In 2020 financial services grew by 5.5% – also an increase of 941 new employees in the sector

Despite the negative impact of the pandemic, the country’s financial sector last year registered a growth of 5.5% and exceeded €1,000 million.

The Report by the Malta Financial Services Authority (MFSA) also shows that in 2020, the financial services sector registered a 7.5% increase in employment up to last October. There are now more than 12,200 persons working in the sector.

The MFSA said that despite the pandemic it had remained on course to achieve the aims of its strategic plan. Among others, the Authority carried out 419 inspections, an increase of 84% of 2019 inspections. Also last year the MFSA carried out 81 inspections in the name of the Malta Agency Against Money-Laundering (FIAU).

In addition, 265 applications were processed and 25% of these were either withdrawn or refused.

From this Report it also emerges that throughout last year the MFSA invested strongly in human resource and its officials carried out 52 enforcement procedures of licenced companies which between them were fined almost €1 million. This is an amount that equals fines for a three year period from 2017 to 2019.

MFSA Chairman, Professor John Mamo said that despite pandemic circumstances he noted that the country’s financial sector continued to grow and create employment opportunities. He said the Authority is determined to continue spread high and sustainable levels through the integration of new sectors, including supervision and increased potential.

Executive Head Dr Christopher P. Buttigieg said that throughout last year the Agency had carried out its ambitious and strategic plans and the MFSA will continue to focus on stability in the sector while providing continuity and sustainability.