Become a member Members Area

Month: June 2025

Bank of Valletta’s role in a national maritime strategy

Posted on by Mel Chamber

“The role and magnitude of the Maritime Industry in Malta is not appreciated enough and the National Maritime strategy currently in the works will help align the goals of all stakeholders and unlock its full potential.” This message was delivered by Kenneth Farrugia, Chief Executive Officer at Bank of Valletta during the Consultation on the National Maritime Transport Strategy conference organised by the Malta Maritime Forum.

Malta’s Maritime and Financial Services sectors have experienced remarkable transformation over the past decades. The maritime industry, once rooted in defence shipbuilding, has evolved into a thriving ecosystem supported by professional services, financial institutions, and a robust regulatory framework. Today, it contributes a growing double-digit share to the national GDP and holds vast potential for further expansion. Similarly, the financial services sector has advanced beyond traditional banking to offer cutting-edge digital solutions, positioning Malta as a leading hub for innovation and financial excellence.

“As Malta’s largest Bank of systemic importance to the economy, the Bank is playing a key transformative role in the Maritime industry by embedding a culture of ESG principles into its financial offerings. This strategic focus is helping to greenify the industry and support sustainable maritime operations,” continued BOV’s CEO.

Recognising the limited availability of shipping finance in Malta, Mr Farrugia revealed that the Bank is currently exploring the potential of syndicated financing within the maritime space. This initiative is being pursued in the wake of the recent modernisation of Malta’s maritime legal framework – paving the way for more flexible and investor-friendly financing structures.

“As an active supporter of the Malta Maritime Forum, Bank of Valletta continues to promote dialogue and collaboration among all the different stakeholders of this most important industry and we emphasise the importance of unity in driving sector-wide progress,” concluded Mr Farrugia.

BOV and curator Elyse Tonna announce call for contemporary artists

Posted on by Mel Chamber

‘Moving with the wind, like waves’ – a contemporary exhibition at the Inquisitor’s Palace

Bank of Valletta and curator Elyse Tonna are inviting contemporary artists to participate in an open call for ‘Moving with the Wind, Like Waves,’ a contemporary art project culminating in a site-specific collective exhibition that will be held at the Inquisitor’s Palace in Birgu in November 2025.

The call is open for emerging and mid-career contemporary artists or collectives based in Malta between Saturday, 7th June 2025, and noon Tuesday, 1st July 2025. Artists are invited to submit conceptual frameworks for new, large-scale interventions that will be developed in dialogue with the curator and the site. Rather than proposing finished works, artists/collectives are asked to respond to the layered, often unseen qualities of the site, producing work that is site-specific, adaptive and embedded in context.

“Moving with the Wind, Like Waves is both a curatorial framework and a methodology – one that invites artists to engage with what often remains unnoticed or undocumented,” says Elyse Tonna. “The process values adaptability, attentiveness, and conceptual depth, encouraging artists to think with the site and propose work that resonates with its less visible layers. Contemporary art interventions on historic sites can open up new ways of relating to them – not through direct representation, but through gestures that uncover subtler meanings and connections.”

The initiative forms part of Bank of Valletta’s Corporate Social Responsibility programme, which continues to support the growth and visibility of Malta’s contemporary art community. Ernest Agius, Chief Operations Officer at BOV, states, “This contemporary art project highlights the Bank’s long-standing commitment to supporting the arts and fostering cultural dialogue in Malta. As a staunch supporter of local culture and the arts, BOV is proud to launch this exhibition, which promises to be a unique platform where artists can express themselves and bring contemporary art closer to the general public.”

The curatorial framework, full guidelines, and submission form are available here. Selected artists will receive curatorial mentorship, production support, and a project budget. The collective exhibition will be accompanied by a publication and public programme. For questions, applicants may contact the team on mwwlw.exhibition@gmail.com by 23 June 2025.

This contemporary art project is commissioned and supported by BOV and is being developed and curated by Elyse Tonna, a curator and architect whose interdisciplinary practice focuses on site-specific, research-led approaches to contemporary art.

HSBC Malta Foundation Continues Financial Capability Workshops with Mental Health Service Users

Posted on by Mel Chamber

The HSBC Malta Foundation has continued its long-standing commitment to financial education by delivering the fifth interactive workshop as part of its Financial Capability Project for mental health service users. The most recent session, held at Mount Carmel Hospital, forms part of an ongoing series tailored to the unique needs of individuals facing mental health and substance use challenges.

The latest session was delivered by Josef Camilleri, Head of Products and Distribution at HSBC Life Assurance (Malta) Ltd., and lead of the Climate Action Network Financial Literacy Programme at HSBC Malta. The session was conducted for a group of individuals currently awaiting admission to rehabilitation programmes, all of whom are receiving care from the Dual Diagnosis Unit. The participants, many of whom have experienced profound financial and social hardship, engaged enthusiastically in discussions around saving, spending priorities, and planning for the future.

Now in its ninth cohort, the project is designed to promote financial resilience and literacy among some of the most vulnerable individuals in society. The initiative focuses on interactive and informal sessions that blend practical tools with real-life examples, encouraging open dialogue and personal reflection.

“These sessions are a vital part of our commitment to supporting the wider community through financial education,” said Glenn Bugeja on behalf of the HSBC Malta Foundation “It’s always humbling to see how people—despite facing serious life challenges—show real willingness to learn, grow, and regain control of their finances.”

Ruth Bajada, Higher Allied Health Practitioner and Occupational Therapist expressed her appreciation for the continued collaboration: “These individuals have faced immense hardship, yet their openness and participation show the importance of these workshops. The fact that they are now thinking about saving and giving back to their families is a powerful testament to the impact of this project.”

In addition, a dedicated financial literacy session was organised for a group of Occupational Therapists.  Through the knowledge gained during this session, the occupational therapists will be better equipped to support participants in the various workshops they lead as part of their professional roles

The HSBC Malta Foundation has been supporting financial literacy initiatives across Malta for several years, with a focus on reaching underserved and at-risk groups. Future workshops are planned in collaboration with the National Mental Health Services to ensure the programme continues to reach those who need it most.

Commercial Courier – Spring 2025 Issue

Posted on by Mel Chamber
MEDIA HUT – MCC Spring issue 2025_digitalDownload

EU Startup and Scale-up Strategy is promising, but national competences must be respected

Posted on by Mel Chamber

In response to the European Commission’s recently unveiled Startup and Scale-up Strategy, the Malta Business Bureau welcomed the initiative as an ambitious step towards reinforcing Europe’s position as a leading destination for innovative startups and high-growth scale-ups.

However, considering the slow progress in integrating the EU’s Capital Markets – deemed crucial for late-stage funding – the MBB remains cautious about the Strategy’s potential to fully meet its objectives.

Commenting on the development, MBB CEO Mario Xuereb stated: “The EU Startup and Scale-up Strategy presents a significant opportunity for Maltese entrepreneurs. By addressing long-standing barriers such as regulatory fragmentation and limited access to scale-up finance, the strategy can significantly boost Malta’s innovative business landscape. Measures that simplify cross-border establishment and improve access to funding and markets could position Malta as a hub for tech entrepreneurship and innovation.”

The Strategy has several promising elements, notably the establishment of regulatory sandboxes to foster innovation, and streamlined pathways for attracting top global talent, including via the proposed ‘EU Blue Carpet’ initiative.

On the other hand, while positive in principle, a 28th regime initiative aimed at simplifying rules for companies when setting up and operating across the Single Market, must also respect national competences in relevant areas such as insolvency, labour and tax laws.

The Commission’s Strategy rightly recognises start-ups and scale-ups as crucial drivers of European competitiveness, job creation, and technological innovation. Key initiatives include simplified and harmonised regulatory frameworks, increased financial backing through mechanisms such as the European Innovation Council (EIC), and the dedicated Scaleup Europe Fund, alongside measures facilitating rapid market expansion and the attraction of global talent.

The Commission’s strategy also proposes ambitious measures such as the European Innovation Act and the establishment of the European Corporate Network, aimed at fostering deeper collaboration between start-ups and larger corporates, particularly in strategic sectors crucial to Europe’s global competitiveness.

Nevertheless, Mr. Xuereb emphasized the importance of follow-through.

“The success of this strategy will rely heavily on consistent and coordinated political action at both the European and national levels. Strategies on their own do not yield results. Their effectiveness relies on the political will to implement reforms swiftly and consistently. Regulatory harmonisation increased cross-border cooperation, and sustained investment commitments must be matched by determined efforts at all levels”.

“Moreover, it is imperative that centralized funding is made accessible to start-ups and scale-ups across the EU through simple procedures,” he continued.

Mr. Xuereb concluded, “This Strategy sets the right direction and augured that Malta proactively takes up the opportunities. Otherwise, we risk missing out on emerging business ideas and prevent businesses – especially those in high-potential sectors linked to innovation, and the green and digital transitions – from scaling effectively.”

Sustainability Under Pressure: The Realities Facing Maltese Enterprises Today

Posted on by Mel Chamber

Yasmin Schembri, Senior Consultant at AIS Environment

Malta, with its rich history, stunning coastlines, and bustling economy, faces some big environmental challenges. For Maltese businesses, keeping up with environmental laws and working towards sustainability isn’t just a box-ticking exercise – it’s a daily balancing act to keep their operations profitable.

More Than Just Paperwork

Maltese businesses must comply with a web of local and European Union rules. These regulations are primarily designed to protect the environment tend to be challenging to implement especially as they change and evolve. For instance, recent Omnibus legislation refined the scope of the Corporate Sustainability Reporting Directive (CSRD), limiting mandatory ESG reporting to companies with more than 1,000 employees. This adjustment effectively relieves the vast majority of Malta-based businesses from this complex reporting requirement, many of which were already recruiting personnel to tackle sustainability targets. On the other hand, smaller companies also face challenges with different permits and assessments, such as operational permits issued by ERA, and waste management licenses, which can be time-consuming and require specialised expertise.

The Island Dilemma

Malta’s dense population creates intense competition for space and resources, intensifying environmental pressures. The island’s strong dependence on imports means that most goods arrive via air and sea freight, significantly adding emissions to the local transport loads. The EU’s Carbon Border Adjustment Mechanism (CBAM) adds further challenges, requiring importers of carbon-intensive goods to report embedded emissions. In the absence of land links to main land Europe, local companies have fewer available options at their disposal to reduce carbon emissions arising from logistics. Innovative solutions are needed to provide a sustainable supply chain.

Waste Not, Want Not

Waste management is a hot topic in Malta. Despite best efforts, the island still lags behind EU recycling targets, with over 39% of commercial waste being disposed in landfills according to Malta’s Long-Term Waste Management Plan. Businesses often want to do the right thing, but often run into practical problems: not enough recycling facilities, complicated collection systems, and a lack of local options for reusing materials. Moving towards a circular economy – where waste is minimised and resources are reused – remains a work in progress for most businesses.

Managing Vital Resources Sustainably

Maltese businesses face rising costs and operational challenges linked to water and energy use. The island’s heavy reliance on energy-intensive desalination plants for freshwater supply means higher utility expenses for sectors like hospitality, agriculture, and manufacturing. Concurrently, Malta’s energy sector depends mostly on imported fossil fuels, with limited space for renewable energy installations, limiting businesses’ ability to transition quickly to greener energy. While the government has reduced energy costs through subsidies, in 2024 the European Commission called on Malta to eliminate these subsidies. With no public plans to reduce these subsidies, businesses face major uncertainties on their future utility expenses.

The Jammed Economy

Malta’s traffic congestion, with over 440,000 vehicles on the island, significantly affects businesses by causing delays in commutes and deliveries, reducing customer visits, and increasing fuel costs. These delays impact productivity and staff wellbeing, leading to more remote work requests. Malta’s 2050 Transport Strategy estimates that traffic congestion’s economic cost could reach €1.28 billion annually by 2050. Heavy traffic also worsens air quality and raises health risks like respiratory illnesses and stress, leading to more sick days taken by employees all across Malta.

Navigating the complexities of environmental regulations and sustainability goals can be challenging for businesses. Working with experienced environmental professionals such as AIS Environment can provide valuable insights into evolving legal requirements and help identify practical steps toward improved resource management. Such collaboration can assist in developing tailored strategies that align with both compliance obligations and long-term sustainability ambitions, making the process more manageable and informed without adding undue burden.