FinanceMalta names new chairman

From left: FinanceMalta Chairman Rudolph Psaila; Parliamentary Secretary responsible for Financial Services, Digital Economy and Innovation Silvio Schembri; and Outgoing Chairman Kenneth Farrugia.

Rudolph Psaila has been named the new Chairman of FinanceMalta, succeeding Kenneth Farrugia who resigned from his post after a tenure of eight years, according to a press statement sent to Business Malta. FinanceMalta is a public-private initiative set up to promote Malta as an international financial centre.

In addition to the appointment of the new chairman, FinanceMalta’s board also has a new composition, featuring governors appointed by the government and the financial services sector.

The government-appointed governors are Rudolph Psaila (Chairman), Justin Spiteri, Marvin Zammit, Josianne Cascun Montebello and Claude Abela. The governors appointed by the private sector are Wayne Pisani as President of the Institute of Financial Services Practitioners (IFSP), Matthew Bianchi representing the Insurance Industry (MIMA, AIB, MIA), Karol Gabarretta representing the Banking sector as Secretary-General of the Malta Bankers Association (MBA), and Kenneth Farrugia representing the Malta Asset Servicing Association (MASA).

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“I thank Mr Farrugia for his long-standing service at the helm of FinanceMalta and wish the best of luck to Mr Psaila in his role,” said Silvio Schembri—Parliamentary Secretary responsible for Financial Services, Digital Economy and Innovation—during his announcement of the new chairman and board of governors yesterday afternoon.

“I believe that with his experience in the financial services sector, coupled with the great support of the new board and FinanceMalta’s management team, he will be continuing on the steps of his predecessor in promoting Malta as a financial services jurisdiction across the world. FinanceMalta will yet again play a crucial role, in our pursuit to take Malta’s financial services sector to the next level,” Mr Schembri added.

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“FinanceMalta has contributed significantly to the growth and importance of financial services to Malta’s wider economy,” said outgoing chairman Kenneth Farrugia.

“We have experienced growth in every sector be it funds and asset management, insurance as well as wealth management. We have consolidated our initiatives in core markets, extended FinanceMalta’s reach to new jurisdictions, and also carried Malta’s proposition in new sectors such as blockchain and fintech. In this respect, I must thank all governors who over the years contributed tirelessly to face the challenges of a young jurisdiction, and the members for their unwavering support throughout the years, as well as management and staff for their contribution to ensure Malta is a jurisdiction of repute in financial services. I wish Mr Psaila every success in his new role, and he knows that he has my full support on the Board,” Mr Farrugia added.

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“I’m grateful for being granted the opportunity to act as Chairman of FinanceMalta,” recently-appointed chairman Rudolph Psaila said.

“Whilst we remain cognisant of the challenges present in the financial services and fintech industry, together with the Board of Governors, our members, the government and all the private stakeholders, we will seek to consolidate our core traditional sectors and keep on evolving and innovating in order to remain globally connected and at the forefront in the respective industries,” Mr Psalia added.

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Christian, the editor of Business Malta, is an English linguist-turned business journalist. With more than half a decade of experience in business journalism, he has developed a healthy commitment toward impartial and informative journalism. He believes that a good article has a great flow that seamlessly guides the reader from the beginning of the article to the end. He knows that words have immense power, therefore — especially in today’s inaccuracy-dominated media — he is an avid supporter of ethical journalism. If you want to talk to the editor call +356 2258 8055 or send an email to the [email protected] address.