Issue link: https://maltatoday.uberflip.com/i/1500944
2 NEWS 1.6.2023 PAUL COCKS RETHINKING and reforming the finan- cial services industry was the underlying theme of the MIA Biennial Conference 2023, addressing the key areas that under- pin the required reforms towards upgrad- ing the competitivness and reputation of the Maltese jurisdiction. Stakeholders from regulators and au- thorities, and industry professionals looked at how the Financial Services Strategy seeks to address existing bottle- necks and identify where the economic opportunities of the near future lie. Opening the Institute's largest Confer- ence on the calendar of events, with al- most 400 people present, Maria Cauchi Delia, MIA CEO, highlighted that the re- cenly-launched financial services Strategy focuses on essential reforms and specific proposals to leverage Malta's unique ad- vantages and enhance its position as a global financial hub with a distinct Euro- pean perspective. "e key lies in strengthening and up- dating existing resources while exploring new opportunities for specialised finan- cial products. Achieving this requires a robust legislative framework and clear regulatory guidelines to establish a solid foundation for the future", she explained. MIA President David Delicata called on stakeholders to strive hard towards im- proving Malta's reputation. "If we really want to promote Malta as a jurisdiction of quality, our country must continue im- plementing reforms related to the rule of law, governance, media freedom and oth- ers, and more importantly, make sure that such reforms are not solely seen as boxes to be ticked. e attractiveness of our na- tion starts first and foremost from here", he said. He also dwelled on MIA's role in developing and implementing this Strat- egy, describing this as a clear demonstra- tion of the Institute's added value. e Chairperson of MFSAC, Joseph Zammit Tabona, emphasised that it is now time to commence the actual imple- mentation of the Strategy. He explained how the Malta Financial Services Advisory Council (MFSAC) has presented a clear plan outlining the pri- oritisation of a set of reforms that can be completed within a span of 18 months. To ensure successful execution, some 20 working groups will be formed to closely monitor the Strategy's objectives. Addi- tionally, a project management office will oversee the entire implementation pro- cess. ese dedicated working groups will each focus on a specific subject-area in order to facilitate and expedite the pro- cess. Zammit Tabona also insisted that the success of the Strategy relies on the input of practitioners and service providers. Finance Minister Clyde Caruana insist- ed that a new economic model for Malta will need to focus on technology and cap- ital intensive industries, otherwise it will be very hard to sustain the current level of growth, citing the Financial Services Strategy as the right example of what we have to look at and work on - solutions which provide higher value-added. e Finance Minister continued that we need structural changes, not mere reforms. He also noted that there will be other challenges in the months ahead, particularly in terms of tax. Caruana also explained that Europe is moving ahead at a very fast pace and will consolidate further economic and finan- cial policies. He added that this will have a big impact on Malta and thus we need to make sure that the required changes are implemented. Jerome Caruana Cilia, Shadow Finance Minister, described this decade as crucial, requiring important decisions to be made regarding the country's path forward. is applies to various sectors such as climate change, environment, foreign policy, and specifically, financial services. Caruana Cilia argued that reform should be guided by the main pillars, these being the operating environment, technology and innovation, talent, and communica- tion and promotion. During the event, high-profile stake- holders from the public and private sec- tor addressed various elements of the Strategy including taxation, sustainability, national payments infrastructure, asset management, capital markets, insurance and pensions as well as Fintech. Repre- sentatives from different regulators whose activity impacts the future of the industry, including the Financial Intelligence Anal- ysis Unit, the Malta Business Registry, the Malta Financial Service Authority as well as the Commissioner for Revenue also ad- dressed the Conference. e Conference also featured a number of international speakers, including the President of Accountancy Europe, Mark Vaessen. Mark Bugeja, Vice-President of the Malta Institute of Accountants, while noting the flavourful agenda that ensued throughout the day, closed off the con- ference by saying that the industry and the profession will continue to grow and flourish but all stakeholders need to play a role in making it happen,. e Biennial Conference 2023 was kind- ly supported by Epic, BNF Bank, the Mal- ta Stock Exchange, Shireburn Software Limited and Finance Incorporated Lim- ited. Accountants call for a rethink of and reform in financial services Almost 400 people attended the Malta Institute of Accountants' largest conference on the calendar of events TRADEMALTA is currently in Mor- rocco, assisting Malta-based business- es to unlock new opportunities and strengthen international partnerships. e trade delegation which is be- ing led by Ian Borg, Minister for For- eign and European Affairs and Trade, is made up of 17 enterprises coming from different sectors – education and training, construction, healthcare, ad- visory, manufacturing, renewable en- ergy, retail and risk management. Mal- ta Enterprise, the University of Malta, MCAST, the Institute of Tourism Ser- vices and Education Malta are also part of the delegation. Morocco has a flourishing and dy- namic economy, and a business-friend- ly environment. It has, in recent years, attracted significant foreign direct in- vestment, has a thriving tourism mar- ket and is building modern infrastruc- ture. It is certainly an attractive destina- tion for Maltese investors looking for export and internationalization oppor- tunities. is multi-sector business mission, which is taking place in Casablanca, aims to provide Malta-based business- es the opportunity to expand into new markets, unlock new opportunities and strengthening existing partnerships. Anton Buttigieg, CEO of TradeMalta commented "the long-term plan is to organise other visits to Morocco and other strategic markets in the coming months. It is encouraging that so many businesses are showing an increasing interest in doing business in Africa. Our visit to Morocco is based on the assessment that Morocco, apart from being an interesting market in itself, is building the institutional capacity and infrastructure to become a gateway to the African continent. TradeMalta en- courages Malta-based companies in- terested in taking their business across borders to approach TradeMalta with their ideas and plans'" TradeMalta is organising the first Malta – Morocco business forum in Casablanca. is will be followed by a business-to-business matchmaking session which will provide an oppor- tunity to the Maltese delegation to discuss potential business opportu- nities. Further meetings are planned throughout the mission, mainly with private enterprises, social partners and government institutions. For more information about the ser- vices offered by TradeMalta visit www. trademalta.org or call on 22472400. TradeMalta organises its first trade mission to Morocco