There is a need for a strategic plan to address the mismatch between the risk appetite of the local banking sector and the risk profile of operators in certain sectors which is resulting in companies setting up in Malta finding it hard to conduct banking transactions forcing them to find alternative payment gateway options.
This was one of the main outcomes of a recent half day forum entitled “The Evolution of Banking: Strengths and Challenges” organised by the Maltese French Chamber of Commerce, in collaboration with DF Advocates, and with the support of Bank of Valletta and held at the Grand Hotel Excelsior in Floriana.
“The outcomes from this forum were extremely interesting and topical and addressed the concerns of many of those operating in a banking sector, which is changing very rapidly and that at the same time, is facing crucial regulatory challenges,” said Joseph Bugeja, president of the Maltese French Chamber of Commerce.
“We wanted this forum to be an opportunity for all stakeholders in the sector to understand better what the challenges and threats to our banking industry are and to be able to express their view of the ease of banking in Malta and to also discuss other important aspects such as the capital markets as an alternative area of operation and the role that technology plays on banking in today’s environment,” added Bugeja.
Other salient points that emerged during this forum were the need for more engagement with the industry bodies to organise educational initiatives for the public on financial obligations and requirements, outreach programmes on Malta’s legal and regulatory frameworks and the need for more skilled resources at the Economic Crimes Unit.
The forum was addressed by Transport and Capital Projects Minister Ian Borg and Brigitte Curmi, Ambassador of France in Malta. The key speakers who participated in the panel discussion included Finance Malta chairman Kenneth Farrugia, Marianne Scicluna, chief officer supervision at MFSA, Nick Calamatta from Calamatta Cuschieri, Mark Scicluna Bartoli from Bank of Valletta and Roderick Psaila from Laskaris Finance. The discussion was moderated by Jean C. Farrugia from DF Advocates and was followed by a networking lunch.