Malta-China collaboration on Financial Services
Following the signing of an agreement aimed at developing the securities markets earlier on this year between the Malta Financial Services Authority (MFSA) and the China Securities Regulatory Commission, the Maltese Finance minister Tonio Fenech has now met a delegation from the China Banking Regulatory Commission (CBRC) in order to discuss further collaboration in the field of financial services. The MFSA and the CBRC concluded and signed a Memorandum of Understanding (MoU) which established an agreement for the sharing of supervisory information and which was aimed to enhance co-operation in the area of banking supervision.
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. He explained Government’s determination to succeed in this objective while being constantly vigilant to global developments. Government is responding to changes in the international commerce sphere in order to ensure that Malta is offering investors and business partners the best possible financial services environment.
Tonio Fenech highlighted the fact that Malta is also managing to attract a considerable number of important companies and numerous foreign banks have set up business in Malta in the last few years. The sector has attracted operators from a varied number of countries, among others the UK, Austria, Australia, Turkey, Switzerland, Portugal and the Gulf.
The Maltese Banking landscape has changed over the past decade or so from one having 4 retail banks serving the local population to an EU compliant industry sector of world-class sophistication currently hosting 24 foreign or privately owned credit institutions with total assets of 41 billion Euro as of December 2009.
With growth, the spread of products and services being offered by banks in and from Malta became vaster and these now include: retail banking, private banking, commercial banking, trust business, investment banking, trade finance, treasury operations and syndicated loans. Furthermore, 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.