In a video message to the public, FinanceMalta chairman Rudolph Psaila highlighted that the organisation is facing similar challenges as other stakeholders in the finance and fintech industries.

The video message was also addressed by Parliamentary Secretary for Financial Services and the Digital Economy Clayton Bartolo.

FinanceMalta's main objective is to promote the Islands' financial services brand, both within, as well as outside Malta’s shores.

It brings together industry, the regulator and Government to ensure that Malta maintains a modern and effective legal, regulatory and fiscal framework in which the financial services can continue to grow and prosper.

Appointed to the role of chairman last November, Mr Psaila has been in the role throughout periods of great difficulty for Malta as a jurisdiction.

“Since my appointment as chairman last November we have had to face several challenges as a jurisdiction, but the challenges we face today within the financial services and fintech industry is different in scope and character than anything we have seen before,” he said.

In view of the challenges posed by COVID-19, Mr Psaila said that FinanceMalta has had to alter its 2020 strategy.

“Together with the Board of Governors, we have identified key priorities and have been working on various projects and initiatives to this end.

“Our focuses and priorities are based on five key principles: innovation, value creation, inclusiveness, internationalisation and being digital,” he said.

On innovation, Mr Psaila said that while he realises the importance of developing new sectors, he is a firm believer in innovating Malta’s core sectors, such as fund and asset management, insurance and private wealth sectors.

On value creation, he said that FinanceMalta will be launching a survey geared towards the local finance and fintech sector with a view to gauging a better understanding on value adding activities within the sectors.

He also said FinanceMalta will be making an effort to attract more members, and will launch webinars and online seminars aimed at keeping members abreast of the latest developments. We will work to attract more members in the industry, and more young professionals and students. We want to create webinars to bring stakeholders up to speed about what is happening in the sector.

Recently, the entity launched a revamped website, a repository for information related to financial services in Malta, focusing on five main sectors, namely Private Wealth, Insurance & Reinsurance, Funds & Asset Management, Credit & Financial Institutions, and Fintech.

It showcases the events that FinanceMalta is participating in or organizing itself, highlights the news of members, and provides a selection of publications that can be downloaded free of charge.