The theme of the FinanceMalta webinar is “The role of financial services in moving Malta’s economy in a COVID-19 situation” and will provide the views of two leading figures in the Maltese economy, namely Kurt Farrugia – CEO at Malta Enterprise, and Dr Gordon Cordina – economist at E-Cubed Consultants.

Following an introduction by FinanceMalta’s Senior Manager of Business Development, Andrea Nurchi, and a welcome by Chairman Rudolph Psaila, participants will be addressed by Parliamentary Secretary for Financial Services and Digital Economy, Clayton Bartolo.

The webinar is aimed at all players in the financial services industry, entrepreneurs, students and anyone interested in knowing how the challenges posed by the pandemic are being tackled from an economic perspective.

During the event, several topics will be covered such as the current situation of the financial services industry and how it has been impacted by COVID-19, the role of the industry in stabilising the economy in a post-pandemic scenario, as well as the economic measures taken to face the pandemic. There will be a particular focus on the role that Malta Enterprise played in supporting and sustaining the economy, and the way forward.

The webinar, which is free to attend and will last one hour, will also feature a Q&A with the speakers. For more information and to register visit: https://financemalta.org/events/the-role-of-the-financial-services-industry-in-moving-maltas-economy-in-a-covid-19-situation/

FinanceMalta is the public-private initiative set up to promote Malta as an International Financial Centre.

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“This year FinanceMalta already organized two BlockFinance events in Malta, with the first one discussing the application of distributed ledger technology (DLT), and another one on the AML [anti-money laundering] challenges relating to such innovative technologies. This time around we are putting the spotlight on STOs and the various aspects of this investment tool,” said Ivan Grech, Chief Operations Officer at FinanceMalta.

An STO is very similar to an initial coin offering (ICO): they are essentially tools used by blockchain and DLT startups for attracting funding for their ventures. In the case of ICOs, cryptocurrencies are offered, while in the case STOs, tokens are provided in exchange for investment.

Tokens differ from coins in that they fall under the status of securities. They are linked to an underlying investment asset in a way like stocks, bonds, real estate investment trusts (REIT) or other funds.

The BlockFinance event will cover various topics such as understanding STOs and the future of investing via new tokenised business models, the compliance element of STOs, as well as the opportunities, challenges and solutions in adopting STOs.

A key topic of the event will be the Malta Financial Services Authority’s (MFSA) consultation and feedback on STOs and the way forward as a result of this. One key presentation will focus on the advantages that blockchain technology applied to Corporate Governance could bring to companies in Malta, in particular with respect to the automation of tasks, documents and validations of legally binding actions.

FinanceMalta is a non-profit public-private initiative aiming to promote Malta as an international business and financial centre internationally. “It brings together and harnesses the resources of the industry and government, to ensure Malta maintains a modern and effective legal, regulatory and fiscal framework in which the financial services sector can continue to grow and prosper,” the press statement by FinanceMalta says.

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The event featured a panel of FinanceMalta members sharing their views and Malta’s strategy in this area. FinanceMalta is a non-profit public-private initiative that was set up to promote Malta as an international business and financial centre within in and out of Malta.

FinanceMalta says it played a “prominent role” at the summit by hosting the two-day event’s first panel discussion: “Putting DLT and Legal on the same page”. FinanceMalta also had an exhibition stand throughout the summit.

“We are proud to have played an important role in this event in Amsterdam. Throughout the year, FinanceMalta promotes Malta’s thought-leadership and experience in various financial services forums, including the areas of Fintech and Blockchain. Through such FinanceMalta-sponsored events, our members can gain exposure, share their views and connect effectively with other players from all around the world,” said Ivan Grech, Chief Operations Officer of FinanceMalta.

“It was an informative panel session about bringing together DLT and Legal on the same page, whilst focusing on Malta as a jurisdiction for such innovation,” he added.

FinanceMalta works on bringing together and harnessing the resources of the industry and government to ensure Malta maintains a modern and effective legal, regulatory and fiscal framework in which the “financial services sector can continue to grow and prosper”.

The FinanceMalta panel speakers were Ian Gauci, Managing Partner at Caleda, GTG Advocates & Afilexion Alliace; Diane Bugeja, Senior Associate at Camilleri Preziosi Advocates; Nicholas Warren, Head of Regulatory at Francis J. Vassallo & Associates; and Joseph Woods, Co-Founder and Creative Director of Creolabs Ltd, who moderated the panel.

FinanceMalta founding associations: the Malta Funds Industry Association, the College of Stockbroking Firms, the Malta Bankers’ Association, the Malta Insurance Association, the Association of Insurance Brokers, the Institute of Financial Services Practitioners, and the Malta Insurance Management Association.

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The workshop was held following the publication of Pillar 1 Regulations Consultation Document presented under the fintech strategy and issued by the MFSA earlier in July.

During the session, which was attended by over 120 delegates, the MFSA discussed its proposals on the Regulatory Sandbox as well as the framework for Regulatory and Supervisory Technology solutions being developed by interested parties. 

Attendees were asked to provide feedback and propose questions in relation to how the Regulatory Sandbox will operate in practice, the eligibility criteria and participation structure.

“In line with our vision to be a forward-looking financial services regulator, this consultation process is key to establish Malta as a global fintech hub. Through the proposed regulatory framework, our aim is to encourage businesses to apply new and innovative business models and give them the opportunity to test the commercial and regulatory viability of their innovations, while containing risks to consumers and the financial system,” said Christopher P. Buttigieg, Chief Officer Strategy, Policy and Innovation of MFSA.

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Entitled “Pillar 1 – Regulatory Sandbox and Other Strategic Objectives: Briefing and Consultation”, the workshop aspires to provide an in-depth overview of the Consultation Document and to engage with the audience and stakeholders for feedback. Prospective Sandbox participants, collaborators and stakeholders from finance, law and technology are all invited to attend this workshop and communicate their views.

The MFSA launched a public consultation on the first pillar of its six-pillar Fintech Strategy earlier in July. This regulatory pillar comprises of four key areas, one of which is the creation of a testing-ground known as the Regulatory Sandbox. Such a scheme acts as an attractive option for Malta to become a hub for financial service companies to test out (almost in a controlled laboratory setting), their regulatory or commercial projects with actual financial consumers, the press statement sent to BM says.

The workshop will start with an introductory speech by Kenneth Farrugia, FinanceMalta Chairman, followed by an overview on the Pillar 1 regulations which will be delivered by Christopher Buttigieg – Chief Officer, Strategy, Policy and Innovation at MFSA.

Other speakers during the FinanceMalta workshop include:

• Tom Bull – Associate Partner, EY UK Fintech Leader,
• Joseph Cini – Analyst, FinTech and Innovation at MFSA,
• Leonard Bonello – Partner at GANADO Advocates,
• Ian Gusman – Analyst, FinTech and Innovation at MFSA,
• Joshua Ellul – Chairman of the Malta Digital Innovation Authority,
• Abdalla Kablan – Director at wyzer.ai & Caledo Tech,
• Luciano Brincat – Senior Analyst, FinTech and Innovation at MFSA, Stephen McCarthy – CEO of the Malta Digital Innovation Authority, and
• Ian Gauci – Managing Partner at GTG Advocates.

The event is open for registered delegates. The official website of the event carries further information about the workshop and registration process.

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