American company Specialty Finance Limited has applied for a credit institution license from the Malta Financial Services Authority (MFSA).
Specialty Finance is a financial broker to private finance companies, introducing them to major financial institutions that would provide them with equity, subordinated debt, and senior credit facilities using the capital Market.
Addressing representatives from the company and a number of stakeholders from the financial services industry, Finance Minister Tonio Fenech highlighted the resilience of this sector, saying it had managed to register strong growth, even during the international crisis last year. Growth in 2009 reached 22%. He remarked that during 2009, MFSA issued new licences in all areas of financial services activity.
The Maltese banking sector now consists of 23 credit institutions, 20 of which are foreign owned.
The fund services infrastructure also continued to consolidate and expand with new international service providers registering in Malta, as 20 new investment licences were authorised in 2009 bringing the total to 88. Moreover, during the same twelve months MFSA issued 105 new Collective Investment Schemes licences bringing the total of funds to 392.
Referring to the critical success factors that have allowed Malta to achieve such results, the minister highlighted our solid regulatory foundation based on international best practices, EU membership and euro adoption, the presence of modern telecommunications infrastructure and also our strategic geographical position. Finally, he highlighted the importance of being able to provide a supply of experienced, English-speaking professionals resulting from the continuous investment in education throughout the years which has ensured that Malta has one of the most complete finance education and training infrastructures to be found in any small economy finance location.
Looking at the future in this sector, Mr Fenech remarked that all the ingredients are in place for this sector to continue expanding into the future. "It is a key area in our Vision 2015 which sets the main sectors in which Malta has potential to excel in and become a centre of excellence. The results registered till now and prospects show that we are well on track in this goal".