Malta's transition from an offshore to an onshore jurisdiction within the financial services realm has been marked by a strategic and comprehensive reform of its legislative landscape. The progressive overhaul of financial legislation in the 1990s paved the way for Malta's emergence as a stable and reputable financial services centre on the global stage.
The country’s commitment to aligning its financial legislation with international best practices is pivotal to this transformation. Notably, the nation was among the pioneering cohort of six countries worldwide to forge an advanced accord on fiscal matters with the Organisation for Economic Co-operation and Development (OECD). Today, Malta remains actively engaged with influential bodies such as the OECD, the European Union, and the Commonwealth, contributing to crafting global regulatory policies.
The tangible impact of these reforms is evident in the exponential growth of Malta's financial services industry over the past decade. With over 6,000 individuals employed directly in the sector (excluding law and accountancy firms), financial services now contribute 12% to the country's GDP. Streamlined procedures, reduced bureaucracy, lower fees, and compliance costs have collectively fostered an environment conducive to growth, attracting diverse financial services operators.
Crucially, Malta's commitment to ongoing evaluation and enhancement of legislation and regulations underscores its proactive approach to staying abreast of industry developments. This steadfast dedication maintains Malta's competitive edge in the dynamic and evolving landscape of the financial services sector.
The government's continuous efforts to fine-tune regulatory frameworks, in tandem with its responsiveness to industry needs, epitomize Malta's evolution into a premier onshore jurisdiction for financial services. As the sector continues to flourish, Malta stands poised to solidify its position as a global hub for financial services, offering stability, compliance, and an environment ripe for innovation and growth.
In this edition of Financial Services Review, we showcase financial services providers in Malta for 2023. Among the featured companies are Altarius and Papilio Services. The magazine further brings insightful perspectives shared by Pedro Mira Vaz, chief data & analytics officer at NOVO BANCO and Nikolay Stoichkov, head of strategic risk management at First Investment Bank. We hope these valuable insights from industry leaders featured in this edition will assist you in making informed decisions for your businesses.
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