MONEY ISSUE 68

BUSINESS

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LIFEST YLE

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DESIGN

THE BUSINESS EDITION ISSUE 68

COVER STORY

MANAGING RISK FOR A STRONGER SECTOR Andrew Naudi

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REDEFINING THE POST-PANDEMIC WORLD OF WORK Patrick Psaila 1 0 BRIDGING THE GENDER GAP Jo Caruana, Yasmin de Giorgio & Joanna Delia 1 4 BUDGETARY REFLECTIONS JP Fabri 4 4

Wishing you a Holiday Season filled with joy and a new year filled with success

+(356) 2712 0765 • info@mrecruitment.eu www.mrecruitment.eu

WELCOME

Editor’s letter — We’re fast approaching the end of 2021, and COVID-19 shows no signs of abating.

COVER

Quite the opposite – numbers seem to be rising again, Malta has been placed on the orange list

Andrew Naudi

for travel, and certain European countries are heading back down the lockdown path.

Read the full story on P.18

Who would have thought that we’d be experiencing another COVID Christmas?

Is this the new normal of life? We spoke to Patrick Psaila, a warranted psychologist and training consultant, specifically about this issue and how people are coping with and handling the new lifestyle that was thrust upon us due to the pandemic. Working from home, mask-wearing, keeping distance from others, and sanitising one’s hands have become second nature to us – but at what cost? Hitting us on a national level was the greylisting by the FATF. Our cover story, Andrew Naudi, explains that the move certainly affected Malta’s reputation; however, the iGaming industry remains robust despite this setback.

Of course, one must ask – for how long? In time, will Malta manage to pull itself out of this reputational pit of darkness, or will the adverse effects be felt for years to come, potentially crippling specific industries? We’ll have to wait and see. In the meantime, I hope that the people pulling the rope have the foresight to recognise the devastating economic impact that a longstanding greylisting status can have on a

E D I T O R Anthony P. Bernard

country of Malta’s size.

[anthony@moneymag.me]

The 19th of November marks Women’s Entrepreneurship Day around the world. Considering this,

D E S I G N BloomCreative

we have interviews with three leading female entrepreneurs in Malta who give us the lowdown

[bloomcreative.com.mt]

on the life of an entrepreneur, what led them to choose this path, and the challenges they face based solely on their gender. One hopes that in the not-too-distant future, we’ll be able to stop

P R I N T I N G Print It

qualifying roles with the terms ‘male’ or ‘female’, which have nothing to do with the skills and attributes possessed by a person, and which are doing a disservice to those people who do not

D I S T R I B U T I O N JD Distributors

define themselves according to those labels.

Then there’s another group who defy all labels, although they can still be grouped – the digital nomads. Malta has seen a population increase in those who thrive on not being tied down. They

MONEY is hand-delivered to businesses in Malta,

love innovation and the freedom that it offers, and Malta has provided them with a hub that offers

including all managers and directors of the TOP 300

them the technological resources necessary for their typically online jobs, with an Englishspeaking Mediterranean lifestyle… and a healthy dose of all-year sunshine.

companies; iGaming, yachting and boating businesses, marinas, all 5-star hotels and boutique guesthouses including their business centres, executive lounges and rooms (where allowed), embassies and Maltese

These people can be important brand ambassadors for Malta, but we need to offer them (and the rest of the population) the dream island that they want – and it’s not a pollution-ridden, concrete

embassies abroad (UK, Rome, Brussels and Moscow); all government ministries and entities.

jungle, in case you were wondering. We may have more to offer than sun and sea, but we need to

For information regarding promotion and advertising:

take care of those too, and if we keep on dumping building waste into the sea, and building on the

(+356) 2134 2155 · [hello@moneymag.me]

seafront casting long shadows over the shore, then we’re going to suffer the consequences. And that’s just the tip of the iceberg of the potentially irreparable harm we’re inflicting on the island.

The lack of trees and open spaces, the road rage and hazards caused by the over-population of vehicles, and the rapid decline of amiability and likeability by the Maltese will all lead to further degeneration.

Money is published by Be Communications Ltd,

EY Malta’s Attractiveness Survey gives an overview of the appeal of Malta across several strata,

No. 81, Howard Street, Sliema, Malta SLM 1754

FACEBOOK-SQUARE LINKEDIN · [becommunications.com]

and overdevelopment is ranked as Malta’s greatest challenge. However, on the more optimistic side, inequality is not seen as a significant issue on the island, which is a positive trait.

All rights reserved. Reproduction in whole or in part is strictly prohibited without written permission.

We also look at the economic side of things with a report on the budget that was delivered in

Opinions expressed in Money are not necessarily those of the editor or publisher. All reasonable care

October, an in-depth look at how to plan your marketing for long-lasting effects, and how supply-

is taken to ensure truth and accuracy, but the editor

driven inflation can be a threat to economic recovery.

and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or

And, since Christmas is just around the corner, don’t forget to glimpse at the finer things in life and see what tickles your fancy. Dropping a

but cannot be returned without a stamped, self-addressed envelope. The editor is not responsible for

couple of hints to a loved one wouldn’t go amiss either ;)

04

illustrations. Unsolicited manuscripts are welcome

material submitted for consideration.

ISSUE 68

MONEY

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Fortune favours the bold.

Plan your next move. Elevate your brand.

boldbishop.com

CONTENTS

10

18

28

Redefining the postpandemic world of work

Managing risk for a stronger sector

Connected to culture

COVER STORY

Dayna Camilleri Clarke interviews Patrick Psaila, a warranted psychologist and training consultant, about the hot topic of navigating the “new normal” in the world of work from a psycho-social perspective. Patrick has many years of experience working with top leaders and organisations to bring the best out of their people and maximise their potential.

14 Bridging the gender gap

Malta’s greylisting has undoubtedly harmed Malta’s reputation as the jurisdiction for iGaming. However, Malta still offers a mature iGaming ecosystem with solid knowledge and expertise within the sector available on the Island. “Therefore, we must keep working at ensuring good corporate governance is implemented across the iGaming industry to mitigate risk and ensure an ethical and socially responsible environment is fostered amongst iGaming companies,” says Andrew Naudi from Getgovernanz.

20 No man’s land Few people who work in Malta’s hospitality and creative industries have not heard of a new and growing demographic – digital nomads, independent location workers, remote workers, call them what you will.

And, if the hype is to be believed, this demographic is set to change how people live, work, and travel. Victor Paul Borg investigates.

08

34 Viewpoints for a brighter future The findings from EY Malta’s attractiveness survey – the 17th edition of an annual study conducted among existing FDI companies in Malta – was launched during EY’s Future Realised event in October.

38 Malta’s soft power potentials (part 4): It’s education, silly!

24 Lyndsey Grima catches up with three women entrepreneurs from different industries, Jo Caruana, Yasmin de Giorgio, and Joanna Delia, to learn more about their experiences, motivations, and difficulties to be a woman in their respective roles.

During the pandemic, the arts took a massive blow. Some went online, but audiences were lost; creative projects have gone forever. But did the switch to online lead to something new in the way we create? Veronica Stivala finds out.

Will the greylisting tarnish Malta’s iGaming crown?

Lea Hogg talks to Enrico Bradamante, CEO of iGEN, on Malta’s greylisting and if it hasdeflected the trajectory of the iGaming sector or sent it spiralling back to Earth.

ISSUE 68

The notion of soft power projects a more ‘human’ image – or as some would say - a more ‘real’ identity of a nation. It highlights a country’s liveability and attractiveness in the eyes of the world. Soft power reflects and affects the flow of ideas and human and financial capital, serving as the tipping point for decisions across the board. Ray de Bono explains.

MONEY

CONTENTS

44 Budgetary reflections Now that the dust has settled on the budget and the political debate has muted, it is opportune to analyse the budget objectively and, more importantly, to put forward several recommendations on improving the budgetary process and the debate in general. JP Fabri reviews.

47 Supply-driven inflation — a threat to economic recovery The unprecedented environment brought about by the pandemic, an ecosystem driven by a spike in consumer demand, should have conditioned inflation positively. The latter would have eventually pushed Central Banks to deliberately pave the way for monetary tightening. However, what we are experiencing now is a situation contrary to expectations — Jordan Portelli outlines.

Dayna is a senior speech therapist

Veronica is a freelance writer

by day and feature writer by night.

and editor. She won the IGM Award

When she’s not busy fixing words, she

for her work on Ethical and Positive

is travelling the world and adding to her

Disability in 2016.

fridge magnet collection.

A R T S P.28

H E A LT H P.10

52 Plan your marketing to give you long-lasting effects

Over the last two decades, Lyndsey is a freelance writer and social media marketeer. When she’s not

the media, marketing and IT fields,

typing away, you will find her focusing

focusing mainly on the international

on her training at the gym.

market. [raydebono.com]

W O M E N I N B U S I N E S S P.14

S O F T P O W E R P.38

Victor is an investigative journalist

Marketing seems to be a Schrodinger’s cat dilemma for most businesses. Richard Muscat Azzopardi explains.

Ray has directed businesses in

JP is a founding partner at Seed,

with more than two million words and

a multi-disciplinary advisory practice.

hundreds of pictures to his name, in

B U D G E T P.44

books, magazines, and newspapers in every corner of the world.

N O M A D S P.20

Jordan is an economist and CIO / portfolio manager for a local financial services company.

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popular current affairs TV show.

The finer things in life

analysis, forecasting and assessment

& Brand, a marketing agency that forms

reporting for a number of international

part of ICOM, the world’s largest network

corporates.

of independent agencies.

i G A M I N G P.24

M A R K E T I N G P.52

MONEY can’t buy you everything.

Actually, it can!

MONEY

Lea produces and hosts a She provides multi media content,

THE BUSINESS EDITION

E C O N O M Y P.47

Richard is the CEO of Switch — Digital

09

H E A LT H

10

ISSUE 68

MONEY

H E A LT H

REDEFINING THE POST-PANDEMIC WORLD OF WORK Dayna Camilleri Clarke interviews Patrick Psaila, a warranted psychologist and training consultant, about the hot topic of navigating the “new normal” in the world of work from a psycho-social perspective. Patrick has many years of experience working with top leaders and organisations to bring the best out of their people and maximise their potential.

The COVID-19 pandemic disrupted workforces globally during 2020 and continues to do so. The short-term consequences were sudden and often severe: Millions of people were furloughed or lost jobs, and others rapidly adjusted to working from home as offices closed. Many other workers were deemed essential and continued to work, yet under new protocols to reduce the spread of the novel coronavirus. While some changes may stick around long after COVID-19 is gone, others will continue to evolve, but how do we adapt in the meantime?

The COVID-19 landscape has changed the employment landscape on many levels, from remote working to job insecurity and other new industries. Do you think any changes will be long-term?

The COVID-19 pandemic can be regarded as a significant disruptor similar to that of a war. Throughout history, every major and long-term disruptor has brought about permanent change as humanity adjusts, adapts, and innovates as a way of coping and re-establishing balance.

There are several reasons why people are burning out more, and ironically, one of them is working from home or remotely.

One such change that seems to be here to stay in the shift to hybrid working conditions is where employees work part remote and part from the office. »

MONEY

THE BUSINESS EDITION

11

H E A LT H

...the importance of leaders’ ability to empathise and understand their employees has become a critical skill in facilitating a smooth transition to the new normal.

Do you believe there is such a thing as the “new normal”, or life will resume as was before the pandemic once the dust settles?

We tend to re-establish balance just like an ecosystem recovers after a significant catastrophe or natural disaster. Chernobyl is one example.

However, I believe there will be elements of a new normal in the way people work and play even after the dust settles.

This is because the pandemic has forced us to look for alternatives, and sometimes, these same alternatives have proved to be an improvement on what we had before. For example, many people took up sports activities and hobbies that could be practised even with social distancing and have become keen and enthusiastic about them.

One such hobby is kayaking, which over the past year and a half has exploded in popularity. Other examples are online shopping from local

There was also the constant fear of becoming infected with the virus,

outlets and food deliveries from restaurants. While these existed before

the continuous media bombardment about the number of cases, the

the pandemic, they have now become the norm, and in my opinion, they

number of hospitalisations, deaths, variants, vaccines and more. People

will remain.

lost their jobs, and some had to relocate. All this has created widespread insecurity and apprehension resulting in people becoming constantly

Have you seen an increase in mental health issues throughout

hypervigilant and reactive to bad news. Over time, these factors start to

the pandemic?

wear us down and fatigue kicks in.

Yes, there has been an increase in mental health issues. Mental

Why are people burning out more?

health professionals struggle to cope with the rise of depression and anxiety disorders and stress-related psychological problems. This is

There are several reasons why people are burning out more, and

not surprising. The pandemic brought about the need for significant

ironically, one of them is working from home or remotely. This is because

adjustment to the way we go about our daily life, and in many cases, the

of the blurred boundaries between working and personal time. When

change was far from pleasant. Periods of social isolation because of

people do not clearly distinguish between their work and the rest of

quarantine and lack of social connection because of various measures

their lives, they tend to work beyond regular hours or spread their work

have also brought about a lot of psychological distress, especially in the

tasks over a more extended period. Another contributor to burnout is

elderly and in people who already tended to be lonely.

the constant interaction on virtual platforms such as zoom and teams.

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H E A LT H

Employers need to know that transitioning to the new normal is a further adjustment in its own right. Many people are coming out of a period that was difficult and challenging to negotiate. Unfortunately, this means that several people may still be somewhat vulnerable and prone to suffer from mental health issues. One thing that employers can do to support their workforce is to introduce corporate wellness programmes. These consist of structured initiatives that promote mental health and wellbeing.

Why have soft leadership skills become more critical now than ever?

More than ever, the importance of leaders’ ability to empathise and understand their employees has become a critical skill in facilitating a smooth transition to the new normal. Adaptability is also being considered an essential leadership skill during times of accelerated change. They also need to be sources of inspiration and courage for their people and generate hope and positivity for the future.

What coping advice would you give to individuals experiencing physical and emotional pressures resulting from the pandemic?

The first piece of advice I would give is to take care of the basics.

Healthy nutrition, plenty of exercise and sufficient rest and sleep are critical to wellbeing, especially during periods of prolonged duress. It is also essential to reach out to friends and family for support and if you feel that you are struggling to cope, seek professional help by talking to a mental health professional.

All of us will ultimately have to return to the office, but it’s almost impossible not to fear the potential for becoming infected once we’re all back. So how do we deal with the worry and fear this causes?

While we must take all the necessary and available precautions such as vaccines, mask-wearing, ventilation, avoiding overcrowded environments, etc., we need to relax and try to live as everyday life as possible without obsessing about becoming infected. By being responsible and sensible, we can reduce the chances of infection to a level like the occurrence of other potential predicaments that we hardly Research has identified that interacting over virtual platforms is

consider in our daily lives.

more tiring because it is an artificial social interaction environment.

For example, it is highly unnatural to see one’s face while having a

Many colleagues and families are dealing with differences of

conversation. This tends to make us feel more self-conscious when we

opinion on how to handle COVID-19. Some remain sheltered in

are communicating and, as a result, adds strain on our brain. Another

place and follow the rules, while others are more cavalier and

common source of burnout came from looking after young children and

venture into the public as if it were normal. What is some advice

sometimes home school them while also coping with work. This reality

on compassionately communicating with others without growing

affected primarily women who, for the most part, ended up having to

frustrated by their actions?

carry the burden of childcare even when having to cope with their jobs.

The first thing is to be respectful towards people who prefer to be One other source of burnout has been the lack of social and human

more cautious and play safe even if they feel overdoing it. On the other

contact because of remote work. When people work at the office, they

hand, we need to be assertive with people who do not respect the rules

can talk, take breaks together, and offer support through knowledge and

and ask them to do so when they are in our presence. People respond,

workload sharing.

adjust, and adapt in their way, and we cannot expect everyone to behave or see things the way we do. So, respect, patience, sensitivity,

How can employers support staff as they transition into the

and assertiveness, are vital attributes that we all need to practice

new normal?

during these times.

MONEY

THE BUSINESS EDITION

13

WOMEN IN BUSINESS

BRIDGING THE GENDER GAP Lyndsey Grima catches up with three women entrepreneurs from different industries, Jo Caruana, Yasmin de Giorgio, and Joanna Delia, to learn more about their experiences, motivations, and difficulties to be a woman in their respective roles.

The role of women in the entrepreneurial and business world is evolving, albeit gradually, into an environment that offers greater empowerment. Despite this, gender disparities continue to limit business potential around societies worldwide. Gender inequality goes beyond the assumption and stereotype that women should stay at home to do chores and take care of the family. Although this is still present in some cultures, the majority have moved past this viewpoint to realise that anyone belongs in the workplace, irrespective of their gender. What is now most evident in today’s world is that women need to try harder than men, especially to aim and reach higher business positions.

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WOMEN IN BUSINESS

I have always assumed I could do the job as well as a man and got on with it. — Jo Caruana the years, that grew to need team support and ultimately into a much larger business. Today I absolutely love business – starting businesses, growing businesses, and collaborating with businesses. I think business is essential and has the power to bring change.

YDG: I was very blessed to be brought up by two parents who never made me feel like my gender would be an obstacle, so I didn’t look at professions as male-dominated. When I was young, I started competitive sailing, one of two girls in a thirty or so boys fleet. It wasn’t easy, but I feel lucky to have had this base which has allowed me to look at careers simply as that, as opposed to being male or femaledominated.

JD: I was brought up by an unconventional father and never questioned or doubted that, because of my gender, I would in any way be disadvantaged. As someone else’s employee, I felt I couldn’t improve things at my place of work to the best of my potential. At the time, it was a case of a male boss not listening enough or attempting to suppress my influence out of fear of being out shown, but still, I had not interpreted this as a male on female issue. Taking that step, over the proverbial Jo Caruana is the founder of the Finesse Group, which helps companies

chiasm, into starting my own company was crucial to have the freedom

curate all aspects of their customer journey – from their marketing,

to try out business models without restrictions or interference. Growing

PR and communications to their business etiquette, client interaction

up, I was told that the sky was the limit, so this was not too far from

processes, cross-cultural intelligence, and sales language. Jo is also an

what I had imagined.

actress, writer and presenter, and the Finesse Writers’ Club founder.

What’s the most significant factor that has helped you become Yasmin de Giorgio has recently been appointed CEO of Shireburn

successful in your career as a woman?

Software Ltd. Ms de Giorgio has earned her recognition as an entrepreneur after founding three successful businesses within five

JC: Having a learning mindset and being open to adaptability. As the

years. She is also the co-founder and managing director of Sanya, an

years go, you change and business changes. You cannot get stuck in

eco-spa and yoga hub in Malta.

your ways and must have your eyes open to react. I have enjoyed saying ‘yes’ a lot. I said yes to everything when I started my career and still say

Joanna Delia is the owner and aesthetic doctor at People & Skin. Before

yes to as many things as I can today. You never know what doors could

venturing into her own business, she was also the founding director of

be opened. I think enthusiasm is an underrated skill in business.

TheSmartSkinClinic. She regularly contributes to the local arts scene, YDG: I think determination is key to success because obstacles will

and she is a vocal women’s rights activist.

be there in whatever field of life we choose to express ourselves in.

When you began your career many years ago, did you ever imagine

Determination comes from a belief in oneself that you are strong

that you would be a leader in a male-dominated profession?

enough to withstand the pressures of setbacks, criticisms, and disappointments. I thank my parents for giving me a childhood that

JC: I am not sure my sector (communications and training) is mainly

allowed me to cultivate self-esteem and a willingness to work on myself

male-dominated, but I think business in general is. I started as a

and improve constantly.

freelance writer and didn’t have business goals in mind; that came later. From day one, I was focused on serving my clients best and, over

MONEY

JD: Hard work, both in hours put in, but mostly in hyper-focused »

THE BUSINESS EDITION

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WOMEN IN BUSINESS

I believe that it is the best students who make the best leaders.

— Yasmin de Giorgio energy and to strive to be better at what you do every day. Surrounding yourself with the right people and recruiting appropriate candidates is also crucial. Also, deep respect for flexibility helps, breaking away from the 9-5, understanding that people have lives which one should workaround. Finally, quality over quantity, always.

As a female entrepreneur, what has been the most significant barrier in your career? Have you been confronted with genderrelated roadblocks?

JC: Perhaps I have been lucky as I don’t believe my gender has held me back too much. I may have had to prove myself in ways men would not, but I have chosen not to notice. I have always assumed I could do the job as well as a man and got on with it. That said, I do not believe all women have had this experience. I think many women face barrier after barrier on their route to success because of their gender. As a result, I love mentoring and working with women at all stages of their careers to help them overcome anything they feel may stand in their way.

YDG: I can’t say that I have faced significant barriers, but there have been instances where I felt I was being treated differently as a woman.

in ways we don’t always foresee; taking responsibility and learning from

Sadly, I can say that the two most prominent memories that come to

the times we could have done differently is crucial to improve as a leader

mind were both in conversations with highly appointed people.

and businessperson continually.

JD: Sexism is everywhere. I don’t think a day goes by when I don’t

JD: Choose the right people and invest in them. Believe in loyalty –

hear a sexist remark, an attempt to brainwash me into guilt or dent my

engage in solid and lasting relationships with employees and team

self-esteem. It comes from politicians, distributors, mothers, brothers,

members. I believe that is the most important lesson I have learnt.

patients, competitors. If you let it get to you, I suppose, you stumble. I believe that the biggest roadblock in the life of a career-driven woman

What patterns have you noticed over the years about women

is parenthood. Our society has still not reconciled with the idea that a

at work and things they could be doing better to advance their

woman can be herself, professionally, and contribute to society with

careers?

pre-motherhood achievements and still be a ‘good’ mother.

JC: I think, in general, women – and me very much included – get into What mistakes have you made along the way, and what did you learn

our heads about things. We often carry guilt about everything, and that

from them?

can weigh us down and hold us back. I am always impressed by people who don’t get stuck questioning things and just get on and do them. I

JC: I make mistakes every day. We all do. I love mistakes; they keep us on

try to be more like that, but it’s easy to fall into the trap of overthinking.

our toes, and learning from them is often the best way to develop a new ‘best way’. I don’t think about mistakes too much. I deal with them in the

YDG: I think becoming more self-aware about the patterns which hold

moment, apologise and fix them as best I can. I believe any mistake can

us back is crucial. Everyone has their unique history, dynamics, values,

be fixed with the right attitude and a solutions mindset.

and capabilities, and I think the most important thing is to sincerely strive to know ourselves as best we can. When we are honest about our

YDG: Mistakes are continuous and what they have taught me is that

weaknesses, we will grow personally.

we should be humble and always willing to reflect honestly on the consequences of our actions. We all make decisions that affect others

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JD: I believe that women need more flexibility, especially until fathers

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WOMEN IN BUSINESS

Our society has still not reconciled with the idea that a woman can be herself, professionally, and contribute to society with pre-motherhood achievements and still be a ‘good’ mother.

— Joanna Delia overstressed, I have a treatment and spend an hour in the sensory deprivation tank. I also meditate daily, which is an essential part of my routine.

JD: I have adjusted my work-life balance hours significantly over the years. For instance, I take two months off every summer. It acts like a sabbatical and enables me to remain fully engaged and inspired to do the job that I love when I return to work. I also get to spend wonderful quality time with my children and partner and get take on a fairer share of responsibility. People perform more efficiently

to daydream and plan and improve things, fine-tune them when not

if allowed to work at their own pace, in their own time, and from places,

under pressure. We travel a lot, and I read a lot. I am also a massive

they are more comfortable with. I believe that women need to speak

lover of the arts. I regularly lose myself in a visual art exhibition,

twice as loud to be heard, and I understand that some women feel they

performance, dance, theatre, classical and contemporary, and jazz

have to storm into a board room with 5-inch heels and perfect hair and

live music gigs.

make-up because otherwise, a male-dominated panel will collectively ignore them. However, in my experience, I have felt so much support

What advice would you give to the next generation of female

from other female business owners and leaders, although I still feel we

leaders?

need to increase networking and collaboration opportunities in Malta.

JC: Enjoy the journey. Yes, some people experience overnight

And we certainly need to vote more women into parliament!

success and make their first million by 25. However, most of us have You are all undoubtedly busy; how do you take care of yourself and

to take the longer route. There is no destination in your career. If you

maintain good mental health?

don’t enjoy the steps, you’re missing the point.

JC: I know I have a choice. If I don’t want to work this hard, I don’t have

YDG: Emotional maturity is critical in leadership, so I would

to. When I get stressed and feel overwhelmed, I remind myself that this

recommend investing in your inner landscape. I believe that it is the

is a choice. I remind myself that I was excited to say yes and that being

best students who make the best leaders.

busy is a good thing. I try to steer clear of negative thinking. I have also stopped telling myself I don’t have enough time and instead tell myself

JD: Put your foot down, be yourselves and be prepared. Ask for

I do. It’s another mental shift that works for me. I also have a constant

help, advice, and mentorship. Chose very, very wisely who you

list to-hand, which I work on every evening to set priorities for the next

spend your life with, and a woman does not have to have children if

day. I would be lost without it.

she doesn’t want to. Never stop fighting for women’s rights - when people are treated equally, all of society benefits. And support other

YDG: As the founder of Sanya, I am lucky to have a host of facilities

women. You know they deserve it. And you will reap the benefits of

that help me look after myself. Whenever I feel overstimulated or

that support.

MONEY

THE BUSINESS EDITION

17

COVER STORY

MANAGING RISK FOR A STRONGER SECTOR Malta’s greylisting has undoubtedly harmed Malta’s reputation as the jurisdiction for iGaming. However, Malta still offers a mature iGaming ecosystem with solid knowledge and expertise within the sector available on the Island. “Therefore, we must keep working at ensuring good corporate governance is implemented across the iGaming industry to mitigate risk and ensure an ethical and socially responsible environment is fostered amongst iGaming companies,” says Andrew Naudi from Getgovernanz.

NOUV is being very vocal about governance. In what specific ways can the iGaming sector apply governance principles more effectively?

Indeed, NOUV set up its Getgovernanz initiative to promote good governance, transparency, accountability, and the rule of law as the necessary fundamental values to shape a better economy and a fairer society.

When it comes to iGaming, as with most other sectors, good corporate governance ensures that companies have the appropriate policies and practices in place to establish long-term shareholder value. Shareholders have all the right to ask questions around an organisation’s governance, especially when performance is taking a downturn, but not only. Sound corporate governance principles give shareholders the right to ask questions to re-affirm that the board and management are doing their best to increase shareholder value.

Every iGaming and financial services

It is a regulatory requirement on licensed

The board is accountable to them and works in

company needs to have its own in-house

entities and ‘subject persons’ as described in

an ethical and socially responsible manner.

MLRO. What are your thoughts on this?

the FIAU regulations and guidelines. The role

18

ISSUE 68

MONEY

COVER STORY

of the MLRO (Money Laundering Reporting

The greylisting of Malta as a jurisdiction has

While good governance can be associated

Officer) is to ensure AMLCFT (Anti-Money

triggered a re-assessment of the risk posed

with governments and public institutions,

Laundering / Combating Financial Terrorism)

by Malta-based entities amongst several

corporate governance is very much the

policies are in place and implemented as per

stakeholders, such as international banks.

same thing. iGaming companies have

implementing procedures published by the

Therefore, MGA licensees may be faced

their ecosystem of internal and external

FIAU for the various industries. It is therefore

with additional queries and requests for

stakeholders, just like a government has, and

essential for companies to engage qualified

information from international partners.

companies also have social and environmental

and knowledgeable MLROs, and that the

responsibilities to society in general.

MLRO is empowered to exercise their duties

It appears that the MGA, as confirmed by the

objectively and independently.

MGA CEO, has picked up on this immediately

Hence while government and institutions,

and is prioritising outreach to the most

such as regulatory agencies and authorities,

What, in your opinion, have been the most

relevant stakeholders to explain that the

professional bodies such as the Chamber,

acute effects of Malta’s greylisting on the

shortcomings identified in Malta’s regard do

accountants’ body, and others, set the

local iGaming sector?

not relate to the gaming sector.

governance frameworks through the

The greylisting has undoubtedly had a

Perhaps the most meaningful initiative is the

regimes, companies operating within those

negative impact on Malta’s reputation as

action plan put together by the Ministry of

frameworks must adhere to the same

the jurisdiction to be in for iGaming. This

Finance to set the ball rolling to implement

governance principles as described earlier.

reputational issue compounded with the fact

change at MBR and FIAU levels to satisfy the

that as a nation, we are now possibly stepping

FATF’s recommendations. This action plan

What foreign model of governance should

up our game in regulatory and compliance

primarily affects unregulated businesses –

Malta’s gaming sector emulate, in your

matters has rendered doing business in Malta

over 48,000 companies currently registered

opinion, and why?

not as attractive as it possibly used to be in

with the MBR. From an MGA perspective, the

the past.

Authority had already embarked on improving

There is not one single model that stands out

its onboarding and ongoing monitoring

over others. However, various frameworks

processes.

such as the International Finance

enactment of laws, regulatory and licensing

We have seen from existing and potential clients of ours that there is scepticism about

Corporation’s (part of world bank) corporate

whether Malta should still be considered

You advocate for proper board composition

governance methodology are well worth

a jurisdiction where to establish oneself.

and governance at board level. In what

a serious look. This approach evaluates

However, Malta still offers a mature iGaming

ways, would this apply when we mainly

and improves the corporate governance

ecosystem, and undoubtedly the knowledge

focus on the gaming sector?

of a company (including the governance

and expertise within the sector are still solid.

attributes of crucial environmental and iGaming companies are no different from

social policies and procedures) to identify,

One of the significant aftermaths of

any other organisation, meaning that proper

reduce, and manage risk. Its use helps

the greylisting has been how banks and

board composition that ensures ethical and

companies confirm their commitment

financial institutions outside the country

social behaviour is adopted throughout the

to demonstrate leadership and promote

view Malta, with repercussions on cash

organisation will go a long way to ultimately

effective environmental, social, and corporate

flows in and out of the country. How has this

produce shareholder value. In addition, boards

governance.

impacted the iGaming industry in practical

should ensure that the sound corporate

terms? What have been the quantifiable

governance principles of transparency,

How easy/difficult is it to apply the

losses till now and the foreseeable ones if

responsiveness, efficiency, and accountability

principles of good governance in cases

Malta does not exit the list within a year?

are adhered to.

where different jurisdictions govern a company?

Good corporate governance helps companies operate more efficiently, mitigate risk, and safeguard against mismanagement.

Issues like transparency, accountability, participation, and responsiveness apply to private organisations as they do for public institutions. Good corporate governance helps companies operate more efficiently, mitigate risk, and safeguard against mismanagement. It, therefore, makes companies more accountable and transparent to investors and gives them the tools to respond to stakeholder concerns. And this applies to any organisation. The principles of good governance remain the same in whichever jurisdiction one operates.

MONEY

THE BUSINESS EDITION

19

NOMADS

No Man’s Land Few people who work in Malta’s hospitality and creative industries have not heard of a new and growing demographic – digital nomads, independent location workers, remote workers, call them what you will. And, if the hype is to be believed, this demographic is set to change how people live, work, and travel. Victor Paul Borg investigates.

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NOMADS

Countries are certainly taking this seriously: last spring, Malta became one of around three dozen countries that designed a visa specifically for digital nomads. This demographic, which was already growing, has been given a further boost by COVID-19.

One person who has seen that growth is Matthias Zeitler, a German who founded a coworking space called Coworking Bansko

Matthias Zeitler of Coworking Bansko

in a small town in Bulgaria called Bansko five years ago. Last summer, he organised the

more people travelling with families, and I think

second edition of the Bansko Nomad Fest, a

this will change the way people work.”

weeklong event consisting of conferencetype presentations, activities, and socialising,

Zeitler and others at the forefront of the

where I met him. He said: “What COVID-19 has

movement say that the most significant

taught us is that we can work distributed,

gap in the market – hence the greatest

remotely, and worldwide if you set up the right

opportunity – lies in providing services

processes. This will become mainstream. We

for families seeking to make the switch to

will see more remote employees, we will see

location independent way of life. This means families relocating to places or countries where they can immerse themselves in the way of life that appeals to them – primarily places that offer outdoor allures, culture, and community – while at the same time still have access to all the family’s needs, and the infrastructure for remote hookup.

The thing with families is that they have specific needs, particularly for the children, unlike young and unattached digital nomads.

Young, unattached digital nomads can set up quickly and hop around easily; families have a

MONEY

Andreas Gerdes talking about remote work

more extensive range of needs on arrival and

in Bansko Nomad Fest

more baggage when moving. »

THE BUSINESS EDITION

21

NOMADS

Mind you, young nomads still gravitate towards

There are also a scatter of coworking places,

in return for a more wholesome and family-

places where the hard and soft infrastructure

but these are geared for anyone or any

oriented way of life, and hence geo arbitrage

exists – families need more soft infrastructure.

company who requires an office but does not

becomes a vital factor.

Soft infrastructure? Think of it as enabling

want to set one up on a more permanent basis.

services, set up, or context. This enabling

These do not appeal to families in their current

“But geo arbitrage is negative in Malta, which

context manifests itself in coworking office

form. There are no events and no community

is more expensive than Berlin,” he says. “If you

space, coliving hubs, and community – the

for families.

go out for dinner, it’s expensive. So is rent.”

Nature-wise, Malta’s situation is mixed. It has

three of them are intermingled. In places like Bansko – and around another fifteen places

In Bansko, for example, there is a world

top outdoor attractions in scuba diving, rock

around the world – these have become self-

schooling programme (which allows children

climbing, and limited hiking, but the wider

sustaining. In Malta, they remain embryonic.

and parents to do activities, sports, crafts, and

has been much degraded in recent years.

Let’s look at these from the perspective of

even meat in restaurants). Other activities are

Gerdes rails against the urban environment:

families with children.

organised by the coworking places – weekly

horrendous traffic, scant pavements, the

Although remote workers can work from home, many prefer to work out of a coworking office, at least some of the time. A coworking office is a shared office: you go to the ‘office’ at will, turn on your laptop and hook up to their systems (printer, internet, and so on). Coworking offices also typically have booths for teleconference or video calls online.

But it is also something more than an office: it engenders a sense of community among people who work out of that particular coworking office. Most offices have a social element: they organise events (talks, barbecues, parties) and activities (outdoorsy activities mostly). This fosters community and friendship.

It’s the same with coliving. These are simply

Families need more soft infrastructure.

Soft infrastructure? Think of it as enabling services, set up, or context. This enabling context manifests itself in coworking office space, coliving hubs, and community – the three of them are intermingled.

places with private living quarters alongside communal spaces – kitchens, lounge, courtyard and so on – where people share the

barbecues, dinner get-togethers, volunteering

inconveniences of ongoing construction

facilities and meet and mingle. Once again,

with an organisation that cares for stray dogs,

everywhere. The feeling is that the balance

that engenders community. Families need

and more. However, in Malta, the enabling

has been tilting away from a wholesome,

community for the parents and the children.

context for location-independent families has

serene, nature-connected situation in Malta.

Schooling is not an issue because schooling

yet to be constructed. According to Andreas

can be done online nowadays. What is essential

Wil Gerdes, Malta also does not fare well in

As for positives, he mentions the use of

is having an environment that enables the

the environmental scenario and essential

English and adds: “Some of the villages are still

children to mingle with other children in social

context, someone who has been immersed in

friendly to little children, and they retain a nice

and sporty settings.

the communications industry and remote work

urban core.”

solutions for thirty years in various places, A country cannot become a severe contender

including Malta.

for remote workers without such a community.

No family would want to come to Malta, for

“For families, you need somewhere nature-

example, if the family is going to end up

connected with positive geo arbitrage,” he

isolated in a flat or house, and the parents and,

says. Geo arbitrage means differences in the

more importantly, the children will struggle

cost of living of different places that allow

to find a community. And Malta’s situation is

remote workers to move somewhere where

that there is no community yet – not for digital

they can enjoy the same lifestyle at a lower

nomads generally, let alone for families. So,

cost. This is important because many people

Malta has devised a digital nomad visa, which

who switch to remote work get out of the

is relevant for non-EU nationals since people

rat race of career advancement. That means

from the EU can come live and work at will.

giving up the chance to make more money

22

ISSUE 68

MONEY

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iGAMING

WILL THE GREYLISTING TARNISH MALTA’S iGAMING CROWN? Lea Hogg talks to Enrico Bradamante, CEO of iGEN, on Malta’s greylisting and if it has deflected the trajectory of the iGaming sector or sent it spiralling back to Earth.

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iGAMING

The inter-governmental Financial Action Task

stick trajectory, second only to tourism in

Force’s (FATF) October update continued to list

economic importance representing 10-12% of

Malta as having sufficient strategic deficiencies

GDP and employing 5% of its skilled workforce.

in its counter money laundering defences

Performing above the EU average in all five

to warrant the continuation of increased

dimensions of the 2020 Digital Economy and

monitoring. This ‘greylisting’ places Malta in the

Society Index and the only EU state with

company of 23 other jurisdictions, including

complete coverage of ultrafast networks,

Albania, the Cayman Islands, and Pakistan.

Malta attracted the world’s largest iGaming

Notably absent from the grey list are pretenders

organisations to its shores and the future looked

to Malta’s crown as Europe’s iGaming hub, such

bright.

as Bulgaria, Cyprus and the Isle of Man. For many companies, relocating to Malta was In the two years leading up to its’ June

based on sustainable taxes and the stability and

listing, the FATF had raised concerns over

robustness of its gaming regulations. So, has the

Malta’s ability to address all shortcomings. In

greylisting and the resignation of former Malta

response, Prime Minister Abela described the

Gaming Association CEO Heathcliff Farrugia, who

greylisting as ‘unjust’ but pledged “high-level

faces criminal charges following an investigation

...transparency, stability in the fiscal and regulatory environment, and ethical business practices are essential for post greylisting recovery and growth.

political commitment” to remedying AML/

into trading in influence with Yorgen Fenech,

CTF weaknesses and accelerating efforts

tarnished Malta’s allure as a hub?

to remove Malta from the list. The National

Enrico Bradamante, CEO of iGEN, the iGaming

Coordination Committee subsequently drafted

trade association he founded in 2018, discloses

plans focused on fighting criminal tax evasion,

that from the outset, iGEN worked closely with

improving ultimate beneficial ownership rules

the Government to make sure it fully understood

and more effective supervision of tax refunds for

all the implications of a greylisting. He says that

companies with foreign shareholding.

the listing will make it more difficult for gaming

companies to operate in Malta as banking, critical

In May, Malta passed Moneyval’s anti-money

for online betting, has been negatively impacted.

laundering test and its institutions and legal

In addition, cross border payments are becoming

structure were deemed compliant. Nevertheless,

more complex, costly and time-consuming, with

FATF demanded more concrete action. In

some transactions now reported to take weeks

September, the Government presented its’

instead of days.

detailed plans to address anti-money laundering weaknesses and demonstrated significant

Bradamante divulges that reputational concerns

progress in closing financial loopholes. However,

and operational challenges have led to over 20

while the FATF acknowledged that Covid -19 had

companies renouncing their operating licences

introduced additional challenges and welcomed

since the FATF decision. However, despite

the progress made, it remained unconvinced.

the current headwinds, he believes Malta will

Thus, the country is to continue under the

weather the storm. “iGaming is here to stay,” he

watchdog’s scrutiny, perhaps until 2023.

quips but acknowledges that uncertainty over timeliness and the lack of information regarding

MONEY

Before its greylisting, Malta’s online gaming

Malta’s escape plan are concerns discussed in

industry was growing explosively on a hockey

many iGaming boardrooms. »

THE BUSINESS EDITION

25

iGAMING

Bradamante advises that iGEN provided

coping with the exponential increase in

a platform where businesses discussed

subscribers, illustrating its agility. He finds

challenges faced by iGaming citing banking,

it surprising, however, that most iGaming

recruitment, compliance, remote working, and

companies are foreign-owned. He remarks

government regulation as concerns raised.

that it seems that while the Maltese have

However, he admits to being encouraged by

been good at servicing the industry, they

the openness of industry and government

appear disinterested in capitalising on direct

dialogue, especially on regulation, incentives,

involvement. He ponders that perhaps the

investments in infrastructure and business

perception of ‘gambling’ as being somehow

resiliency.

‘borderline immoral’ deters nationals from making a career in gaming.

“Malta is the home of iGaming – there is

no other hub like it in Europe or the world…

Setting aside the imperative of multilingualism

an entire ecosystem has developed here

necessitating the employment of expatriates,

to support the sector”. Game developers,

he believes the Maltese have a great deal to

platform providers, mathematicians,

offer, and they will fill the IGEN website lists

statisticians, brand curators, and affiliate

openings he hopes.

Malta is the home of iGaming – there is no other hub like it in Europe or the world... an entire ecosystem has developed here to support the sector.

businesses from every industry sector have

Pressed on the potential fall-out from the

emerged to meet iGaming business needs. In

charges faced by Farrugia, Bradamante

addition, Malta’s pool of specialist skills and

retorts that the industry is more significant

resources make it an unrivalled location for

than any individual. He looks forward to

online betting companies.

working closely with MGA’s new CEO, Carl Brincat, who is committed to sustainable and

He believes there’s a promising future with

compliant growth and resolving the skills

over 250 companies and 7000+ people

shortage slowing the sector’s growth.

working in the industry and an estimated 3,000 employed for ancillary work. But he

In addition to MGA’s role in regulation,

cautions that transparency, stability in the

Bradamante applauds that the protection

fiscal and regulatory environment, and ethical

of consumers is a central MGA objective. He

business practices are essential for post

says the new Gaming Act introduced in 2018

greylisting recovery and growth.

enhanced consumer protection standards and responsible gambling measures to curb

Bradamante describes the iGaming industry

the risk of addiction. Industry forecasts

as ‘pandemic-resistant’. He says that while

estimate a global online gambling market

remote working became the norm and

value of $95 billion by 2024. With technologies

the industry suffered when live sport was

like VR and blockchain innovation, analysts

cancelled, this was counterbalanced by

predict Malta will remain at the epicentre.

significant growth in online players turning to

Growing revenues from Malta’s online gaming

gaming while ‘locked down’ at home.

industry show that the sector is thriving. With so much to gain, iGaming will likely navigate

26

The industry responded with speed and

through the current turbulence and return to

efficiency, adapting to remote working and

its upward trajectory.

ISSUE 68

MONEY

ARTS

CONNECTED TO CULTURE During the pandemic, the arts took a massive blow. Some went online, but audiences were lost; creative projects have gone forever. But did the switch to online lead to something new in the way we create? Veronica Stivala finds out.

A fancy dress, a spot of lipstick. A freshly poured glass of wine and my laptop. During lockdown, our computers became our portal to the social world and the arts as galleries, theatres, and performance venues shut down. I remember relishing getting dressed, this ritual I was so familiar and had taken for granted with pre-pandemic, even if to just sit down in front of my laptop. Watching a performance online was fun, I’ll admit, but the question did arise, was it only so because I was so deprived of the real thing? And what was it like for the artists? I spoke to some experts in the field to find out.

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ARTS

A digital leap For Moveo Dance Company, the switch to online initially worked well. Still, as director and founder Dorian Mallia notes, “eventually audiences started to get a bit fed up with watching things on-screen”. Speaking about preparing and performing online, he comments that there was not much difference between performing for online shows and ‘reallife’ shows. However, the difference lay in how the work and concepts were presented. He confides: “We weren’t equipped with good technology to film performances to a very high level, so we had to adapt to the situation as quickly as possible.” They took it as a learning opportunity, however, and collaborated a lot with people from the field of filming and film direction and that provided them with new skills and ideas. she couldn’t be more right. She comments how exhibitions Looking to the future, Mallia observes how festivals like the

are more than just exhibitions; they are “a moment where

children’s festival Ziguzajg helped them gain audiences

the public gets to experience the art and where the

who they hope will be their future audiences. Mallia is

community in general gathers, exchanges ideas, feedback,

adamant that as human beings, “we are always longing for

and network with art lovers over a glass of wine”. She,

connections, and certain connections can only be made

therefore, took the opportunity of being cut off from others

live”. Furthermore, he adds, “it would be beautiful to have

to launch Artz ID, which has become more than a platform

a very balanced combination of both [online and physical

for connection:

shows] and make dance more accessible to all. Because what the pandemic did for sure is that it made dance more

“Having the community online means accessibility and

accessible to a wider audience.”

new ways in which members can connect as well as how art lovers and the public can get to know their work

MONEY

Worth a thousand words

and ultimately reach out to communicate in real-life.”

During the pandemic, Maria Galea launched Artz ID, the first

She admits that when she first started her career in the

online social network for the visual arts community, and

arts, when exhibiting and visiting many international art

commented on how the situation affected “the entire local

fairs, she always felt no one knew Malta had an actual

artistic community, both financially and mentally”. And

art scene, or some didn’t even know Malta existed on »

THE BUSINESS EDITION

29

ARTS

the map. “Creating an online network and digital media

Will online play a part even when we don’t have to go online

company representing the local art scene in Malta was

to see an exhibition? “Yes, definitely,” she is keen to stress,

also a way to place our community and their work in the

adding that “the art sector has shifted internationally;

international sphere.”

many galleries abroad even decided to keep hosting their online exhibitions/art fairs and auctions in parallel with

Through Artz ID, she has launched multiple initiatives.

the physical ones. It creates further reach both to art

For instance, establishing a Virtual Reality exhibition has

collectors as well as artists. They are giving artists a new

helped the community connect with international artists.

platform on how to promote their work without the actual

We also created a temporary online shop with commission-

need to travel.”

free and free delivery, which has helped generate an income and invested in a 3D mapping camera whereby

The audience speaks

they mapped all the exhibitions that had to close, bringing

Toni Attard, founder and director of Culture

them back to life in a virtual context. Indeed, she notes how

Venture, offers his insight: “During the

“the pandemic has motivated us to do more, be innovative

restrictions caused by the pandemic,

and reach the community in multiple ways, which has

online was the only option for

ultimately helped us build trust.”

live arts, and this was a splendid

opportunity for some innovative

Yet despite the success of her site, Galea is adamant to

work to emerge. This opened new

stress “the online world will never take completely over in

possibilities for new audiences

the arts; we will always look for that in-person experience.”

and non-traditional engagement

However, she does note that having the arts accessible

patterns such as on-demand arts

online will always remain: “The pandemic has shown us new

and virtual reality experiments. For

ways of interacting and finding opportunities. The future

some, this saw an increase in audiences

brings a lot of innovation in the art world, institutions

and visitors. However, we have come to

abroad have been resistant to change for a long time,

understand that this is not a replacement of the

and now they have learned to adapt to new innovations in

live or the in-person visit but must be created differently.

technology, with an increasingly rapid increase in online

Emerging from the pandemic, we will see more hybridity in

sales, creation of new online markets and platforms.”

form, not replacing the live but as an opportunity to engage differently. For more people who would otherwise not been able to participate to do so in a different way (think of virtual visits to museums across the world that would be impossible to access in just one lifetime or books in a library or show).”

As an audience member, Attard admits he prefers live over virtual. As a theatre director and producer, he is even more excited to create arts experiences that bring us closer together again. However, he won’t abandon the possibilities of virtual experiences. The pandemic opened new paths for virtual experiences that won’t replace or substitute live arts but provide space to experiment. “Time will tell if any of these experiments will have a long-lasting impact on

Maria Galea

the way we experience the arts – until then, our immediate need is to get back to full capacity reopening.”

30

ISSUE 68

MONEY

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PROMO

FASTDROP’S NEW SHOPIFY PLUGIN Helping businesses streamline deliveries

Shopify is one of the most used eCommerce platforms in Malta by high-volume merchants. This has spurred FastDrop by eCabs to create a new Shopify plugin for businesses who use FastDrop last mile delivery solution. “Automation is crucial for merchants who want to save time and cost on the administration of deliveries. With this new plugin, we offer a simple way for local Shopify enabled eCommerce platforms to manage order delivery without lifting a finger, except for preparing the order for us to collect.,” explains Ruslan Golomovzy, FastDrop’s business manager.

When was FastDrop launched,

product to our e-retailer

from clothing to electronics to

Now” delivers in 60 minutes or

and what has been the take up

customers and helping them

meal plans and servicing offices

less from pick-up of the package.

so far?

grow their business. Since we

looking for courier deliveries.

launched, we have been doubling

Given that the FastDrop platform

Why was this plugin needed?

FastDrop was launched officially

the number of merchants on the

works as a stand-alone service,

just before the summer of 2021.

platform every month.

it caters for retailers looking

The lengthy process of inputting

to expand their business or to

bookings is a bottleneck for

The product evolved from eCabs Delivers, and the response has

What kind of retailers has

streamline their existing delivery

retailers, so our Shopify plugin

been strong, with good take up

FastDrop managed to attract

service, offering them speed and

automates and simplifies this

across all industries and service

and why?

visibility of the delivery. The most

process, unburdening the

requirements. Given that this

attractive aspect is that FastDrop

merchant from having to capture

is the first year that we are

FastDrop is attracting everyone

offers both a “Deliver Now” and

that information as it pushes

operating with the platform, the

– from small local businesses to

a “Deliver Tomorrow” option.

directly to the FastDrop platform.

overall performance has been

international groups operating in

“Deliver Tomorrow” guarantees

excellent, offering a valuable

Malta. We are delivering anything

delivery in 24 hours, while “Deliver

32

ISSUE 68

How does this work?

MONEY

PROMO

Any merchant that wishes

the administration process of

the service yourself. This is not

that their client experience stays

to integrate the plugin can

deliveries. So, the wow factor

taking the headache itself into

with their brand, and we provide

integrate it as a third-party

is the time that is being saved

account or the opportunity cost

granular updates on package

tool directly on their Shopify

through automation. In fact,

of performing more productive

status. Finally, as mentioned

website. Parameters are set

after the Shopify plugin, we shall

work. We have banked on

before, the fact that we are

once, and any orders entered

be developing and deploying a

our experience, technology,

building this from the ground

before the specified time will

similar plugin for WooCommerce.

and volumes to optimise this

up and taking on all feedback

be scheduled for pick-up. Our

service and keep costs down.

from merchants, we act as an

developers will guide interested

How are you seeking to attract

We are managing, and with our

extension of their brand instead

Shopify eCommerce retailers

more retailers to this service?

experience, we are guiding

of a stand-alone delivery service.

through the process, and once

new or existing clients in the

the plugin is set, there’s no need

Many retailers seem not to be

eCommerce sphere and helping

What further enhancements/

for further management. The

giving the proper attention to

them accomplish their full

developments could we expect

plugin also features an address

the delivery sphere, not utilising

potential.

soon?

verifying element. If the address

the technology available and

is not found via Google Maps, it

returning to old habits. Retailers

What are the main positive

We are revamping FastDrop’s

will prompt the user to set a pin

should look at the delivery of

attributes that make this

core mechanism to optimise

for their address to ensure the

their goods as an extension of

service sought after?

deliveries, introducing a labelling

highest possible success for a

their business, and this is where

and scanning solution that will

first attempt delivery.

FastDrop comes in to make their

For a country like Malta, next-day

involve QR codes for better

deliveries happen seamlessly. If

delivery should be the norm and

tracking of package status and

What is the wow factor of

more customers are shopping

nowadays, five days to deliver

automating rescheduling of

this plugin?

online, more customers expect

something in Malta makes no

deliveries to allow the client to

a great delivery experience,

sense. Ours is an actual next-

reschedule the delivery directly

We have been listening to our

which is easily possible through

day delivery service operating

with us. We are also exploring

clients, who want to ensure

FastDrop. We’ve demonstrated

365 days a year, 24/7. For many

the deployment of a client app.

they can continue growing their

that farming out the delivery

merchants, the visibility we

All this to ensure a seamless and

operation without incurring

function in almost all cases turns

provide on real-time tracking is

hassle-free experience for our

additional costs related to

out cheaper than performing

another crucial point. We ensure

merchants and their clients.

MONEY

THE BUSINESS EDITION

33

SURVEY

VIEWPOINTS FOR A BRIGHTER FUTURE

The findings from EY Malta’s attractiveness survey – the 17th edition of an annual study conducted among existing FDI companies in Malta – was launched during EY’s Future Realised event in October.

The research assesses current investors’

Future presence on the island

Presence in Malta in 10 years’ time

sentiments on the overall attractiveness of

Notwithstanding the challenges, 77% of

Source: All 2019-21 respondents.

the island, Malta’s strengths, weaknesses,

companies still believe their long-term future

companies’ plans to retain a presence on the

is in Malta, although there is a slight increase

island and suggestions on where the country

in “no” responses. The last two years have

should focus looking forward.

seen only a marginal decline in positive responses.

Attractiveness index

2019

2020

2021

80%

79%

77%

The percentage of respondents viewing

FDI Attractiveness Scoreboard

Malta as attractive has declined for the

As in previous years, corporate taxation

second year in a row. Malta is now viewed as

remained top of the attractiveness

attractive for FDI by 37% of investors, while

scoreboard; however, it has witnessed a 15%

46% believe it is not attractive. This year’s

decline in one year. The attractiveness of

Malta Attractiveness Survey was carried out

Malta’s stability of social climate (58%) has

just after the country was put on the FATF

decreased by 6% and remains in third place,

grey list of jurisdictions under increased

while the telecommunications infrastructure

regulatory environment are in last place on

monitoring. Many respondents highlighted

(64%) has retained second place.

the FDI attractiveness scoreboard, with only

18% 2%

8%

Yes

8% 15%

Don’t know

No

17% of current foreign investors deeming this

this as a significant concern.

Respondents provided insight into how Malta

13%

For the second year running, the stability

parameter to be currently attractive and 64%

and transparency of the political, legal and

not attractive.

can increase its attractiveness for FDI, with many mentioning reputation, governance,

Percentage of respondents viewing Malta as attractive

improving the skills base and tackling the

Source: All 2014-21 respondents.

greylisting as priorities. Positives for Malta as an FDI destination continue to include an

84%

attractive corporate tax regime, an Englishspeaking workforce and competitive labour

87% 77%

79%

78%

costs.

62%

74%

46%

FATF greylisting 25%

The most evident impact of the greylisting, according to respondents, will be on Malta’s

15%

11%

ability to be seen as a reputable destination to conduct business (84%). This is followed by the ease of doing business in Malta for their

7%

6%

5%

6%

2014

2015

2016

11%

16% 10%

2017

2018

37%

15%

8%

2019

13%

2020

17%

2021

companies (55%) and their future investment decisions (42%).

34

Yes

ISSUE 68

Don’t know

No

MONEY

SURVEY

Skills challenge

Priorities to remain globally competitive

With recruitment increasing, companies’

Source: All 2021 respondents.

challenge to find the required skills has resurfaced. Only 31% of investors are finding the required specialised skills. Retention

1

Reputation and brand

levels have also returned to pre-pandemic levels, with 78% managing to retain their

Education and skills

2

Develop new economic sectors

4

Environmental, social and governance matters

6

Infrastructure, transportation and planning

8

specialised personnel.

Priorities to remain globally competitive Respondents continue to believe that Malta’s

3

Strengthen institutions, enforcement and monitoring

5

Ease of doing business

utmost priority should focus on reputation and brand and education and skills to remain globally competitive. The strengthening of the country’s institutions, enforcement and monitoring is also essential for many respondents, ranking in third place, followed closely by developing new economic sectors.

7

Long-term economic planning

Leading business sectors over the next five years Over the next five years, the leading business

9

followed by iGaming and artificial intelligence.

11

10

Shift to low-carbon economy

12

Stimuli to boost R&D and innovation

sectors remain the same as in previous years, with tourism and leisure in the first place,

Changing existing tax framework

Support for established sectors

View from EY Ronald Attard, EY Malta country managing

other side in a timely and effective fashion,

this parameter ranked at the very top. With

partner, stated: “For the first time since

and Malta can too. It is imperative though to

consistent effort from all interested parties,

we have been conducting our survey, a

look beyond short-sighted gains and shift

improvements can be registered once more.”

significant part of the investors interviewed

the focus towards building future-proof

are telling us that Malta is currently

framework, legislation, and enforcement to

Attard went on to reiterate some key

unattractive for FDI. This might not be easy to

underpin long-term economic prosperity.”

messages that were mentioned in the same

digest as we are accustomed to better results.

report just one year ago. “In last year’s

However, this outcome is not necessarily only

Looking at Malta’s FDI attractiveness

report, we asked whether this was the time

due to the greylisting, but it has certainly

parameters, he highlighted that although

to pause and reflect. We asked whether

played a big part.”

some features were declining, these can

we should take the opportunity to reframe

be addressed. “Our tax regime remains our

our future. Potentially, a new economic

He highlighted that since a large majority,

top attractive feature for FDI investors,

model that is less based on numbers – be

eight out of ten, still believe their future is

but its attractiveness has declined by 15%

it a number of cars, tourists, permits,

here in Malta, there is still time to act, and

in one year. Developments internationally

or property sales – may be needed. One

the FATF grey listing needs to be tackled

will certainly have had a bearing. The

that focuses more on well-being and the

in the shortest timeframe possible. “Other

stability of the political, legal and regulatory

quality of life of our residents. An economic

countries, most notably Iceland, have passed

environment has been placed last for the

model where the benefits of an attractive

through the same process and come out the

second year running. Some years back,

tax system are eclipsed by the strength of our talent pool, digital infrastructure,

Leading business sectors over the next five years

innovation environment, quality of life and

Source: All 2021 respondents.

social fabric.”

Tourism and leisure

68%

iGaming

46%

Artificial intelligence Professional services

39% 38%

Finally, he closed with a positive message that if acted upon, these challenges can be overcome. “These are all priority areas going forward, but it’s worth keeping in mind that our weaknesses are not permanent. Far from

ICT and telecommunications

35%

it. We have the capability and resources to

Digital media and games

35%

turn our fortunes around and harness our

Maritime

35%

strengths to compete with the very best.” »

MONEY

THE BUSINESS EDITION

35

SURVEY

Malta’s biggest challenges

EY Generate Youth Survey

Source: All 2021 respondents.

The 4th EY Generate Youth Survey 2021 All

The pulse of Malta’s future generations was

% Change

Gen-Z

Millennials

carried out amongst Generation-Z and Millennials and published during the third day of EY’s Future Realised Week. It outlines

Overdevelopment

68%

9% ↑

64%

71%

Environment

55%

4% ↑

53%

56%

Traffic

26%

7% ↓

24%

27%

International image

24%

3% ↑

17%

30%

Economy

21%

8% ↓

22%

20%

COVID-19

20%

39% ↓

22%

18%

Climate change

20%

n/a

33%

6%

Education

19%

8% ↓

19%

19%

Immigration

14%

n/a

15%

12%

Brain drain (people leaving Malta)

9%

n/a

6%

12%

Inequality

8%

9% ↓

8%

8%

their views on Malta, their future and the similarities and differences between the generations.

Compared to just one year ago, both Gen-Z and Millennials financial situation has improved When it comes to their financial situation compared to a year ago, it is looking positive.

For Gen-Z, those doing better increased by 12%, with 42% now stating they are in a better financial situation. Additionally, millennials report a 15% increase, as now 46% believe they are better off.

Both generations are more concerned by the pandemic’s impact on the economy over their health Gen-Z gave their health a concern rating of 2.7/5 this year, compared to 3.3 in 2020.

Millennials concern rating on the impact on their health has also decreased from 3.1/5 to 2.7 this year. Finally, Gen-Z and Millennials concern for the economy has decreased but only slightly by 0.1 each downwards.

Concerned by impact on health

Concerned by impact on the economy

Looking at generational differences, Millennials (71%) are slightly more alarmed

3.3 2.7

3.1

3.5

3.8

3.4

by overdevelopment than their Gen-Z (64%)

3.7

counterparts. Another difference can be seen in international image, as Millennials (30%) believe it is a more significant issue than

2.7

Gen-Z (17%).

One of the new survey options, climate change, scored as high as COVID-19 (20%) overall, but it seems that this is seen as a much more significant challenge to Gen-Z (33%) than Millennials (6%). Considering their environmental concerns, Malta’s youth

Gen-Z

Millennials

Gen-Z

Millennials

believe the government should prioritise investing in pollution reduction and waste

2020

Concern rating: 5 is more concerned and 1 is least concerned.

2021

management, followed by governance and public education.

Malta’s most significant challenges include

environment (55%). COVID-19 was previously

overdevelopment, the environment and

in 3rd place but has seen a substantial

Nine out of ten believe Malta’s environment

traffic

decrease by 39% in one year, now placing 6th

is getting worse

Overdevelopment has once again placed

with just 20%. Traffic (26%) is now in 3rd place

A high result that demonstrates young

first in the list of Malta’s most significant

but has decreased by 7% in just one year,

people today have developed a very strong

challenges (68%), followed by the

while international image (24%) is in 4th place.

environmental conscience.

36

ISSUE 68

MONEY

SURVEY

Around 60% would like to become

Would rather live and work in...

entrepreneurs

Source: All 2021 respondents.

Dreams and aspirations to become

3% ↑

12% ↑

60%

59%

entrepreneurs have increased over a single year. Like 2020, Gen-Z are more inclined to want to become entrepreneurs over their Millennial counterparts. Since entrepreneurship is the backbone of any thriving economy, these results bode well for

4%

5%

Europe (not Malta)

Malta.

3%

2% A large amount would like to live and work

North America

elsewhere in Europe

2% ↓

4% ↓

When asked which part of the world they would rather live in, close to 60% stated in

28%

another European country, while around 27%

Asia

26%

said Malta, these results are similar to last year; however, a more significant share of Malta

Millennials now also dream of moving abroad

4%

6%

following a 12% increase.

1%

1%

South America

Africa

Australia

1 out of 3 are hopeful they will be living better than today in 5 years Those that believe they will not be living better in 5 years has increased by 8% – 10% in a single year. However, their responses

Gen-Z

Millennials

↕ % change from 2020

indicate that there is still some uncertainty, Ronald continued by highlighting their

some of society’s issues: “A pleasant

main concerns on the environment: “As

result is that so many harbour dreams

View from EY

the country continues adjusting to new

of becoming entrepreneurs. They are a

Ronald Attard, EY Malta country managing

realities, our youth are firmly focused on

resourceful generation, packed with ideas

partner, had strong words of praise for Malta’s

the preservation of Malta’s environmental

that will transform not only their lives but

youths: “The future leaders of this country

landscape, our built environment, and the

also those around them with meaningful

have a lot to say, and this is precisely why we

green economy. It is once again encouraging

employment and the entire country. Their

believe so much in gathering their opinions

to see how unified they are in the steadfast

aspirations should be wholly encouraged

and showcasing them for all to see. They are

desire to safeguard our island’s natural

and their boldness rewarded. Our young

now in the second year of a global pandemic,

beauty - before it is too late.”

people are seeing what’s happening around

as close to 40% do not know.

them in the world today and not simply

shown resilience and will undoubtedly be pivotal in helping Malta to emerge even

He also believes many of Malta’s young

asking questions but promoting workable

stronger than before.”

people will one day be the solution to

solutions.”

Malta’s environment is getting...

Living better today than in 5 years’ time 8% ↑

2%

Gen-Z

9%

Gen-Z

89%

34% 3% ↓

5% ↑

Millennials

Millennials

90% 4% ↑

9%

31%

1%

9% ↓

37%

29%

2% ↓

38%

31%

4% ↓

10% ↑

Better

MONEY

Same

Worse

↕ % change from 2020

THE BUSINESS EDITION

Yes

Don’t know

No

↕ % change from 2020

37

SOFT POWER

MALTA’S SOFT POWER POTENTIALS

IT’S EDUCATION, SILLY! (Part 4)

The notion of soft power projects a more ‘human’ image – or as some would say - a more ‘real’ identity of a nation. It highlights a country’s liveability and attractiveness in the eyes of the world. Soft power reflects and affects the flow of ideas and human and financial capital, serving as the tipping point for decisions across the board. Ray de Bono explains.

38

ISSUE 68

MONEY

SOFT POWER

The criteria for determining a nation’s soft power ranking focuses

underachievement and early school leaving make it challenging to meet

on many attributes. Apart from a country’s perceived identity, its

the needs for skilled labour. This also has long-term implications for

global diplomatic stance, ease of doing business, eco-friendliness,

social inclusion because children from socially-disadvantaged families

and the quality of the public service, analysts focus on its citizens’

are less likely to benefit from the best educational opportunities and are

trustworthiness, friendliness, digital readiness, and most importantly,

more likely to lag behind their more advantaged peers.

education, which is precisely the topic which we’re tackling this month.

Why is education so central to garnering Malta’s soft power potentials?

“The average performance of Maltese pupils remains below the

Education is primarily at the root of many of our nation’s challenges,

EU average, and an increasingly diverse student population poses

from fiscal integrity to environmental awareness, illiteracy to creativity

challenges for the Maltese education system” - The European

and innovation, education is the key.

Commission Country Report on Malta, 2020.

Restoring Malta’s sense of national pride, which comes through better

Leading business director and former president of the Institute of

education, is another prerequisite here. If people were more aware of

Accountants Franco Azzopardi also sees education as part of the

their origins, culture, European heritage, and place in the world, they

solution. “In many ways, Malta is a victim of its success: It attracted

would think more highly of their potentials. Education is the key to

some €3.3 billion in Foreign Direct Investment in 2019 (NSO) and saw a

addressing many shortcomings as it directly affects how the average

surplus economy. On the other hand, it still lags behind fellow Schengen

Maltese person thinks, expresses their ideas and acts.

states where bureaucracy and ease-to-do-business are concerned. In an era of global turmoil, Malta must strengthen its human capital while

Deficiencies in the education system are directly related to the sorry

addressing problem areas such as improving its fiscal integrity and

state of our environment, and this may explain the abject disregard

business ethics culture through better education. If it fails to do so, we

most locals appear to have for building regulations and our country’s

risk denting not only our nation’s reputation but also its future economic

historical and archaeological patrimony. In analysing education, I

prospects.”

decided to sit down with various people who know a thing or two about this field, some hailing from the business, others from the professional

Leading business director and former president of the Institute of

sector. I also spoke to a former Education minister who shared his views

Accountants, Franco Azzopardi, also sees education as part of the

on how this sector can flourish.

solution. ‘In many ways, Malta is a victim of its success: It attracted some €3.3 billion in Foreign Direct Investment in 2019 (NSO) and saw

Yes, education is directly related to the fact that most of the buildings

a surplus economy. But, on the other hand, it still lags behind fellow

erected post-Independence, are – how shall we put it, well, downright

Schengen states where bureaucracy and ease-to-do-business are

‘ugly’. Asked to explain how Malta can - if not restrain - at least curtail

concerned. In an era of global turmoil, Malta must strengthen its human

and eventually reverse the construction sector’s adverse impacts

capital while addressing problem areas such as improving its fiscal

on our towns and villages, leading architect and university lecturer

integrity and business ethics culture through better education. If it fails

Konrad Buhagiar stressed that Malta has not yet recovered from its

to do so, we risk denting not only our nation’s reputation but also its »

post-colonial hangover. He added that monetary affluence alone is not a catalyst for improved quality of life. People with money do not necessarily make the best choices, and the prevailing greed (especially in construction) comes at a price.

“Our education system, including university, can help a lot if it was brought more in line with mainstream European models and designed to be congruent with our historical and cultural characteristics”, he said. Buhagiar maintains that education directly impacts the longterm improvement of people’s lives by determining their type of choices, mainly where building aesthetics and style-consciousness are concerned. “We’re not there yet”, he concluded.

Echoing the architect’s observations, the European Commission’s latest Report on Malta, published in 2020, stresses that Malta needs

Evarist Bartolo

to improve inclusive education and training. Persistently high student

Formal education is not enough to do all this.

First, there are no teachers and students any longer, there are only lifelong learners. — Evarist Bartolo MONEY

THE BUSINESS EDITION

39

SOFT POWER

future economic prospects.’ The Malta Chamber of Commerce recently proposed an increase in the school leaving age. Considering that Malta has one of the lowest mandatory school-leaving age requirements in the Schengen area, this idea holds a lot of water. Yet many people, including bizarrely some teachers’ unions, were conspicuously against such a move. I spoke with Marisa Xuereb, the president of the Malta Chamber, about how she envisages a change like this impacting the quality and efficacy of our education.

“We feel that education is too much of a rush. Many students (and their teachers) struggle with vast syllabi that need to be covered quickly. The result is learning that it is a mile wide and an inch deep.

Konrad Buhagiar

For students who need more reinforcement to absorb concepts, the result is a complete flop. They gradually fall out of the system because they cannot keep up. We start losing students in early secondary, and by the end of secondary, we’ve lost around half of them because they

develop fully. But why? Because we start competing before we fully

don’t even bother to sit for their MATSEC. Many of them would have

develop in everything, from education to sports to even policymaking.

been offered more subjects than they could realistically handle, and

We want to be the first from day 1. In a marathon, and life is a marathon,

several subjects in which they have no interest or aptitude. The recent

not a sprint, the one who takes off fastest is hardly ever the one to win.”

possibility of taking some vocational subjects in mainstream schools is a step in the right direction. But syllabi and methods of teaching and

I asked Marisa if she favours an education system that steers students

assessment remain very prescriptive even in vocational subjects. At age

directly towards particular sectors (specific subjects) according to the

16, most students have the first real opportunity to move into a more

nation’s changing economic needs. “A sound education system develops

vocational learning environment. There are several options at MCAST

learners, people who can learn anything they set out to learn. Economic

and ITS, for instance, that do not necessarily require several passes

needs change over time, but we have limited foresight of what they

at ‘O’ level. Yet still, 1 in 6 students does not pursue education beyond

will be. We know there will be more science and technology in future

age 16. And they decide not to several years before. This needs to

economies. We also know that humans will excel where machines don’t,

change. Students need to start seeing themselves in education beyond

in soft skills. We know that people are always looking for new things

secondary school. What they pursue may be vocational and may contain

and new experiences, so creatives will always be in demand. And we

a significant apprenticeship component. But leaving school at 16

all know that everyone has his aptitudes. Students need to be steered

empty-handed cannot remain an option. This by itself will not improve

towards what they can excel at, and that is typically what they enjoy

the quality and efficacy of our education. A lot needs to be done in the

doing, what they have an aptitude for. What is wrong is that we scare

primary and secondary level to improve quality and efficacy, and in some

students off maths and sciences because we label such subjects as

cases, we do not necessarily need to do more; we need to do less, but in

more academically demanding. Maths and science can be approached

a different way.”

in very creative ways, especially with all the available technology today.

Most future careers will require a combination of skills. So it’s pointless

I wanted to understand more how the business community felt about

to develop good scientists with poor social skills or creatives that are

our country’s education system. Although Malta typically spends over

financially illiterate and can’t run their own business. Three skills are

5% of its GDP on education every year, it still fares poorly compared

required for just about everything: 1. the ability to think, 2. communicate

to fellow European states. Something is not correct. For instance,

clearly and concisely, and 3. the ability to manage emotions. In truth,

in the Schengen area, Malta still has the highest number of illiterate

this is what we find most lacking, even in some graduates.”

people relative to its population. The Maltese also fare poorly when mathematics and sciences are concerned. I asked Marisa for her views.

We often measure the quality of our education through exam results

“We start reading and writing one or two years ahead of everyone

and academic performance; however, few people talk about these

else. This works well for early developers and puts late developers in

results being directly related to the quality of our educators. The quality

catch-up mode from day one. The gaps grow with every academic year

of our teachers is often a taboo subject. It is debatable if the teaching

because those who cannot stay a year or two ahead end up building on

profession in Malta is attracting the best of breed or not. Is an increase

poor foundations – weak basic thinking and computational skills, poorly-

in teachers’ salaries the solution? I asked the president of the Malta

developed literacy skills, and a lack of self-confidence. It’s like running

Chamber if she felt that the teaching profession has lost its allure. “Our

a marathon. If you detach yourself from the group, you get discouraged

teachers are also the product of our education system. They suffer

and fall behind very quickly. So, when we run tests at all levels, we get

from the same deficits that other graduates struggle with. What we

a small percentage of children that do well, a slightly larger percentage

are expecting from them is not easy. We constantly expect them to

that is average, and a substantial portion that compare poorly to same-

transform our education system into something completely different,

age children in other countries. Thus, on average, we perform poorly.

something much more dynamic. We are asking them to prioritise skills

We do this in sports as well. We push promising children to compete in

over knowledge, to move away from prescriptive methods to interactive

leagues intended for older children. We laud early developers and kill

methods of teaching and learning. We are almost telling them to go

all motivation in later developers who might be the real stars once they

into a classroom to learn rather than to teach, and we have no clear

40

ISSUE 68

MONEY

SOFT POWER

Our education system, including university, can help a lot if it was brought more in line with mainstream European models and designed to be congruent with our historical and cultural characteristics… — Konrad Buhagiar answers for their main preoccupation, how do you assess learning when

better salaries, more motivating school environments, better use of

you abandon prescriptive methods. They are restricted by a very vast

technology, and to do away with private lessons and our prematurely

syllabus and are constantly aware that at the end of it all, their students

competitive mentality.”

need to sit for an exam that is typically designed to grade students rather than to assess whether they are prepared for the next step.

Having served as minister in charge of education between 1996 and

Exams are mostly written, not oral. In an oral exam, a decent examiner

1998, and then 2013 and 2017, the current Minister for Foreign Affairs,

would repeat a question in different words to draw out of you what he

Evarist Bartolo, has a wealth of knowledge and insights to share. Not

wants to make sure you know. And if our students had to sit for oral

only does he understand the importance of strengthening Malta’s soft

exams instead of written ones, most would fare worse because their

power, particularly at this present time in our country’s development,

self-confidence tends to be lacking – a clear sign that their soft skills

but he is also a firm believer in Malta’s potentials in this regard.

are not being developed. The teaching profession is appealing for the

Accordingly, he is genuine, energetic and optimistic in the way he sees

wrong reasons. The working hours are short if you choose to do very

our nation moving forward. Moreover, Minister Bartolo sees the impact

little preparation, and the summer holidays are long. The salary is not

of education on soft power from a broader perspective, not just one

bad for those who don’t do much after school hours. But what we need

exclusively focused on our country.

is longer school hours, shorter syllabi and more skills-based curricula, “All the world is faced with great educational challenges. How does one make formal education relevant for the real world? How can education help save the planet from global warming, protect humanity from future pandemics, equip all the people with the necessary skills and values, and learn to manage their differences? How can education help us to live together and use the vast resources the world has to ensure that every person on this planet lives decently and with dignity?”

Here is where most of my interviewees, particularly Minister Bartolo and Marisa Xuereb, appear to be reading from the same book. While these stakeholders and professionals were interviewed far and apart, they converged on the importance of upbringing and the social dimension in education. They placed a stronger emphasis on the family’s responsibility and those of the immediate society. They see the importance of continuous education.

“Formal education is not enough to do all this. First, there are no teachers and students any longer; there are only lifelong learners.

Those who are not willing to continue learning all our lives die before they breathe their last. Education for life cannot be imprisoned within formal education institutions only. You cannot learn to navigate in the uncharted rough waters of the 21st century by staying in a room studying old atlases and navigation manuals without ever taking your boat and leaving the safe harbour and setting out to the open sea,” opined the minister.

“We need to contaminate education with as much reality as possible and to contaminate reality with as much education as possible. All Franco Azzopardi

institutions and organisations need to become learning spaces to enable their people to continue growing and to develop the necessary »

MONEY

THE BUSINESS EDITION

41

SOFT POWER

Our teachers are also the product of our education system. They suffer from the same deficits that other graduates struggle with. — Marisa Xuereb competencies to address the challenges of the ever-emerging and changing realities of our fast-moving world,” he added.

“Here in Malta, we must change the relationship between formal education institutions and the world outside. They must go forward together and not against each other. Even the best performing formal education institutions provide only a third of the achievements of their students, and the other two-thirds come from family and society. So, we need to forge strong links between school and family, school and society and have school-based learning and work-based learning and social commitment.”

Marisa Xuereb

Minister Bartolo also believes that preparing children solely for formal exams is preparing them for skills and information that probably they will hardly use. “Real problem-solving skills and dealing with the challenges of daily living can only be nurtured if there is a creative and

Buhagiar, have helped throw some good light on where our nation’s

positive interaction between the world of schooling, society and work.

education should head.

Once upon a time, education prepared us for our preferred comfort zone. But, unfortunately, we have all lost our comfort zones in today’s

In working on this series of articles dealing with Malta’s soft power, I

world and must learn to live in our discomfort zones. We also need to

feel privileged to have met such intelligent and gifted people from many

give more importance to values. Knowledge, skills, competencies, ability

influential spheres. I can see a consensus that we must work in tandem

to adapt and change and a growth mindset are all critical. Still, we also

to sort out our country’s image. However, it’s worrying to see that the

need to develop our ethical behaviour and nurture the values of honesty

subject of education kept popping up in most interviews I held. The

and integrity. For example, the financial crisis, and other controversies,

writing is on the wall. We need to rethink our notion of education itself

is brought about by highly educated and competent financial and

and broaden our vision about where we want to be tomorrow as Maltese,

engineering experts. Still, these individuals were morally bankrupt as

Europeans and global citizens.

they used their know-how to cheat people, not improve their lives. The primary purpose of education should be to create a much better world

I will conclude with an old African proverb cited by Minister Bartolo. ‘It

for all the people living on it.”

takes a village to raise a child’. This saying, he maintained, applies today with the added difference that we now live in a global village. We have

Conclusions

become each other’s ‘difficult’ neighbours, with different languages,

My pursuit of creating awareness about the need to work on Malta’s soft

cultures, and interests. In other words, if we’re not careful, there are all

power through my writing has been a good eye-opener. While a lot still

the ingredients for a more conflictual world which makes the need to

must be done, I see many gifted people available to help me ‘carry the

learn to live together and not destroy one another imperative.

flag to victory’. What we need is to regroup and agree on a way forward on many levels. What we need is a project champion. We can’t afford to

In my next article, I will be focusing on Malta’s foreign policy and how

miss the boat. The time to act is now. I see that the Minister’s thoughts,

this essential arm of the government can help our country’s progress in

alongside those of Franco Azzopardi, Marisa Xuereb and Konrad

promoting and strengthening our soft power credentials.

Can you help children from needy Maltese families improve access to books? Despite continuous advancements in Malta’s economy and standard of living, some families are still struggling to provide even the bare necessities due to limited budgets. This situation leaves vulnerable children starved of their little home library and easy access to reading. To help make a difference, agendabookshop.com has joined the Foundation for Social Welfare Services in an initiative that helps vulnerable kids have adequate access to the books they deserve. This charity initiative offers the public the opportunity to sponsor a child for as little as €10, and Agenda will pay double that value. Some 90 children have been identified and selected by the Foundation for Welfare Services, and we’re asking the public for help to ensure that all 90 kids will have books in 2022. To donate, please visit agendabookshop.com/collections/books-make-a-difference.

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In need of a personalised printed box?

BUDGET

BUDGETARY REFLECTIONS Now that the dust has settled on the budget and the political debate has muted, it is opportune to analyse the budget objectively and, more importantly, to put forward several recommendations on improving the budgetary process and the debate in general. JP Fabri reviews.

Any budget is nested within an economic reality. This year’s budget needs to be assessed against a fragile global economic recovery and a local recovery that is gaining momentum but where global dependencies and uncertainties still exist. Therefore, the budget for 2022 needed to find the right balance between stability and investment, environmental sustainability and growth, social protection, and income growth. This budget was delivered on all three.

From a thematic perspective, this budget is holistic. There is no doubt that one of the challenges that Malta faces is social equality and income distribution. The economic growth that Malta witnessed did not reach all of society, and this budget targets vulnerable groups, especially pensioners. The increase in pensions will support the standard of living of this cohort; however, Malta needs

Finance Minister Clyde Caruana presented the 2022 budget in October / Photo by DOI

to now focus on the continued reform of its pension system. The need for a proper system

is implementing measures that support

companies further reinvest. In light of global

with a robust second and third pillar needs

workers productivity and skill development.

tax developments, it is time for Malta to start

to be implemented to ensure its long-term

The tax measures focusing on overtime and

debating reform in its corporate tax system.

sustainability and support the affordability of

pensioners who continue to work will support

The country needs a mature discussion

tomorrow’s pensioners. This remains an area

Malta’s workforce together with measures

around this, given its critical importance to

that Malta has not yet appropriately tackled

to launch apprenticeship schemes, night-

foreign investment and economic growth.

and which demands our complete attention.

shift childcare, and a national training fund.

A more ambitious focus on research and

An exciting measure is a reduced tax on

innovation would have also been welcome as

From an economic perspective, the budget

undistributed profits which will be reinvested.

the country’s ability to absorb and nurture

steers the economy towards productivity,

Although more details are needed, the logic

R&I will determine its competitiveness in the

competitiveness, and sustainability.

behind this measure is targeted towards

future. More effort on building ecosystems

Building on the National Employment Policy

supporting corporate level investment and

around innovation is needed as currently,

launched earlier this month; the government

will support the economic recovery and help

these are too fragmented and critical links

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within them, such as financing, are severely

transformation, and digitalisation to improve

is both technical and evidence-based. This will

limited.

service delivery.

remove the spotlight on a single number that

To this end, the budget should have also

However, unfortunately, the budgetary

focused much more on improving educational

debate in Malta has been dominated mainly

Another area that the budgetary process

outcomes especially relating to STEM

by the discussion around the cost of

needs to embrace more fully is the concept

disciplines and Early School Leavers. Here the

living adjustment (COLA) increase and the

of impact assessments and performance

country has several challenges. A discussion

developments of the national debt.

budgeting. Performance-Based Budgeting

derails the nature of the budgetary debate.

aims to achieve more effective and efficient

on the educational system, its reform, and the need to have a more future-proof and

There is no doubt that fiscal sustainability and

implementation of public functions, higher

industry-ready school curriculum should

health are essential elements. However, there

quality of public services, reduced general

be on the government’s agenda if we want

are other more important aspects to focus

government expenditure and staff costs,

to build a resilient and attractive economy.

on at this juncture. This was echoed by Italy’s

and more flexible and less bureaucratic

On health, one would have hoped to find a

Mario Draghi, who presented an expansionary

management of the government sector. More

more significant emphasis on health care and

fiscal budget with an ambitious growth rate

effective governance requires the ability to

prevention, and this is an area that requires

underpinning assumptions. In comments to

use the available resources as optimally as

more investment.

the media, Draghi said that economic growth

possible, which often means implementing

is the most effective way to reduce public

strategic goals beyond the boundaries of

If the budget had to be defined by a colour,

debt and described the EU fiscal rules as

ministries and organisations. This will support

green would be the colour of this year’s

“unrealistic”. In early 2020, the Commission

the discussion on public expenditure, its

budget. The government is steering the

reviewed the Stability and Growth Pact rules

efficiency and its effectiveness. Countries

economy and society towards a greener

to reform them, though that process was

such as Estonia have started implementing

The need to have a more future-proof and industry-ready school curriculum should be on the government’s agenda if we want to build a resilient and attractive economy.

Performance or Activity Based Budgeting.

tomorrow in a welcome and needed approach.

then suspended during the pandemic. Earlier

The incentives to support the renovation and

this year, Economic Commissioner Paolo

reuse of vacant buildings are welcome and

Gentiloni and Commission Vice-President

As a small and open island, the economy will

should support the regeneration efforts of

Valdis Dombrovskis announced their intention

continue facing key challenges over time

local villages and communities. Electrification

to take up this process again, stating the

and needs to build its resilience to inherent

of cars is also a high priority. Apart from the

need to allow more growth-enhancing

vulnerabilities that external occurrences can

significant incentives to support the purchase

investments in the EU framework and make

exacerbate. The 2008 financial crisis and

of such cars, the investment in charging

it more counter-cyclical. This is the level of

the COVID pandemic should remain as stark

infrastructure is also critical to support the

debate that Malta needs to have, centred

reminders. Therefore, it is even more critical

transition.

less around the headline but more on the

for our country to pursue and engage in an

quality of expenditure and growth-enhancing

economic debate that is evidence-based and

mechanisms.

beneficial to the country in the long term.

years to come. But, again, implementation

It is also high time that the COLA mechanism

Social partners have a vital role in this

will be crucial, and here one would have

and the new mechanism announced by the

together with political parties. The budgetary

hoped to see a more substantial commitment

government should not be part of the budget

debate should be more about substance and

towards institutional reform, governance

but should be seen as an ad-hoc process that

less about politics.

The budget outlines the direction Government wants to take the economy and society in the

MONEY

THE BUSINESS EDITION

45

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ECONOMY

SUPPLY-DRIVEN INFLATION — a threat to economic recovery

The unprecedented environment brought about by the pandemic, an ecosystem of robust growth presumed to be driven by a spike in consumer demand, should have conditioned inflation positively. The latter would have eventually pushed Central Banks to deliberately pave the way for monetary tightening. However, what we are experiencing now is a situation contrary to expectations. The much-expected consumer-driven demand is being heavily overshadowed by supply-driven inflation, namely, brought about the high levels of energy prices and the bottlenecks experienced in the value change of production — Jordan Portelli outlines.

Let’s rewind for a while. Inevitably the pandemic has forced many companies to take some tough decisions to reduce cost, with the primary aim being to navigate the unchartered uncertainty and preserve liquidity. Initially, the imposed restrictions were one of the leading causes of supply disruptions, but eventually, the said structural

decisions taken within several sectors

In such circumstances, a company has

ten products categories. Like many other

continued to condition the value change.

two options; shift the increase in costs on

companies, it has hiked prices on consumers

A practical example would be the decision

consumers or absorb the pain, negatively

to offset rising costs due to supply-chain

taken by major players within the shipping

impacting its margins. The former usually

issues and a shortage of materials and labour

industry, which pushed the ideology of blank

is the first call of action. However, its

coming out of the pandemic. Nonetheless, the

sailings, also known as void sailings. In a

sustainability will be highly dependent on the

sustainability of price increases will need to

nutshell, blank sailings or void sailings is when

sanity of the overall economy.

be monitored, with consumption trends being

a container shipping line decides to skip a

undoubtedly the prime factors in effecting a

port or entirely cancel a route at a call port.

Many companies, ad interim, have opted

tweak in decisions.

Indeed, this was one of the crucial decisions

for the first option, with, for instance,

that significant ocean line service operators

Procter and Gamble, the consumer goods

Interestingly enough, the volatility in inflation

made to reduce costs, given the sluggish

maker, increasing the prices in nine of its

was much more explicit in advanced »

demand brought about by the pandemic. The below chart shows the prominent shipping leaders segregated by alliance and the blank sailings levels experienced from April to September 2020. April and May were marked as the highest levels-a clear sign that supply disruptions had initiated well before the current saga.

In 2021, disruptions worsened by a second coronavirus wave, a blockage in the Suez Canal earlier in March, port closures in China, and capacity limitations, which seem to be persisting to date. These constraints have led to a supply issues, which have eventually led to an increase in input costs, which will inevitably squeeze margins for leading companies.

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ECONOMY

economies and emerging markets. In contrast, inflation was more stable in lowincome countries, possibly based on less dependency on other countries in terms of trade.

As expected, core inflation, which theoretically excludes energy and food prices as of July 2021, remains below prepandemic levels. However, it is worth noting that core inflation, amongst others, is a more plausible depiction of the underlying economy than headline inflation, which is traditionally conditioned by namely energy prices that are very much also conditioned by the political arena.

More interestingly is the recent data that as expected from June 2020, we saw an

As of August 2021, the average lead time for

of prolonged increases in prices of goods

increase in base metals, food and oil, on

semiconductor orders is around 22 weeks.

may ultimately result in lower demand, which

expectations of an economic recovery, which

German manufacturer Volkswagen said that

would imply lower economic output. This

decreased in base metals and food, while oil

VW Polo and Vento customers are waiting for

situation would lead to the phenomenon of

prices remained on the high side. The latter is

up to five months to get their hands on one.

stagflation.

aiding to the current increase in input costs

UK car producer Jaguar Land Rover reported

which commenced biting into particular

that it now has 12 months of orders on 51

Undoubtedly, the current environment

industries too.

product lines. This is a clear sign that supply

poses this risk. Unfortunately, the

disruptions are biting. From a theoretical

pandemic has brought about structural

More specifically, these supply disruptions

economic perspective, we usually look at two

changes which have and will continue to

are also heavily conditioning the automotive

types of inflation; demand pulls inflation and

condition consumer behaviour. Moreover,

industry from the shortages mentioned

cost-push inflation. The former is triggered

governments and central bankers have taken ‘whatever it takes’ steps to save the economy during the pandemic. This has resulted in an above-average level of debt, which eventually will need to be paid back one day or another. Being rationale given the current environment would imply taking a step back and increasing the proportion of savings from ones’ disposable income.

Indeed, this seems to be already happening post-pandemic.

Such prolonged change in behaviour will continue to weigh on spending, eventually translating into a global slowdown.

Looking at it from an economic lens, the current situation is still very uncertain. Yes, economic recovery has taken place, but in my opinion, not at the expected levels,

earlier and the semiconductor industry.

by consumer demand, which many have

namely given the structural changes and the

Moreover, this shortfall has been further

expected, while higher input costs trigger

psychological impact on consumer behaviour

exuberated by the recent push towards

the latter. This current situation can lead to a

brought about by the pandemic. Moreover, the

electric vehicles, with chips being a

severe economic pinch.

current supply disruptions are also leaving

significant input in this notorious green shift.

a dent in the recovery pace. This can have

For example, a Ford Focus typically uses

Economically, as input prices increase, as

severe economic implications if prolonged

around 300 chips, while one of Ford’s new

said earlier, businesses will shift the increase

much further. So watch out. The economic

electric vehicles can have up to 3,000 chips.

in costs on consumers. However, a situation

ride is bumpy and unpredictable.

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PROMO

BUILDING BRIDGES MONEY speaks with Duncan Barry, an OCR and trail athlete and founder of Platoon OCR & Trail. Platoon is a military-inspired concept with a mission: to instil a sense of teamwork between company employees while also seeking to build a team of sports enthusiasts and athletes to participate in the various OCR and scenic trail-related races.

It’s no secret that effective leadership,

including the recent Gridlock and Grid Sprint

teamwork and communication between

events held in September and October.

employees are all key to ensuring a business flourishes as the team of employees and

Platoon offers the services of body

leaders are the make or break of a firm’s

conditioning/fitness through its three times

success. Platoon was launched in September

weekly classes, Obstacle Course Racing (OCR),

2021 by OCR and trail athlete Duncan Barry.

scenic trail runs over the weekend and much

In the past, he served in the Armed Forces

more. But in this article, we will be discussing

of Malta as a Volunteer Reserve Force (VRF)

the military-inspired team building events for

member in ‘B’ Company. Platoon’s inception

company employees put together by Platoon.

came about due to his passion for the military “Platoon’s mission is to bring about more

coupled with his love for all things sport.

awareness on the ever-growing OCR sport in Pre-COVID-19, Duncan took up OCR and

Malta while also offering military-inspired team

competed in rugged terrain held in various

building activities for company employees and

scenic trails across Malta and Gozo. He started

its leaders. “OCR in Malta is not yet officially

training OCR with Warehouse and Field Fitness

recognised thoroughly by the authorities, and

under European fitness champion Leanne

there are certain aspects that are hindering

Bartolo and her partner David Schembri in

the sport. For example, from permits for OCR

2019. He participated in OCR races such as

fields and insurance cover for participants

Gridlock and in trail runs organised by Xterra,

of the sport, being that the sport, like many

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more sport disciplines, at times,

companies,” Platoon’s team leader

involves certain risks could be

said.

putting the OCR discipline offtrack. However, many in the field

A platoon is a subdivision of a

of OCR are taking the initiative of

company-sized military unit for

holding talks with the government

those who are not so accustomed

to see that the situation is

to military sayings or units. Nemo

improved in the shortest time

resideo is Latin for “No one gets

possible,” Duncan told Money

left behind” – a deep belief of

magazine.

platoons, most especially in the US Army – which is based on the

Through its entity Sport Malta,

concept of sacrificing a squad to

the government is also organising

recover a dead individual.

OCR events, so this should help put the OCR discipline in the

So what do the team building

spotlight. Duncan added: “I

activities with a military touch

also intend setting up an OCR

entail? Are these events also

federation if I garner enough

for the faint-hearted or for

support to do so, in a bid to

employees who lead a sedentary

have an organisation that can

life? In an interview published

and ending with a ride out at sea

represent OCR enthusiasts and

recently in the Life and Well-Being

in military-style RIBs to enhance

professionals at large for the

section of The Sunday Times of

the military experience.

good of the sport itself. “There’s

Malta, Duncan spoke about the

also the issue of certified OCR

ill-effects of the pandemic and

“We have had several enquiries

instructors whereby locally, no

on the importance of sport and

in the last days since the launch,

OCR certification is available up

OCR to combat the negative

and this fills me with a lot of

till now; there exist international

impact COVID-19, the lockdowns

courage to continue to seek my

certifications however.”

and quarantine days had on the

dream of having a fully-fledged

mental and physical well-being of

team in place and to support as many companies as possible

But back to Platoon’s team-

many, including youth.

building aspect. Where did the

He further explained that

He highlighted: “Many ask me

in enhancing teamwork at the

name Platoon derive from? “The

during COVID-19, he jumped to

whether it is hard to get the hang

workplace.” Currently, Platoon

idea of Platoon is to encourage

the opportunity to change his

of navigating obstacles in an

does not have an existing base

members to think as a team where

eating habits and take up the

‘assault’ course, and my reply is

but uses outdoor areas such

nobody gets left behind. This

sport more seriously than ever

simple: As in everything else if you

as Riviera, Ta’ Qali and Wied is-

tallies with the team-building

before to remain sane. “We heard

are determined and persevere in

Zurrieq, among others. “Whatever

events for employees where staff

of so many people indulging in

something, you will make it. And

the situation, the concept of

get to taste basic military training

unhealthy eating and opening

if you practice the sport regularly

Platoon is military based, so

with one objective: instilling a

and closing the fridge too often

and keep fit, anyone can do it.”

come rain or shine, we go ahead

sense of teamwork which can be

during lockdowns and days spent

The fun-filled day of activities

with our activities. We work with

transferred in the various fields

in quarantine. I noticed that some

typically comprises navigating

third parties in the field of OCR

such individuals serve their roles

people I knew grew obese during

OCR obstacles in OCR fields,

and work in tandem with team-

in, be it small medium or big gun

this period.”

abseiling, team building games,

building, adventure firms and boat rental companies.

The Platoon team-building concept is a powerful approach for leadership development that equips participants with lasting take-away tools and value that can be deployed into their day-today teams and challenges.

MONEY

THE BUSINESS EDITION

Platoon is currently setting up a team of sports enthusiasts and athletes to participate in Xterra, Gridlock, Tough Mudder, Hold the Fort, The Grid Sprint, and Ninja Warriors, among other popular races and competitions held locally. If you are interested, you can visit our Facebook page Platoonocr.mt or Instagram PlatoonOCRandTrail for more information.

51

MARKETING

PLAN YOUR MARKETING to give you

LONG-LASTING EFFECTS Marketing seems to be a Schrodinger’s cat dilemma for most businesses. On the one hand, some business leaders believe that marketing is a waste of money. A necessary evil that you should do to check another box off the list of things a business usually does. On the other hand, they expect marketing to contribute to consistent business growth, even though they don’t believe it works. Richard Muscat Azzopardi explains.

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Honestly, call me jaded, but I’ve had enough of trying to convince people that marketing works. Brands worldwide have shown that you build equity that very little else can compete with by telling a story consistently over the years. Apple’s most vital discipline is brand, not product. So is Nike’s and Coca Cola’s.

So today, I’m not here to preach to the unconverted. Instead, today I’m going to write about how to take your hard-earned marketing spend and convert it into a long-lasting investment.

Some housekeeping Just a couple of notes before you read any further. This article is somewhat aimed at businesses that market to other businesses.

However, most of the principles apply to every brand. I’d also like to define the terms of marketing investment. Lots of proposals come your way trying to label the costs section as an investment, but in the long term, not all of your

Inbound Marketing

they need it the most. The value of inbound

spend in marketing can be counted as such. In

This is a catch-all term that covers most

marketing is tough to challenge - studies have

our books, you get marketing investment when

digital marketing efforts that are focused on

shown that it’s 66% cheaper to acquire a lead

you convert ads into direct sales (you can

long-term investment marketing. With inbound

through inbound marketing than through

precisely calculate your return on investment

marketing, you work on the content people

paid advertising, and it’s plain to see why.

there) or where your money is spent in ways

want to see, not ads that you push at random

You’re not spraying and praying; you’re acting

that help you build your brand or long-term

people hoping that one of them might be

deliberately.

digital benefit. It’s even better when both

interested. Content that your target audience

are achieved at the same time. For example,

would go out of their way to get to. This

SEO

tactical campaigns that work on a hope and

way, you’re creating a relationship with your

SEO, or search engine optimisation, is

a prayer, or even worse, ad-hoc marketing

audience based on them finding you in their

technically a subset of inbound marketing,

efforts that attempt to plug a short-term hole,

daily lives as they research a subject linked to

but it deserves to be spoken about individually

are useful to help you feel like you’re doing

your brand. It might sound complicated, but

because it’s one of those giant elephants

something. Still, they very rarely yield any real

it’s not. As you’ll see, the main thing a business

in the room. SEO perfectly embodies that

long term benefits.

needs to run successful inbound marketing

old cliché – it’s like sex in secondary school.

efforts is patience.

Everybody talks about it, but nobody knows what they’re talking about. Brands know they

Investment vs Spend Whenever I discuss marketing spend vs

Say you’re an insurance broker. You have two

should be interested in SEO, but very few

marketing investment with clients, they’re

main ways of spending your marketing budget.

people have the time and patience to invest in

always interested in knowing more. It’s not

On the one hand, you advertise that you are a

SEO. This is one of the biggest mistakes any

something that most people think of, but it’s

great insurance broker; maybe you can claim

business could be making right now. I know

simple once you think of it. If what you’re doing

that you can find the best prices or that you’ll

because it was a mistake that we were making

is helping you in the long term, then it can be

offer the quickest service. But, whatever

ourselves, and once we put time, effort and

seen as an investment. If you’re running an

you’re doing, you’re just adding to a sea of

money into it, it started reaping the rewards

activity that’s there to help you meet your

insurance brokers who are all shouting out

beyond our wildest imagination.

quarterly goals, especially if they’re there as

about the same 3-4 main benefits.

The big problem with SEO is it’s hard to sell to

a reaction to try and save your ass in the last week, then they’re probably not an excellent

On the other hand, if you spent your time and

a board driven by the end of quarter results.

long-term investment. When planning next

budget creating handy guides for people to

SEO takes time, money and a hell of a lot of

year’s marketing efforts, I’d suggest going

see that you’re an expert in your field, helping

patience. But then, boy, is it worth it. The thing

through all your efforts to judge them in that

them choose the right premium. Helping them

about SEO is that it’s a cumulative discipline.

light and shift your efforts accordingly. To

figure out what the terms and conditions

The work that you put into it builds on top of

make your life a little easier, I’ve made a list of

mean at different insurers, helping them

your previous efforts to give you compound

some sure-fire ways of spending your money

choose insurance wisely – then there is a good

benefits. The more good content you put out

on long-term gains, not just short-term boosts.

chance they will land upon your content when

there, the more people are going to find »

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you. The more they find you, the more search engines like you. The more they like you, the more they’ll show your content. But in the first few months, you’ll see minimal tangible results.

The other great thing about SEO is that you can choose what to rank for. By planning your content well enough, you can rank for keywords that demonstrate user intent. We all know that different people will search for different things depending on their buying cycle. If I look for an “electric car”, I’m probably just looking up the general concept of an electric car. I’m interested in the subject, but I’m not looking to buy (just yet). If I look for “Electric cars in Malta” – then it starts becoming more attractive. If I look for “Electric car dealers in Malta”, then chances are that I’m incredibly interested in buying an electric car.

True, the first set of keywords probably has millions of searches a month, whereas the last one just had a few hundred, maybe even tens, but which one will be the most valuable to me if I’m selling electric cars? Or, to make matters more interesting, if I’m an insurance broker who’s specialised in electric car insurance?

Thought Leadership The last area I’ll cover is thought leadership.

This area ties in beautifully with the other two methods I’ve discussed, but it adds another layer because it helps you build relevance in your niche. Thought leadership is not something that happens by chance. People don’t automatically figure out that you’re the best at something. To build a person’s (or a brand’s) image as a thought leader, we work very carefully to help them create and curate content that’s relevant to the industry they work in. By building this reputation over the long term, you allow yourself the luxury of becoming in demand for your area, which brings quite a few benefits with it.

As someone in demand, you can afford to increase your rates or, at the very least, choose what kind of work you want to work on. It also makes it easier to employ because people want to work with people who they find to be aspirational. Thought leadership also helps you with existing clients because they’re far more likely to believe your position if they feel that they’re talking to an expert.

And finally, the right kind of thought leadership wins your business because it keeps you top of mind in your niche.

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MARKETING

And in the end…

As you’ll see in all these methods, investmentbased marketing is more interested in hundreds than in thousands. So, we don’t look at media to hit the masses, hoping that one person in ten thousand will influence the message and act. Instead, we’re after a much smaller audience, an audience that is far more likely to be engaged and interested in what you have to say. And when you’re marketing to a smaller and more relevant audience, you can afford to be far more direct in your messaging.

The other great thing is that these methods all support each other. So, when you decide to switch a portion of your budget over, you can hit many birds with one stone. A good content calendar will be the cornerstone of these strategies, helping you on your way to building a steady stream of business without ever having to beg or panic about those cursed end of quarter targets.

MONEY

THE BUSINESS EDITION

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DRESS TO Photography Marvin Grech

Styling Peter Carbonaro

Model Albina @ Models M

Clothes & Jewellery Sultana

Make-up Jennifer Dimech

IMPRESS All items available from sultana.mt

All items available from sultana.mt

All items available from sultana.mt

All items available from sultana.mt

FA SHION

PATAGONIA Blackhole 40L recycled coated-ripstop duffle bag €110

BURBERRY 3.5cm reversible checked e-canvas and leather belt €390

THE FINER THINGS IN LIFE MONEY can’t buy you everything. Actually, it can!

All items available from mrporter.com

ON Cloudstratus rubber-trimmed recycled mesh running sneakers €180

SAINT LAURENT Colour-block stretch-cotton jersey sweatshirt €450

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FA SHION

GUCCI Logo-print shell cape €690

MISSONI Fringed striped wool scarf RUBINACCI

€135

Marphy leather-trimmed velour tasselled loafers €390

BRIONI Cashmere and cotton-blend blazer €2,550

MONCLER Tapered virgin wool-flannel drawstring trousers €530

NEW BALANCE + Casablanca 237 suede-trimmed logojacquard and leather sneakers €130 CUTLER AND GROSS 1394 aviator-style acetate sunglasses €370

MONEY

THE BUSINESS EDITION

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NEWS

A NEW TECHNOGYM TRAINING EXPERIENCE IN MALTA Vivendo Group, the official Technogym distributor in Malta, has created a dedicated space at their showroom found in Qormi dedicated to its design-led at-home products. The space is located at Mdina Road, Qormi. It has been designed to offer a real Wellness lifestyle experience and allow people to discover the best products, technologies, and services for physical exercise at home for bespoke homegym projects and personalized consultations.

Technogym is the world’s leading Wellness Company. Its innovative Italian design, cutting-edge technology, high quality, and easy-to-use products are seen and experienced in the most desirable gyms, private members’ clubs, leading hotels, and exclusive homes across the globe.

The preferred choice of the world’s leading athletes and sports teams has been the Official Supplier of the Olympic Games since 2000; the everything the company does from products to digital fitness services

brand also boasts ongoing collaborations with acclaimed Archi-star designers like Antonio

to interior design.

Citterio. The brand’s heart lies in its unique

Whether the goal is athletic training - like running, cycling, or triathlon

concept of Wellness –

prep, losing weight, health, prevention, or to stay fit and have fun,

Technogym’s lifestyle

Technogym is the only brand able to offer Precision Training, a fully

is committed to

personalized training experience based on individual needs, passions,

promoting regular

and aspirations. In addition, Technogym’s offering features a curated

exercise, a balanced

selection of connected smart equipment, digital services, and on-

diet and a positive

demand training programs for every need.

mental approach – that translates into

vivendo.mt

ELEVATE YOUR BRAND WITH CUSTOM-MADE PACKAGING At Kwik Boks, we believe that great things

packaging for any occasion, even when orders

come in personalised boxes. Whether they’re

are minimal. Since there’s no minimum order,

small gift boxes, large, printed boxes, or

you could have different and personalised

anything in between, Kwik Boks boxes will

designs or messages within one order. And our

enhance your brand while offering better

services don’t stop there. We can design and

packaging solutions. With various shapes,

digital print backdrops, totems, sun shields,

colours and sizes, you can create any bespoke

and podiums and pretty much anything else

box guaranteed to inspire curiosity for your

you might need to push your brand out there.

products.

This is personalised packaging in the most creative way.

Orders are digitally printed on sustainably sourced corrugated boards and personalised

customers. With fast lead times and

Find out more on multipackaging.com.mt or

to reflect your needs and those of your

competitive prices, you can create unique

facebook.com/multipackagingltd.

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It’s time to clear up those to-do lists; let us handle your admin work and bookkeeping, remotely.

Streamlined and scalable solutions ideal for any type of business, from small start-ups to large-scale firms. Only pay for the services you need— because we know your business is unique.