MALTABUSINESSWEEKLY.COM - FinanceMalta, the public-private initiative set up to promote Malta’s
international financial centre, has various international promotion
opportunities lined up over the next few weeks. Chairman Kenneth
Farrugia talks to Vanya Walker-Leigh
FinanceMalta’s participation in two high-profile events in the City of London next week are significant steps in our long-range marketing strategy launched in 2007 which identifies EU as our core market, FinanceMalta’s chairman Kenneth Farrugia told this newspaper in an interview. (source)
FinanceMalta’s participation in two high-profile events in the City of London next week are significant steps in our long-range marketing strategy launched in 2007 which identifies EU as our core market, FinanceMalta’s chairman Kenneth Farrugia told this newspaper in an interview. (source)
“On Tuesday I will be one of the four keynote speakers at a breakfast briefing organised by HFM (Hedge Funds Management) Week entitled ‘Twin tracks converting your offshore fund into a UCITS vehicle’. I will point out the advantages presented by Malta’s financial services sector under the new EU UCITS IV rules whose related directives have recently been incorporated into our law.
“‘Doing Business in/with Malta’ will be the topic of a seminar the following day held at the Law Society introduced by Malta’s High Commissioner to the UK, Joseph Zammit Tabona. The event will feature presentations by Dr Reuben Balzan, president, Chamber of Advocates; Dr Bernice Buttigieg, head of Administration at FinanceMalta; and Dr Ramona Piscopo, Tax Partner, PiscoPartners.”
Last week in Berlin, FinanceMalta co-organised with Malta Enterprise six very successful events under ‘Doing Business with EU’s smallest Member State, Malta’, aimed at selected sectors of German industry and finance. On 5 October, a one-day event in Stockholm organised by The Banker magazine will present Malta to financial service practitioners from Scandinavia, with Dr Joe Bannister, chairman of the Malta Financial Services Authority (MFSA) and Mr Farrugia among the keynote speakers.
However, FinanceMalta has also explored the potential of non-EU markets, in particular through preliminary prospecting visits to the Gulf, China and Hong Kong, co-organising with Malta Enterprise a high-level business delegation to India at the beginning of November, as well as two successful presentations in New York earlier this year. Next month, Mr Farrugia will address the high-level conference on Mediterranean Islamic Finance Conference (27-28 October) organised here by the Malta Institute of Management.
“Figures released at the end of June by the MFSA confirm that our financial services sector continues to develop steadily,” Mr Farrugia stated, “despite the difficult international economic situation. Strong growth was registered in the last six months in new registrations for PIFs and UCITS.”
Deployment of FinanceMalta senior executives at key international events is paralleled by the continued development of a range of marketing tools, including three recent and well attended webinars as well as the posting of podcasts for download on its website.
The current publication of five sectoral technical and promotional guides for distribution over the next two years to prospective overseas clients through professional associations and FinanceMalta’s own members is another landmark. These publications focus on Banking, Insurance and Pensions, Funds, Trust and Foundations and Wealth Management.
Also available for download from FM’s website, the guides include company profiles of members while encapsulating recommendations gathered over past months from partner associations including the Malta Bankers’ Association, the Malta Funds Industry Association, the Malta Insurance Association, the Malta Insurance Management Association, the Association of Insurance Brokers, the Society of Trust and Estate Practitioners Malta and the Institute of Financial Services Practitioners.
“Listening to our members is a key element to our promotional strategy,” Mr Farrugia emphasised. “This involves regular visits by FM’s senior executives to their offices to get their feedback as well as ideas for new initiatives. Ensuring a sufficient supply of skilled human resources to meet the expected continued expansion of the sector remains a challenge.
“One very successful measure has been to invite several hundred students specialising in law, banking and finance to join FinanceMalta as non-paying members. They receive our promotional material and we involve them as much as possible. We also give regular presentations at the University to highlight employment opportunities. The Funds Industry Association, which I chair, has agreed with the university on the launch of elective funds related 14-week courses starting in 2012.
“A three-month programme on fund administration originally launched by the Institute of Financial Services has now turned into a two-year diploma offered by the University of Manchester. A number of our member companies are sponsoring employees to study for this qualification.”
Mr Farrugia is confident of the sector’s continued success in the future. However, as he pointed out in his presentation to FinanceMalta’s annual conference in May, “there is need to ensure that the vision for the financial services industry is equally embraced by the various government departments interacting with the sector while the industry must be able to actively participate in the various consultation processes leading to new regulations, legislation and policies affecting it, team up with government and the regulator but also lead the generation of new ideas”.
“In turn, innovation must be underpinned by well-defined research work.”
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