The recently launched Vision 2050 strategy document offers Malta’s financial services industry an ambitious role in the quest for sustainable growth in the years ahead. While the local financial sector currently contributes close to €2 billion towards the country’s GDP, the government wants this figure to increase to between €4.8 and €5.3 billion in the next 12 years, representing almost 13% of the projected GDP.
The strategic document includes a series of initiatives aimed at boosting the role of the financial industry in Malta’s economic transformation, with initiatives aimed at enhancing Malta’s regulatory frameworks, promoting fintech adoption, and aligning policies with emerging global trends such as blockchain and sustainable finance.
FinanceMalta Chairman George Vella welcomed the key positioning of the financial services industry, alongside tourism, gaming, shipping and maritime, blue and green economies, aviation, and high-end manufacturing as the engine for long-term, balanced development that supports economic resilience and a higher quality of life.
“The decision to place financial services as one of the key drivers of growth in the decades ahead will play a pivotal role in Malta’s economic transformation and enhanced competitiveness. It will create high-quality jobs and ensure long-term, sustainable growth. This approach aligns perfectly with FinanceMalta’s goal of attracting premium financial service companies and enhancing Malta’s position as a leading financial hub,” Vella said.
FinanceMalta, the public-private foundation dedicated to promoting the country’s financial services sector, plays a crucial role in positioning Malta as a competitive financial hub.
Although the proposed goals appear ambitious, Mr Vella argues that these are in line with ongoing efforts.
“As a hub for financial services, Malta’s ongoing investment in digital transformation, including fintech and blockchain technologies, is central to our vision. FinanceMalta is committed to positioning the country at the forefront of these developments and I am confident that we have the right foundations to achieve the proposed targets. This belief is supported by the increasing number of high-end firms that have recently set up shop on our shores, such as the leading crypto exchange Gemini.”
In Vision 2050’s call for the creation of a more dynamic and competitive financial ecosystem in Malta, one of the central initiatives is the simplification of regulations, designed to streamline business operations and attract increased investment. By reducing bureaucratic hurdles, the government seeks to create a more agile environment where businesses can thrive.
“If you look at the financial services strategy endorsed by the industry a couple of years ago, one will see that our priorities already included elements such as streamlining Malta’s regulatory processes and institutional architecture, building a national payments infrastructure, enabling financial services law reform and harmonisation, modernising Malta’s tax structure, and building up Malta’s talent pool in the financial services industry, among others.”
“This alignment with Malta’s Vision 2050 puts us in a strong position to deliver tangible results well within the auspicated timeframes.”
Mr Vella however insists that a key element of enhancing the nation’s competitiveness necessitates regulatory developments that do not stifle Malta’s agility in the market.
“Malta must take a holistic approach to financial services, ensuring that growth is balanced with evolving regulatory demands. While legislative reforms may offer new opportunities, regulatory shifts must not undermine Malta’s attractiveness as a competitive and business-friendly jurisdiction.”
Alongside efforts to enhance Malta’s offering, FinanceMalta is also leading an even stronger push to showcase Malta’s reputation as a trusted financial services jurisdiction, particularly in key international markets.
Throughout the current year, FinanceMalta is expected to showcase the country’s offerings at over 35 high-profile international events, including globally renowned conferences such as Money 20/20 in Amsterdam, the ESG Europe Summit in Vienna, and SIBOS in Frankfurt.
“It is through such events that key market players can help us to strengthen Malta’s position as a competitive and attractive financial services hub,” concluded Mr Vella.
READ THE 23RD EDITION OF THE CORPORATE TIMES: