Malta Financial Services Advisory Council’s National Strategy for Financial Services Industry and Future Growth

Malta’s Financial Services Advisory Council (MFSAC) is leading the charge in reshaping the country’s financial services industry with a new National Strategy aimed at promoting innovation and sustainability. Bernice Buttigieg from the MFSAC believes that tax reform should be seen as an opportunity rather than a threat, and the strategy includes initiatives to strengthen Malta’s reputation as an international financial center.

The strategy focuses on key pillars such as banking, insurance, capital markets, wealth management, and fintech, with an emphasis on digitalization and innovation. Dr. Buttigieg highlights the importance of technology in Malta’s financial services jurisdiction and the need to expand potential in fintech.

Following Malta’s exit from the FATF grey list, there is a renewed focus on combating financial crime and enhancing regulatory frameworks. The strategy also aims to redirect private capital towards sustainable investments and promote transparency in financial instruments.

The financial services sector in Malta is poised for growth, with a focus on building talent and addressing the skills gap. Initiatives such as the University of Malta’s Post-graduate Diploma in Financial Compliance and Regulation aim to attract professionals to the industry and strengthen compliance measures.

The strategy also includes plans for legislative developments in areas such as asset management, insurance, and aircraft leasing. Dr. Buttigieg is optimistic about Malta’s continued growth in the aviation sector and expects major developments by the end of the year.

Overall, the National Strategy is a comprehensive plan to drive Malta’s financial services industry forward, with a focus on innovation, sustainability, and talent development.