‘Malta can act as a model for others’ – Graziella Grech

There’s a popular maxim that goes “You can’t manage what you don’t understand.” It’s a saying that in many ways perfectly captures the spirit of Graziella Grech’s career journey to becoming Chief Operations Officer at FinanceMalta. With 27 years of diverse experience in the finance sector, Graziella has navigated every corner of the industry, gaining invaluable insights along the way. Today, she is applying that extensive expertise to oversee the daily operations of FinanceMalta, a public-private initiative dedicated to positioning Malta as a leading financial centre in the global landscape.

Over the course of 12 years, Graziella led various branches and teams at HSBC, managing projects in back-office operations. This experience gave her ample opportunity to find effective ways to streamline processes and tackle bureaucratic inefficiencies, projects which she attributes to sharpening her strategic thinking in the process. Additionally, her collaboration with the Malta Financial Services Authority (MFSA) and the Office of the Arbiter for Financial Services provided her with a firsthand understanding of the intricate dynamics involved in achieving the delicate balance between compliance and trust in the industry.

Reflecting on her career thus far, Graziella notes that: “Every experience has been essential to shaping my understanding of the financial landscape. It has helped me see how it operates from different angles, whether it’s from a consumer’s point of view, or from regulatory or operational sides.” She adds, “I’m also a continuous learner and I seize any chance to equip myself with the knowledge and skills needed to stay ahead in the industry and keep up with the latest trends.” In fact, she recently completed an MBA from Henley Business School as well as an ACCA Certificate in FinTech, which has enhanced her grasp of both the financial sector and the technological innovations reshaping it.

Graziella’s professional and educational journey certainly laid the groundwork for her to step into the role of COO at FinanceMalta in 2023. She notes that in addition to equipping her with essential industry knowledge, her earlier experiences have also significantly shaped her leadership style: “Leading multiple teams taught me the importance of effective communication and motivation. Personally, I subscribe to a servant leadership philosophy, which prioritises my team’s growth and well-being while promoting open communication and inclusivity. I believe in empowering team members through delegation and mentorship, which I feel allows them to learn and develop more effectively.”

She joined FinanceMalta at something of a turning point for the local industry. Her appointment came shortly after Malta was removed from the FATF greylist, a significant achievement completed in less than a year. FinanceMalta itself played a crucial role in unifying all stakeholders, advocating for reforms and collaborating with government agencies to enhance compliance and transparency. Since assuming her new role, Graziella has been at the forefront of getting the right message across to the global finance and business community, dispelling persistent misconceptions about Malta, and working to rebuild trust with international partners.

“The greylisting was a blow, but Malta took all the necessary steps to emerge from it in under a year. Now, I believe we can serve as a model for others, as our frameworks and policies have become more robust. It’s our responsibility to showcase the truth and the progress we’ve made,” she explains.

A critical component to helping FinanceMalta convey the right message has been the establishment of the Malta Financial Services Advisory Council (MFSAC), a strategic initiative led by the agency to address immediate challenges and lay the groundwork for future growth. The council unites 15 working groups, each dedicated to crucial sectors like banking, insurance, and fintech, as well as broader topics such as bureaucracy, taxation, and sustainability. This collaborative effort resulted in a comprehensive 10-year strategy launched in March 2023, featuring 175 actionable points.

“MFSAC is an extensive strategy, but at its core, it’s about fostering open dialogue. This allows stakeholders from across the industry to share their experiences and concerns, enabling us to communicate these issues effectively to the right authorities,” Graziella explains. “Ultimately, I believe that only through communication and collaboration can we shape Malta’s financial future for the better.”

Beyond collaborating with local stakeholders, Graziella and her team are also actively forging new partnerships with international agencies, officials, and diplomats, efforts which she believes have been essential for enhancing Malta’s position in the global financial landscape.

“I’m proud to say that we’ve made significant strides on this front. We’re attending global conferences, building new partnerships, and engaging in strategic missions abroad. Our recent mission to Japan marked a major milestone, as it was the first time our two countries collaborated on mutual initiatives. There’s tremendous potential here. We are looking forward to learning from their avant-garde approaches, while we can share our own strengths, particularly with regards our forward-thinking strategies in FinTech and our commitment to creating effective regulatory frameworks that allow such businesses to operate in our jurisdiction.”

FinanceMalta has also been actively expanding its international footprint through other partnerships with financial hubs and global memberships, such as its participation in the World Alliance of International Financial Centers (WAIFC), a strategic alliance to facilitate cooperation and economic growth representing the world’s major financial centres

Graziella emphasises the significance of such connections, stating, “As the smallest country in the WAIFC, we share the same voice as the larger nations. This access to a global network allows us to tap into insights and strategies while addressing common challenges. It’s a unique opportunity to exchange ideas and best practices, and also enables Malta to benchmark its performance against international standards, enhancing our growth and competitiveness.”

Additionally, Malta’s involvement with the EU Roundtable provides a platform for direct dialogue with policymakers and industry experts, with a European focus. Graziella notes, “Our Chairman will represent Malta’s interests in Brussels. This is another great opportunity to boost Malta’s visibility and attract foreign investment.”

With plenty of first-hand insight into the current global financial landscape, Graziella is optimistic about Malta’s resilience and growth amid the current geopolitical and economic challenges. “We are faring well compared with other EU financial hubs,” she notes. “Our size means we are nimble and can adapt quickly, a fact highlighted during the pandemic when the sector accelerated its digital transformation with banks swiftly transitioning to digital operations. Larger hubs may have broader reach, but our strategy targets specific sectors and niches, which gives us a competitive edge.”

As for emerging trends that are shaping the future of finance, Graziella is enthusiastic about Malta’s ambitions to become a leading FinTech hub. “We’re seeing tremendous interest from potential investors in this area, especially after our attendance at the Money20/20 expo in Amsterdam.”

There’s also the fact that Malta is actively exploring AI-driven solutions to enhance risk assessment and improve operational processes, underscoring its commitment to technological innovation. As a “blockchain island,” Malta established a regulatory framework for Virtual Financial Assets (VFA) in 2018, promoting digital currencies and decentralized finance. Now, with the European Union’s Markets in Crypto-Assets Regulation (MiCA) set to take effect, Malta is well-positioned to leverage its early regulatory initiatives and align with these new EU standards. All in all, Malta has plenty of opportunities to capitalize on as it works towards becoming a prominent player in an increasingly global digital finance industry.

Now with recent news that the budget document signals no changes to the tax regime for the next six years, Graziella and her team have the stability to maintain momentum in promoting Malta under a consistent strategy while exploring new opportunities and collaborations.

“There’s a lot to be hopeful about for the future of our industry,” she states, reflecting her optimism. “From our part at FinanceMalta, we remain committed to ensuring our financial sector remains robust, trustworthy, and adaptable to the ever-changing global realities.”

This interview forms part of the Digital 50 Business Leaders project. These high-profile interviews are exclusively featured online at MaltaCEOs.mt, highlighting 50 distinguished conversations with business leaders, CEOs, and emerging entrepreneurial talents. Through these discussions, we aim to showcase the remarkable journeys, achievements, and successes of Malta’s business leaders.

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