Malta-China collaboration on financial services discussed

The delegation was accompanied by HE Ambassador to the Republic of China, Zhang Keyuan.

The Malta Financial Services Authority (MFSA)and the CBRC had already concluded and signed a Memorandum of Understanding which established an agreement for the sharing of supervisory information and which was aimed to enhance co-operation in the area of banking supervision.

A similar agreement had also been signed earlier this year between the Malta Financial Services Authority and the China Securities Regulatory Commission and which was aimed at promoting the development of the securities markets by providing a framework for co-operation mutual understanding and exchange of information.

In his address, Minister Tonio Fenech took this opportunity to highlight Government’s commitment in establishing Malta as the leading regional centre of excellence in financial services by 2015.

Tonio Fenech highlighted the fact that Malta is also managing to attract a significant number of important companies and many foreign banks have set up business in Malta in the last few years.

The sector has attracted operators from a number of countries, among others the UK, Austria, Australia, Turkey, Switzerland, Portugal and the Gulf.  There are now over 20 banks operating across a whole range of areas including corporate banking and project finance, custody, financial leasing and trade financing, private wealth management and retail banking.

Over the last 10 years, investment services have also grown at a steady pace, as Malta gained reputation as an efficient funds domicile that can provide competitive access to the European market.