Few companies in the world start big. H. J. Heinz’s first distribution system was a basket on his arm. Leonardo Del Vecchio, an Italian businessman, founder and chairman of Luxottica Group, the world’s largest producer and seller of eye-glasses and lenses, started his career in Milan as an apprentice making tool and die parts. Many of the large businesses we know today actually see their initial steps as small initiatives.
Individuals with ambition, initiative and enterprise have always been inclined to go into business for themselves and have independent spirits. It is hard to see how the Maltese economy could exist without these resourceful entrepreneurs.
The numbers speak for themselves: More than 97 per cent of our commercially registered entities are micro businesses. Our sole traders and self-employed such as independent architecture firms, dental practices, the busy stationary shop or general traders are together providing employment to as much as 34 per cent of the working population and contributing as much as 25 per cent of the national GDP.
At HSBC, we strongly believe that small businesses are not the miniature version of big business. These entrepreneurs have their own very unique needs and their owners’ lives are often blended with the business they run. Further, they are often a central part of the communities they operate in and the progress or failure of their business impacts the community.
Acknowledging the important role these sole traders play in making the Maltese economy currently one of the best in Europe, HSBC Bank Malta has launched a pioneering new banking service specifically aimed at these enterprising customers, providing community banking services via the bank’s network of branches in Malta’s towns and villages.
The service, called HSBC Fusion, blends together business banking and personal banking in one simple solution, making it easier for business owners to manage all of their financial needs, particularly, using the latest digital technology. HSBC Fusion has been designed for business owners with an annual turnover of up to €1 million and borrowing needs up to €100,000.
Malta is the first country to launch HSBC Fusion in what is essentially a new service provided by HSBC Group
Business owners who are eligible for HSBC Fusion will have access to a new internet banking solution and mobile app that allows business and personal accounts to be managed through a single set of log-on credentials. A dedicated team of over 100 trained business banking professionals will be available in branches across Malta and Gozo. They are trained to focus on analysing and advising the retail business banking sector on further growth and expansion.
Malta is the first country to launch HSBC Fusion in what is essentially a new service provided by HSBC Group. The service fits with the bank’s strategy in Malta to grow our business by launching customer-centric propositions that place HSBC in the heart of the community. Fusion also indicates the first real tangible result of our journey to simplify banking for customers.
This strategy stems from our belief that HSBC has a role to play to support the economy. Prime Minister Joseph Muscat officiated at the launch of HSBC Fusion in Malta last Monday at our Żabbar branch, and expressed his support towards this strategy.
As one can imagine, when an economy grows, so does the need for investment to support the growth. From airport and seaport, power generation and energy projects to hospitals, schools, financial services, telecommunications and property development, the Maltese entrepreneur of today is ready to be a part of the infrastructure renewal now underway in Malta, and HSBC wants to be present to help its customers reap the benefits of these new opportunities.
We are doing this through the provision of unique and innovative services. Whether it’s planning for retirement, support to buy a new home, or advice to grow one’s business, HSBC is there for our customers.
Our economy currently affords optimism, which in turn is fuelling the ambition and drive of our entrepreneurs. They have historically been the baton holders of the economy and it is clear that Maltese sole traders and entrepreneurs will remain a key part of the country’s future economy.
All business owners work hard to help their businesses thrive and grow. With HSBC Fusion, we aim to write a success story for all our customers.
Gregory Inglott is head of retail business banking at HSBC Bank Malta plc.