A renaissance for Malta’s financial services?
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From Grey-Listing to Global Hub
Nicole Cassar
Malta’s financial services industry has undergone a remarkable transformation over the past 26 years, evolving into a key pillar of the economy. Once grey-listed, the country has not only restored its reputation but is now positioning itself as a dynamic and forward-looking financial hub.
What makes Malta so resilient, and why is it attracting global investors?
The latest episode of the Malta-EU Business Gateway podcast delves into these questions, featuring insights from Graziella Grech, Chief Operations Officer of FinanceMalta.
FinanceMalta, a public-private foundation, plays a crucial role in promoting the country as an international financial services centre. Its primary mission is to attract foreign direct investment, thereby creating job opportunities and benefiting industrialists. The organisation works closely with financial and supporting industries, offering its members visibility through international events, networking opportunities, and conferences.
Collaboration extends beyond financial services. FinanceMalta partners with the hospitality sector to host major conferences, leveraging Malta’s strategic location between Europe and global markets. Following the success of the XBRL conference last year, Malta will welcome The Deal Makers in July, a prestigious event attracting high-profile business figures, particularly from the UAE. This event will serve as a platform for exploring Malta’s financial sector and fostering new business opportunities.
Malta’s appeal as an investment destination is reinforced by its strategic position as a gateway to the EU and a bridge to North Africa. Coupled with a strong regulatory system, the country provides a secure and structured environment for investors. The Malta Financial Services Authority (MFSA) has played a pivotal role in this regard, notably introducing the Virtual Financial Assets Act in 2018 to govern sectors such as Fintech and Blockchain. The recent implementation of the MiCA (Markets in Crypto-Assets) framework has further cemented Malta’s standing as a hub for crypto-related businesses, attracting companies seeking compliance and licensing within an EU jurisdiction.
Beyond traditional financial services, FinanceMalta actively engages with the gaming industry, participating in global conferences such as SIGMA to promote Malta’s thriving crypto and blockchain ecosystem. As digital finance gains prominence, the country is increasingly focused on Fintech, a sector that operates 24/7. The Malta Digital Innovation Authority plays a key role in ensuring consumer and industry protection, particularly as reliance on paper currency continues to decline.
Despite facing strong competition from other jurisdictions, Malta remains a preferred choice due to its double taxation agreements, incentives for startups, and competitive licensing fees. The financial sector significantly contributes to the economy, accounting for 12% of GDP and employing over 17,000 people. Notably, a growing number of professionals are transitioning from the gaming sector to financial services, drawn by better working conditions, higher salaries, and educational incentives.
Ms Grech emphasised the importance of the upcoming annual conference on 19-20 November, describing it as a vital platform for attracting investment, strengthening the sector, and reinforcing Malta’s reputation as a secure and well-regulated financial jurisdiction. With a strong regulatory framework, a strategic location, and a commitment to innovation, Malta continues to position itself as a leading financial centre that supports local businesses on a global scale.
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