From those in the know: ‘The market landscape remains complex’ – APS CEO Marcel Cassar

Malta’s growth forecast may be on tract, but business sentiment among CEOs and business leaders is divided for 2025. In this final sixth part of this series, we zoom in on the views of APS Bank CEO Marcel Cassar.

Marcel Cassar’s career spans multiple senior executive positions in audit, financial regulation and banking before his appointment as APS Bank’s CEO in 2016. 

He has also served twice as Chair of the Malta Bankers’ Association, where he also sat on the board of the European Banking Federation. 

Marcel presents a measured perspective on the economic outlook, acknowledging both opportunities and challenges. He emphasises the need for banks to prioritise digital transformation, enhance customer experiences, strengthen operational resilience, and drive efficiencies amid intense competition and greater regulatory scrutiny. “The market landscape remains complex,” he notes. 

“The pace of growth has been helped by the pandemic rebound, reliefs like energy subsidies, and the continued strength of sectors such as tourism and gaming. But challenges remain – like skills shortages, labour cost inflation and cyber risk. 

Malta’s performance is still highly driven by consumption and more should be done to increase export-based industrial production.” When it comes to the future of banking, Marcel first points to the need to ‘keep up’ with the FinTechs, as well as the importance of exploring AI to improve security, efficiency and customer experience. 

“On top of that, there is a need to stay on top of the sustainability and green agenda, including by offering ESG-friendly products. Also, we will have to manage the challenges of increased regulatory compliance, talent and skills development.” 

Meanwhile, on a national level, Marcel admits that, as a banker, he sees the international waters around Malta getting quite choppy. “Consider the geopolitical risks and conflicts, OECD and China growth slowing down, and uncertainty about the new Trump administration,” he says. “European competitiveness is also weak and likely to get worse. 

Despite Malta’s growth momentum, our open economy is not immune to these developments.” So, the CEO is keen to see certain policy measures and reforms implemented to strengthen our attractiveness. 

“Measures should be put in place to improve overall quality of life,” he says, “focusing on digital innovation, infrastructure, education, healthcare, sustainability, and jobs.” They are all in urgent need of attention, alongside the need to address the problems of urbanisation, transportation and over-development. 

“This requires a collaborative effort between the public and private sectors to ensure Malta’s long-term economic prosperity,” he concludes.

This forms part of a feature first published on Malta CEOs 2025, the sister print brand to MaltaCEOs.mt, both owned by Content House.