Issue link: https://maltatoday.uberflip.com/i/1531651
8 maltatoday | WEDNESDAY • 22 JANUARY 2025 NEWS NSTF Mini European Assembly 35th anniversary ON Wednesday 15 January, poli- cymakers, ambassadors, industry leaders, and students gathered at Verdala Palace to celebrate 35 years of the NSTF Mini Europe- an Assembly (MEA). This annual parliamentary simulation for sixth form and university students, organized by the National Student Travel Foundation (NSTF), has nur- tured leadership, public speak- ing, and mediation skills while providing insights into the workings of the European Par- liament and Council of Europe. The event, hosted by President Myriam Spiteri Debono, opened with an address by NSTF Secre- tary General Francis Stivala. Spiteri Debono delivered an inspiring speech, urging MEA alumni to leverage their skills and knowledge gained through NSTF to shape a brighter future for Malta and beyond. The program included reflec- tions from MEA founders Ro- sette Fenech and Michael Fren- do, who shared their insights into the origins and impact of the simulation since its found- ing in December 1989. This was followed by the first panel discussion, The Journey of Leadership: 35 Years of Im- pact, which explored how 35 years of MEA has shaped lead- ership at both personal and so- cial levels among its alumni. The panel featured alumni Ambassador Natasha Meli, Ste- fan Zrinzo Azzopardi, Eve Borg Bonello, Elaine Cordina, and Clyde Puli. Joseph Chetcuti, an MEA alumnus, delivered a captivat- ing musical interlude before the event transitioned to the final panel discussion. Centred on the topic of Build- ing Bridges: Inspiring the Next Generation, the panellists dis- cussed MEA's role in fostering global leadership. The panel included MEA alumni Luke Bonanno, Matthew Micallef St John, Francesco Giorgino, and current MEA participant, Rhythm Garg. Video messages were deliv- ered by Roberta Metsola, Pres- ident of the European Parlia- ment and MEA alumna, as well as President Emeritus Marie Louise Coleiro Preca, Colin Sci- cluna, and Elena Peresso, which further underscored MEA's en- during influence. Francis Stivala then delivered his closing address, highlighting the remarkable achievements of NSTF and NSTS over the past 70 years. He emphasized the pivotal role these organizations have played in promoting educa- tional and cultural exchange, fostering curiosity, and creating opportunities for countless stu- dents across Malta and beyond. As the event drew to a close, Stivala expressed his gratitude to the speakers, organizers, and attendees for making the 35th Anniversary celebration a re- sounding success. He reiterated NSTF's com- mitment to fostering a culture of learning and innovation that will inspire future generations to excel in their chosen fields. The attendant alumni and guests were welcomed in the re- ception hall featuring live music by pianist and MEA Alumna, Amy Borg. MALTA'S corporate banking landscape has seen a marked improvement in the past few years, particularly in facilitating rela- tionships with corporate clients, with stake- holders noting faster processes and greater collaboration between banks, regulators, and clients. THIS emerged during a seminar organised by FinanceMalta, as representatives from the banking industry, financial services practitioners and the Financial Intelligence Analysis Unit, discussed challenges and best practices in opening corporate bank accounts. As evidence to this progress, FIAU Di- rector Alfred Zammit revealed data form the Centralised Bank Account Registry indicates that in 2024, more than 4,800 IBAN accounts were opened for firms and other legal arrangements with at least one non-Maltese beneficial owner. Represent- atives from the different credit institutions confirmed this increased openness for cor- porate business, with Ryan Caruana, Group Chief AFC Officer and MLRO at Bank of Valletta revealing that the Bank's average time to open corporate bank accounts has been reduced from up to six months to 42 days. Mr Caruana also shared that BOV now serves over 20,000 corporate custom- ers, adding an average of 95 new relation- ships each month. Mark Drago, Chair of the Malta Bankers' Association's Financial and Cyber Crime & Fraud Standing Committee, pointed to the adoption of a risk-based approach as a pivotal factor in these improvements. "A risk-based approach reflects the growing maturity of all stakeholders in the fight against money laundering. It relies on ac- cess to accurate and relevant information, including Malta's enhanced National Risk Assessment and ongoing discussions with banks and regulators," he said. Banking representatives from Malta's ma- jor credit institutions, including BOV, HS- BC, APS, BNF, Sparkasse and Lombard also shared best practices and recommenda- tions to facilitate such relationships further. On the other hand, practitioners raised key challenges faced in this context, allowing for an engaging debate aimed at facilitating matters further. Suzanne Stafrace, HSBC's Head of Busi- ness Banking, stressed the importance of a strong relationship between banks and customers. "Having a bank account is a partnership - it takes two sides. If the data requested is not factual or is missing, it will lengthen the process. A partnership is an ongoing relationship; if something changes, you need to update the bank. Customers who are forthcoming help ensure the rela- tionship remains seamless," she explained. On behalf of FinanceMalta, Chief Strate- gy Officer Bernice Buttigieg, reaffirmed the Foundation's commitment to foster strong- er relationships between the key stakehold- ers in the financial industry as part of its ef- forts to enhance Malta's competitiveness as an international jurisdiction. She also high- lighted efforts across the board towards facilitating such relationship, including the MBR's tender for the development of the Central Data Repository (CDR). The CDR is a secure, digital platform that will store key documents and identity credentials in a single e-wallet, easily accessible via mobile devices or PCs. This modern solution will enable indi- viduals and businesses to share important documents quickly and securely with gov- ernment entities, eliminating repetitive bureaucratic processes and speeding up compliance tasks. By incorporating artifi- cial intelligence, the platform will enhance efficiency and reduce the administrative burden, all while ensuring high standards of data security. Concluding the seminar, Nick Captur and Karol Gabarretta, representing the IFSP and the MBA acknowledged that the semi- nar served to bring the different sides closer to each other, thereby resetting the scene from any previous misconceptions allowing the industry to move forward. Improved access to corporate banking services acknowledged by key financial industry stakeholders