Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri expressed satisfaction over the results published in the MFSA’s annual report and financial statements for the financial year ending 31st December 2018.
“Despite the fact that last year proved to be challenging for the financial services sector on an international level, Malta managed to consolidate and further grow this industry in a very significant and notable manner. In fact, as the results show, the financial services sector employed more than 12,000 people meaning that 1,000 new jobs were created last year”, Silvio Schembri said.
He explained that these successful results happened due to a restructuring process, which was set in motion 2 years ago within the Malta Financial Services Authority, which is transforming itself into an agile and dynamic regulator to reflect and adapt to today’s reality.
Such notable changes include :
- The decoupling of the Registry of Companies, now known as the Malta Business Registry from the Malta Financial Services Authority
- A considerable amount of investment in technological infrastructure;
- The creation of new specialised units;
- An increase in human resources and investment in human capital.
“As part of the continuous restructuring plan and the reform within the financial services sector, in the coming weeks, a consultative body will be launched which will serve as the forum of discussions between the government, the regulator and the industry to formulate a 10-year strategy for our financial services sector. Our ultimate aim is to make Malta a centre of excellence for the financial services sector”, concluded Silvio Schembri.
Source: Press Release by the Parliamentary Secretariat for Financial Services, Digital Economy and Innovation
Published in July 2019