Finance Malta chairman, Kenneth Farrugia, said that various sectors in the financial services sector in Malta registered growth of between five to seventeen percent, with an increase in the investment, assurance and retirement schemes among others.
He was speaking during the annual general conference of Finance Malta, entitled ‘Finances without Frontiers’, which gathered some 500 operators in the financial services. The conference mostly focused on the developments and new technologies being introduced in the sector.
Mr Farrugia described the sector as a technology revolution, mentioning the blockchain, coins and virtual assets such as bitcoins and tokens. He said that the new industry of Distributed Ledger Technology, DLT, will be another pillar in the financial sector.
“During the coming three months, the Malta Financial Services Authority is expected to issue regulations to regulate this particular sector. It is a sector that attracted many operators from around the world; we have at this conference delegates from 21 countries, from Canada, the U.S., Europe, Pakistan, India and South Africa who are interested in the sector and also in other sectors of the Maltese financial sector”, Finance Malta chairman stated.
He added that the financial services industry registered a sustained growth.
In a recorded message, Prime Minister Joseph Muscat remarked that the financial sector is moving faster than the regulatory framework and therefore it needs to increase efforts so that Malta continues with the high standards in the industry. He stated that Malta was among the first countries in the world which drafted a legal framework to regulate DLT technology, with which the country attracted the first companies in the blockchain sector.