As he is settling into his new role as Chief Operations Officer (COO) at financial and investment services provider Finco Trust Services Ltd, Andrea Debattista plans to strengthen the company’s local presence and explore international opportunities. He firmly believes that the way forward depends on taking advantage of what technology has to offer and putting their trust in leading experts.

“Our goal is to position Finco as a one-stop-shop for our high net-worth clients,” Andrea says. “To achieve that, we’ve built our business on three pillars: financial services, investment services and most recently, a comprehensive family office solution.”

Andrea joined Finco following a 15-year career in financial services that combined accounting roles with client-facing work. As Chief Operations Officer at Finco, he now oversees all of the company’s operations, including compliance and regulatory issues, accounting and taxation as well as the family office services and investment solutions.

Becoming a part of the team was an easy decision, especially following Finco’s recent rebrand. “After almost four decades as an investment and corporate services provider, Finco has a strong brand and enviable reputation,” Andrea explains. “But no business can afford to stand still.”

Throughout his career, Andrea has seen Malta restructure its tax regulations and legislation to become more attractive as a hub for international businesses. “This allowed Malta’s financial industry to grow, and the sector has now become one of the pillars for growth in the country.”

Finco’s new vision reflects these changes in Malta’s financial ecosystem and puts the company on course for growth. The company’s family office service is a key part of the new strategy. “We believe that Malta is ideally placed to attract individuals and businesses with high-value and often mobile assets.

“Malta has the right ecosystem for maritime and aviation services,” Andrea says. “In addition, legislative changes have made it relatively simple and cost-effective to set up a company here. Add to that the competitive labour cost and stellar quality of staff, and you can see why Malta has become so attractive to an international clientele.”

Andrea is quick to add that a favourable legislative framework and knowledge of accounting practices alone are not enough to build an industry-leading business. “We need to be close to our clients to understand their needs,” says Andrea. Scheduling regular meetings to talk about long-term financial goals is part of that.

“Finco aims to deliver more than the requested service. Our job is to talk to clients about potential financial structures they may not have been thinking of and that will help them achieve their financial goals.

“None of this would be possible without a strong team, and I’m lucky to be supported by outstanding professionals who are experts in their field and committed to learning more,” Andrea explains. “We’re fortunate to have very low turnover at Finco, and our leadership team is actively working on retaining staff members.”

The company not only offers training to help the team stay abreast of changes in the financial industry but also arranges events in external locations to build motivation. In addition, the company encourages staff members to take an interest in the wider financial landscape in Malta and participate in relevant associations and other groups.

Most importantly perhaps, Finco is working hard to offer employees a great work-life balance: “All work is planned as efficiently as possible, so team members have time for their families and other parts of their lives.”

Andrea believes that the labour market could pose one of the biggest challenges for businesses in Malta. With very low unemployment, companies can find it hard to recruit in general and even tougher to recruit the best people for specialist roles. Therefore, taking care of and strengthening existing teams is a priority.

Working closely with the fintech sector has supported Finco’s growth. “Technology plays a huge role in helping us find the best solutions for our clients,” Andrea says. “As part of our digital transformation strategy, we aim to be more than at par with the market but exceed existing standards.” Participating in fintech conferences helps the team stay on top of the latest developments and leverage them to clients’ benefit.

Changing client demands can present challenges: “Our clients are divesting and demand more of our services and of the ecosystem we operate in. In many cases, that means liaising with different authorities at the same time to help clients move toward their target. Bringing everyone together at the right time can be tricky.”

Still, Andrea believes that Malta is an excellent environment for anyone looking for competitive financial services, investment, and family office provisions. “We’re lucky to have highly experienced professionals in the industry. We also have a strong education system that offers cost-effective degrees and attracts new talent to the industry. Those are outstanding foundations for growth for Finco and the industry as a whole.”

Finco has ambitious goals for the next decade: “We want to continue to strengthen our local presence as well as build our presence as an international player. Personally, I’m excited to lead these changes,  implement the next steps of our strategy and grow with the company.”

Clients will benefit not only from a full range of financial and family office services. They will also experience the difference of working with a provider that is closely networked with financial authorities and associations across Malta and internationally.