Fresh from a recent wealth management conference, George Vella, chairman of FinanceMalta, seemed invigorated. \u201cThe event was exciting and engaging, but to me, it represented what we should be doing more as an industry: bringing people together to spark the discussions that are needed and to showcase how alive and dynamic Malta\u2019s financial services sector has become.\u201d<\/p>\n
\u201cThere\u2019s a real buzz in the air,\u201d he began. \u201cFor the first time, we have the MFSA, FinanceMalta, and the Malta Financial Services Advisory Council all sitting at the same table, focusing on the same topics, tackling the same challenges and planning the future of this industry together.\u201d<\/p>\n
\u201cEveryone\u2019s understanding is on the same level, and the sector is very much alive. The sector is owning up.\u201d<\/p>\n
That sense of unity, he explained, is something Malta\u2019s financial services sector has not always enjoyed, and yet, it is crucial if the country wants to reach its ambitious targets.<\/p>\n
\u201cThe objective we\u2019ve been given is very clear. Currently, the sector contributes around \u20ac2 billion to the economy, which represents between 9% and 10% of Malta\u2019s GDP. By 2035, we want to more than double that. The target is reaching between \u20ac4.5 and \u20ac4.8 billion.\u201d<\/p>\n
\u201cAdmittedly, there\u2019s still much more that can be done. But we\u2019re working on very solid foundations.\u201d<\/p>\n
A three-pronged strategy for the future<\/p>\n
Mr Vella believes the next big leap forward will come from smarter integration and technology. He described a \u201cthree-pronged\u201d strategy focused on data, transparency, and efficiency starting with the Malta Business Registry\u2019s Central Data Repository.<\/p>\n
\u201cThe goal is to streamline how we identify applicants doing business in Malta, particularly during KYC checks,\u201d he explained. \u201cBy adopting a \u2018once-only\u2019 principle, and promoting standardisation and compliance, we can eliminate duplication and save both businesses and government agencies a lot of time and money.\u201d<\/p>\n
The second pillar is the MFSA\u2019s Recteq initiative, aimed at harmonising data and modernising regulatory processes while the third involves the Malta Tax and Customs Administration\u2019s new Digital Real-Time Reporting (DRR) and e-invoicing systems.<\/p>\n
\u201cThese developments will not only increase efficiency but, more importantly, they will send a strong message about transparency,\u201d he said. \u201cIt\u2019s about showing the world that Malta means business.\u201d<\/p>\n
Legislation as Opportunity<\/p>\n
When asked how Malta compares to larger jurisdictions like Ireland or Luxembourg, Mr Vella was quick to point out what sets the island apart.<\/p>\n
\u201cBeing part of the EU and our proficiency in English are already big points in our favour. But, what singles Malta out is our legislative framework. It is solid, yet flexible,\u201d he said.<\/p>\n
\u201cTake the gaming industry, for example. The legislation wasn\u2019t there at first, but we moved quickly and drafted our own. That\u2019s how we became the first to attract the big players.\u201d<\/p>\n
For the first time, we have the MFSA, FinanceMalta, and the Malta Financial Services Advisory Council all sitting at the same table<\/p>\n
He recalled how the same approach was later applied to blockchain.<\/p>\n
\u201cWhen we realised the EU didn\u2019t have a framework, we didn\u2019t wait. We took the initiative and built one ourselves. That gave us legal certainty, and that\u2019s what drew market leaders to Malta. Some of the world\u2019s top crypto exchanges set up their European headquarters here because of that.\u201d<\/p>\n
It\u2019s a pattern that echoes across other sectors, such as maritime.<\/p>\n
\u201cAsk anyone and they will all tell you that today, Malta is recognised as a top maritime jurisdiction because our legislation is second to none.\u201d<\/p>\n
\u201cLegislation will always remain a source of opportunity,\u201d he added. \u201cAnd this is a huge point in our favour. There was a time when the industry went to the regulator to request changes in laws. Today, the regulator is the one suggesting those changes to help the industry tap into new opportunities. That\u2019s a very positive shift.\u201d<\/p>\n
Learning from the past<\/p>\n
Despite Malta\u2019s progress, Vella acknowledges that reputational challenges still linger, especially following the country\u2019s greylisting episode.<\/p>\n
\u201cUnfortunately, that was an ugly chapter but we\u2019ve bounced back. What that experience taught us is that we need to do things differently. We\u2019ve become more selective about where we promote Malta. Instead of hard selling what we offer abroad, we are going to focus on bringing people here, to show them what we\u2019ve built and letting them experience our ecosystem first-hand.\u201d<\/p>\n
\u201cWe have a lot to offer. When they see it, they\u2019ll understand that we mean business.\u201d<\/p>\n
The bigger picture<\/p>\n
When our discussion turned to Malta\u2019s broader economic environment, Vella didn\u2019t mince words.<\/p>\n
\u201cWhere we are today, as a country, is not coincidental,\u201d he said. \u201cThis growth pattern has been building for the past 60 years. But somewhere along the way, we stopped reading the signs. Issues like traffic, infrastructure, and population growth could have addressed them before they became problems.\u201d<\/p>\n
\u201cThese are not abstract concerns,\u201d he added. \u201cThey affect companies\u2019 decisions about whether to relocate or invest in Malta. If we know where we want to go, then we need to start acting now.\u201d<\/p>\n
Wealth Management: Malta\u2019s next frontier<\/p>\n
Looking ahead, Vella sees enormous potential in the wealth management sector.<\/p>\n
\u201cThe international political landscape has never been this unpredictable. And that\u2019s exactly when investors look for stability. They want their wealth protected. Malta offers just that: stability, resources, and the expertise to manage wealth responsibly.\u201d<\/p>\n
\u201cThe stable legislative framework is in our favour. But sometimes I feel there isn\u2019t enough hunger to pursue more opportunities. That\u2019s something we need to change. Because, honestly, when it comes to financial services, we\u2019re only skimming the surface. The potential to grow is all there.\u201d<\/p>\n
This interview was first published in The Corporate Times.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Fresh from a recent wealth management conference, George Vella, chairman of FinanceMalta, seemed invigorated. \u201cThe event was exciting…\n","protected":false},"author":2,"featured_media":141066,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,111,139,69,244,245],"class_list":{"0":"post-141065","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-new-zealand","11":"tag-newzealand","12":"tag-nz","13":"tag-personal-finance","14":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/141065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=141065"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/141065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/141066"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=141065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=141065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=141065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}