During the summer, interns from JAYE Malta Foundation and MCAST spent time at HSBC, learning about the functions at the bank’s retail and commercial businesses, customer service operations, accounting, communications, business technology services, marketing, human resources, and other areas. Interns also had the chance to meet members of the senior leadership, in addition to their dedicated mentors, who supported the interns on a daily basis.

“We are incredibly happy with the work of our talented interns and dedicated employees this summer,” said HSBC Malta Head of HR Caroline Buhagiar Klass. “Our 22 interns came from diverse backgrounds, but all shared a passion for the constructive impact of banking on social and personal prosperity. We hope we have instilled in them an expanded world view and a willingness to contribute positively to the society in which they will be active citizens in the coming future,” said Ms Buhagiar Klass.

HSBC tags its Future Skills programme as a key part of its updated sustainability strategy.

The post HSBC’s third internship programme educates 22 interns first appeared on The Malta Business Weekly.

Change happens so fast that a company either innovates or can easily find itself in a position that it might need to close shutters. There is no middle ground, nor there is time to waste thinking about a future strategy, as the disruption of fintech firms and technology is already happening. Mobile wallets are becoming the norm and millions of clients turn to cutting-edge technologies that allow bank accounts to be opened with just a few taps on smart devices and portables.

Meanwhile, Big Tech has also started flexing its financial services muscle. Apple recently introduced its first ever Apple Card, showing its appetite to turn into financial services as its next big opportunity. Google Pay and Amazon Pay are also pushing their own payment platforms, while Facebook has confirmed rumours about issuing their very own cryptocurrency: Libra Coin. Their huge reach and well-utilised big data can be considered a serious threat to banking as we know it, as such fintech firms can leverage loyal customers and possess a truly global reach that cannot be easily matched by traditional banking institutions.

Up until today, fintech startups have been trying to disrupt banking with their innovative products and services. However, they have not been able to become particularly profitable as their immense growth has been fuelled not by earnings, but billions of dollars in funding from venture capitalists, who have been betting on future returns. At the same time, they have not been able to convince their clients to deposit large sums of money for two reasons. Firstly, they are seen as a secondary account used primarily when travelling or for fast international fund transfers. Secondly, emoney institutions (EMIs) cannot offer interest on deposits as the EU directive forces them to keep client funds on segregated accounts, not being able to reinvest them for business loans, for instance.

Partnerships in the air

The new era of financial services will see banks partnering with fintech firms for complimentary services. Instead of building their own product, banks can now outsource entire functions to more flexible startups that can deploy services in a much quicker and more efficient manner, while keeping the benefits of running it on bank rails, thus being able to protect client funds and provide interest. Therefore, deVere Group is among the first such companies that have grabbed this opportunity and can offer a fast go-to-market for mobile wallet implementation where speed is important.

This revaluation led to the creation of the Vault app for iOS and Android users in Europe, while international expansion in Israel, Turkey and the Philippines is already underway. We believe that this is a unique winning strategy that will accelerate digital transformation in emerging markets by securing a super-fast go-to-market that brings significant competitive advantage to the group’s valued partners. With a network of more than 70 offices across the world, over 80,000 clients and $12b under advisement, deVere has the ability to drive change in this sector and provide its clients with cutting-edge support and solutions. As part of this focus, the group is constantly working to recruit the very best talent from across the world.

Another key aspect of the group’s offering is its crypto services, which were launched in 2018 as the trend for online currencies began to really take off. Today, deVere Crypto is a pioneering cryptocurrency app, available for Apple and Android. It allows users to store, transfer and exchange major cryptocurrencies, including Bitcoin, Ethereum, XRP and Litecoin.

The group also offers deVere Core, a solution that responds to the seismic shift in client expectations currently being experienced by the financial advisory industry. Increasingly, clients not only want bespoke financial advice from an adviser but they also demand personal instant access to their portfolio anywhere and at any time. They want all their financial services needs to be dealt with online, preferably via their mobile devices. They want to be more hands-on than ever before. As such, the group created the Core app, which provides immediate access, communication, and monitoring ability, to meet expectations in terms of customer experience.

Overall, these developments will drive deVere Group to even greater success over the coming years and cement its position as a leader in the financial services and fintech. A testament to this investment is winning the “Most Innovative Financial Services Provider” at the FinTech Awards 2019, solidifying the group’s position into the fintech space.

BIO: Dimitris Litsikakis holds a BSc in Information Technology from Piraeus University and an MSc in Project Management from Lancaster University. He worked at IBM UK as a Project Manager delivering large-scale IT projects. He then joined Edenred Greece as Digital Transformation Manager where he led the entire digitalisation of the solutions offered by the company; issuing hundreds of thousands of prepaid cards to beneficiaries. In 2018, he was appointed Country Manager for Greece, Cyprus and Malta for Revolut. Now he is spearheading the digital transformation of deVere Group, a financial consultancy with a global presence, delivering fintech solutions. Since 2014, he has also acted as Athens Chapter Director for Startup Grind, which is an independent startup community actively educating, inspiring, and connecting entrepreneurs.

The post Banks need to buckle up to keep pace with fintech firms first appeared on The Malta Business Weekly.

The customers are asked to file all the needed paperwork online and complete their application prior to turning up at a branch of the bank. After filing the documentation, the bank calls and offers an appointment, avoiding to queue later on. At the end of the process, the clients immediately receive their bank cards and equipment to log into their internet banking.

Furthermore, Premier account customers receive a travel cover, as well as some additional rewards of the HSBC Premier World Mastercard. HSBC Advance account holders are also eligible for travel insurance and all the rewards that come with the HSBC Advance Visa Platinum card. Customers eligible for a regular account are offered internet banking and mobile banking.

“Our customers told us opening a bank account was too difficult. We listened to their feedback and I am excited that we have launched a brand-new experience which I believe will change the way people feel about opening bank accounts in Malta and Gozo,” said Daniel Robinson, HSBC Malta Head of Retail Banking and Wealth Management. “I want to welcome new customers to HSBC and I believe the changes we have made will make this simpler, better and faster for them,” he added.

By the end of this year, HSBC also foresees to launch an upgraded mobile application and to revamp its internet banking services.

Daniel Robinson, HSBC Malta Head of Retail Banking and Wealth Management, explains in the video below how the online application takes place, and what further improvement his bank expects this year.

The post HSBC Bank Malta streamlines bank account opening process first appeared on The Malta Business Weekly.

“We are delighted to be corporate sponsors of KSJC. At Bank of Valletta, we believe strongly in the importance of youths in our community and through such agreements, we strengthen our relationships with students throughout their different life stages,” said Vanessa Borg from BOV PR & Marketing Departments.

“We look forward to working hand in hand with this student body, assisting them to familiarise themselves with the world of financial services and supporting them throughout their education journey. Our first project together was, in fact, the participation of these students in this year’s BOV Club campaign, which will be launched in the coming weeks,” Ms Borg added.

KSJC is an independent organisation that represents Junior College students on a national and international level. Moreover, it is interested in the students’ opinion safeguarding their rights. It also promotes educational and cultural activities amongst them.

“We are extremely happy that we signed this agreement with Malta’s leading Bank, through which we can guarantee interesting initiatives and opportunities for all Junior College students to benefit from”, Mr Dimech commented.

In addition, Ms Gauci thanked BOV for its support and said that KSJC is eager to collaborate with them and is already looking into different possibilities to take this partnership further.

The post BOV supports the Kunsill Studenti Junior College first appeared on The Malta Business Weekly.

FIMBank says it “owns a strong position” in contributing to the development of this platform.

The bank is, in fact, highly active in major export markets such as India, the Middle East and Egypt, where it can partner with FCI — the global representative body for factoring and financing of open account domestic and international trade receivables — members through the 3+ and 4 “corner model”, according to the press release.

The bank’s global presence and specialised teams allow it to effectively implement FCIReverse type facilities.

FIMBank’s presence in import markets will be a key business driver for other participants in the program, under revenue sharing agreements. FIMBank shares were listed in June 2001 in Malta for the first time.

The FIMBank Group has built an international factoring network — securing debt collection and improving cash flow. The Bank’s Mediterranean Factoring Department (MED) factors in Malta, offering a comprehensive range of factoring services.

The post FIMBank vows support for FCIReverse platform first appeared on The Malta Business Weekly.

The event was conceptualised by the Department of Accounting and Business Studies within the Directorate for Learning and Assessment Programmes (DLAP) at the Ministry for Education and Employment (MEDE) and supported by HSBC Malta Foundation as part of its Future Skills programme.

Malta ranks in the lower end among the OECD (Organisation for Economic Co-operation and Development) countries in terms of adults making money decisions in their household by themselves or together with others in the household, the press statement says.

The school quiz was designed to distinguish between needs and wants, budgeting, earning, spending and saving money, investments, insurance, banking services, and even donations.

“Considering that this was a first-of-its-kind quiz in Malta and Gozo, the enthusiasm shown by schools was remarkable and encourages us to continue creating more financial literacy-related events in future. The high participation also demonstrated that financial literacy needs to be more prominently discussed in the imagination of the public,” said Joanne Zammit, Education Officer for Accounting and Business Studies at DLAP.

More questions focused on students’ responsibility, awareness and knowledge when buying online, fixed and variable costs, and debt. The quiz was online, allowing students to use tablets and their mobile phones to answer the questions, aimed at increasing digital literacy as well. The Directorate for Digital Literacy and Transversal Skills provided the tablets and guided students on how to use the quiz app.

During the event, officials from the government’s financial capability strategy (2017-2019), Ġemma, and from HSBC also held presentations. MEDE Permanent Secretary Dr Frank Fabri handed the prizes and certificates.

The post Malta’s first financial literacy quiz activates hundreds first appeared on The Malta Business Weekly.

“We are proud to support Hospice Malta. We hope that our initiative will help support an institution that brings hope to patients and support to their families as they cope with terminal or life-limiting conditions,” said John Ghigo, the Head of Consumer Lending at HSBC Malta.

Hospice Malta is an organisation with a professional multidisciplinary team and motivated volunteers supporting patients and their families who have to deal with the challenges of a terminal illness. Hospice Malta offers its services as pro bono. Currently, the organisation supports around 900 patients and their families.

The post HSBC customers’ credit card payments support Hospice Malta in April first appeared on The Malta Business Weekly.

Mr Bonello was appointed as Non-Executive Director of HSBC Malta in July 2013 and is presently Chairman of the bank’s Audit Committee and is a member of the bank’s Risk Committee. He is a Chartered Accountant and a Certified Public Accountant, and was formerly the Chairman and Senior Partner of PwC in Malta, retiring from this post in December 2009.

“I would like to extend my best wishes and thanks to my colleague and friend Sonny. He has been an exceptional chairman of our board during a period of great change in our bank. His experience and personal qualities have enabled him to lead the board with unwavering courage and integrity,” Mr Bonello said.

“I am greatly honoured that the majority shareholders have placed their trust in me by appointing me as chairman. As we enter the next phase, our board will continue to support our executive and management teams as they build a stronger and safer customer-focused bank in the interests of our depositors, our customers, our shareholders, our people, our brand and the jurisdiction as a whole,” the newly-appointed chairman added.

“It has been an honour and a privilege to serve as the Chairman of HSBC Malta for the past 12 years. Throughout this period I have worked with a talented and determined HSBC executive team, and I wish them all the best for the future,” said Mr Portelli.

“I also want to take this opportunity to extend my congratulations to John on his appointment who I am sure will lead HSBC Malta with eminent leadership and strategic vision. As a bank, we believe in doing the right thing, so it is only befitting that I step down after serving for 12 consecutive years, the maximum term possible, as mandated by the best practice governance guidelines,” the leaving chairman added.

“I would like to pay tribute to our Chairman Sonny Portelli after 12 years of service. Sonny has chaired our bank with distinction through a period of unprecedented change in the financial services industry. He leaves with our thanks and admiration, and we wish him and his family well for the future,” said Andrew Beane, Executive Director and Chief Executive Officer of HSBC Malta.

“I am delighted to congratulate John Bonello on his appointment, subject to regulatory approval, as the next Chairman of HSBC Malta. John has been a Non-Executive Director of HSBC Malta for nearly six years and already knows our business very well. The high regard with which John is held locally and across the HSBC Group makes him ideally placed to lead HSBC Malta’s board in the next phase of our strategy,” Mr Beane added.

The post HSBC Malta announces new chairman first appeared on The Malta Business Weekly.

Mr Cordina started his banking career with Mid-Med Bank Limited in 1981 and joined HSBC in 1999. During his time with HSBC, he has occupied various executive roles such as Deputy Head of Operations and Head of Business Transformation. He was also responsible for bringing the HSBC UK Contact Centre to Malta. In 2010, Mr Cordina was seconded to HSBC Commercial Banking in London where he held the role of Head of Sales Performance.

“I am honoured and privileged to be appointed as a director on the bank’s board and very excited to take on this new executive role in my more than 37-year-long association with the bank. I am fortunate to be part of the HSBC Group and I look forward to strengthening our business in Malta and connecting our customers to opportunities, enabling them to thrive and supporting the Maltese economy to prosper”, comments Mr Cordina.

In his new role, Mr Cordina will focus on developing the bank’s business with primary clients and external stakeholders, paying special attention to a balanced return to growth, the press release sent to BM says.

“Michel is a seasoned banker and has a wealth of experience and we look forward to seeing Michel’s remarkable energy driving growth from our core business and from HSBC’s signature strength as the world’s leading international bank”, comments Andrew Beane, HSBC Malta’s CEO.

The post HSBC Malta names new executive director first appeared on The Malta Business Weekly.