Technological advancements, increased climate awareness, societal shifts, and geopolitical events have changed the world we live in over a mere decade. A once-in-a-century pandemic and war on our continent have reshaped industries, communication, interconnectivity, sustainability efforts, social values and international relations almost beyond recognition.
However, this wave of upheaval creates new possibilities. Change should not be seen as a threat, but as a fresh start where we may design the world we want to live in. Malta’s future success depends largely on our capacity to react to and adapt to the changes occurring around us.
The Malta Institute of Accountants (MIA) believes that it is crucial for Malta to focus on high-value, technology-driven growth to elevate the jurisdiction and find new innovative niches. The financial services industry is no exception to this need. For this reason, as a professional body representing more than 4,000 accountancy and auditing professionals, we are proud to be a founding partner of the Malta Financial Services Advisory Council (MFSAC), which has articulated the first-ever long-term Strategy prepared by industry practitioners.
Accountancy professionals have persistently advocated for reforms to enhance their operations. However, our unique position as trusted advisors of our clients or employers allows accountancy professionals to develop a holistic view of economic trends and performance. Our ability to assess the financial impact of policies, market conditions, and economic factors enables us to offer valuable insights and contribute to discussions about the broader economy.
Furthermore, the MIA has been entrusted with overseeing the implementation of the MFSAC’s strategy recommendations pertaining to human resources and education, recognising the significance of addressing skills gaps as a barrier to growth within the financial services sector.
Additionally, the MIA is actively involved, and at times takes a leading role, in fulfilling other supporting needs such as those related to taxation and sustainable finance.
Through ongoing dialogues with stakeholders, the Institute has championed concerns and put forth numerous proposals on behalf of our members – proposals which ultimately were not inward looking but rather sought to enhance the competitiveness of the wider Maltese economy.
The newly-launched Financial Services Strategy brings forward some 175 recommendations, including regulatory and legislative innovations while addressing bottlenecks such as bureaucracy, judicial limitations, and lack of qualified personnel.
The strategy recognises the importance of providing more efficient services to relevant stakeholders by leveraging technology systems and infrastructure and through simplified but effective regulation. It emphasises the need for clear and consistent compliance measures, aiming to establish logical and standardised business processes that foster seamless relationships with various entities.
Some of the proposals are truly transformative in nature. For instance, the strategy proposes a system of money transfers, increasing security and linkages with other international payment hubs and systems. It also seeks to use technology to redesign our tax system to facilitate compliance and enforcement. It looks at other areas which can provide new opportunity for business, including FinTech, family offices and pensions, supported by seed investment schemes and venture capital to facilitate the growth of such new realities. More importantly, the strategy addresses many of the bottlenacks which at times ground excellent ideas to a halt.
This is not merely a desirable strategy; it is a matter of taking those decisions that will shape our future success. To ensure its effectiveness, it requires the active commitment and engagement of every individual. It is our shared responsibility to drive its implementation and make it a reality.
Maria Cauchi Delia is the CEO and David Delicata is the President, The Malta Institute of Accountants
Register here to attend the MIA Biennial Conference, being held on May 31 at Hilton Malta.