FinanceMalta Chairman George Vella ‘encouraged’ by number of firms setting up shop in Malta

FinanceMalta Chairman George Vella has stated that he is encouraged by the number of firms that are opting to set up in Malta.

His statement came after FinanceMalta recently released its Annual Report for 2023, in which the local financial services sector’s continued growth was highlighted.

This was particularly highlighted following the National Statistics Offices’ figure that 97.6  per cent of Malta’s €500 billion stock of foreign direct investment is attributed to the financial services sector.  

In his comments, Mr Vella reiterated that FinanceMalta has strengthened its resolve to share the potential that the Maltese financial services jurisdiction has to offer, including stability and cost-effectiveness.

“I am encouraged by the number of firms setting up shop here, whether established international companies or small startups, enticed by the flourishing ecosystem that has consolidated over the past decade,” he said.

He continued that, with this in mind, he is optimistic and keen to unravel what the future of the industry has in store.

In its report, FinanceMalta provided an overview of its efforts and achievements in positioning Malta as “a prominent international financial centre.”

The report, which received approval during the Annual General Meeting held in June by FinanceMalta’s founding associations, reflects a year of increased activity and accomplishments on both domestic and global fronts.

The organisation’s main priority remained that of strengthening Malta’s visibility abroad, poviding exposure tot he jurisdiction, as well as to regulators and representtives of the private sector – including its 250 members – at 32 international events.

These covered a wide spectrum of financial sectors, including funds, asset management, insurance, private wealth management, fintech and capital markets.

These events attracted the participation of more than 100 delegates. Among the standout moments of the year were FinanceMalta’s participation at ‘Money 20/20 Europe’ and  ‘Malta – A Global Financial Services Platform’.

Furthemore, FinanceMalta noted that it has sought to lead companies to think about sustainable finance, through the launch of a website which keeps practitioners informed of recent developments and best practice on the matter.