Malta’s finance services sector continues to attract international players

Minister of Finance, the Economy and Investment Tonio Fenech, speaking at a business breakfast organised on the occasion of the launch, remarked that “this news adds yet another important contribution to the chain of successful stories that have emerged from the financial services sector throughout these past months.

“This is no mean feat, when considering what this sector has experienced over the past months internationally. Yet, it is with satisfaction to note that over the years, financial services continued increasing its contribution to wealth and employment creation in Malta.”

The minister lauded the company’s efforts to attract foreign fund managers to Malta, not only with the aim of providing opportunities for the local investors, but also to encourage such companies to use Malta as a hub for other European and Mediterranean countries.

Fenech added that Malta now benefits from the greater credibility conferred by EU-compliant legislation and access to passporting rights: “Over the past years, investment services have grown at a steady pace, as Malta gained reputation as an efficient funds domicile that can provide competitive access to the European market.  Our regulatory framework has not only passed the European Union test but has also been confirmed by OECD through inclusion on its White List.”

An example is the agreement reached this year in the form of a Memorandum of Understanding with China. This agreement places Malta’s funds industry at the same level with the major funds domiciles particularly in the European Union.

Fenech remarked that it is positive that the outside world is recognising these achievements. In a Global Competitiveness Report drawn up by the World Economic Forum, Malta placed 11th out of 139 countries in terms of financial market development for 2010-2011.