Malta’s largest financial services conference – FinanceMalta’s 12th Annual Conference – gathered over 400 delegates from Malta and abroad under the same roof to discuss innovation in this sector.
Titled ‘Malta: A Platform for Innovation’, the conference included various sessions on the innovation that is driving this sector forward such as fintech and AI, and delved into important issues that arose due to this innovation, such as cybercrime.
FinanceMalta chairman Kenneth Farrugia addressing this year’s annual conference.The conference was chaired by Federica Taccogna of FTI Consulting, a strategic adviser to the MFSA on financial crime.
In his introductory speech, FinanceMalta chairman Kenneth Farrugia welcomed the delegates, saying: “While Malta’s small size may be considered a disadvantage by some, in actual fact it provides the perfect platform for innovation as it allows new structures to be developed and introduced to the market.
“Innovation also goes hand in hand with the digital-led environment that the industry now operates in, which is challenging the traditional ways of doing business, and, through this disruption, is providing new opportunities across the board.”
He added that Malta is home to a complete ecosystem of financial services which traditionally are pensions, private wealth, credit and financial institutions, insurance and asset management.
“However, one definitely cannot ignore the new kid on the block – DLT and blockchain.”
Prime Minister Joseph Muscat delivered a keynote address, while Finance Minister Edward Scicluna and Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri addressed the conference on the fight against money laundering and ‘Innovation Vision 2021’ document, respectively.
In his speech, Schembri emphasised on the constant need for innovation within the financial services sector, and touched upon the need for banks to embrace digitisation.
On the government setting up a consultative body on financial services, Schembri said: “It will serve as a forum for discussions between the government, the regulator and the practitioners, aiming to understand better the difficulties, anticipate any developments on the international scenario and to formulate a 10-year strategy for the financial services sector in Malta. In view of this, I cannot stress enough the importance of the full collaboration and cooperation of all the relevant stakeholders, if we are to achieve and sustain success within the sector.”
A highlight for the business community during the conference was the insight gained into the strategic MFSA document ‘Innovation Vision 2021’ and MFSA’s fintech strategy aimed at taking the financial services forward, as well as the understanding into the work being undertaken by the government of Malta to strengthen and widen the breadth of the financial services industry in Malta.
Other topics covered during the conference included the industry’s vision for the immediate future to continue sustaining growth, and the MFSA’s role in ensuring that such development is done in a sustainable manner – while ensuring that the industry is regulated in an efficient and effective manner.
FinanceMalta’s Annual Conference featured a novelty in the form of case studies focusing on setting up a business in Malta and what it entails for a foreign national, giving further insight into people’s practical experiences with financial services in Malta. The topics of banking and cryptocurrency also featured in the event.
“The broad number of topics that this conference has addressed are in effect a reflection of the sheer diversity of the financial services industry in Malta,” Farrugia said.
“With all these important topics in mind, we have invited a strong line up of high-calibre speakers comprising distinguished subject matter experts from the regulatory authorities and market players alike. All under one roof, the speakers and panel members have discussed the challenges and opportunities that both regulations and financial technology are inducing on the industry’s traditional business and operational models,” he added.