A lawyer by profession, Manfred Galdes has over two decades’ experience in regulatory and AML compliance, with leading roles both in the private and public sectors. His multidisciplinary team at ARQ advises and ensures the compliance of major domestic financial institutions and top-tier gaming companies. He is also a non-Executive Director and Chair of the risk committee of HSBC Malta plc.
“Uncertainty is a word most economic commentators are using for 2023’s outlook, and which is not usually associated with a stable economy. However, I believe that Malta’s economy can remain resilient to shocks that uncertainty might bring. Our island’s economy is far less concentrated on more cyclical sectors like tourism or discretionary spending than it has been, while it has positively embraced technology-linked sectors. So it is well-placed to weather any moderate to heavy storm that might arise.
“Although economic stability is undoubtedly what most business owners would opt for if they had the choice, uncertainty can be positive as it may present new business opportunities.
“During any period of uncertainty, the well-trodden path is that ‘cash is king’, which still rings true. Maintaining cash flows and preserving liquidity to provide flexibility in the event of a crisis is still a sound risk management principle. For more resilient businesses, cash reserves can also cover opportunistic acquisitions or capitalise on new market opportunities.”
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