FinanceMalta Concludes 18th Annual Conference

FinanceMalta Chairman George Vella opened the organisation’s 18th Annual Conference on Wednesday 19 November by welcoming delegates, thanking sponsors and highlighting the event’s continued growth year-on-year. Noting that the event was about giving a clear update on the strategy for the sector, Mr Vella stated, “I am very optimistic about the value these efforts will bring to the sector.”

In his address, Mr Vella stated the clear intention for FinanceMalta to continue to act as a facilitator of knowledge sharing among like-minded professionals to ensure that industry and partners are always acting in a coordinated and coherent manner. Having participated in over 50 events this year, Mr Vella noted that the organisation has also started bringing in foreign delegations to the country so they can see for themselves the strong offering in the country.

The sessions on day one included an address by IT Security and Governance Expert Jurgen Kreuz on ‘The Impact of AI on Financial Services,” during which Mr Kreuz made the case that there is a huge opportunity for Malta when it comes to AI because it is a small country with strong regulation, which gives it an advantage.

FinanceMalta Chairman George Vella opened the organisation’s 18th Annual Conference on Wednesday 19 November

He talked about the importance of designing with integrity and ensuring that trust is built into the systems we are using for the future. “Malta is walking in the right direction”, Mr Kreuz told delegates. “Malta has a strong framework, strong regulation and a bold vision,” he continued.

The address was followed by a panel on ‘The Future of Malta’s Financial Services’ which featured CEO of the Malta Financial Services Authority (MFSA) Kenneth Farrugia, Chair of the Malta Financial Services Advisory Council (MFSAC) Joseph Zammit Tabona, Senior Regional Representative for Italy and Malta at the European Investment Fund John Mcilwaine, and CEO of Bank of Valletta Kenneth Farrugia, alongside Mr Kreuz.

During the panel, MFSA CEO Mr Farrugia stated that tech and product innovation are changing the whole spectrum of financial services and called for AI to be embraced. He noted that the MFSA is currently working on a supervisory case management system which it hopes to launch the authorisation phase for in around 12 months’ time. He also explained how the authority is working on achieving more with AI on two different fronts: firstly, internally to support the processing of large amounts of data, and secondly in developing a supervisory strategy for AI and how it is being used by licence holders that addresses related challenges.

Meanwhile, MFSAC Chair Mr Zammit Tabona provided an update on the implementation of the group’s strategy which was originally launched in 2023, as well as setting out some of the plans for the future. Mr Zammit Tabona noted that about 66% of the initiatives originally identified by the MFSAC have now been implemented and he thanked the various individuals who have been involved in reaching this milestone.

He then highlighted some of the key achievements to date, particularly with regards to insurance, wealth management and family offices, as well as areas in which updates are expected in the coming weeks and months such as aircraft leasing and centralised identity management. “As we approach our third anniversary, we would like to update our strategy document. There is still more to be done,” he told delegates.