Issue link: https://maltatoday.uberflip.com/i/1497050
13.4.2023 THE Institute for Financial Services Practitioners (IFSP) has welcomed the comprehensive 10-year strategy for fi- nancial services in Malta, drawn up by the Malta Financial Services Advisory Council (MFSAC) and launched on 29 March by the chairman of the MF- SAC, Joseph Zammit Tabona. The IFSP, whose members contrib- uted to the drafting of the document, said it considers this to be a decisive moment for the sector in Malta. Over 175 initiatives have been identified and their implementation will trans- form the way forward for the industry. The President of the IFSP, Tonio Zarb, saod that this is indeed a water- shed moment for the financial servic- es sector. "When Government approved the strategy document last February, it was transformed from a set of ambi- tious aspirations of the hundred or so financial services professionals who penned it, into Government's formal strategy for the sector," he said. "The MFSAC, supported by Finance Malta, is now tasked to implement this strat- egy thus effectively bringing together the regulators and practitioners. As IFSP we are committed to work close- ly with MFSAC to help implement this strategy." Financial services are a key sector of the Maltese economy, the Strategy for Financial Services 2023 document makes clear, contributing Gross Value Added of €1.24 billion in 2021, with a year on year growth of 8.3% from 2010. This makes it the sixth most impor- tant sector in the Maltese economy. The financial services sector has also facilitated much of the rest of Mal- ta's economy over the past decades, attracting and enabling foreign di- rect investment and trade. This newly published Strategy for Financial Services is a crucial part of the Malta jurisdiction's future development after the country's swift exit from the FATF greylist, the latter achieved through effec- tive action to deal with shortcom- ings identified through international inspections. This is a transformative strategy, designed to strengthen the solid base built up over the last few decades by skilled, hard-working practitioners supported by broad po- litical support, regardless of the party in government at any point in time. The strategy addresses Malta's fi- nancial services offering comprehen- sively, looking at the legislative and regulatory framework while address- ing the issue of excessive bureaucracy and aiming to significantly improve the ease of doing business, sustaina- bility and the need for trained, com- petent staff. It also lays the ground for the evo- lution of Malta's corporate tax sys- tem in a way that ensures it remains competitive, attractive to foreign di- rect investment, whilst meeting the challenges and demands of a changing world. This Strategy for Financial Ser- vices seeks to overhaul the entire framework underpinning the sec- tor to make it more resilient, reli- able and usable. It was developed in an equally ground-breaking manner: more than 100 practitioners participat- ed in its drafting, working with and through the Malta Financial Services Advisory Council. The strategy comes with over- sight by the MFSAC and a Steering Committee, as well as an imple- mentation plan to be placed into action together with Finance Malta and to ensure that the various mile- stones identified are indeed met ef- fectively. THE medirectalk series returns to an in-person format this coming 18 April when representatives from the specialist fund management firm Li- ontrust will be discussing the poten- tial benefits of investing in high yield bonds during 2023. The event, taking place at the Hyatt Regency Hotel in St Julian's, will start at 6.00pm and is free to attend, sub- ject to registration. medirectalks offer investors and those interested in the world of fi- nance a unique opportunity to direct- ly hear some of the world's leading experts discuss the main themes af- fecting the economy as well as various investment strategies. The speakers at this upcoming event will be Lion- trust's Co-Heads of Global Fixed In- come, Phil Milburn and Donald Phil- lips. They will be joined by Sharmin Rahman, Investment Manager within Liontrust's Global Fixed Income team to discuss how the current market might be creating an opportunity for long-term investors within the quality end of the high yield bond market. The discussion, which will last ap- proximately one hour, will also give participants the opportunity to ask questions which can be submitted prior to the event. This will then be followed by a reception during which drinks and canapés will be served and representatives from Liontrust and MeDirect will be available for any additional follow-up questions or en- quiries. James Beddall, Head of International Sales at Liontrust, said, "We are very much looking forward to returning to Malta for an in-person medirec- talk. Our team will be sharing Lion- trust's insights on the overall macro situation, our 2023 strategy and why we think the high yield bond mar- ket could provide some interesting returns in the months ahead. It will be interesting for us to also hear the perspective of Maltese investors, who traditionally have favoured bonds as an investment vehicle, on how they see the market evolving and what they think about our own views." Ingrid Micallef, Head – Products & Marketing Malta at MeDirect Malta, said, "The medirectalk series, wheth- er in-person or online, continues to prove popular as it is one of the few opportunities Maltese investors have to hear from, and ask questions to, some of the most successful fund and asset managers in Europe. These events are a real learning opportunity for anyone who wants to grow their wealth by understanding how differ- ent asset classes behave and what the potential risks and rewards are. I am very confident this will be a very in- teresting and informative event." To register, free of charge, for the up- coming medirectalk go to https://pro- mo.medirect.com.mt/medirectalk/. Transformative Financial Services Strategy welcomed by practitioners medirectalk seminar to explore potential of high yield bonds in 2023 2 NEWS