MONEY ISSUE 87

NUMBERS, TRUST & THE NEXT

16 Roderick Attard, CFO at Tumas Gaming, on rebuilding confidence, cadence and clarity.

THE MORAL COST OF MALTA'S SUCCESS DEBT, DEMAND & DISCIPLINE

32 Manuel Delia asks whether Malta can build lasting prosperity without compromising its values — and what’s at stake if it doesn’t.

44 Justin Mizzi breaks down how sharper pricing and investor scrutiny are redefining Malta’s propertydriven bond market.

BEYOND THE OLD BOYS' CLUB

10 Vanessa Macdonald examines how Malta’s boardrooms are evolving — tackling age, gender and digital gaps.

Editor’s note — Here’s a quiet recalibration across Malta’s economy. From listed boardrooms to rental streets in Birkirkara and Sliema, a familiar story is shifting: the old rules no longer guarantee the same results. Compliance, once the endgame, is now just the starting line.

This Finance Edition lands at a turning point. Our cover story with Roderick Attard, CFO at Tumas Gaming, captures a new breed of financial leadership—where data, cadence and transparency reshape decisions in real time. Trust isn’t built in annual reports; it’s built daily through clarity, alignment and accountability.

Lea Hogg’s interview with Malta Development Bank’s CEO shows policy finance put to work—de-risking productive investment while demanding better governance. In parallel, JP Fabri argues that a sector “built to comply” must now prove it can compete, connecting finance to innovation, capital formation and national purpose.

We widen the lens on money culture. Cecil McCarthy tracks the shift from passive property income to active management and diversification, as intergenerational transfers and tighter yields force tougher choices. Manuel Delia takes the tricky question head-on: can Malta prosper without moral compromise? His answer is clear—integrity is strategy.

Boards, too, are in motion. In Vanessa Macdonald’s feature, Malta’s boardrooms confront age, gender and capability gaps while the compliance load swells. The message: digital fluency, independence and real training aren’t “nice to haves”; they’re a licence to operate.

Markets are telling their own story. Justin Mizzi dissects corporate bonds and property finance, separating signal from noise as investors

price risk more precisely and developers seek alternative capital. Our pre-budget essay on the “silent deficits” asks what never makes the speech—pensions, productivity and the green bill we keep rolling forward.

Threaded through every piece is the same idea: resilience is built where discipline meets ambition. Malta doesn’t need louder slogans; it needs better systems—boards that challenge, regulators that enable, markets that reward long-term value, and leaders who choose credibility over shortcuts.

Finance is about numbers, but as this issue shows, it’s also about values—how we balance growth with conscience, and momentum with trust.

Welcome to the new language of money.

EDITOR Anthony P. Bernard

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Nudges in the right direction

Malta's companies are multiplying, and the pressure on their boards is mounting. Age, gender balance, digital fluency, and governance skills are under scrutiny as regulators raise the bar and markets accelerate. Vanessa Macdonald examines how Maltese boards are adapting — and whether change is occurring at a sufficient pace.

Built to comply, not yet to compete

Numbers, trust and the next bet: Inside Tumas Gaming’s finance reset

In his first 100 days as CFO, Roderick Attard has focused on understanding, stabilising and aligning—pairing capital discipline with datadriven oversight. From refurbishing casinos to modernising BI and ERP, he frames finance as a trust engine: agile balance sheets, clear KPIs, and compliance embedded in culture—not tacked on— for growth, sustainably.

Malta's financial services sector has matured into a pillar of the economy, trusted and wellregulated. But regulation alone is not enough. JP Fabri argues that Malta must evolve its financial ecosystem into a driver of innovation, capital, and purpose, one that powers national growth rather than merely policing it.

Prosperity without integrity?

Malta’s economy is built on the pillars of financial services and gaming. But Manuel Delia asks: Is this prosperity built on moral compromise? By relying on loopholes, secrecy, and addictiondriven industries, Malta risks confusing shortterm gain with long-term wellbeing, eroding not just its economy, but its democracy itself.

The culture of money: Are Maltese spending and saving habits evolving?

Governance first, growth next: Inside the Malta Development Bank

Alison Micallef, CEO of the Malta Development Bank, tells Lea Hogg how a balance sheet can punch above its weight—de-risking green investment, unlocking capital, and turning Vision 2050 from aspiration into bankable projects built on transparency, inclusion, and growth for Malta. 10 26 54 44 50 38 16

Property has long been Malta's default savings plan and the cornerstone of wealth. But the rules are changing. As yields tighten, costs rise, and cultural values shift, landlords and households alike are rethinking how they save, spend, and invest. Malta's money culture is evolving — sometimes reluctantly, but unmistakably. Cecil McCarthy explores Malta's evolving money culture.

Vibrant yet vigilant: Inside Malta's property bond market

Corporate bonds have become a cornerstone of capital raising in Malta, especially for property development. Yet alongside oversubscriptions and steady secondary demand, 2025 has brought sharper investor scrutiny, isolated stress cases, and a market that is pricing risk more precisely. Justin Mizzi takes stock with Josef Cutajar, Francesco Grasso, and George Vella.

The pension time bomb

As Europe is confronted with an ageing population, Malta finds itself at the sharp end of the pension crunch: a small economy, a state-heavy system, and young workers worried they may inherit less than their parents. Lea Hogg spoke with Dr Andrew Borg Cardona, employment law specialist, and Jesmond Mizzi, financial services expert, to explore whether Malta can defuse its looming pension time bombor risk leaving a generation financially stranded.

From safe to smart: How

families are growing their money (without losing sleep)

The old brief was simple: protect the pot and pass it on. Paul Rostkowski explains why a new, steadier approach is taking hold—keep a safe base, add a measured growth sleeve, and use Malta’s tidy fund structures to stay organised.

MONEY's columnists —

A Maltese business owner’s guide to navigating the EU’s new product-safety era

Product safety has become a balance-sheet issue, argues Ing. Stephen Mallia. With the EU’s GPSR live, REACH reform looming, and MCCAA enforcement rising, Maltese importers and manufacturers must treat compliance as capital—central to finance, insurance and survival in the Single Market.

Malta’s budget 2025: Smart investments, tough cuts

As Finance Minister Clyde Caruana gears up to deliver Budget 2025, he has already fired the first shot: low fertility, he warns, is Malta’s “greatest challenge.” But beneath the demographic headlines lies a broader fiscal balancing act. MONEY examines the choices that matter: where to scale back, and where to double down.

1 JP is a founding partner at Seed, a multi-disciplinary advisory practice.

Point 2 Point: Three friends, one journey, two causes that need us all

Three lifelong friends are turning endurance into empathy. Their message: donate, and make every moment matter.

Charles & Ron's "Rebirth"

This September, Maltese fashion house Charles & Ron unveiled its Spring–Summer 2026 collection at F/ROW during New York Fashion Week. The show on 10 September marked a powerful creative statement in a world hungry for renewal.

2 Justin is a partner (real estate advisory and valuation) at QP.

3 Lea is a Malta-based journalist and author, known for her TV programme which focuses on current affairs, cultural news and in-depth interviews on geopolitics and global issues.

4 Manuel is a civil society activist and writer.

5 Paul is part of a multidisciplinary advisory firm specialising in private clients, high-networth individuals, and family offices.

6 Stephen is a freelance product regulatory compliance expert and mechanical engineer with over 13 years of experience in the field.

7 Vanessa had every intention of retiring but so far has been caught up by exciting freelance projects and voluntary work.

NUDGES IN THE RIGHT DIRECTION

Malta's companies are multiplying, and the pressure on their boards is mounting. Age, gender balance, digital fluency, and governance skills are under scrutiny as regulators raise the bar and markets accelerate. Vanessa Macdonald examines how Maltese boards are adapting — and whether change is occurring at a sufficient pace.

In recent years, governance has moved centre stage, putting boards firmly in the spotlight. Yet with more companies and rising compliance demands, the question remains: are there enough directors to cope? And is it time to broaden the talent pool and rethink the skills boards need?

MONEY asked leading professionals for their views, sparking a debate on what it will take to make Maltese boards more effective.

Age

Some years ago, a survey revealed that the average age of directors was 58. Things are going in the right direction, though: the Malta Business Registry's Annual Report for 2024 showed that the median age has dropped over time. It mapped the figures according to the company registration number. Although this does not indicate the actual time period, it is positive to see that the median age has

dropped from 65 when company registration numbers were in the 10,000 range to 47 now that they are in the 110,000 range.

Simon Azzopardi, a start-up guru, is also a non-executive director at Izola Bank among other entities, despite being relatively young compared to the median age of directors. However, he stressed that the issue is not age per se but rather capabilities. As businesses digitise and technology becomes →

a competitive advantage, he said that younger tech entrepreneurs who have built something of relevance are exciting candidates for boards.

"Expectations of boards must evolve as fast as business itself. Industry experience alone is no longer enough. Boards need new capabilities at the table. Research from MIT shows companies with at least three 'digitally savvy' directors consistently outperform. Yet, in Europe, only 14% of large-company boards have at least one digital expert, compared to 26% in the US.

default, personalisation as standard, and speed as baseline. Directors closer to these realities help boards adapt strategy before markets move past them.

"The bottom line is simple: if boards can't ask the right questions about AI and digital transformation, they can't govern. CEOs should be recruiting tech entrepreneurs and digital leaders now, before irrelevance becomes the real liability," he said.

Gender

So much for age and tech-savvy members; however, there is another issue when it comes to the makeup of boards: gender equality. MONEY sought two opinions: from someone who works with appointments to boards, and from the National Council for the Promotion of Equality.

Headhunter Fran Moisa welcomed the fact that gender equality in Maltese boardrooms has seen progress, but fretted that the pace remains slow.

"As a headhunter, I've seen more women at the C-Suite level, yet this hasn't fully translated to directorships. Data from the Malta Business Registry confirms this: women

If boards can't ask the right questions about AI and digital transformation, they can't govern. — Simon Azzopardi

"Why does this matter? First, AI and technology are now board-level issues. Few boards have AI as a standing agenda item, despite evidence that 95% of generative AI deployments to date have yielded no measurable return on investment. Without directors who have built and operated in the digital era, boards risk approving investments they don't fully understand.

"Second, customer expectations are racing ahead. Consumers now expect digital by

hold just 18.6% of all directorships, a figure that remains largely insufficient," she said.

Unlike C-Suite roles, which have higher turnover and broad visibility, director appointments are often long-term and tend to lack public visibility.

"Positions, particularly for non-executive directors, are typically filled through established, informal networks and personal referrals. This insular system means that the

same names circulate, and talented women outside these informal circles are often overlooked," she explained.

Are quotas the solution? She warned that this must not be viewed simplistically: "While quotas can play a role in accelerating change, they risk becoming 'token' gestures if not supported by a more fundamental shift, which includes a systematic overhaul of the appointment process to broaden the talent pool and ensure that meritocracy truly prevails, allowing businesses to benefit from the full spectrum of available talent, regardless of gender."

So much for the view from the private sector; how about the agency under whose remit this falls? Renee Laiviera is the Commissioner at the National Council for the Promotion of Equality. She said that the issue of women in senior positions is multifaceted. It does

Fran Moisa

Renee Laiviera

Simon Azzopardi

not help that 75% of the Maltese deem that 'women are more likely than men to make decisions based on their emotions'.

"The invisible barriers that prevent women

listed companies will have complied with the objectives of the Directive. The NCPE is the entity responsible for promoting, analysing, monitoring, and supporting gender balance in these listed companies.

Women hold just 18.6% of all directorships, a figure that remains largely insufficient.

— Fran Moisa

from progressing to leadership roles often include persistent gender stereotypes, and organisational cultures that undervalue women's abilities, limiting access to decisionmaking networks," she said.

The bottleneck had been the number of women in the senior management pipeline, which, she said, was increasing. Indeed, the National Statistics Office reported at the end of 2024 that 40% of managers were women, compared to just 30% in 2019. And this is not limited to the private sector: in the public administration, 45% of public employees in Scales 1-5 were women in 2024, compared to 40% in 2019.

How can this trend be encouraged? Renee said that increasing women's representation in senior positions required a combination of strategies, including equality policies, familyfriendly measures, mentorship programmes, and leadership training for women.

Her view on whether quotas are the solution came with the same caveat as Ms Moisa's: "EU Member States adopted the Directive on Women on Boards, making a clear statement that positive action is necessary and effective in increasing the number of women on boards in listed companies. However, quotas should complement broader measures that require structural interventions and cultural shifts," she said.

Indeed, Malta is working to implement the Women on Boards Directive, which aims to strengthen gender balance in corporate boards of listed companies. By June 2026,

The NCPE has also taken specific actions. For example, it developed the Directory of Professional Women, which provides further visibility to professional women –currently 278 of them – and increases their opportunities for appointment to boards, committees, and decision-making positions.

Her message about why this matters is also unequivocal: "Ultimately, advancing gender balance in leadership benefits society as a whole through making full use of the human capital, be it male or female."

Skills

Of course, skills and diversity are essential factors, but they are not the only ones that matter. Directors represent the companies on whose boards they sit, and they need to be as well-trained and prepared as the executives. Mark Watkinson, a Chartered Director and Fellow of the Institute of Directors UK, stressed the importance of continued investment in the independent non-executive

director (INEDs) space, if Malta is to continue growing as a jurisdiction.

"Companies looking to expand into Europe or grow outside the European Union need a pool of strong INEDs to support growth ambitions, provide technical input and offer governance expertise. If Malta can meet this demand, it can be turned into a real competitive advantage for the jurisdiction", he said.

How to achieve this? In line with Simon, Fran and Renee, he also spoke about encouraging greater board diversity to deepen the overall talent pool, with a particular emphasis on younger INEDs and women directors. But there is more that can be done.

For example, he strongly believes in the importance of training and ongoing governance education.

"This is already underway with Shireburn Academy and the Association of Directors teaming up to offer a Certificate in the Role of a Director in October this year and the →

Companies looking to expand into Europe need a pool of strong INEDs... If Malta can meet this demand, it can be a real competitive advantage. — Mark Watkinson

Mark Watkinson

Institute of Financial Services Practitioners looking to build out its director training offering," he said.

Another suggestion to promote training would be to examine the earlier stages and foster enhanced collaboration between the University of Malta and Industry to develop a diverse range of programmes at both undergraduate and postgraduate levels in corporate governance.

Regarding ongoing education, he noted that this could be encouraged by establishing a standard number of CPE hours per year for directors of regulated entities, aligned with the accounting profession.

It would also be helpful to have a register of qualified directors, as mentioned by Renee regarding women directors. In Mark's case, he suggested that the MFSA create a public register of qualified directors that companies can access when seeking to fill INED roles.

And what about foreign directors, given the size of the Maltese talent pool? Why not leverage incentives (such as the Highly Qualified Persons Rule) to attract seasoned directors to relocate to Malta, he said?

Legislation

The role of directors is, among other things, outlined in the Companies Act, which has been amended numerous times over the past three decades. However, it had not been given a thorough review until now.

This painstaking exercise was identified by the Malta Financial Services Advisory Council as one of the projects that would help to guide Malta's future – not only in financial services but also across economic sectors.

The project leader was the Malta Business Registry, and its head, Geraldine Spiteri Lucas, explained why it was so important.

"Malta is committed to attracting top-tier investors, and this is reflected in past and also recent amendments to its Companies Act. A core focus is maintaining an up-todate company register. This benefits potential investors, business partners, and other third parties by ensuring transparency."

While company incorporation in Malta has always been straightforward, the process for company dissolution has now been significantly simplified.

— Geraldine Spiteri Lucas

The importance of governance was also a key issue. She explained that to enforce this, the Maltese framework restricts directors who consistently fail to keep their company's profile up to date from taking on new directorships in both new and existing companies.

"The same rule applies to the timely updating of beneficial ownership information. A company that is not in line with its statutory or beneficial ownership obligations can be struck off the register as it will be considered as nonoperational," she noted.

Recent changes also provide a competitive edge, she added. "While company incorporation in Malta has always been straightforward, the process for company dissolution has now been significantly simplified. This makes it easier for directors to incorporate a company for a potential investment, knowing that winding it up won't be a complex, difficult process."

There is one area that the MBR is also concerned about: as mentioned above, its annual report analyses company boards and reveals an apparent lack of female

participation on company boards.

"One area that still needs attention, however, is gender diversity," she concluded.

Compliance

Over the past few years, companies have complained about the amount of time spent on compliance and its associated costs. However, perhaps we are not as aware of the impact that this has on boards. In 2019, Deloitte experts noted that boards were spending up to 40% of their time on regulatory matters, and it is reasonable to assume that this figure has increased over the past five years.

Tonio Depasquale, the former CEO of Bank of Valletta and a director on various boards, has personally experienced this pressure. "Today, especially in financial services, it's fair to say that the number should be closer to 60%.

Regulatory alignment isn't just a compliance issue; it's a prerequisite for operating. Without it, licences are at risk and so is the business itself.

Tonio Depasquale

Geraldine Spiteri Lucas

"Compliance has evolved into a strategic imperative. Boards must now navigate intricate regulatory landscapes while meeting rising expectations for transparency and accountability.

"This shift demands time and attention, which, if not managed wisely, can crowd out innovation and strategic foresight."

He admitted that the pressure on boards was unprecedented – and that the best way forward would be to evolve.

"The velocity of change is unyielding, and the complexity of issues from digital transformation to ESG imperatives is intensifying. Layer in persistent disparities in age, gender, and skill sets, and it becomes evident: boardroom evolution is no longer optional but a necessity.

"But in the push to modernise, we shouldn't lose sight of what seasoned leadership brings to the table. The experience, historical insight, and steady hand of veteran board members are invaluable.

"When you combine that with the fresh thinking, tech fluency, and energy of younger directors, you get something powerful: a board that's not just diverse, but dynamic," he said.

As Simon did, he stressed that today, a broad spectrum of expertise is essential.

"Boards must go beyond traditional finance and legal competencies to include knowledge

Independence

Apart from the people on the board, another aspect is their status—the rise of independent directors, who are not affiliated with the company's owners or management. One of the companies that leads by example is the Farsons Group.

Group Chairman Louis Farrugia explained that the Farsons' story of boardroom experiences dates back to 1929, when L. Farrugia & Sons and Simonds of Reading, UK, formed a public company called Simonds Farsons Ltd.

"It was natural at the time that the

Having independent directors on the board has been a major contributor to shaping Farsons' culture of good governance. — Louis Farrugia

"Forward-thinking boards embrace datadriven oversight. Tools like real-time analytics, AI-based risk modelling, and predictive insights are no longer aspirational; they're essential. Technology alone isn't enough; it takes a board culture that values diverse inclusivity, curiosity, continuous learning,

Forward-thinking boards embrace data-driven oversight… That's what empowers boards not just to navigate change, but to architect the future. — Tonio Depasquale

in cybersecurity, sustainability, and regulatory affairs. Sourcing such multifaceted talent is increasingly complex, especially as the demands continue to shift.

and constructive challenge to harness these capabilities truly. That's what empowers boards not just to navigate change, but to architect the future."

local company would inherit corporate governance systems practised by Simonds of the UK. Farsons has long maintained working practices which enhance good governance.

"Having independent directors on the Board, namely, those elected by the public shareholders, has been a major contributor to shaping the Farsons' culture of being a 'serious' player in the world of good governance," he said.

He also explained how important their role was in shaping the company's strategy: "Naturally, many momentous decisions have been taken by the Board of Directors in its almost 100 years of history. All of them would have been moulded by a combination of major shareholder representatives and independent directors who would always ensure that the long-term interest of the company – including all stakeholders – were looked after."

Read the Malta Business Registry Annual Report here: bit.ly/MBRAnnualReport2024

Louis Farrugia

NUMBERS, TRUST AND THE NEXT BET

Inside Tumas Gaming’s finance reset: capital discipline, clear KPIs, and growth with guardrails

In his first 100 days as CFO, Roderick Attard has focused on understanding, stabilising and aligning—pairing capital discipline with data-driven oversight. From refurbishing casinos to modernising BI and ERP, he frames finance as a trust engine: agile balance sheets, clear KPIs, and compliance embedded in culture—not tacked on—for growth, sustainably.

You've stepped into the CFO role at Tumas Gaming after senior finance roles in iGaming and audit. What are your first 100-day priorities, and how are you structuring the handover and cadence with the executive team?

During my first 100 days, my focus has been threefold: understanding, stabilising, and aligning.

The first step was to dive into the operational and regulatory context of both the landbased and the online businesses. I sat down individually with executive and middle management to understand, from their point of view, our services, challenges, compliance and processes in general. My ultimate goal was

simple: understand the revenue drivers and cost pressures.

Secondly, I assessed the finance organisation, covering aspects from team structure to control environment, and from data processing to reporting cadence. The ultimate goal here was to ensure we, as the Finance Department, provide internal and external stakeholders with complete, accurate and timely insights. It's not about presenting financial figures in a nicely presented financial report. It's about telling the story behind the figures.

The third focus area is more future-looking: alignment with the executive management team on strategic priorities and direction. I describe myself as a structured person,

always seeking ideas to turn into actionable plans. That's why I, along with the rest of the executive team, have established weekly meetings to discuss current performance, measure our progress against our original plan, and remain flexible to adjust for any new knowledge we learn along the way.

Tumas Gaming operates in a tightly regulated market with both land-based and digital dynamics. What's your capitalallocation framework across maintenance capex, growth projects, and tech/analytics— especially where returns and regulatory timelines intersect?

The timing of this question is perfect as Tumas Gaming is currently investing significant →

Every Euro must earn its keep.

capital to refurbish its casinos. The Company's capital strategy must navigate two aspects: the physical infrastructure of our casinos and the agile, fast-evolving digital side of gaming. Our capital-allocation framework is rooted in disciplined prioritisation: every Euro must earn its keep. Maintenance capex gets first call in the short-term, ensuring that compliance and player entertainment experience remain top priority.

Capex to fuel strategic growth is equally important as it ensures we stay aligned with technological development and remain relevant to players' expectations in the long run. Growth projects are evaluated through a dual test: return on investment (ROI) and regulatory feasibility. In gaming, one can't separate the two – a great ROI on paper is meaningless if licensing or regulatory timelines push it out by two years.

Growth projects go beyond the casinos' physical assets. Investments in data and technology are essential to enable better data gathering and analytics. In fact, we're not just refurbishing the look and feel of our casinos; we are upgrading our technological platform to improve operational efficiency and enhance players' insights (from analytics to responsible-gaming tools).

Ultimately, capital allocation is about balance: protecting core operations while funding innovation that strengthens our long-term licence to operate.

With interest rates still elevated, how are you thinking about balance-sheet resilience— debt mix, refinancing windows, and liquidity buffers—at the gaming-subsidiary level versus the wider group? What stress tests are you running?

Interest rates in Malta have remained relatively stable over the past decade. This is good news for us during times when we're going through significant investments. At the subsidiary level, as CFO, my goal is to maintain an agile balance sheet that can absorb financial cost volatility without constraining future growth. Being part

of a well-established local group gives Tumas Gaming easier access to both fixed and floating debt options, thus allowing me to optimise the overall debt mix and maturity profile. Moreover, casinos have high cash conversion rates, though somewhat seasonal. Therefore, obtaining flexibility in financing structures, via, for example, a revolving facility, can help in optimising the use of cash reserves while minimising borrowing costs.

Stress testing helps us identify and address any weak areas by simulating different scenarios, such as a dip in players/visits, a change in gaming taxes or a sudden increase in interest rates.

The goal is to build confidence – for shareholders, lenders, regulators and our organisation. A healthy balance sheet gives us room to act strategically, whether that's investing in new technology, minimising borrowing costs or absorbing short-term market turbulence.

Accountability and transparency are central to gaming. Which KPIs and reporting rhythms (monthly dashboards, risk heatmaps, audit-committee deep dives) will you use to strengthen performance management, compliance, and player-protection oversight?

Accountability is non-negotiable in gaming – encompassing not just financial accountability, but also operational and ethical considerations. I personally believe in clarity over complexity when it comes to KPIs. For daily performance management, we focus on a concise dashboard combining financial metrics (e.g. Gross Gaming Revenue volatility) with operational indicators (e.g. number of new and recurring players). This helps us gauge daily performance and take swift action, if needed. The latest technological platform will keep improving on existing dashboards by adding a third yet equally important pillar: compliance indicators (such as player-safety metrics). Our reporting rhythm will follow a tiered approach: daily operating snapshots, monthly management reports, and quarterly deep dives with the audit committee. This set-up helps to put compliance and player protection as part of our performance culture, rather than treating them as afterthoughts. We're also developing risk heat maps that integrate all departments, providing the board with a comprehensive view.

Transparency isn't about producing more reports; it's about telling the story behind figures and KPIs that drive better decisions and uphold trust with players and regulators alike.

You moved from Head of Finance to CFO at Acroud. Which lessons from a fast-moving affiliate/media business—working-capital discipline, revenue quality, data governance— are you bringing to Tumas Gaming?

At Acroud, I was exposed to a variety of projects, including building an internal Business Intelligence system, switching stock exchanges, multiple acquisitions and growth initiatives, and refinancing a EUR20 Million+ bond. I was also lucky enough to have been coached and mentored by a great CFO. Amongst many things, he taught me that a CFO in general is much more than day-to-day book-keeping, internal controls, accurate reporting and other deliverables one would expect from a traditional finance function. A CFO needs to monitor the underlying operational trends, maintain a light and healthy balance sheet, strengthen the corporate governance structure, and remain focused on the Company's bigger picture and long-term sustainability. That mindset (combining operational insight with financial discipline and strong governance) is what I'm bringing to Tumas Gaming.

Where do you see the most significant upside from finance digitisation—ERP consolidation, near-real-time BI, AIassisted forecasting—and how will you balance speed of implementation with cyber, AML, and responsible-gaming controls?

In today's digital age, collecting the correct data and knowing how to transform it into value-adding information can give any market participant a substantial competitive advantage. ERP systems help gather data from across all departments at all points throughout the product life-cycle. Business Intelligence and Artificial Intelligence can help in analysing the data gathered and transform it into meaningful information. The most significant upside of integrating BI and AI with ERP systems would be unlocking a 360-degree overview of the business in near-real time, thus enabling management to make better decisions, act faster, and support compliance automation.

Personally, I like data. What excites me the most is the use of historical micro- and macro-data to compile forecasting trends and predictive analytics. For example, AI-assisted forecasting can help us anticipate seasonality or optimise staffing costs. In my view, this should not replace management's intuition but rather add another perspective and tool at management's disposal.

Of course, regulatory compliance and data security remain key. Gaming operates under strict AML, GDPR, and responsible-gaming frameworks. Enhanced cybersecurity protocols and data-access governance will accompany every digital upgrade. True finance transformation is not about perfectlypresented dashboards – it's about creating trust in every number and every process.

Finally, what does success look like by this time next year—for shareholders, lenders, regulators, and employees—and which two or three metrics should they judge your tenure on (e.g., ROCE, cash conversion, compliance findings, engagement)?

Success represents different things to different stakeholders. To me, success means stability, credibility, and momentum. For shareholders, this is reflected in improved ROI and cash conversion, demonstrating that we're investing smartly and managing costs without compromising growth. For lenders, it's a clear and resilient balance-sheet structure. For regulators, zero material compliance findings. And for employees, it's engagement — knowing finance supports their decisions rather than policing them.

I would like to be evaluated based on three key metrics—first, cash conversion and working-capital efficiency, which demonstrate operational discipline. Second, the return on capital reflects the effectiveness of investment choices made. Lastly, audit and compliance outcomes are essential, as they showcase the integrity of execution. These criteria will provide a comprehensive framework for assessing performance.

The CFO's role in gaming extends beyond financial management; it also involves risk management and driving growth. My goal is for finance to remain a proactive partner, enabling innovation and growth while safeguarding trust.

GOVERNANCE FIRST, GROWTH NEXT

Inside the Malta Development Bank

Alison Micallef, CEO of the Malta Development Bank, tells Lea Hogg how a balance sheet can punch above its weight—de-risking green investment, unlocking capital, and turning Vision 2050 from aspiration into bankable projects built on transparency, inclusion, and growth for Malta.

When A lison Micallef took the helm of the Malta Development Bank, she seized an opportunity to shape the architecture of Malta’s economic future. With a career spanning three decades in global risk management, Micallef is now applying her expertise not to minimise exposure, but to maximise impact: steering the Bank toward projects that drive innovation, sustainability, and social inclusion.

“Our role is to bridge gaps where traditional lenders hesitate,” she says. “We’re not just

financing today’s projects; we’re enabling Malta’s economy of tomorrow.”

“It’s a shift in mindset,” she tells me.

“Commercial banks focus on maximising private profit. Development banks exist to drive socio-economic development and public welfare. That means we’re often willing to take on risks others won’t—because what we’re prioritising is long-term sustainable growth, not just short-term return.”

It is a big commitment for an institution barely

seven years old, one that still has to prove its weight in an economy heavily reliant on sectors such as tourism, construction and online gaming. The MDB is small compared to its European peers. Still, Micallef argues its impact can be disproportionate if it positions itself as a lever to mobilise private capital into critical areas such as green infrastructure, digitalisation, and inclusion.

From crisis manager to architect of growth Micallef’s career demonstrates her extensive experience in financial risk, but her first months at the Malta Development Bank have been focused on a different challenge: enhancing the Bank’s visibility. Its most high-profile achievement came during the pandemic, when it was tasked with providing close to half a billion euro in guaranteed loans. For such a young institution, it was a significant test.

“Crises have been a proving ground for the MDB,” she says. “We showed we could mobilise quickly, effectively, and with accountability. My task now is to build on that foundation and guide the Bank into its next phase of growth.”

That next phase is now visible on the ground. MDB has launched a Sustainability Guarantee— Malta’s first thematic InvestEU guarantee— delivered through partner banks so that →

Alison Micallef

SMEs can access support where they already bank. The instrument is live via BOV and HSBC, with a third lender in process, widening reach without reinventing the customer journey.

Under the hood sits an uncapped portfolio guarantee covering 80% of each eligible loan—calibrated, the Bank says, to give partner banks meaningful capital relief and lending capacity, with the expectation that benefits are passed through to SMEs in the form of longer tenors, lower collateral and sharper pricing within state-aid limits.

By the numbers

(latest available, Bank-reported)

Cumulative support: c €680m to end-2023 (June 2025)

Delivery: MDB flagship schemes (SGS and GCLS) are intermediated by APS, BOV and HSBC. The sustainability sub-schemes are intermediated by BOV and HSBC.

Guarantee design: uncapped portfolio cover at 80% per eligible loan

COVID legacy: ex-post assessment cites claims below the worst-case scenario and strong accessibility; delivery through eight banks during the scheme

shifting. “The focus is moving towards quality of life, inclusivity, sustainability, and innovation,” she says. “The MDB is placing itself at the centre of that shift.” That includes financing solar panels on factory rooftops, supporting SMEs to adopt energy-efficient systems, co-funding creative projects spanning architecture to audiovisual media, and tapping European instruments—such as InvestEU—for green mobility and digital productivity upgrades.

Our role is to bridge gaps where traditional lenders hesitate.

Focus: rising share of sustainable/ energy-efficiency/digital productivity projects under the sustainability schemes

Her rhetoric is confident, but the underlying challenge is ever-present: Malta spends a fraction of the EU average on R&D and remains heavily dependent on traditional sectors. Can a bank with a modest balance sheet really tilt the playing field? Micallef frames the MDB’s role not as a lender of last resort but as a catalyst. “Every euro of our guarantee can unlock multiples of private capital. That is how small economies like Malta punch above their weight.”

To avoid brochure-speak, we discuss where that leverage should show up. MDB targets observable outcomes—more viable projects financed on better terms, a rising share of green and digital investments, and shorter median approval times through partner banks.

Scrutiny as strength

MDB’s COVID-era ex-post assessment also shapes today’s approach: governance embedded at the design stage, strict eligibility agreed with banks up front, and delivery through normal bank credit processes. MDB says the headline lesson is that speed and accountability can co-exist—provided the rules are clear from the start.

Reality check line: Uncapped structures typically deliver stronger SME benefits but lower headline “leverage multiples” than capped schemes; MDB says it is prioritising pass-through to businesses over optics.

Beyond GDP

Malta has enjoyed enviable GDP growth over the past decade, though often fuelled by industries that Brussels and environmentalists eye warily. Micallef knows the ground is

In Brussels and beyond, Malta’s financial system has faced its share of scepticism. For Micallef, multiple layers of oversight—from national audit to European reporting—are less a hindrance than a badge of trust. “Oversight can make processes slower, yes,” she admits. “But it enhances credibility. It reassures stakeholders that the MDB is a trusted partner. Without that, we wouldn’t be able to attract resources to Malta.”

Critics counter that reporting burdens can still slow roll-outs. MDB’s response is practical rather than rhetorical: standardise templates, set state-aid and eligibility in advance with participating banks, and avoid duplicate data requests. If a loan meets the scheme criteria, it proceeds without extra approvals—the bank underwrites as usual; MDB’s risk-sharing shifts the economics.

Yet credibility alone isn’t enough if the Bank’s services remain invisible to the very businesses it aims to support. Even at home, many SMEs remain unaware of the services

offered by the MDB. Micallef concedes the point. “Too many SMEs don’t know what support is available, or they’re put off by perceived complexity,” she says. Her answer is to partner with commercial banks—BOV, APS, HSBC—so that small firms can access MDB guarantees through familiar channels, with lower collateral requirements, better loan terms and longer repayment periods. She is careful to add that additionality matters: if a deal would go ahead on the same terms without MDB support, the Bank should not be involved.

It is a pragmatic fix, but hardly a glamorous one. The danger, critics argue, is that the MDB risks becoming a quiet back-office guarantor rather than the visionary development bank Micallef describes. She disagrees. “Access to finance should be a catalyst, not a barrier. If a project is viable, we want to ensure it gets support.”

From Vision 2050 to reality Malta's Vision 2050 is a long-term plan for a sustainable, innovation-driven, and inclusive economy. MDB, she insists, is not a bystander but an enabler. “Our contribution is already visible—from renewable energy and green mobility to education and community infrastructure. We’re not just supporting projects of today—we’re preparing Malta for the economy of tomorrow.”

For the MDB to be more than a cheerleader, it must design products that make ambition bankable: blending grants with guarantees, de-risking R&D, and co-financing social housing and healthcare—while publishing time-bound KPIs so progress is measurable. That means stating, in plain numbers, how the Bank intends to perform: target privatecapital multipliers, the share of green/digital projects, median approval times with partner banks, claim ratios, and—crucially—how many viable SMEs actually receive improved terms.

MDB also acts as a signpost and structuring partner for EU resources, aligning European facilities with Maltese needs and, where relevant, helping projects connect into specialist European programmes, including those focused on alternative-fuels infrastructure. For large or complex projects, the ability to blend national priorities with European balance sheets is where a small development bank can widen its footprint.

How the 80% guarantee works

Problem: viable SME investment, but collateral requirements and short tenor make pricing tight; the bank hesitates.

MDB structure: an uncapped portfolio guarantee covers 80% of each eligible loan. This provides partner banks with capital relief, enabling longer maturities, lower collateral, and improved pricing within state-aid rules.

Trade-off: lower headline leverage than capped schemes, but stronger passthrough benefits to SMEs.

Outcome: the loan proceeds with the same bank, under normal credit processes, on bankable terms.

Alison Micallef, a risk manager turned development banker, argues that taking the right risks is the only way to build resilience. “Our purpose is simple,” she says. “To empower businesses, unlock investment, and contribute directly to Malta’s long-term socio-economic resilience.”

Already, the MDB has had an impact on Malta’s economy. Under Alison Micallef, the Bank isn’t just talking about Vision 2050—it’s acting on it: rolling out the Sustainability Guarantee through local banks, opening channels to European facilities, and tightening operational plumbing so support lands where it’s needed. The test is now being executed openly. As Micallef puts it: “To raise visibility, we are strengthening outreach through chambers of commerce, SME networks, industry associations, and professional firms. Our goal is to ensure that businesses with viable projects are supported, rather than discouraged, by complexity.”

Every euro of our guarantee can unlock multiples of private capital.

If Malta is to transition from a pay-as-you-go approach to a plan-as-you-grow investment strategy, risk-sharing must become routine. The promise is not a slogan but a scorecard: show the leverage, and let the portfolio speak. Faster does not mean looser; it means clear rules, visible results, and finance that gets where it should—on time, on merit, and on mission.

A NEW CHAPTER FOR MALTA’S RETAIL LEADERS

Now operating 100 outlets across Malta and Gozo, The Convenience Shop has grown into one of Malta’s most recognisable retail brands. The company is now unveiling a bold new brand architecture under the “My” identity, marking the next stage in its evolution. MONEY sat down with CEO David Tabone to discuss what this transformation means for customers, employees, and the future of retail in Malta.

Congratulations on reaching the milestone of opening your 100th shop. Why is now the right time to rebrand The Convenience Shop?

Thank you. Opening our 100th shop is a proud moment and, more importantly, it marks a pivotal turning point. The time has come for us to modernise our identity to truly represent who we are today and our new value proposition to the communities we serve across Malta and Gozo. Our customers and their needs have evolved, and we want to demonstrate that we are adapting to meet their changing needs. The new “My” identity is about personalisation, clarity, and trust.

Can you explain how the new “My” brand architecture works?

At its core, the Group is now unified under the “My” corporate

identity, which uses a strong corporate green. Within this, we have two main retail brands: MyConvenience and MySupermarket. MyConvenience retains the bright yellow that customers already associate with speed and accessibility, while MySupermarket takes on a more casual, lighter green. This colour system creates immediate clarity, while also reflecting a fresh, modern personality for the Group. From now on, whether you’re doing rushed shopping or relaxed, the difference is visible and easy to understand – and now you earn rewards every time.

Beyond colour and design, what changes will customers notice?

Customers will start seeing more than just new logos. Our new identity represents our ongoing investment in innovation and people - from the formats we

offer and the way our stores are designed, to the technology that powers the customer experience. We are introducing new concepts that will be firsts in Malta, pushing the boundaries of convenience retail. Expect digital solutions, smarter store layouts and an overall enhanced customer experience –whether in-store or online.

Innovation seems to be a recurring theme. How do you balance technology with the human side of retail?

Retail is ultimately always about people. Technology should serve to make life easier for both customers and employees. Whether it’s our new shopping app, loyalty scheme or smarter logistics, the end goal is to give people time back, reduce stress, and enhance service. At the same time, our shops are rooted in personal interactions—the smile at the till, the friendly word with

a regular customer. The balance of digital efficiency and human warmth defines our model, and we are investing in some of the best training resources to ensure that our staff can achieve the high standards we set for ourselves.

You mentioned community. How important is local culture and heritage to your brand?

It’s essential for us. We believe we are an integral part of Malta’s daily life. Every one of our shops serves a community, and our role is to support and reflect that community. We have creative projects in development that are rooted in local heritage, which will enable us to connect with people in more engaging and meaningful ways. It’s about celebrating what makes each place unique while still providing the reliability of a large national brand. You’ll see these initiatives unveiled very soon.

And what about the company’s approach to social responsibility?

Corporate social responsibility is a core pillar of our identity. We support numerous NGOs and causes, and we will continue to do so in a more structured manner through a new platform that will enable us to support meaningful causes and ensure that our society benefits from our continued growth. We believe that true leadership is not only measured in financial performance but also in how you contribute to people’s daily lives.

On a personal level, what excites you most about this new chapter?

The chance to elevate this household brand to the level it truly deserves. The hard work of our founders, management, and staff over the past few years, combined with the trust of our customers and investors and the loyalty of our partners, is what sets us apart. I see this brand launch not as a finish line but as the start of a new journey. The future of retail is dynamic, and Malta is more than ready for bold ideas. Knowing that we are shaping that future is both humbling and energising at the same time.

Finally, what’s your vision for the next five to ten years?

My vision is simple: to remain Malta’s foremost communityminded retail group, trusted, innovative, and relevant. We aim to continue leading, innovating, and giving back. The new identity is just the first step in a much bigger journey. Over the next decade, I see us not only as a retail leader in Malta but also as a role model in how business can evolve responsibly, blending growth with culture, technology with humanity, and ambition with community.

David Tabone

BUILT TO COMPLY, NOT YET TO COMPETE

Malta's financial services sector has matured into a pillar of the economy, trusted and well-regulated. But regulation alone is not enough. JP Fabri argues that Malta must evolve its financial ecosystem into a driver of innovation, capital, and purpose, one that powers national growth rather than merely policing it.

Malta's financial services sector has long been a key engine of the economy. It has supported high-value job creation, contributed significantly to the country's GDP, and helped diversify the economy beyond traditional sectors. In recent years, we've also seen critical regulatory advances, most notably under the steady hand of the Malta Financial Services Authority (MFSA), whose rigorous and methodical approach to MiCA licensing has earned recognition from European peers. This is a sector with real strengths. But it is also a sector at a crossroads.

Digital innovation, ESG mandates, and evolving investor expectations are reshaping the global financial landscape. At the same time, the Maltese economy is seeking new growth engines, stronger access to capital, and a more resilient private sector. For Malta to remain relevant and competitive, its financial services ecosystem must do more than comply. It must evolve deliberately, systemically, and in alignment with a clear national economic purpose.

This is not a call for radical disruption. It is a call for honest reflection, courageous leadership, and integrated thinking. We have a well-regulated engine, but we now need a vehicle built for the future.

From regulatory rigour to strategic renewalThe MFSA has done its part and deserves credit. Its structured and transparent MiCA onboarding process, which included industry consultations, technical toolkits, and supervisory dialogues, is a model for how regulation should be done. It reflects an institution that has matured significantly and is aligned with European expectations regarding integrity, supervision, and resilience.

But regulation, no matter how well-executed, is only one piece of the puzzle. Malta's financial architecture is still too fragmented to unlock its full potential. Capital is not flowing where it is most needed. Start-ups continue to face steep challenges accessing finance. Capital markets remain underdeveloped. Emerging sectors, such as fintech, sustainable finance, and impact investing, are yet to be embedded within a supportive institutional framework.

The challenge is not one of failure; it is one of missed opportunity. And it is here that the

system, rather than individual institutions, must come into focus.

Connecting the financial system to national growth

We need to shift our perspective on financial services. Rather than treating the sector as an isolated pillar of the economy, we should view it as a critical enabler of the economy. This ecosystem can drive the development of new industries, expand access to finance, and bolster national resilience. This ecosystem includes regulators, banks, investors, entrepreneurs, educators, and policymakers. Its strength lies not just in individual performance, but in the connections between its parts.

At present, these connections are too weak. The financial system is still geared toward traditional players and established models. The rules of the game have improved, but the incentives to innovate, to experiment, and to support productive risk-taking remain limited. The result is a system that is technically sound but strategically underleveraged.

The task ahead is to build the connective tissue to create an environment where innovation is encouraged, capital flows more freely, and finance is seen as a tool for economic transformation, not just oversight and compliance.

Building an ecosystem that supports the future

One of the most urgent challenges is expanding access to capital. Too many promising ventures are stuck in a funding desert, particularly in the early stages of growth. Whether it's in fintech, healthtech, or

Malta’s financial system is compliant, but not yet unleashed

The challenge is not failure; it is missed opportunity.

green technologies, the capital infrastructure remains shallow. We need to reimagine how we structure risk and reward in our ecosystem. This may require public-private investment vehicles, tiered capital markets that accommodate different scales of enterprise, or new incentives to channel patient capital into strategic sectors.

Innovation also needs to be placed at the centre of the system, not its periphery. Malta has the potential to become a testbed for new technologies and financial models. But this requires more than pilot projects and sandbox schemes. It requires intentional coordination among regulators, technologists, and the private sector to scale experimentation. Whether in digital finance, regtech, or climate finance, Malta can offer value through agility but only if the ecosystem supports viable paths to market.

Talent is another linchpin. The sector cannot thrive without a skilled and future-ready workforce. This means aligning academic offerings with emerging needs, such as cyber risk, ESG reporting, and AI in compliance. It also means creating compelling career paths that retain Maltese graduates and attract international expertise. Building a credible, innovation-friendly ecosystem will require far more collaboration between universities, training institutions, and industry bodies.

Finally, we must root this transformation in purpose. Financial services must not operate in isolation. They must serve real needs: funding the energy transition, supporting job creation, strengthening infrastructure, and enabling inclusive growth. The more finance aligns with Malta's long-term strategic

vision, the more it becomes a driver of shared prosperity. That is the kind of system we should aim to build.

A call for integrated action

Much groundwork has already been laid. The Financial Services Strategy Advisory Group provided a clear roadmap for the sector's future. The MFSA has proven its ability to act decisively and transparently, particularly in sensitive regulatory domains. Institutions like FinanceMalta have continued to promote the jurisdiction globally. However, what is needed now is execution —strategic, coordinated, and courageous.

The transformation of Malta's financial ecosystem will not happen through press releases or rebrands. It requires a collaborative effort from government, regulators, industry, and education, working toward a shared vision. We must move from disconnected silos to a system built on alignment. Alignment between the financial system and Malta's economic development strategy. Alignment between innovation and risk. Alignment between regulation and growth.

This is not easy work. But it is necessary work. And it is the only way Malta can compete not just on compliance or cost, but on credibility, innovation, and purpose.

A system worth building

Malta stands at a rare and valuable moment. We have an opportunity to evolve a financial ecosystem that is trusted, agile, and meaningful. The tools are available. The institutions are capable. What's needed now is the will to go deeper; not to fix what is broken, but to reimagine what is possible.

financial system is technically sound

Systemic change does not mean abandoning what has worked; it means adapting and refining existing approaches to achieve greater effectiveness and efficiency. It means building on it, expanding it, and aligning it with tomorrow's opportunities. The future of finance in Malta is not just about reputation or regulation; it is also about innovation. It is about relevance. And relevance comes from bold thinking, honest collaboration, and the courage to move beyond the surface.

It's time to stop asking whether Malta's financial services sector is compliant. It's time to ask whether it's transformative.

The evolution of financial services automation and its impact on talent

When I started my career in financial services two decades ago, the relationship between technology and human expertise was straightforward: we did the work and technology helped us organise it. Today, this dynamic has undergone a profound shift, with significant implications for talent development.

The reality behind the automation revolution

Clients and investors now expect granular details, real-time reporting, and live adjustments that would have been impossible to deliver manually two decades ago. What we're seeing goes well beyond digitisation and represents a complete transformation of how we operate. Investment performance reporting now runs on live data, comparative analysis happens in real-time, and clients can tailor reports instantaneously.

This shift has liberated our teams from what I call the "manual tedium" that once defined much of financial services work. In my early days, I dedicated countless hours to basic data entry and manual reconciliations.

Frankly, it was mind-numbing work that drove talent away from the industry. Today's automation handles these routine tasks with greater accuracy and speed, reducing errors and eliminating human bias but not adding value.

Przemyslaw Koger

However, what the headlines often overlook is that automation in financial services is about amplifying human expertise, not replacing it. While technology manages the routine, our professionals focus on what truly matters: understanding client needs, interpreting complex data, and building the relationships that drive successful outcomes.

The skills transformation

The professionals we're hiring

today need to be fundamentally different from those who succeeded twenty years ago. Previously, you could build a successful career by mastering one discipline (for example, accounting, compliance, or tax) and staying within those boundaries. That approach no longer works.

Today's financial services professionals must be comfortable operating across

multiple disciplines. They need to understand regulatory frameworks, stay current with market trends, and grasp the interconnection between compliance, technology, and client service. The world changes quickly, so adaptability has become more valuable than deep specialisation in any single area.

This doesn't mean technical qualifications have become irrelevant. We still operate in a highly regulated industry where competence and precision are non-negotiable. However, we've shifted our focus from traditional qualifications, such as ACCA, to evaluating thinking skills and adaptability as primary hiring criteria. Before adding to our team, we now ask: Can this person learn quickly? Do they communicate effectively with clients? Can they collaborate across teams and geographies?

Learning in the age of automation

The way people develop expertise has evolved with technology. While structured training programmes remain essential, the majority of meaningful learning now happens on the job through iteration with colleagues and direct client interaction. Software manuals can teach you how to use a tool, but understanding how to apply that tool to solve real client problems requires experience and collaboration.

We've deliberately restructured our approach to graduate development. Instead of the traditional model where junior staff performed basic administrative tasks, we ensure new joiners engage with meaningful work from day one. We explain the 'why' behind our processes, not just the 'how.' By the time today's graduates reach senior positions, the industry

assessment. Our clients trust us with substantial assets, and that trust requires the careful and measured implementation of new technologies.

We've successfully integrated some aspects of AI and automation across various processes while maintaining the high standards clients expect. The key is understanding that

eliminating the mundane work that previously caused burnout and high turnover. Instead, professionals can focus on relationship building, strategic thinking, and solving complex problems: the work that initially attracted many of us to financial services.

For those entering the industry today, my advice is simple:

As automation handles routine tasks, successful firms will be those that create environments where creativity and collaboration can flourish. We're already seeing this at Alter Domus Malta, where our team focuses on meaningful work, cross-border cooperation, and continuous learning.

The future belongs to professionals who can work

will have undergone significant changes, so we focus on building adaptable thinkers rather than technical specialists.

Balancing innovation with trust

Financial services operate under a unique constraint: the stakes are too high for rapid experimentation. Unlike retail industries, where companies can "move fast and break things," we must strike a balance between innovation and rigorous risk

automation enhances rather than replaces human judgment. Technology flags issues and processes routine transactions, but humans make the strategic decisions and manage the complex relationships that define successful financial services.

The future of financial services careers

Looking ahead, I'm optimistic about career prospects in our industry. Automation is

embrace flexibility, develop strong communication skills, and focus on understanding how different aspects of the business interconnect. The specific tools we use will continue to evolve, but the ability to build trust, interpret complex information, and guide clients through change will always remain valuable.

The most significant change over the next five years won't be technological… it will be cultural.

alongside technology while providing the human insight, judgment, and relationship management that no algorithm can replicate.

Przemyslaw Koger is Country Executive / Chief Executive Officer of Alter Domus Malta, part of the global Alter Domus network providing fund administration, depositary, corporate services, and technology solutions across nearly 4028 offices worldwide.

PROSPERITY WITHOUT INTEGRITY?

Malta’s economy is built on the pillars of financial services and gaming. But Manuel Delia asks: Is this prosperity built on moral compromise? By relying on loopholes, secrecy, and addiction-driven industries, Malta risks confusing short-term gain with long-term wellbeing, eroding not just its economy, but its democracy itself.

MALTA'S ECONOMIC DEAD END

When morality becomes optional in economics, it soon becomes optional in politics.

Malta takes pride in its economic successes. We describe ourselves as a centre for financial services and gaming, as if these were neutral, reputable terms. Remove the polite labels, and what remains is less glamorous: one industry prospers by helping outsiders evade taxes, the other by supporting businesses that thrive on people’s addictions

For a small country with no oil, no minerals, and no space to farm, this is the narrative we tell ourselves: moral compromise is the cost of survival. The argument appears pragmatic, even clever. Better to exploit loopholes than fall into irrelevance. Better to host online casinos than to export potatoes.

But is this truly the best we can do? Should a nation of half a million people depend on supporting tax evaders and those who exploit gamblers for its prosperity? Or is the deeper, more uncomfortable truth that we have confused short-term gains with long-term wellbeing, thereby damaging not only our economy’s resilience but also the very foundations of our democracy?

This article asks a simple question: Does Malta need to be amoral to succeed?

Malta’s dependence on financial services and gaming did not happen by chance. Successive governments promoted the island as agile, adaptable, and “open for business.” We had no natural resources, so we traded on what we had: a passport into the EU, a reputation for

light-touch regulation, and the promise that if you set up here, nobody would ask too many awkward questions.

For a time, this seemed to be a masterstroke. Banking, insurance, and investment firms are founded here by the hundreds. Gaming companies set up their servers and declared Malta the “capital of iGaming.” The sectors now contribute a significant portion of the GDP, employ thousands, and support a thriving service economy, including lawyers, accountants, IT specialists, and estate agents.

But behind the official account lies another reality. Financial services have become a shorthand for helping wealthy outsiders minimise their tax bills. Gaming has become a euphemism for hosting businesses that exploit compulsive behaviour and debt. Our role was to provide the legal framework, the servers, and the workforce that made these models profitable.

We told ourselves that this was clever pragmatism for a small island. Yet what we truly built was an economy that outsources its risks and keeps the moral costs at arm’s length. It pays off in the short term, but it leaves us dangerously dependent on industries that regulators and the public worldwide are increasingly suspicious of.

Whenever criticism of Malta’s economic model is raised, the usual defence quickly emerges: everyone does it. Small nations cannot compete with large economies on scale, so we establish niches in the grey areas. Cyprus operates financial schemes. Gibraltar thrives on →

Low tax was Ireland’s entry innovationpoint; and talent made it sustainable.

gaming. Ireland attracted tech companies with generous tax deals. Why should Malta be any different?

The problem is, this defence doesn’t last long. Yes, other small states have used similar tactics — but many have also recognised their limits. Ireland promoted its low-tax strategy to attract investment, but then developed an innovation and talent ecosystem around it. Estonia used its small size to lead in digital trust and governance, rather than hiding behind opacity. Luxembourg is now focusing on the green and space finance sectors.

Meanwhile, Malta clings to the myth that its prosperity depends on turning a blind eye to its problems. However, reputational risk is increasing. The EU and OECD are closing tax loopholes. International watchdogs are tightening anti-money-laundering measures. Gaming is under greater scrutiny for its social impacts. The world is progressing, and Malta remains defending the indefensible.

Far from being unavoidable, amorality is a tactic that makes us vulnerable. What appears as clever pragmatism may, in reality, be narrow-minded, self-destructive behaviour.

The danger is not just economic. An economy that relies on opacity and loopholes inevitably erodes the institutions designed to protect the public interest.

When financial interests depend on compliant regulators, the

temptation to bend rules grows strong. Planning laws are often bypassed to favour well-connected developers; financial watchdogs are lenient to reassure important clients; gaming oversight is relaxed to prevent operators from relocating elsewhere. Rules become optional for those who can challenge them, and meaningless for everyone else.

This dynamic is harmful to democracy. It fosters a culture where citizens no longer trust that the law is applied fairly. If economic success depends on regulatory capture, then politics turns into managing exceptions for the powerful rather than upholding rules for the majority. Corruption stops being a rare occurrence; it becomes the core business model.

The cost is measured not only in reputational damage abroad but also in cynicism at home. People conclude that fairness is an illusion, that government exists to serve those who can pay for access, and that public life is merely a theatre of excuses. In such a climate, democracy is weakened not by a single scandal but by the normalisation of amorality as a national strategy.

When a country accepts that morality is optional in economics, it shouldn’t be surprised if morality also becomes optional in politics.

The biggest mistake Malta could make is to believe there are no alternatives. Our size, rather than a disadvantage, can be a strategic benefit if we make the right choices. Small states can respond more

Economies based on secrecy and addiction cannot garner respect, stability, or trust.

quickly, pass laws more swiftly, and craft a sharper identity than larger economies, but only if they select a route that fosters trust rather than damages it.

There are examples close to home. Ireland may have initially offered tax advantages, but it used that as a starting point to develop an innovation ecosystem, anchored by universities and tech talent. Estonia turned its small size into agility, pioneering digital governance that has become a global benchmark. Luxembourg reinvented itself as a centre for sustainable finance, using its credibility as its main selling point.

Malta could implement similar changes. Instead of maintaining secrecy and exploiting loopholes, we should focus on transparent finance, such as becoming a hub for environmental, social, and governance investments: funds and projects that channel money into companies practising sustainability, fair treatment of workers, and open management. Rather than hosting dubious shell companies, Malta could establish itself as a trustworthy jurisdiction for investors who want their money to do good as well as generate profits.

Our gaming expertise can develop into responsible digital innovation, such as gamified education, health applications, or online platforms that improve rather than exploit human behaviour. And our greatest untapped asset, a functioning rule of law, could become the foundation of our brand: a jurisdiction trusted not because it turns a blind eye, but because it upholds integrity.

The choice is not between prosperity and principles.

The real dilemma is between short-term gains that fall apart under investigation and long-term credibility that supports growth.

So, does Malta need to be amoral to succeed? The answer is no, but only if we accept that the path we are on is not clever pragmatism but a dead end. Economies based on secrecy and addiction may generate money in the short term, but they cannot garner respect, stability, or trust. And without those, prosperity remains fragile.

The alternative is more challenging, but significantly more rewarding: leveraging Malta’s small size to create an economy built on integrity and trust. We can become the place where finance signifies clean capital, where digital innovation benefits people rather than exploits them, and where rules are not bent for the powerful but enforced fairly for everyone.

That is not merely an economic choice; it is a democratic one. Because when a country’s wealth is based on honesty and fairness, its politics can follow suit.

Malta’s future need not rely on loopholes and dependencies. Our true strength lies not in taking shortcuts, but in setting the way forward. We can be remembered either as the country that chose easy ways or as the nation that demonstrated integrity is not a flaw but the foundation of lasting prosperity.

Building QLZH Holding Plc: THE MERCIECA BROTHERS' 12 MILLION BOND

QLZH Group has officially closed the first €6.8 million tranche of its €12 million secured callable bond programme, a move that underscores the market's confidence in the Group's strategy and growth prospects. Fully subscribed within three days, the bond issue is now listed on the Malta Stock Exchange. It offers investors an attractive yield of 5.5%—a rate that has drawn strong demand from both institutional and retail investors.

This successful fundraiser marks a pivotal milestone in QLZH's broader growth plan. As the Group strengthens its foothold in the property development sector, the fresh capital will provide a springboard for new projects and opportunities.

Investor confidence and market momentum

The rapid take-up of the first tranche highlights more than just the appeal of the bond's yield; it reflects confidence in QLZH's long-term vision. Investors are increasingly seeking opportunities that combine strong returns with solid fundamentals, and QLZH's blend of robust financials, governance upgrades, and an expanding asset base is proving compelling.

The first tranche of the bond has been allocated to high-yield, affordable rental properties, comprising a total of 19 units, which deliver steady income streams. The upcoming second tranche shifts focus toward higher-end investments, particularly exclusive residences within historic palazzos, designed to enhance capital value over the long term significantly.

A second tranche of €5.2 million is expected to

be received in the coming months, contingent upon the achievement of specific development milestones. This staggered approach demonstrates the Group's disciplined strategy, which involves raising capital in phases tied directly to project execution and delivery.

by a pipeline of income-generating property developments strategically located across Malta and beyond.

The company's focus on property development is well-timed. Despite economic uncertainties

Such a model not only reassures investors about transparency and accountability but also aligns funding closely with operational progress.

Expanding asset base and long-term growth projections

QLZH's current trajectory is ambitious but backed by data. According to recent public disclosures, the Group is on track to expand its asset base beyond €14 million by the end of this year, with projections reaching €22.7 million by 2027. This growth will be driven

and shifting global investment trends, Malta's real estate sector remains resilient, supported by steady demand for residential and commercial space. By leveraging its market knowledge and strong local presence, QLZH is positioning itself to capitalise on growth opportunities while mitigating risk.

Strengthening governance with a PLC structure

In tandem with its financial expansion, QLZH Group has formally transitioned into a Public Limited Company (PLC)—a structural evolution

that signals its intent to operate at a higher level of corporate governance. The newly appointed Board of Directors brings together a mix of executive leadership and independent oversight. Group Chairman Dr Francis Galea Salomone provides strategic direction, while Group CEO and Executive Director Stephen Mercieca leads the company's growth initiatives. Group Finance Director and Executive Director Michael Mercieca ensures fiscal discipline, supported by non-executive directors Luke Coppini and Edward Cachia, both of whom bring external perspectives and governance expertise.

This governance upgrade not only strengthens internal decision-making but also reassures investors about transparency, accountability, and long-term stewardship.

Leadership vision and market outlook

Commenting on the success of the first tranche, Group CEO Stephen Mercieca described it as "a clear vote of confidence from the market." He emphasised that the infusion of fresh capital, combined with a stronger governance framework, positions QLZH to "unlock the next phase of growth—delivering quality developments and long-term value for stakeholders."

Mercieca also acknowledged the critical role of the team behind QLZH's progress, noting that "this milestone would not have been possible without the hard work, commitment, and loyalty of all our people."

Looking ahead, the company sees a wealth of opportunity in Malta's evolving property landscape. From residential developments to mixed-use projects, the Group intends to capitalise on demand trends while pursuing a sustainable and measured approach to expansion.

Why this matters for investors

For investors, QLZH's story is one of calculated ambition. The combination of an above-market yield, a phased capital-raising strategy, and a governance-enhanced corporate structure creates an attractive risk-reward profile.

The real estate sector, particularly in Malta, remains a haven in a world where many asset classes are facing volatility. Against this backdrop, QLZH's bond issue provides a unique opportunity: exposure to real estatedriven growth with the added security of a listed, regulated investment vehicle.

The Group's projections, which aim to more than double its asset base within the next four years, signal both confidence and capability. Yet what makes this growth more compelling is its foundation: transparent financial disclosures, market demand for its core product, and a management team with both vision and discipline.

The road ahead

With its first tranche closed, a second on the horizon, and a strengthened governance framework in place, QLZH Group is poised for an ambitious next chapter. Its journey reflects the growing maturity of Malta's capital markets, where investors are increasingly backing local companies with scalable models and international potential.

For QLZH, the message is clear: the road ahead is lined with opportunity. Armed with financial strength, strategic focus, and a bold vision, the Group is not just building properties—it is creating long-term value for its stakeholders and helping shape the future of real estate investment in Malta and beyond.

THE CULTURE OF

Are Maltese spending and saving habits evolving?

Property has long been Malta's default savings plan and the cornerstone of wealth. But the rules are changing. As yields tighten, costs rise, and cultural values shift, landlords and households alike are rethinking how they save, spend, and invest. Malta's money culture is evolving — sometimes reluctantly, but unmistakably. Cecil McCarthy explores Malta's evolving money culture.

CULTURE OF MONEY

For decades, property has been the bedrock of Maltese wealth. Families invested their savings into bricks and mortar, confident that homes and apartments would appreciate steadily and reliably. Owning property was more than a matter of financial prudence — it was a cultural norm, a symbol of stability, and in many cases, the backbone of intergenerational security.

Yet today, this once-stable relationship between money, property, and savings is evolving. Landlords, tenants, and households alike are adjusting to an economic reality

shaped by market saturation, changing lifestyles, and a European context that is both comparable and strikingly different.

Property as the cornerstone of Maltese wealth

Malta's financial story cannot be told without property. Between 2010 and 2020, residential property prices rose by more than 40%, according to Eurostat, outpacing inflation and reinforcing the perception of real estate as a "can't lose" investment. Rental yields were strong, short-term rentals surged with the boom of Airbnb and tourism, and landlords

enjoyed high returns without the need for significant reinvestment in their assets. (Average Residential Property Price Index, Malta vs EU, 2010–2023, source: Eurostat)

But beneath this apparent success story, the foundations began to shift. As supply increased — fuelled by aggressive development and speculative purchasing — the market entered what many landlords now describe as a phase of saturation. More apartments are available than ever, yet tenants' expectations have also grown. What once sufficed — basic furnishings, minimal →

maintenance, and low operating costs — no longer guarantees occupancy or strong yields.

The landlord's dilemma: Reinvest or exit?

Casa Rooms, which manages hundreds of properties across Malta, has observed an apparent change in landlord behaviour over the past three years. Many of our clients, who once expected near-automatic returns, now find themselves at a crossroads. Some are choosing to reinvest, upgrading their properties with modern amenities, stylish

saving rate fell from nearly 18% in 2020 (a pandemic-driven high) to below 12% in 2023, reflecting both cost-of-living pressures and changing attitudes toward money. (Household Saving Rates, Malta vs EU Average, 2015–2023, source: Eurostat)

Spending patterns are also evolving. Younger generations, in particular, display a greater willingness to spend on experiences — such as travel, dining, and leisure — even if it means saving less for a property. This is partly cultural, influenced by European peers, and partly structural, driven by rising housing costs that make property ownership less attainable. The result is a generation that treats property less as an inevitable milestone and more as one of several possible financial strategies.

Comparing Malta to Europe

The days of guaranteed returns with minimal effort are over.

interiors, and improved maintenance schedules to attract tenants in an increasingly competitive environment. Others, however, are opting to cash out altogether, selling properties purchased five or ten years ago to realise gains before yields decline further.

This choice — reinvest or exit — reflects a broader cultural shift in how Maltese landlords view money. No longer is property a passive store of value; it is now an active investment that requires ongoing attention, expenditure, and strategic decisions.

The wider cultural lens: Spending, saving, and shifting habits

The behaviour of landlords is just one aspect of a broader Maltese financial culture that is evolving in real time. Household saving rates in Malta, while traditionally strong, have been declining in recent years. According to Eurostat, Malta's household

Malta's trends are both unique and familiar when set against the European context. In many EU states, property is central to household wealth, but not to the same overwhelming degree. According to the European Central Bank's Household Finance and Consumption Survey, over 80% of Maltese households own their homes, which is among the highest rates in Europe. In contrast, Germany has a rate below 50%, reflecting a stronger culture of renting.

This disparity shapes financial culture. In Germany, saving often flows into financial assets such as pensions and diversified portfolios. In Malta, savings flow overwhelmingly into property. The recent shift among landlords toward reinvestment or divestment is therefore not a minor detail but a major cultural shift: Maltese households are slowly beginning to recognise that money may also need to be deployed outside of bricks and mortar.

Yet researchers caution that Malta's high ownership rates may not be sustainable. They are propped up by intergenerational wealth transfers — a model that will be harder to sustain as today's parents carry heavier mortgage burdens than previous generations.

The psychology of returns: From passive to active investment

Another cultural change lies in expectations of return. Historically, landlords expected double-digit rental yields with minimal

effort. Properties were rented as-is, sometimes with dated furniture or minimal upkeep, and still, tenants would line up. Today, yields are tighter, and competition is fiercer. Casa Rooms data suggests that landlords who invest in refurbishments and amenities — from modern kitchens to highspeed internet — enjoy occupancy rates up to 20% higher than those who do not.

This evolution mirrors broader shifts in Maltese financial psychology. The idea of money "working for you" is no longer limited to holding property and waiting for appreciation. It increasingly involves active decision-making, reinvestment, and, in some cases, diversification.

The Central Bank of Malta study found that wealth transfers enable Maltese households to purchase homes that are almost a third more expensive than those of their peers without such support, underlining how family money continues to shape not just ownership, but also the quality of the property acquired.

Inflation, cost of living, and the "experience economy"

A further pressure point is inflation. Between 2021 and 2023, Malta experienced inflation rates above 5% annually, primarily driven by increases in the costs of energy, food, and housing. While government subsidies helped temper energy prices, the impact on disposable income was real. Families found themselves balancing the need to save and maintain a quality of life. (Inflation Rates in Malta, 2018–2024, source: Eurostat/HICP)

Interestingly, surveys by the Central Bank of Malta show that despite inflation, spending on leisure, travel, and dining has remained resilient. This supports the thesis that Maltese households — especially younger cohorts — are increasingly prioritising experiences over traditional savings, reflecting an "experience economy" trend visible across much of Europe.

Generational divides

The cultural shift in money is also generational. Older Maltese remain firmly attached to property as the primary means of wealth accumulation. For many, their homes — often acquired decades ago at modest prices — have appreciated significantly, lending validation to this approach. Younger generations, however, face higher barriers to entry. Rising

property prices, coupled with stagnant wage growth, make ownership more difficult.

As a result, younger Maltese are both more willing to rent and more open to investing in other forms, from equities to digital assets. According to MFSA reports, financial literacy initiatives have led to greater awareness of investment opportunities, though adoption remains gradual. Still, the fact that younger Maltese even consider alternatives signals a cultural departure from the near-exclusive focus on property.

According to a recent study by the Central Bank of Malta, younger households that benefit from family gifts or inheritances are 15% more likely to own a home than those that don't. Larger transfers can raise that likelihood to 20%. Without this intergenerational support, the age of firsttime buyers would likely be much higher.

What this means for landlords — and for Malta's financial future

For landlords, the lesson is clear: the days of guaranteed returns with minimal effort are over. Investment in staging, refurbishment, and tenant experience is now essential. Those unwilling to adapt may find themselves squeezed by competition, negative reviews, or prolonged periods of vacancy. Others will exit, cashing in on past appreciation — a sign of changing financial behaviour itself.

For Malta more broadly, these shifts suggest a gradual rebalancing of financial culture. Property remains central, but the cultural assumptions underpinning it are weakening. Saving rates are declining, spending patterns are diversifying, and alternative investment vehicles are gaining traction slowly.

The contrast with Europe also offers perspective. While Malta is unlikely to pivot

away from property dominance overnight, the trend lines are clear: financial culture here is becoming more dynamic, less tied to tradition, and more reflective of the balancing act between saving, spending, and investing that defines the modern European household.

An evolving culture of money

So, are Maltese spending and saving habits evolving? The answer is yes — though the changes are uneven and complex. Landlords, once passive beneficiaries of an undersupplied

Maltese households

are beginning, slowly, to recognise that money might need to be deployed outside bricks and mortar.

rental market, now face choices that mirror the broader cultural shifts: reinvest actively, diversify, or cash out. Households, long savers by default, are grappling with inflation, rising costs, and the allure of the experience economy. And generational divides suggest that the next chapter in Malta's financial story will look different from the past.

In short, the culture of money in Malta is no longer static. It is adapting, sometimes reluctantly, to the realities of a saturated property market, European integration, and global economic change.

The story of the Maltese landlord — from effortless rent collector to active investor or cautious seller — is not just a real estate story. It is a cultural one, and it may be the most transparent lens through which to understand how Maltese saving and spending habits are, indeed, evolving.

FinanceMalta’s 18th Annual Conference

A record-breaking edition rooted in sustainability

FinanceMalta is proud to announce its 18th Annual Conference, set to take place on 19–20

November 2025 at the Hilton Malta. This flagship event has established itself as the premier platform for the financial services community, bringing together regulators, policymakers, industry leaders, and international stakeholders to exchange insights and explore new growth opportunities.

This year’s edition carries the theme: “Redefining Finance: A Quality Driven Future for Malta.”

The theme reflects the industry’s collective commitment to strengthening Malta’s position as a financial centre built on quality, innovation, and long-term vision. Discussions will address how Malta can continue to evolve in an increasingly competitive and interconnected world.

Topics on the agenda include Envision 2050 in relation to the financial services sector, raising the bar on quality, taxation developments, ESG integration, digital assets, captives, private equity, and venture capital in the context of capital markets. These focus areas reflect both

Malta’s strategic priorities and the pressing global trends shaping the industry.

This year’s conference is also set to break records, with 45 sponsors supporting the event. The unprecedented level of backing from both local and international organisations is a strong endorsement of Malta’s financial services industry and its reputation as a trusted jurisdiction. Their presence underscores the conference’s role as a genuine marketplace of ideas and collaboration.

The speaker lineup is equally compelling, featuring high-profile voices from across the global financial services landscape. Delegates can expect thought-

provoking keynote addresses, panel discussions, and fireside chats covering both the opportunities and challenges facing the sector. By convening a mix of international experts and Maltese practitioners, the conference will provide a unique opportunity to assess the future of finance while highlighting Malta’s role in the evolving global marketplace.

A defining feature of this year’s conference is its commitment to sustainability. FinanceMalta has launched the “Tree 4 U” initiative, ensuring that for every ticket purchased, one tree will be planted in its place. This symbolic yet impactful campaign is part of FinanceMalta’s broader effort to reduce the event’s environmental footprint while giving back to the community.

As FinanceMalta continues its mission to promote Malta as an international financial centre, the conference stands as a testament to the industry’s growth, resilience, and capacity to innovate. With record sponsorship, an exceptional programme of speakers, a forward-looking theme, and a meaningful sustainability initiative, FMC18 is set to be more than just a conference—it will be an experience that leaves a lasting impact on both the industry and the environment.

For more information about the agenda, speakers, sponsors, and ticket purchasing, please visit www.financemalta.org/conferences/ fmconf18.

FinanceMalta COO Graziella Grech

VIBRANT YET VIGILANT Inside Malta's property bond market

Corporate bonds have become a cornerstone of capital raising in Malta, especially for property development. From shopping malls to hotels and mixed-use projects, real-estate issuers dominate issuance and trading. Yet alongside oversubscriptions and steady secondary demand, 2025 has brought sharper investor scrutiny, isolated stress cases, and a market that is pricing risk more precisely.

To take stock, Justin Mizzi, partner, real estate advisory and valuation at QP, speaks with Josef Cutajar, financial analyst at MZ Investments; Francesco Grasso, partner at 94 Finance Ltd and Hatten M&A Advisory; and George Vella, partner and head of advisory at Grant Thornton Malta.

Josef, let's begin with you. Since our last article ('From Bricks to Bonds', published in the MONEY 2024 Finance Edition, Issue 82), how has the local real estate bond market evolved?

JC The previous article (which has a cut-off date of 28 June 2024) offered a snapshot of the influence of real estate on Maltese investments and the central role this asset class plays within the local capital markets. Since then (considering between 01 July 2024 and 23 September 2025), real estate has remained a cornerstone of market activity, underpinning some notable corporate developments.

Although investor sentiment across the equity market remained fragile, reflected in persistently weak trading volumes and subdued share prices when compared to underlying net asset values, a handful of interesting initiatives emerged. Chief among these were the conditional voluntary takeover bids launched by Hili Ventures Group for Tigné Mall p.l.c. –which was subsequently delisted in February 2025 – and Hili Properties p.l.c. More recently, BMIT Technologies p.l.c. shareholders approved the acquisition of 49% of Malta Properties Company p.l.c. ("MPC") for €25.32 million, equivalent to €0.51 per share. The consideration represents a

premium of approximately 50% to the prevailing market price but is almost 9% below MPC's reported net asset value as of 30 June 2025.

Other strategic initiatives in the real estate sphere included PG p.l.c. 's €19 million acquisition of a showroom and adjoining land in Lija, covering approximately 13,100 sqm, along with its 60% shareholding in db Gauci Shopping Mall Limited. The latter holds a promise-of-sale agreement over a property that will host a shopping mall comprising retail outlets, a supermarket, catering establishments, and a car park forming part of the €260 million db St George's Bay project in St Julian's, scheduled for inauguration in 2026.

In the hospitality segment, International Hotel Investments p.l.c. ("IHI") expanded its portfolio with the opening of the Corinthia Grand Hotel Astoria in Brussels (50% owned), alongside two luxury properties in Bucharest and New York, both managed by its subsidiary Corinthia Hotels Limited. In the United States, IHI also entered a partnership with Kuwaitbased Action Real Estate Company to explore development opportunities for luxury hotels and high-end real estate. The first move involved two neighbouring hotels in Beverly Hills and the lease of an adjacent 3,250 sqm office block. Separately, IHI has also been engaged to provide its services for a landmark mixed-use 102-storey development in Dubai, owned by Dubai General Properties LLC. This development will comprise two linked towers occupying approximately 320,000 sqm of floor area, along with a luxury 120-room Corinthia Hotel, which will provide branding and services to the residences in the towers.

Closer to home, the Verdala Wellness Hotel, owned by AX Real Estate p.l.c. and forming part of AX Privilege, opened its doors in August 2025 as Malta's first fully-fledged wellness hotel. VBL p.l.c. announced a long-term lease agreement with Ruby Hotels for the Silver Horse Building, whilst Malta International Airport p.l.c. ("MIA") unveiled a near €350 million

investment programme partly dedicated towards strengthening the retail and property arm of the company. In fact, MIA's project includes the extension of the La Valette Lounge terrace, the complete refurbishment of the VIP Terminal, the expansion of Park East, and the development of SkyParks Business Centre II. This 70,000 sqm complex will incorporate the first business hotel on the airport campus together with several office, retail, and dining facilities.

Meanwhile, debate continued over the future of MIDI p.l.c. 's Manoel Island project. The company remains in discussions with the government as it seeks an equitable settlement that would see the voluntary termination of the concession.

In the corporate bond market, activity remained vibrant, underpinned by encouraging trading volumes and several corporate actions. Year-todate, just over €89 million worth of corporate bonds changed hands on the secondary market, reflecting continued investor appetite for fixedincome instruments despite the evolving interest rate environment and the numerous new bond issues.

Additional property-related issuance included IHI's €35 million unsecured bond maturing in 2035, MM Star Malta Finance p.l.c. 's €35 million callable secured issue due between 2029 and 2031, and Golden Triangle p.l.c. 's €42 million secured bond maturing in 2030. Taken together, these transactions reaffirmed the central role of property-linked financing within the Maltese capital markets, both in terms of scale and in the diversity of geographic exposure and property type.

The period also witnessed redemptions amounting to €116.05 million, of which €23.71 million related to real estate issuers. These comprised Hal Mann Vella Group p.l.c. 's €7 million in 5% secured bonds, the redemption of Best Deal Properties Holding p.l.c. 's €1.24 million 4.25% secured bonds, and the early repayment of €15.47 million of GAP Group p.l.c. 's 3.9% secured bonds initially due between 2024 and 2026. Such redemptions not only released liquidity back into the market but also created scope for reinvestment into the new offerings highlighted above. Overall, the corporate bond market demonstrated resilience and depth, characterised by healthy trading activity, buybacks, a buoyant issuance pipeline that included new entrants to the market, and timely redemptions.

The clear trend has been the continued dominance of property-related financing.

— Josef Cutajar

One significant feature during recent months was the prevalence of bond buybacks, with real estate issuers taking the lead. Plaza Centres p.l.c. absorbed €0.25 million, whilst Best Deal Properties Holding p.l.c. and GAP Group p.l.c. repurchased €1.17 million and €2.49 million of their respective bonds. Melite Finance p.l.c. bought back the entire €9.25 million of its outstanding bonds well ahead of their redemption date of 23 November 2028, following years of financial distress partly attributable to the lingering effects of the COVID-19 pandemic. In aggregate, real estate issuers accounted for €13.16 million in bond buybacks, equivalent to 86.34% of the overall total of €15.24 million.

Primary market activity was equally robust, with 20 new issues raising a total of €671.30 million. Of this amount, €196.80 million was purely linked to real estate companies. Noteworthy offerings included Hal Mann Vella Group p.l.c. 's €23 million secured issue maturing between 2031 and 2034, Mercury Projects Finance p.l.c. 's €20 million secured bond due 2034, Agora Estates p.l.c. 's €9 million tranche of its 2036 secured series, and VBL p.l.c. 's €10 million secured issue maturing between 2030 and 2034. Other significant real estate financings comprised TUM Finance p.l.c. 's €12 million secured callable issue, Excel Finance p.l.c. 's €50 million secured bond due 2031, Best Deal Properties Holding p.l.c. 's €7 million unsecured bond due 2032, JD Capital p.l.c. 's €40 million secured issue maturing in 2035, and QLZH Holding p.l.c. 's €6.80 million callable secured issue. Two separate ACMUS p.l.c. secured issues, each for €9.50 million, further broadened the sector's debt footprint.

The clear trend has been the continued dominance of property-related financing in shaping market dynamics. This development is likely to remain a defining feature of Malta's capital markets in the near term.

George and Francesco, why do you think more developers are tapping the bond market?

GV Several factors are driving this shift. First, bank financing for commercial real estate has become more selective. The Central Bank's Financial Stability Report highlights that since 2021, banks have adopted a more prudent stance on commercial real estate lending, with heightened sensitivity to vacancy risk, asset quality, and leverage. Commercial real estate loans tend to be large and concentrated, which raises risk for lenders and makes capital markets funding an attractive alternative.

Second, regulatory clarity has improved. The MFSA's Capital Markets Rules were recently amended in February 2025, which continue to classify admissibility and ongoing obligations, including specific requirements for property companies and Financial Analysis Summaries. This stable and transparent framework provides issuers and advisers with confidence to utilise bonds as a reliable funding channel.

Finally, from a financial perspective, bonds can enhance equity returns. For long-lived, cash-generating assets, locking in term debt at predictable costs optimises capital structure. When a project's internal rate of return exceeds the bond coupon rate, the result is an improved return on equity. This point is often highlighted in local market commentary as a key reason why firms refinance via bonds. →

FG In the context of real estate bonds, most issues finance either property developments intended for sale or assets to be retained for rental income and operational purposes. However, for relatively small developmentfor-sale projects, a bond may not be the most suitable instrument, as the shorter project timeline does not align well with a longer-term bond structure. Additionally, such projects typically require a sinking fund over the life of the bond, further increasing the overall cost of financing.

FG Real estate-backed bonds provide a degree of credit risk mitigation, supported by the long-term appreciation and relative stability of property values. Conversely, issuers with limited or illiquid collateral and elevated leverage are more vulnerable to financial distress.

Listed entities must also recognise their responsibilities as public companies and towards their investors. They are expected to implement

Security helps, but it's not a panacea

for weak cash flows.

— Francesco Grasso

Historically, bond issuance has been concentrated in commercial properties or large-scale developments. However, over the past 12 months, we have seen the emergence of bond funding for residential projects intended for rental. One key advantage of bonds in this segment is that leverage parameters are generally less restrictive than those applied by banks due to Directive 16 of the Central Bank of Malta. Given the strong demand for residential property in Malta, this asset class is regarded as relatively lower risk, provided leverage is maintained within acceptable limits.

For larger projects, a combination of both bank loans and bonds often provides the most efficient capital structure. For smaller developments, bank loans tend to be more feasible, as they are generally less expensive and easier to implement.

Let's turn to the recent headlines that have created more awareness of the risk of defaults in capital markets, which were recently discussed in Parliament. Are these isolated cases, or signs of something broader?

GV These appear to be issuer-specific challenges rather than systemic problems. For example, MIDI plc introduced uncertainty in June 2025 when it announced it was open to discussions with the government about reverting the Manoel Island concession, while committing to protect shareholders and bondholders. This is a project-specific situation, though it has raised questions about financing plans.

Central Business Centres faced challenges in late August when it sought more time to repay a short-dated, zero-coupon instrument and continues to deal with low occupancy at some sites. Similarly, MMH Finance, linked to the Mediterranean Maritime Hub, had its trading suspension extended earlier this summer due to delayed financials. The group is seeking strategic investors and has postponed publishing accounts, though it has maintained its interest obligations.

While these situations have garnered attention, they are concentrated cases tied to individual business models and circumstances, rather than a reflection of systemic stress across the market.

safeguards that ensure full compliance with bond terms, along with internal controls to prevent actions that could be detrimental to bondholders.

Additionally, credit protections may be embedded within bond structures to safeguard investors further. The introduction of financial covenants, for example, can require issuers to operate within predefined thresholds, with ongoing compliance serving as a condition for the bond's continued validity.

Josef and George, can you expand on investor sentiment and bond performance?

JC Investors have continued to view the local corporate bond market positively, as evidenced by the strong support for new bond issues in recent months. That said, there is today greater sensitivity to credit risk, with market participants showing heightened awareness of the ability of certain companies to honour their obligations, particularly in cases where sizeable redemptions are due in 2026.

This increased sensitivity and selectivity have also been reflected in the performance of the Malta Stock Exchange Corporate Bonds Total Return Index. After advancing by 3.25% in 2023 and a further 1.88% in 2024, following eight consecutive quarters of positive returns, the trend shifted in 2025. Indeed, the Malta Stock Exchange Corporate Bonds Total Return Index eased marginally by 0.07% in Q1 2025, declined by 1.36% in Q2, and edged further lower by around 0.20% in Q3 2025.

The recent drops in the Index are particularly striking against the backdrop of a declining interest rate scenario in the euro area, which would ordinarily be expected to support bond valuations. This more subdued performance highlights the repricing of several bonds, even as the bond market continues to attract steady demand for well-structured offerings from issuers with sustainable business models and strong fundamentals.

GV The past year has been marked by stability and steady activity in the corporate bond market. As Josef mentioned, the MSE Corporate Bonds Total Return Index finished the 12 months of 2024 in positive territory. On the primary market side, activity has remained substantial and diversified,

with continued momentum this year across various sectors, including banking, gaming, logistics, hospitality, and property. The market's total size stood at approximately €2.8 billion as of the end of 2024. Investor interest has stayed firm, and the past twelve months confirm it. New admissions have spanned various industries, including banking, hospitality, gaming, and property. Josef earlier mentioned recent examples in the property sector, and it is worth noting that Bank of Valletta's €150 million 5% subordinated issue was taken up in full, with the overallotment exercised, which is a clear indication of demand.

Trading has been selective rather than one-way, which is what a healthy market looks like. Higher-quality or more transparent structures are holding around, or just above, par. Recent board marks indicate that Golden Triangle 2030 is nearing one hundred, Excel Finance 2031 is slightly over one hundred, International Hotel Investments 2035 is above one hundred and two, GPH Malta Finance 2032 is also above one hundred and two, and Lidion Bank 2030–2035 is around one hundred and two. By contrast, credits with execution or refinancing questions are priced below par. That is issuer risk being priced, not a blanket verdict on the asset class.

Under the hood, published metrics indicate a clear split. Stronger names are presenting better interest cover and moderate leverage, which helps explain their resilience on screen. On the property side, investors have also been drawn to issues where security and cash flows are well-defined. Excel Finance's prospectus details Q Hub in Qormi, which has signed leases and a ring-fenced security package, and Golden Triangle's documentation sets out first-priority security over two Beverly Hills hotels and an adjacent office property. Where visibility is weaker, pricing is accordingly more cautious.

investment to drive the upgrading of Malta's property and infrastructure base. This spans not only aesthetic improvements but also enhancements in sustainability and efficiency, the development of technology-enabled buildings, and the introduction of disaster-resilient construction methods such as earthquake resistance. The scope is broad, extending across both the public and private sectors, and underscores the strategic role that capital markets can play in financing long-term development.

That said, there is room for improvement in further strengthening investor awareness and education. Whilst security features such as collateral provide comfort, they can never be viewed as an absolute safeguard against failure. A more mature market, where investors are equipped to evaluate risks with greater sophistication, will enhance both resilience and confidence, ensuring that growth in the bond market is built on a sound and sustainable footing.

GV The outlook remains constructive. In the primary market we expect continued issuance, both for refinancing and new money, as bonds mature and developers align projects with set interest rates. Pipeline indicators point to a healthy calendar across multiple sectors, not just real estate.

Investor demand should stay supportive. Retail appetite for fixed income remains strong, as evidenced by the 2024 index gain and the oversubscription of 2025 deals. That said, selectivity could remain high, with investors continuing to reward quality assets.

On the funding side, bank lending to commercial real estate is still selective, which keeps bonds as a credible alternative. Overall, the market fundamentals suggest a steady flow of activity, provided issuers maintain transparency and sound financial structures.

Banks remain selective on CRE, keeping bonds a credible alternative.

— George Vella

The net result is that new issues are being absorbed across sectors, secondary pricing is discriminating on fundamentals, and the health of issuers is visible in the numbers they publish and the spreads they trade at. That is the kind of market backdrop that sets up your outlook section well.

Looking ahead, what do you all expect for the bond market and real estate issuers?

JC I believe that the prospects for the local corporate bond market remain positive for the remainder of 2025 and into 2026. More companies are expected to consider the bond market as an attractive source of financing, which in turn should sustain issuance activity, offering investors a continued pipeline of opportunities.

Beyond the financing dimension, there is a significant opportunity for

FG Looking ahead, Malta's property and bond markets are expected to remain active, supported by steady demand for real estate and continued appetite for bond financing across both commercial and residential projects. My primary concern, however, is that a default in the bond market could undermine investor confidence and reduce participation in new issues, potentially triggering a ripple effect across the market. To safeguard resilience, it is important to maintain prudent borrowing levels and strengthen transparency for investors.

Closing thoughts

Malta's real estate bond market stands at a crossroads: vibrant and resilient yet shadowed by recent red flags. For investors, the message is clear - discernment matters. For Issuers, the challenge is equally clear — transparency, prudence, and sound structures are essential. If these lessons are heeded, the coming years could see Malta's capital markets play an even greater role in financing the island's property future.

BEYOND THE BALANCE SHEET

How PKF Malta is integrating advisory services to its company services portfolio

PKF Malta is proud to have, over the years, broadened its range of professional services to include bespoke business solutions. In today’s fast-paced business world, a company’s success hinges not solely on sound financial management, but on agile strategic planning and operational excellence.

Our team of advisors at PKF Malta includes professionals from a wide range of business disciplines and is ready to help businesses beyond traditional accounting and audit services. Our team aims to provide bespoke solutions to our clients that drive sustainable growth and help companies navigate the complex commercial landscape.

Our dedicated advisory arm is based on the principle of providing bespoke and personalised solutions to our clients that are directly relevant to their business needs. Moreover, through our PKF Global network, we can leverage the experience and expertise of our foreign counterparts to bring in a wealth of international specialised and expert advice based on best international practices.

In today’s data-driven world, simply obtaining underlying numbers and KPI’s is not enough. The power of data lies in the strategic analysis and its professional interpretation. Trend analysis is a core tool which strategic advisors can use to identify an underlying inefficiency in a core business process. This is where our expertise lies. Through our in-house business professionals with specialised expertise in operational and risk management processes, we can help dissect these metrics and perform a root cause analysis to identify performance issues and gaps.

Miriam Sultana, Head of Advisory

This rigorous exercise would serve as the foundation for a business process reengineering initiative, wherein, together with the company’s management, our advisors would map out the processes, discuss and re-evaluate workflows to ultimately redesign those that are no longer effective and may be creating bottlenecks within the company. We can therefore help companies transform underperforming areas, eliminate operational waste, and support their progress in achieving further growth.

In addition, this exercise may help the company identify the necessary resources required to drive a sustainable growth strategy, including, but not limited to, human resources and technological requirements. Furthermore, our team may also be able to assist companies in taking advantage of EU or locally funded schemes, which complement stimulating strategic growth, enhancing competitiveness, and encouraging innovation and research and development at a micro level.

Let us help you grow further through our specialised team by contacting us!

Contact Miriam Sultana, Head of Advisory +356 21484373 | miriam.sultana@pkfmalta.com www.pkfmalta.com

The pension time bomb

Can Malta afford to grow old?

As Europe is confronted with an ageing population, Malta finds itself at the sharp end of the pension crunch: a small economy, a state-heavy system, and young workers worried they may inherit less than their parents. Lea Hogg spoke with Dr Andrew Borg Cardona, employment law specialist, and Jesmond Mizzi, financial services expert, to explore whether Malta can defuse its looming pension time bomb - or risk leaving a generation financially stranded.

Maria Borg, a 32-year-old professional in Malta, captures the unease of her generation: “Will I ever have a pension worth living on?” Her concern is justified. The number of people aged 65 and over per 100 working-age adults is projected to rise from about 34 in 2022 to nearly 50 by 2050, placing Malta among the regions with the highest oldage dependency ratios in the world.

Malta looks prosperous on paper: steady GDP growth, buoyant tourism, and record employment. Yet beneath the surface lies a fiscal and demographic fault line. The state-heavy pension system, coupled with underdeveloped occupational and private schemes, has created a “pension time bomb” that threatens both fiscal sustainability and intergenerational fairness. Employment lawyer Dr Andrew Borg Cardona puts it bluntly, “Malta cannot ‘afford to age’ because the older you are, the less you can contribute to work and taxes. It’s not rocket science, unlike finding a solution, which is certainly beyond me, a mere lawyer.”

Malta’s state pension currently replaces about 39% of average income, a figure projected to fall to just 32% by 2070. With limited participation in voluntary or occupational plans, most retirees remain dependent on the state. Labour force participation among those aged 55 to 64 sits at around 60%, limiting contributions from older workers. Migration →

A mixed model — state and private — is the only credible path. — Dr Andrew Borg Cardona

Dr Andrew Borg Cardona

offers modest relief, roughly 1% of the working-age population annually, but cannot offset the structural imbalance. Borg Cardona recalls that the alarm has been sounding for decades. “When I started working with the Malta Employers’ Association in the early 80s, we already knew we were heading for a very tough future.”

Reform hinges on three levers: contribution, coverage, and efficiency. Europe offers lessons. The UK’s automatic enrolment model boosted participation among eligible workers to 86% by 2021, particularly among younger and lower-income earners. Fees are capped at 0.75%, with many funds charging less than 0.5%, keeping savings intact. In Malta, employer participation in voluntary schemes remains patchy. Jesmond Mizzi warns that relying solely on the state pension will simply not be enough for future generations, and

that the earlier people start saving, the more flexibility and security they will have later.

Automatic enrolment in the Maltese context could begin with modest contributions that rise gradually over time, paired with mandatory employer contributions. Workers could retain the option to opt out, but research shows few would. The system is simple, affordable, and largely self-sustaining. But quantity alone is not enough. The EU’s own pan-European pension experiment has struggled, hamstrung by weak incentives and high fees, a cautionary tale that without transparent tax treatment, competition, and robust governance, reforms will underdeliver. Financial literacy is equally critical, Mizzi notes, as many Maltese people underestimate their retirement needs and start saving too late. Building awareness from a young age is essential if reforms are to succeed.

Every year of delay makes reform harder and less fair.

— Jesmond Mizzi

Younger Maltese, already squeezed by housing and living costs, fear higher taxes and later retirements to support older cohorts. That anxiety is rational. A credible system must protect low-income pensioners while linking retirement age to life expectancy, setting realistic expectations for younger workers. Reforms should be framed as solidarity, not as a zero-sum struggle between generations. Borg Cardona highlights a cultural hurdle: “Sadly, Malta is ‘everything-ist’ when it comes to interacting with anyone different, whether it’s skin colour, country of origin, religion or age. Beyond a certain age, people find it difficult to be employed, though the labour shortage might soften that attitude.”

To make reform measurable rather than rhetorical, experts have suggested that pension coverage should extend to 65% of under-35s within three years, with total fees kept below 0.5% and retirement age transparently linked to life expectancy by 2027, with carve-outs for physically demanding jobs.

Borg Cardona is frank that someone has to pay for the ageing population, and there will be fewer people in the productive age band in the future, though immigrant workers are often cited as part of the solution. Mizzi adds that while more workers help in the short term, without proper long-term savings structures, the problem is merely delayed. Sustainable solutions, she says, are essential; temporary fixes will not suffice.

There are feasible steps Malta could adopt immediately. Automatic enrolment could be phased in for young workers with low initial contributions that rise gradually, paired with mandatory employer top-ups. Tax incentives should be harmonised and fee structures simplified to allow providers to offer lowcost, attractive products. Financial literacy programmes should target those in their twenties and thirties, paired with workplace nudges that make saving automatic. Statutory retirement age should be linked transparently to life expectancy, while recognising the needs of physically demanding jobs. Critics will argue that higher employer costs make this unrealistic, but the alternative, rising taxes and unfunded liabilities, risks a harsher fiscal reckoning later. Borg Cardona notes, “State pension or private or both? A mix. As the Americans, even pre-Trump, showed, relying

Jesmond Mizzi

solely on the private sector isn’t exactly a brilliant idea.” Mizzi echoes the urgency: “We’re running out of time to make the right choices. Every year of delay makes reform harder and less fair.”

Malta need not reinvent the wheel. The Netherlands has near-universal secondpillar coverage with minimal fees; Italy offers high occupational participation but limited flexibility; and the UK’s auto-enrolment scheme has transformed savings habits among younger workers. Across Europe, the lesson is consistent: simple, transparent, professionally managed systems outperform complex, high-fee ones.

Malta now faces a stark but manageable choice: act decisively to build a balanced, transparent, and professionally governed pension framework, or delay and leave younger

Good policy is about designing the society you want in twenty, thirty, or fifty years.

generations burdened by higher taxes, longer careers, and insecure retirements. Someone will have to pay, Borg Cardona reminds us, but the question is whether Malta pays steadily and fairly through reform, or belatedly through crisis.

Good policy is about designing the society you want in twenty, thirty, or fifty years. For Malta, the clock is already ticking and the fuse is getting shorter.

FROM SAFE TO SMART

How families are growing their money (without losing sleep)

The old brief was simple: protect the pot and pass it on. Paul Rostkowski explains why a new, steadier approach is taking hold—keep a safe base, add a measured growth sleeve, and use Malta’s tidy fund structures to stay organised. It’s not about gambling; it’s about keeping ahead of inflation without losing sleep.

For years, the family rule of thumb was straightforward: protect the pot and pass it on. Wealth was parked in government bonds, blue-chip shares and a couple of solid properties. The brief was continuity, not cleverness; the most significant risk was thought to be losing money, not losing momentum.

That mindset is changing. Younger generations are more

comfortable with technology and global ideas, and the past few years have reminded everyone that inflation can quietly shrink savings. The goal now is not to gamble but to grow sensibly— keeping a firm safety base while allowing a measured slice of the portfolio to work a little harder.

When we say “families,” we don’t only mean the billionaires with private jets. In Malta and across Europe, we see business-owning

families that have built companies over several decades and now find themselves with surplus cash to manage; professionals who have accumulated meaningful savings after long careers; and multigenerational households that run their affairs through a small family office or a trusted adviser. The common thread is a long-term horizon and a desire to protect the legacy while earning a fair return.

What’s changing is the level

of involvement. Instead of owning only funds and property, more families are taking small, carefully chosen stakes in real businesses—often in fields they understand, such as hospitality, clinics, logistics or niche technology. Some prefer to join forces with others, pooling capital and expertise so that no one carries the burden alone. Others back new ideas close to home, where they can see the people, the product

and the progress. None of this means abandoning caution. The safety base—cash for surprises, sensible bonds, core property— still does the heavy lifting. It simply sits alongside a modest “growth sleeve” designed to keep

how much can be committed, to what types of opportunities, and who gets to decide. Liquidity— your ability to get at cash when school fees, renovations or emergencies appear—needs its own line in that plan. So does

licensed structures in larger jurisdictions.

For a family that wants to gather capital in one place, co-invest alongside a trusted manager, and maintain transparent governance

pace with a world that moves faster than deposit rates.

The appeal is easy to grasp. Cash left idle loses buying power in an inflationary world, and a family’s particular skills can be an advantage. A family that understands hotels, say, may be better placed to judge a small hospitality expansion than a generic global fund. There is also a growing interest in purpose: choosing investments that create jobs, encourage better environmental practice or support local regeneration, without turning the exercise into charity. The point is returns with meaning, not marketing.

This approach comes with risks, and the answer to those risks is process, not bravado. Families get into trouble when they fall in love with opportunities and forget the rules. The antidote is a simple plan written in plain English that says

harmony: it is better to agree on decision rights and review dates when everyone is getting along than to discover them in the middle of a disagreement. Complexity is another silent threat.

A measured start, with a trusted partner and clean paperwork, beats a sudden leap into five different vehicles that no one has time to monitor. Patience matters as much as enthusiasm.

Malta offers a practical home for this quieter, steadier version of growth. The island’s “notified” fund frameworks—often referred to in shorthand as NPIFs and NAIFs—are essentially tidy containers. Think of them as labelled jars with agreed rules: who can invest, what the money can be used for, and how reporting works. The regulator recognises them and is quicker to stand up than heavy, fully

avoid new commitments unless their dashboard—comprising cash on hand, near-term bills, and the status of existing investments— indicates they are ready. It sounds almost boring. That’s the point— boring compounds.

Preservation no longer means standing still.

and estate planning, the speed and cost can be attractive. Add to this the practical benefit of local service providers, who are accustomed to working with families rather than just institutions, and the case becomes even stronger.

Imagine a second-generation family rooted in healthcare and hospitality. They keep the bulk of their wealth in safe, familiar assets and carve out a measured slice—say fifteen per cent—for opportunities they understand. They pool that slice in a notified fund, write two or three tickets of one to three million euros into local healthcare roll-ups and a medical distribution business, and invite one independent expert to sit on their investment committee. They review progress every quarter. They hold two years’ worth of family spending in easyaccess accounts so that nothing ever has to be sold in a hurry. They

For Malta’s market, the implications are encouraging. As more families take this measured path, collaboration becomes the norm rather than the exception. Service providers who can explain clearly, report cleanly and charge fairly will stand out. Timelines will shorten as everyone becomes accustomed to a standard of documentation that is robust without being overly burdensome. Most of all, expectations will mature: families will arrive at the table not only with capital but with a process, which is what keeps returns and relationships intact over time.

None of this requires a leap into the unknown, and it certainly doesn’t require billionaire status. It requires a sensible division of labour inside the portfolio: a safe base that lets you sleep at night, and a modest growth sleeve that reflects what you understand and believe in. With a clear plan, the right wrapper and a little patience, families can protect what they’ve built—and help it grow for the next generation—without turning money management into a second full-time job.

A Maltese business owner’s guide to navigating the EU’s new product-safety era

Product safety has become a balance-sheet issue, argues Ing. Stephen Mallia. With the EU’s GPSR live, REACH reform looming, and MCCAA enforcement rising, Maltese importers and manufacturers must treat compliance as capital—central to finance, insurance and survival in the Single Market.

The lesson from recent headlines is brutal and immediate. Philips, engulfed in a recall of millions of sleep apnoea devices, faces settlements topping €1.2 billion and a steep erosion of shareholder value.

That may feel far away—until you read the local scorecard. An EU-wide safety sweep conducted by the Malta Competition and Consumer Affairs Authority (MCCAA) found that 44% of everyday products sampled failed to meet safety standards, encompassing a range of products, from toys to lighting and disposable e-cigarettes. Global financial damage and local enforcement reality now converge. In the post-2024 Single Market, product safety has shifted from a legal afterthought to a financial determinant, as it now governs access to trade finance, insurance, market valuation—and ultimately, survival.

For Maltese importers and manufacturers, mastering this shift is no longer optional; it is central to protecting the bottom line and competing credibly.

From directive to regulation: GPSD gives way to GPSR At the core of the change is the General Product Safety Regulation (EU) 2023/988 (GPSR), which replaces the General Product Safety Directive (GPSD) of 2001. The difference matters. A directive sets goals that member states transpose into national law, allowing for some

variation. A regulation applies uniformly, “as is”, across the Union. GPSR, therefore, raises the bar and removes ambiguity.

One of the most consequential operational shifts is the formalisation of the Responsible Person. For almost all consumer products, an EU-established economic operator must be legally responsible for verifying compliance. That role can be that of an EU-based manufacturer, importer, authorised representative, or fulfilment service provider. For Malta, the implication is straightforward: if you import from non-EU hubs such as China, the UK or Turkey, you are the importer—and by default the Responsible Person. Legal liability for product safety now sits squarely with you.

GPSR clarifies obligations across the supply chain, including manufacturers, importers, and distributors. Duties include verifying that technical documentation exists and is adequate, ensuring labels and traceability are correct, cooperating with market surveillance authorities such as the MCCAA, and reporting accidents or serious risks via the EU’s Safety Business Gateway (the successor to RAPEX).

Crucially, GPSR pulls online marketplaces into scope. Platforms must maintain a single point of contact for authorities, act swiftly to remove dangerous listings

when notified, and ensure that product pages display the required manufacturer, Responsible Person, and safety information. This narrows the gap between e-commerce and bricks-and-mortar compliance.

A modern definition of “safety”

Safety assessments must now consider risks associated with new technologies, including cybersecurity vulnerabilities, embedded AI behaviour, and interconnectivity with other devices. Risk assessments must also factor in vulnerable groups—children, older people and persons with disabilities—and account for foreseeable misuse, including products whose appearance (for example, mimicking food) could prompt unsafe use. In short, “safety” now extends beyond physical hazards to digital, behavioural and contextual risks.

Beyond GPSR: REACH is being recast, and DPPs are coming

GPSR is one piece of a broader regulatory tightening. The EU’s cornerstone chemical law, REACH, is undergoing a significant overhaul (the “REACH Recast”). Expected shifts include:

» Time-bounded registrations: validity periods of around 10 years, requiring renewal to retain market access.

» Scope expansion: Certain polymers and low-tonnage substances previously exempt will be included.

» Digital Product Passports (DPPs): compliance data will increasingly be embedded with the product—machinereadable, transferable across the supply chain, and discoverable by authorities and partners. DPPs are as much a data-governance challenge as a regulatory one.

Enforcement in Malta: the new normal

These are not abstract Brussels texts. The MCCAA is the national market surveillance authority and has been active, conducting over 13,000 product inspections in recent years. The authority has publicly committed to implementing GPSR, with a focus on enhancing traceability and utilising strengthened powers. For local firms, the signal is unmistakable: the era of lax enforcement is over.

From “set and forget” to continuous, data-driven compliance

The combined effect of a uniform regulation (GPSR), a dynamic chemicals regime (REACH), and the rise of digital traceability ends the old model of securing a certificate and filing it away.

Compliance is now a continuous management function embedded in operations, underpinned by data discipline and auditability.

Key GPSR obligations:

» Responsible Person: Appoint an EU-based operator— often the importer—to take legal responsibility for product compliance on goods from outside the EU.

» Technical documentation: Perform risk analysis and maintain a technical file (general description, essential characteristics, assessment) for each product. Keep it for 10 years and provide it to the authorities on request.

» Labelling and traceability: Affix type/batch/serial identifiers. Display the manufacturer’s and Responsible Person’s name, postal and electronic addresses on the product, packaging or accompanying document.

» Online sales transparency: Ensure listings clearly show the exact Responsible Person/manufacturer details, imagery and required safety warnings.

» Accident and risk reporting: Notify authorities immediately via the Safety Business Gateway if a product presents a risk or has caused an accident.

» Recalls and Remedies: When a recall is necessary, notify identifiable consumers directly and offer at least two remedies (repair, replacement of equal value, or adequate refund).

Why compliance now decides your access to capital

The new product-safety regime reshapes trade finance and insurance. Historically, banks have focused their due diligence on financial crime compliance. That is no longer →

enough. Lenders and insurers must now assess the market worthiness of the goods themselves, as regulatory failure directly threatens collateral and repayment.

Expect financiers to ask:

» Is there a designated EU Responsible Person?

» Can the importer provide a complete and valid technical file upon demand?

» Is CE marking accurate and backed by a Declaration of Conformity?

» Has the product been checked against the EU Safety Gate for alerts/recalls?

Compliance is no longer a box to tick; in today’s Single Market it is capital—deciding your access to finance, insurance, and market share.

fees, spiking insurance premiums, and reputational damage that dwarfs direct recall expenses.

SMEs are not spared. Dutch e-bike startup WATT Mobility was forced into a recall of over 7,000 bikes after a batteryfire risk was identified in late 2023. For a fast-growing young company, the logistics of retrieval and battery replacement—running into millions—threatened survival and derailed expansion.

This is happening against a backdrop of record activity: European product recalls reached 14,484 events in 2024— an increase of 16% year-on-year—primarily concentrated in consumer products, the same categories that dominate Malta’s import/manufacturing mix.

The financial risk is asymmetrical. Multinationals can sometimes absorb nine-figure shocks. A Maltese SME often cannot. One seized container, a single recalled line, or the voiding of a key trade-credit insurance policy can be existential.

A practical blueprint for Maltese businesses

React-and-hope is not a strategy. Build compliance into the fabric of operations with a structured plan.

Step 1: Gap analysis & appoint the Responsible Person

Map your product portfolio against GPSR requirements and upcoming REACH changes. Identify who your Responsible Person is for each product (for many importers, it’s you). Clarify roles and liabilities. Close obvious gaps first—missing identifiers, incomplete addresses, and absent risk analyses.

Step 2: Build the technical file and risk assessment

This is non-negotiable. For every product placed on the market, assemble a technical file that proves due diligence and conformity. Maintain for 10 years after placement. Standardise templates, define ownership, and versioncontrol documents. Ensure your risk assessment includes cybersecurity, embedded AI behaviour, interconnectivity, foreseeable misuse, and vulnerable user groups.

Step 3: Digitise traceability and reporting

Any “no” is a red flag: goods might be seized at customs, blocked by the MCCAA or another EU authority, or recalled— jeopardising the underlying asset and the transaction. Conversely, firms that present a comprehensive compliance dossier—technical files, traceability evidence, precise regulatory mapping—signal lower risk and often secure better terms, higher limits and stronger, trust-based partnerships.

The price of getting it wrong

The costs of non-compliance are not confined to replacing the product. Philips’ CPAP recall illustrates the cascade: settlements exceeding €1.2 billion, legal and regulatory

Spreadsheet-based systems cannot stand up to today’s volume and audit needs. Implement technology to:

» Assign and track batch/serial identifiers across the supply chain.

» Attach or link documentation (test reports, conformity declarations, supplier attestations).

» Use QR codes or similar to provide verifiable origin/ compliance data to partners and authorities.

» Maintain an auditable log of incident investigations and Safety Business Gateway submissions.

Digital Product Passports will raise expectations further. Start building the data model you will need—structures, fields, ownership—so you can populate DPPs without tearing up your systems later.

Step 4: Engage your ecosystem and pre-empt capital discussions Compliance is collaborative.

» Suppliers: Clearly specify the data you require from non-EU vendors and include it in the contract. Refuse shipments that don’t meet documentation standards.

» Financiers and insurers: Do not wait for renewal day. Proactively present your compliance framework, including technical file process, traceability tooling, and governance. Show evidence, not promises.

» Specialist support: Engage product-compliance experts familiar with EU and Maltese law. Expertise at design and pre-market stages is far cheaper than post-market firefighting. Use them to train internal teams and stresstest files.

What “good” looks like to a lender, insurer or authority

» A named Responsible Person per product, with contact details and documented responsibilities.

» A current regulatory map (GPSR, sectoral directives/ regulations, applicable standards, REACH status).

» Complete technical files with test evidence, risk

assessments covering digital vectors, and clear change-control.

» Traceability from supplier to shipment, including batch IDs that reconcile with sales and recall procedures.

» A documented incident-response and recall playbook, including consumer notification, logistics, and remedy options.

» Evidence of training for staff in purchasing, logistics, quality and customer service on their specific compliance duties.

Common pitfalls to eliminate now

» Treating online listings as “marketing only”. Under GPSR, listings must carry the same compliance data as labels.

» Assuming CE marks or supplier certificates are enough. Without underlying evidence in your own files, you carry the risk.

» Leaving cybersecurity/AI behaviour out of risk assessments for connected products.

» Using generic addresses or out-of-date contact points for the Responsible Person.

» Forgetting post-market surveillance obligations— collecting field feedback, recording incidents, and reporting risks.

Culture, governance and the board’s role

This shift is not merely procedural; it is a cultural one. Boards should treat product safety like financial reporting: define ownership, set KPIs (such as time to complete technical files, incident response time, and supplier documentation completeness), and receive regular dashboards. Compliance must be resourced appropriately— encompassing people, tools, and external expertise—and included in strategic planning, particularly when new product lines or geographies are involved.

The payoff: Compliance as competitive advantage

When executed well, compliance becomes a commercial asset. It accelerates customs clearance, reassures distributors, unlocks better finance and insurance terms, and differentiates you in tenders. It also reduces wasteful firefighting and protects brand equity. In an environment where recalls are on the rise and authorities are assertive, reliability sells.

The bottom line

The EU has fused compliance with capital. For Maltese manufacturers and importers, inaction risks blocked shipments, voided cover, frozen finance and reputational damage that few can absorb. The way forward is clear: appoint accountable roles, build robust technical files, digitise traceability, engage suppliers and financiers early, and bring in expert help where needed. This is not a bureaucratic burden to be endured; it is the price of admission to a tougher but opportunity-rich Single Market. Invest in compliance now, and you are investing in resilience, access to capital and durable growth.

Malta’s budget 2025

Smart investments, tough cuts

As Finance Minister Clyde Caruana gears up to deliver Budget 2025, he has already fired the first shot: low fertility, he warns, is Malta’s “greatest challenge.” But beneath the demographic headlines lies a broader fiscal balancing act. With debt hovering below 50% of GDP, a deficit still above 3%, and subsidies weighing on the public purse, the question is not whether Malta spends, but where it spends. MONEY examines the choices that matter: where to scale back, and where to double down.

Where Malta must invest

Skills and education

Malta’s long-term competitiveness depends on people. Yet, too many graduates remain mismatched with market needs, while SMEs struggle to find talent in STEM, finance, and digital fields. Targeted investment in reskilling, digital literacy, and vocational training will yield dividends —

particularly if linked to future growth sectors, such as AI, cybersecurity, and green technology.

Green transition

Malta remains heavily reliant on imported fossil fuels. With EU climate targets tightening and energy prices volatile, the government must ramp up investment in renewables, energy efficiency, and sustainable mobility. A euro spent here is not a cost but a hedge against future shocks — and a signal to investors that Malta is serious about its environmental obligations.

Digital infrastructure

Caruana has promised fiscal responsibility, but cutting digital investment would be a false economy. From cloud capacity to cyber defences, Malta risks falling behind its EU peers. The next budget must ring-fence funds for digitalisation in both public administration and private enterprise, enabling productivity gains that keep Malta competitive.

Family and workforce support

Yes, fertility rates matter. But tackling them is not about “baby bonuses.” It’s about creating the conditions — such as affordable housing, childcare, and parental leave — that make family life feasible. Policy here intersects with workforce participation: increasing the

number of women in the labour market by making work and parenting more compatible is a growth driver in itself.

Where the government should scale back

Universal subsidies

Energy and food subsidies shielded households during global price spikes, but broad subsidies are blunt instruments. They benefit everyone, including high-income earners who don’t need them. As inflation moderates — forecast at 2.3% in 2025, down from 2.4% in 2024 — the case for blanket subsidies weakens. Over time, they should be tapered and better targeted, freeing funds for strategic investments.

Public sector inefficiencies

Malta’s civil service remains bloated. Duplication between agencies, outdated processes, and political appointments absorb resources that could be channelled into frontline services. Streamlining structures, digitising workflows, and demanding performance metrics would save millions without cutting citizen value.

Ineffective incentives

Some schemes have outlived their usefulness. Property tax breaks and blanket grants, for instance, often distort markets rather than create lasting value. A smarter approach would review every incentive by ROI: if it doesn’t deliver growth, skills, or sustainability, it should go.

The fiscal tightrope

Caruana has pledged a “fiscally responsible” budget. That means no free-for-all giveaways. Malta’s deficit stood at 3.7% of GDP in 2024, and is forecast to narrow only slightly to around 3.3–3.4% in 2025. Public debt remains below the EU’s 60% threshold, at approximately 47–48% of GDP, although some analysts predict it will edge closer to 50% in 2025 before stabilising.

The economy is still expanding, with the European Commission forecasting GDP growth of around 4.1% in 2025. That is healthy, but not strong enough to absorb inefficiencies indefinitely. The trade-off is clear: keeping safety nets broad risks missing investment opportunities; scaling them back too sharply will put a squeeze on households.

What the budget could do

If Budget 2025 is to be more than a stopgap exercise, it needs to demonstrate where the government is prepared to take risks and where it is willing to undertake reform. One prominent place to start is subsidies. While they shielded families from price shocks, broad, acrossthe-board support is unsustainable. A more innovative approach would be to means-test subsidies, ensuring that help reaches the households who genuinely need it, rather than handing out benefits to those who can afford to pay their way.

The savings could then be redirected into areas with proven multiplier effects, such as childcare, education, and digital infrastructure. Each

The question is not whether Malta spends, but where.

euro spent there not only supports families and workers today but also builds capacity for tomorrow’s economy.

The government also has to take a hard look at itself. Malta’s labyrinth of regulators may give the impression of oversight, but too often it adds layers of cost without delivering more accountability. Consolidating agencies to reduce overhead and simplify compliance would free up resources and decrease friction for businesses attempting to innovate and expand.

The private sector, meanwhile, needs clear incentives to invest in the future. One route would be targeted tax credits for companies that invest in green technology and staff upskilling — rewarding those who contribute to sustainability and resilience, rather than focusing on short-term gains.

And finally, the government should lead by example. The public sector still relies on outdated working models. Piloting flexible work policies cannot only improve productivity internally but also demonstrate to employers what a modern workplace looks like, helping to shift cultural norms.

Budgets are often judged on giveaways — how much people “get back.” But the stakes in 2025 are bigger than tax rebates or subsidies. Malta is at a crossroads: it can either keep propping up an unsustainable model or pivot towards smarter, targeted investment. Fertility is one symptom of a broader reality — that families, businesses, and workers all need the conditions to thrive. The test for Caruana is whether Budget 2025 will show the courage to cut what no longer works, and commit to what will matter for Malta’s economy in the decade ahead.

POINT 2 POINT

Three friends, one journey, two causes that need us all

Three lifelong friends are turning endurance into empathy. Through the Point 2 Point

Challenge, Daniel Abela, Douglas Barbaro-Sant, and Joseph Casha are running, swimming, and cycling across Malta and Gozo to raise €163,000 for Hospice Malta and the Children in Need Foundation. Their message: donate, and make every moment matter.

Their goal is simple yet urgent: raise €163,000 for two vital causes. The Children in Need Foundation will build a dedicated Kids Haven at the YMCA for children experiencing homelessness. At the same time, Hospice Malta will expand holistic palliative care at the new St Michael's Hospice. Both charities address human needs at their most fragile— children without shelter, and families facing serious illness.

This is a call not just to admire their journey, but to join it. Every donation, whether from individuals or businesses, is a step closer to giving comfort, dignity, and hope where it's needed most.

Daniel Abela

As founder and chairman of the Children in Need Foundation, Daniel Abela has long believed in the power of giving as a vehicle for change. For Point 2 Point, he brings that same energy and vision to an initiative that fulfils his mission to create dignity and opportunity for disadvantaged children.

The Children in Need Foundation has supported hundreds of children. For this challenge, which projects do you most want the public to support?

Homelessness is a reality in Malta, and tragically, it affects children too. Last Christmas, following a news story about kids without shelter, we reached out to the YMCA. From that discussion,

the idea of transforming Dar Nikki Cassar into a KIDS Haven was born. We want to give these children a dedicated space where they can feel safe and valued. Nobody should be without a

roof over their head—least of all children.

Endurance challenges are a hallmark of your fundraising. How does Point 2 Point symbolise the struggles of vulnerable children?

These challenges reflect the daily struggles families face. For us, it's not about records, but about showing resilience. We can stop if we're tired. A child with cancer cannot stop treatment. A homeless child cannot simply go home. The pain, the struggles, the daily fight—this is what the challenge represents. These kids are the real teachers of endurance.

Children in residential care often need stability and healing.

How will the funds raised address these deeper needs?

Most of us grew up with love, security, and certainty. These children live with fear and trauma every day. This project won't solve everything, but it will give them a safe place to rest, play, and feel a little closer to what home should be. That is the least they deserve. I implore everyone to be generous and help us make it happen.

Beyond the event itself, what long-term impact do you hope for?

Point 2 Point is a vehicle to grab people's imagination. We want it to shed light on local realities that we too often overlook. Hopefully, none of us will ever need the services of Hospice Malta or CIN, but if we do, it's comforting to know support is there. Nobody is immune. It's up to us to help one another in moments of need.

Douglas Barbaro-Sant

For Douglas Barbaro-Sant, giving back has always been part of life. Through Point 2 Point, he channels teamwork and resilience into raising funds for Hospice

The need is enormous, but even small contributions make a significant impact.

Hospice offers essential, compassionate care—not just for patients, but also for their families and caregivers. They walk with you through the most challenging journey, ensuring dignity and empathy every step of the way. That's why people must rally behind them.

Corporate partners such as GasanMamo play a central role. How do you see businesses contributing?

Businesses provide vital support— financial resources, visibility, and volunteers. GasanMamo gave us the launchpad to make this challenge possible. Without corporate partners, initiatives like this cannot thrive.

The challenge ends with a symbolic visit to Hospice Malta. Why is this significant?

Closing at Hospice Malta connects our effort with its real impact. It's a reminder of why we embarked on this journey, and a message of empathy for all families in need.

Beyond the event, how do you hope awareness grows?

I hope Point 2 Point sparks ongoing dialogue about children's causes. Malta is far from a utopia— poverty and hardship are very real. By fostering awareness and community engagement, we can ensure these vulnerable groups are consistently supported.

mean to you?

It's powerful to see two charities supporting very different groups come together. For me, it's personal—Hospice Malta has supported my family during the terminal illnesses of my mum, my sister, and my mother-in-law. I have many reasons to give back .

This is about more than endurance. How will the challenge bring visibility to unseen struggles?

There are serious gaps in government funding for cancer treatment and homelessness. Families in need don't have choices; they just face the journey. With donations, we want to make that journey a little easier.

The fundraising target is ambitious. How confident are you that the community will respond?

The need is enormous, but even small contributions make a significant impact. CIN's support for the YMCA's Kids Haven will finally provide homeless children with a dedicated space. Hospice's St Michael's Hospice will expand care for families beyond what Mater Dei can currently offer. We're already seeing a positive response and are determined not just to reach €163K but to exceed it.

Looking beyond September, could Point 2 Point become a lasting platform?

Joseph Casha

For Joseph Casha, giving back is at the heart of Point 2 Point. At stake is more than sport— it's about dignity, care, and opportunity for people at their most vulnerable.

behind it?

What does combining Hospice Malta and CIN in one challenge

That depends on the Maltese community and businesses. If they support us and the charities beyond our target, it will motivate us to continue our efforts. The will is there—it depends on collective generosity.

To donate , visit cin.mt and click Donate. Corporate donors may contact daniel@cin.mt for details.

Malta and the Children in Need Foundation

Hospice Malta supports over 1,500 families a year. Why should people rally

CHARLES & RON’S “REBIRTH”

This September, Maltese fashion house Charles & Ron unveiled its Spring–Summer 2026 collection, Rebirth, at F/ ROW during New York Fashion Week. The highly anticipated show on 10 September marked a powerful creative statement in a world hungry for renewal. Miss Universe Malta, Julia Cluett, featured in the opening film and also opened the runway.

Conceived as a response to global turmoil, the collection channels beauty with purpose. “Too much suffering. We need a restart,” the designers say. “We believe in the power of beauty, and now more than ever, we feel the need to channel it into something meaningful.”

A journey through colour and emotion. The show opens in vibrant red—vitality, passion, and alarm—before softening into golden sand, Hyacinth Haze, Sky Blue, and Sea

Foam, evoking the healing forces of nature. It closes in pure white, signalling clarity and the serenity of a true fresh start.

Philosophy and florals. Rebirth draws on Eckhart Tolle’s A New Earth, particularly the spiritual significance of flowers—objects that

have inspired artists, poets, and mystics across ages. The designers nod to the Buddha’s silent contemplation of a flower and Jesus’s call to learn from them, while a Qur’anic image likens life to a blossoming field that withers—reminding us of beauty’s impermanence and the soul’s enduring journey.

In-house prints: Malta in bloom. True to form, Charles & Ron developed all prints in-house, rooted in Maltese flora and fauna: the Maltese rock centaury (Cheirolophus crassifolius), poppy, wild hyacinths, and the Maltese Swallowtail (Papilio machaon melitensis), the island’s only endemic butterfly. These motifs are juxtaposed with vintage text from Charles’s old schoolbooks, adding a nostalgic, poetic narrative to the island’s wild landscape.

Accessories, designed and made in Malta. Every detail—accessories, jewellery, and handbags—is designed in-house, extending the Rebirth narrative into sculptural, wearable

works of art that articulate the brand’s Maltese roots: bold, refined, unmistakably C&R.

Made in Malta. Shown to the world. Presented in New York and London with the support of Visit Malta, Rebirth is more than a collection; it’s a hopeful message crafted into garments and accessories—a reminder that from disruption, beauty can be born again.

On 25 October, the collection will be showcased in Malta in collaboration with Malta Enterprise, marking the 5th anniversary of the Malta Startup Festival, with proceeds supporting Victim Support Malta.

25 Years of Sparkasse Bank Malta

Honouring Our Journey, Shaping Tomorrow

Sparkasse Bank Malta plc marks its 25th anniversary—a milestone shaped by measured growth, trusted partnerships, and an unwavering client focus. Established in 2000 to support Malta’s ambition of becoming a financial services hub, the Bank grew alongside a transforming local market, tailoring services to evolving needs while holding fast to core values of integrity, client centricity, and excellence.

Across a quarter-century, Sparkasse Bank Malta has built enduring relationships with businesses, investment funds, and highnet-worth clients, adapting through shifting economic and regulatory cycles without losing

A Morning with GirardParregaux

On Monday, 15 September 2025, MONEY met Girard-Perregaux’s Lisa Parolini at Edwards Lowell’s Portomaso outlet for a hands-on tour of the Maison’s icons. Parolini connected GP’s 1791 origins to its contemporary

sight of long-term value creation. The result is a steady, discreet presence that prizes discipline as much as innovation—progress

design language with clarity—showing how “manufacture” still means movements and aesthetics conceived and executed in-house.

The session began broadly, then narrowed to references that best capture the brand’s character. The Laureato impressed with disciplined geometry and understated confidence: an octagonal bezel that wears naturally, immaculate finishing that shifts from satin to soft gleam, and proportions that feel tailored rather than showy—even in steel.

The mood lifted with the Bridges collection. Seen in person, the Tourbillon with Three Bridges reads less like a conventional watch and more like spatial design. Light pours through the case, animating bevels and chamfers; the tourbillon at six o’clock “breathes” while the graphic bridges turn mechanics into a signature silhouette. It underlines a simple truth: Girard-Perregaux didn’t just perfect a complication; it authored a visual language.

What stood out most was coherence. Cases,

measured not only by products launched, but by trust earned.

Reflecting on the journey, Managing Director Paul Mifsud notes that this anniversary is a moment to acknowledge challenges overcome, relationships forged, and principles that continue to guide the organisation—grounded in the dedication of its people and the trust of clients, shareholders, and partners. Looking ahead, the commitment is clear: embrace change with purpose and keep clients’ needs at the heart of every decision.

As the financial landscape evolves, Sparkasse Bank Malta will continue to build on its strengths—supporting customers, innovating thoughtfully, and maintaining a disciplined approach to sustainable value. The 25th anniversary is more than a celebration; it is a reaffirmation of the Bank’s role as a reliable, forward-looking partner in Malta’s financial ecosystem. It honours the foundations on which the institution was built, while renewing its promise to help shape tomorrow with prudence, discretion, and purpose.

bracelets, straps and clasps are thoughtfully resolved; ergonomics are intuitive; operation is precise and drama-free. Parolini fielded questions on calibres, materials, servicing and lead times with warmth and authority. MONEY left convinced: GP isn’t chasing trends—it’s refining an idea it defined long ago, where engineering becomes beauty.