from a unique European perspective. The pandemic, the current geopolitical instability and the disruption that FinTech and technology in general have introduced are transforming the way business is done, and the strategy aims at identifying con- crete ways for the jurisdiction to maintain and further strengthen its position as an international financial centre. The public can access the National Strategy for Financial Services by visiting the follow- ing link: https://financemalta. org/publications/mfsac-strate- gy-document/ Finance Minister Clyde Caruana addressing the conference launching the National Strategy for Financial Services Atlas Insurance supports 'Unseen and Unheard' exhibition THE Storm Petrel Foundation recently hosted Atlas Insurance employees to an exclusive view- ing of the multimedia exhibition themed "Unseen and Unheard: Stories of Women under Fire", currently underway at the foun- dation's premises in Attard. The exhibition, curated by Jus- tine Balzan Demajo showcases several artefacts that shed light on the wartime experiences of women and girls that often go unrecorded and overlooked as other social, political and histori- cal aspects take centre stage. At a time when war has again broken out in mainland Europe with the conflict in Ukraine, the message of "Unseen and Unheard" resonates even more than ever. The Storm Petrel Foundation is a non-profit voluntary organ- isation set up in 2013 to provide a home for objects and artefacts collected by private individuals, while helping in their preservation and facilitating public access to these collections. During the visit at the founda- tion's premises, TeamAtlas pre- sented a donation to the founda- tion, as part of its commitment to the preservation of local heritage and in appreciation of the Foun- dation's endeavours towards this cause. Matthew von Brockdorff, Man- aging Director and CEO of At- las Insurance, said: "Atlas is very proud to support initiatives that help us understand ourselves bet- ter through the exploration of our cultural heritage. The exhibits se- lected and the way they have been put together make the viewing all the more poignant as one delves into the first hand and unique experiences of women, many of whom handled important and often overlooked roles, with great bravery and dignity." The exhibition "Unseen and Un- heard: Stories of Women under Fire" is running till 14 April 2023 at the Storm Petrel Foundation's premises at 79, Triq San Anton, Attard. Further details regarding the exhibition and opening hours can be obtained on the Foundation's website http://www.stormpetrel- foundation.org/