HSBC Malta Foundation supports new online programme for young patients

HSBC Malta Foundation is proud to announce its support for the Karl Vella Foundation’s (KVF) latest initiative, ‘Embrace – Navigating Pain in Times of Illness.’ This innovative online programme is designed to offer critical psychotherapeutic support to young patients aged 5 to 17 who are undergoing treatment for serious or life-limiting illnesses, both in Malta and abroad.

‘Embrace’ provides a safe space for children to express their emotions and develop coping strategies. Utilising arts, crafts, narrative therapy, mindfulness, and clay as therapeutic techniques, the programme fosters creative expression and emotional healing. It aims to help young patients manage the physical and emotional challenges of illness, encouraging them to process their experiences in a supportive, interactive environment.

HSBC Malta’s commitment to this initiative aligns with the bank’s broader corporate social responsibility (CSR) vision, which focuses on improving the well-being of vulnerable groups and investing in mental health and emotional care. By partially sponsoring ‘Embrace,’ HSBC Malta is reaffirming its dedication to making a meaningful difference in the lives of those who need it most.

This initiative also touches on several United Nations Sustainable Development Goals (SDGs), particularly SDG 3: Good Health and Well-being, and SDG 4: Quality Education. By promoting psychological resilience and emotional growth among young patients, ‘Embrace’ supports holistic development and mental health.

Michel Cordina, Head of Business Development at HSBC Malta emphasised the importance of this partnership: “We are honoured to support the Karl Vella Foundation’s work, which aligns with our commitment to building a more compassionate and supportive society. ‘Embrace’ is not just a programme; it is a lifeline for young people and families facing extraordinary challenges. At HSBC Malta, we believe that investing in the emotional and mental well-being of our community’s most vulnerable members is crucial, and we are proud to play a part in this impactful initiative.”

PwC Digital’s AI Business Survey reveals a large gap in strategic planning for AI implementation in businesses

PwC Digital has released the findings of its AI Business Survey 2024, shedding light on the current state of AI adoption among businesses in Malta. Conducted by the PwC Digital Services team, the survey provides valuable insights into the key drivers, barriers, and challenges faced by local businesses in integrating AI technologies.

The survey reveals that a significant 56% of organisations reported not having a dedicated team for AI use case assessment, highlighting a gap in strategic planning for AI implementation. An overwhelming 75% of organisations lack an AI governance framework, underscoring the need for structured oversight to ensure ethical and responsible AI deployment.

Furthermore, 41% of businesses identified the greatest impact of AI on internal operations, indicating a focus on enhancing operational processes through AI. Interestingly, only 15% of participants are considered AI Explorers, with none scoring as AI Novices, suggesting a cautious yet progressive approach to AI adoption.

This survey is grounded in extensive research and aligns with PwC’s broader studies on AI’s business impacts such as PwC’s Global AI study, which found that AI has the potential to contribute up to $15.7 trillion to the global economy, and an increased 26% boost in GDP for local economies by 2030.

 The report delves into how businesses in Malta are embracing AI technologies, examining usage, perception, and implementation trends. It also explores the structures and frameworks employed to oversee AI projects, ensuring ethical and responsible AI implementation. It provides insights into the financial commitment of businesses towards AI, reflecting budget allocations and prioritisation of AI initiatives, while also capturing general views and expected benefits from AI technology, including increased efficiency, improved decision-making, and enhanced customer experiences.

“Through this report, we aimed to understand how businesses locally are approaching the topic of AI based on four thematic areas: strategy and adoption, governance, investment, and market perspective. Based on the findings of the survey, our report recommends next steps for organisations to ensure they are leveraging AI technologies to enhance their service offerings and internal operations, consistently working towards a human-led and tech-powered future for our businesses,” said Michel Ganado, PwC Digital Partner and Digital Services Leader.

The online self-administered survey consisted of 20 questions covering four AI thematic areas, providing respondents with a maturity score at the end. Local businesses were invited to participate through various channels, resulting in 59 participants completing the survey between March and September 2024.

For a detailed analysis and comprehensive insights, download the full PwC Digital AI Business Survey Report 2024 from here.

HSBC Malta extends partnership with Malta Development Bank to support SMEs with enhanced financing options

HSBC Malta is pleased to announce the extension of its agreement with the Malta Development Bank (MDB) to continue offering loans to small and medium-sized enterprises (SMEs) under the SME Guarantee Scheme (SGS) and the Guaranteed Co-Lending Scheme (GCLS) until the end of 2027. This renewed partnership reinforces HSBC Malta’s commitment to supporting local businesses with tailored financial solutions that drive growth, innovation and job creation.

The schemes, backed by the European Investment Fund (EIF) under the EU’s InvestEU Programme, are designed to provide SMEs with access to vital funding for sustainable investment and long-term development. Through the renewed agreement, businesses can now apply for loans of up to €1 million under the SME Guarantee Scheme (SGS) and for loans exceeding €1 million up to €10 million under the Guaranteed Co-Lending Scheme (GCLS).

“We are proud to continue our partnership with the Malta Development Bank, which enables us to provide SMEs with the financial support they need to thrive in today’s competitive market,” said Joyce Grech, Head of Commercial Banking at HSBC Bank Malta. “These schemes are a testament to our ongoing commitment to fostering innovation, sustainability, and economic growth in Malta.”

HSBC Malta’s SME clients can benefit from these schemes to address a wide range of business needs, including expansion, investment in new technologies and long-term capital projects. Businesses interested in learning more about the SME Guarantee Scheme and the Guaranteed Co-Lending Scheme are encouraged to contact their Relationship Manager or reach out to Business Banking Direct on 2380 8000 or via email on  business.banking.direct@hsbc.com

Digitalisation and Skilled Workers are Key for Malta to shift from Quantity to Quality

The Malta Chamber and Bank of Valletta Host ‘Diagnosing the Maltese Economy’ Conference

The Malta Chamber of Commerce, Enterprise and Industry, in collaboration with Bank of Valletta (BOV), organised a conference titled ‘Diagnosing the Maltese Economy’, bringing together key stakeholders to explore Malta’s economic trends, future developments, and critical challenges.

In his opening speech, President of The Malta Chamber, Chris Vassallo Cesareo, noted that “strong governance and leadership are not just hallmarks of a healthy democracy—they are indispensable for a robust economy. A nation’s ability to navigate crises, adapt to global trends, and drive sustainable growth depends on the integrity and effectiveness of its institutions.” He also emphasised that the global economy remains uncertain, and Malta faces significant challenges, such as addressing skills shortages within industries, fostering a workforce prepared for the demands of emerging sectors, and ensuring that education and training systems align with the needs of a modern economy.

The CEO of Bank of Valletta, Kenneth Farrugia, who also participated in the panel discussion, in his closing remarks highlighted the role of governance, saying that, “governance is not just about compliance but about ensuring the resilience and sustainability of an organisation. By fostering clear lines of responsibility and planning for generational leadership transitions, we can safeguard both operational continuity and strategic vision. At a time when global economic and social dynamics are shifting, it is critical for boards and executive teams to work collaboratively, with a focus on diversity, risk management, and long-term success.”

This annual event which the business community anticipates from The Malta Chamber in collaboration with BOV, serves as a pivotal platform for industry leaders, policymakers, and experts to examine Malta’s economic trajectory, identify emerging opportunities, and assess potential risks.

Head of Economics at BOV, Malcolm Bray, shared his assessment on Malta’s economic developments and prospects. During his keynote presentation he noted that, “if we want to understand outcomes, we need to explore economic behaviour and how this is shaped by incentives.” He suggested that there is potential for greater use of capital and more entrepreneurship. He concluded that Malta’s economic outlook remains cautiously optimistic but stressed the importance of closely monitoring long-term forces such as higher life expectancy, shifts in global power, technological improvements, and climate change, as these create challenges if not well prepared for.”



During the panel discussion, moderated by Head of Media and Communications Strategy, Rachel Bondi Attard, The Malta Chamber CEO Dr Marthese Portelli said that “over the past four years, The Malta Chamber has consistently pointed out several key challenges that the country needs to address, including productivity, the labour market, and infrastructure. Despite the country’s exponential GDP growth, we failed to take the necessary steps to manage this growth effectively.” Additionally, she stated that while we often hear the terms ‘quality’ and ‘innovation,’ it is important to ensure that everyone has a clear understanding of what we aim to achieve with these concepts. “The Malta Chamber has emphasized the need to provide tourists with a quality experience. Regarding ‘innovation,’ it should address current challenges and prepare us for the future”.

Nick Spiteri Paris, CEO at BigBon Group emphasised that the biggest pain point in the retail industry is talent acquisition. He added that “one of the most significant challenges in the retail industry today, and for the past several years, has been employment and labour.” He added that “blending digital and physical retail is imperative as consumers today expect a seamless interplay between digital convenience and physical experiences.”

Natalie Briffa Farrugia, Chairperson at Vassallo Group, noted that as of 2024, only 24% of the workforce in her Group consists of Maltese and EU nationals. This begs the question: Where are the Maltese workers? She added that “while regulation is important, we must be careful not to create additional barriers, both as a country and as employers. Our goal should be to foster a balanced and sustainable workforce that benefits everyone.”

BOV marks year of impactful voluntary initiatives

Bank of Valletta is marking the first anniversary of its employee voluntary leave program with an impressive achievement. Over 430 employees collectively contributed more than 3,500 hours to community and environmental causes in 2024. This initiative forms part of the Bank’s ongoing commitment to upholding its Corporate Social Responsibility, underscoring the strong link between teamwork and positive impact on society.

The program offers Bank employees the opportunity to dedicate one day during the year to engage in voluntary work. This resulted in an encouraging number of employees participating in diverse initiatives during 2024, ranging from tree planting and environmental clean-ups to supporting vulnerable individuals and assisting animal sanctuaries. These activities were organised in collaboration with the Bank’s CSR team, with employees dedicating their time to causes that align with the Bank’s core values of inclusion, sustainability, and excellence.

Ray Debattista, Chief People & Culture Officer, reflected on the impact of the program stating, “This initiative is about fostering a culture of connection and collaboration amongst BOV employees. We are proud to champion this initiative and support our employees by granting them a day dedicated to voluntary service. The passion and commitment shown by our employees is inspiring and their collective efforts demonstrate the power that teamwork can have in making a meaningful impact on society.”

Chief Operations Officer, Ernest Agius, commented on the program’s success, saying, “The 3,500 hours contributed by our employees reflect the heart and spirit of our organisation. It’s a testament to our commitment to collaboration and our shared dedication to serving the community. I am particularly proud that this initiative was introduced as we celebrated the Bank’s 50th anniversary, building on our past legacy with new initiatives that propel the Bank forward to a brighter and meaningful future.”

With the start of 2025, Bank of Valletta is renewing its voluntary leave program, and inviting all its 2,500 plus employees to take advantage of the opportunity to contribute to its mission to strengthen community ties while adding a human layer to those CSR initiatives that drive positive change.

Strengthening Parliament and Increasing Public Trust: A Call for Parliamentary Reform

“In every thriving democracy, the principles of accountability and transparency serve as the cornerstones of good governance,” said the President of The Malta Chamber of Commerce, Enterprise and Industry, Chris Vassallo Cesareo.

This was said during the launch of two publications authored by David Spiteri Gingell titled A Modern Framework for Members of Parliament for 2025 and Beyond – addressing the size of parliament and A New Approach to Malta’s Elections –  a fairer remuneration to MPs.

The Malta Chamber President highlighted that “at the heart of Malta’s democratic system are the Members of Parliament (MP) – elected representatives who embody the voices, concerns, and aspirations of their constituents. MPs play a pivotal role, serving as guardians of the public good through their diligence, independence, and unwavering commitment.”

During the press conference, Head of Policy at The Malta Chamber, Kevin Mizzi, delivered a presentation explaining the recommendations of these two reports. He emphasised that these proposals are not standalone solutions but must be part of a broader comprehensive reform – one that recognises the importance of tackling both institutional weaknesses and the cultural challenges that perpetuate unethical behaviour and disengagement.

The following are the recommendations that come out from the two policy documents:

A Modern Framework for Members of parliament for 2025 and Beyond:

1. System – Retain Single Transferable Vote with caveats addressing flaws

2. MPs – 45 MPs (instead of the current 79)

3. Districts – 5 Districts (9 MPs from each) instead of the current 13 districts

4. 3rd Party Threshold – 5% national threshold for party to be represented in Parliament instead of a minimum of 16.7% votes in 1 of 13 districts

5. Remove Co-option – By-election ONLY in case of vacancies. In case no further candidates remaining on party district list to fill the immediate vacancy from district, the best runner up from party list irrespective of district contested would be elected. 

6. Technical Cabinet Member – (a) The maximum threshold of 45 (MPs) would not be surpassed.      (b) Capped at a maximum of 1 unelected technical minister for every 6 seats won by the party in government. (c) Would replace Government MPs with lowest number of votes. (d) Government should respect role of backbench MPs when appointing Cabinet, whose size remains a PM prerogative. (e) The principle would be proportionally provided also to the Opposition.

7. Gender Mechanism & Donkey Vote – Replace Gender Mechanism by placing under-represented gender at top of ballot vote, hence addressing Donkey Vote.

8. Appointment of Party Leaders not in HoR – Appointment of party leaders from outside parliament with next lowest voted MP conceding seat

A New Approach to Malta’s Elections:

1. Employment – Full time MPs vs Part-Time

2. Remuneration – Remuneration system proposed: (a) Basic pay – pegged to DG salary / Scale 3 –  €42,582.00 (b) Designated Holder Allowance – % increase calculated on average of the median quartile of the basic salary of CEOs in the private sector (2024) which is €126,557.00

– Prime Minister – 90% (+ €71,319) = €113,901.00

– Minister & Opposition leader – 75% (+ €52,336) = €94,918.00

– Parliamentary Secretary – 65% (+ €39,680) = €82,262.00

– Member of Parliament – basic salary only = €42,582.00

3. Additional benefits – (a) Provide additional benefit to political office holders –communications facility & non-taxable grants for lease of constituency office (not party clubs). (b) MPs supported by Research Assistant and engagement of 20hrs Secretarial Support

4. House Parliamentary Research Service – House Parliamentary Research Service with pool of research assistants for MPs

5. Commission appointed by the President of the Republic – Establish a Commission appointed by PoR to review conditions at the beginning of each legislative term  

6. Return to Gov Grade – Former Gov employees may relinquish position with substantive Gov grade after termination

7. State Pension – Same as Social Security Act (additional income under Service Pension) + transition process where part of pension income is based on previous entitlement conditions & part calculated on ‘Maximum Pension income post-reform’; with new MPs calculated on Maximum Pension income only

8. Public Disclosure – Lump-sum compensation, Revolving door (with clearance by Commissioner for Standards) and Transition Allowance package all published for public scrutiny and proportionate to tenure.

These two policy documents, build upon two previous Chamber documents: A Manifesto for Good Governance (2020) and The Malta Chamber’s 2022 policy document, A Strong Transparency, Accountability, and Ethical Governance Framework for Members of Parliament. It highlights the necessity for reforms that ensure fair remuneration while maintaining public trust. The document emphasises that reforms to parliamentary conditions should be supported by measures to improve political governance.

HSBC Malta Foundation celebrates 10 years of empowering young people through the King’s Trust International Achieve Programme

The HSBC Malta Foundation is proud to celebrate the 10th anniversary of the King’s Trust International Achieve Programme in Malta, an initiative that has transformed the lives of countless young people by equipping them with vital skills for a brighter future. The milestone was recently marked with a special celebration that highlighted the programme’s lasting impact over the past decade.

Since its inception, the Achieve Programme has offered an innovative, alternative approach to learning, providing students with opportunities to gain recognised qualifications in personal development and employability skills. Supported by the HSBC Malta Foundation and the Ministry for Education, Sport, Youth, Research and Innovation, the programme has helped young people transition seamlessly into further education, training, and the workforce.

The programme has seen remarkable growth and success since its launch in Malta over the years:

  • 61 schools have delivered the Achieve Programme, up from 7 in 2015/2016.
  • Over 300 educators have been trained and involved, compared to just 7 at the start.
  • More than 3,200 students have registered for the programme, from just 90 in the first year.
  • 2,054 students have gained qualifications at MQF Level 2 or 3, with a total of 554 MQF Level 3 qualifications awarded.

The HSBC Malta Foundation was instrumental in bringing the programme to Malta, working with the then Prince’s Trust around 10 or 11 years ago to explore the idea of introducing this initiative in a country outside the UK for the first time. Over the years, the Foundation has invested around €1 million to support the introduction and delivery of the programme, including funding for numerous student-led projects. With this initiative, the Foundation has been assisting young people in Malta who are at risk of underachieving or dropping out of formal education.

Speaking at the event, Geoffrey Fichte, CEO at HSBC Bank Malta said: “For a decade, the King’s Trust International Achieve Programme has been a cornerstone of our commitment to youth empowerment. It is helping young people gain the skills, confidence, and qualifications they need to succeed in education and employment. We are incredibly proud of what we have achieved together and look forward to continuing this important work.”

Minister for Education, Sport, Youth, Research and Innovation Clifton Grima added: “This programme is a shining example of how partnerships between the public and private sectors can make a real difference in the lives of our young people. By providing an alternative path to education, it has empowered students to overcome challenges and achieve their full potential. We are proud to have been part of this journey from the very beginning.”

In 2023 alone, King’s Trust International reported that over 22,800 young people globally benefited from their programmes, with over 70% moving into work, training, or further education after completing their employability courses. The Malta Achieve Programme continues to play a crucial role in this global impact, helping young people build confidence, learn essential skills, and showcase their talents.

As the programme enters its second decade, the HSBC Malta Foundation remains committed to empowering young people to achieve their dreams and create a brighter future for themselves and their communities.

MBB welcomes the European Commission’s Competitiveness Compass, urges swift delivery on promises

The Malta Business Bureau welcomes the European Commission’s Competitiveness Compass as a crucial initiative to tackle the EU’s long-term economic challenges.

MBB CEO Mario Xuereb emphasised that while the Competitiveness Compass rightly prioritises innovation, sustainability, and economic security, the EU must now fulfil its commitments to deliver tangible benefits for businesses and citizens.

“The Commission’s planned initiatives demonstrate a renewed focus on competitiveness and a welcome shift away from the regulatory burden of the previous mandate. By streamlining regulations, fostering innovation, promoting sustainability, and strenghtening economic security, the EU can create an environment that enables business to flourish – helping start-ups scale up and allowing established companies to consolidate and expand their operations more effectively.”

However, action is now critical, Xuereb added.

“The productivity gap between Europe and its competitors is widening, and the time for action is now. To realise its ambitions, the EU must follow through on its commitments and ensure that both businesses and citizens reap the benefits of these reforms.”

Announced today, the Competitiveness Compass provides insights into a series of targeted policy strategies and legislative proposals expected in 2025 and 2026. It aims to address key challenges that the EU has faced in recent years, including the global pandemic, the war in Ukraine, and resulting economic shocks such as inflation and soaring energy prices.

While Europe has shown resilience, it must now confront deeper, long-term challenges as outlined by Enrico Letta and Mario Draghi in their respective reports published last year on the current state of the European Single Market and European Competitiveness.

These challenges include a widening productivity gap with major global economies, increased reliance on imports of critical raw materials, and the vulnerability of supply chains.

Closer to home, MBB eagerly anticipates reviewing the Omnibus Simplification package, one of the first initiatives to be announced. Maltese enterprises are at risk of facing excessive administrative requirements in areas such as sustainable finance reporting and supply chain due diligence. This package aims to streamline the recently adopted regulations which are crucial for small businesses operating within broader supply chains.

MBB also looks forward to evaluating a proposal for a new enterprise category for small midcaps. This will offer tailored regulatory measures for businesses that exceed the SME criteria but remain far smaller than large multinational corporations, as is the case with several Maltese companies.

As the European Commission prepares to finalise and announce its targeted policies and legislative proposals in the 2025 Annual Work Programme this February, MBB urges European institutions to prioritise swift action to bridge the productivity gap, reduce bureaucratic burdens, and enhance Europe’s global competitiveness.

HSBC Malta Volunteer Leave Day sees 421 employees giving back to the community

Well over four hundred HSBC Bank Malta employees participated in last year’s Volunteer Leave Day initiative, dedicating a day of paid leave to supporting the local community through volunteering at a variety of organisations.

The initiative, a cornerstone of HSBC Malta’s corporate responsibility efforts, provides employees with the opportunity to contribute their time and skills to meaningful projects that make a tangible difference. From assisting vulnerable groups at social initiatives like Soup Kitchen Malta to helping preserve Malta’s cultural and natural heritage at locations such as the Notarial Archives, Argotti Gardens and Ħaġar Qim Temples, employees engaged in a wide range of activities aimed at supporting the community.

Participants described the experience as both enriching and humbling. Many noted how volunteering gave them new perspectives on the challenges faced by others and the importance of contributing to the well-being of society.

“The Volunteer Leave Day is more than just a day off work; it’s a chance for our colleagues to connect with the community and support the causes that matter most,” said Geoffrey Fichte, CEO of HSBC Bank Malta. “At HSBC, we believe in being an active participant in the communities we serve, and it’s inspiring to see our team come together to create a positive impact.”

The Volunteer Leave Day initiative reflects HSBC Malta’s ongoing commitment to fostering a culture of care and collaboration. Through its community-focused programmes, the bank continues to promote values of inclusion, sustainability, and solidarity, ensuring that its impact goes beyond business and into the heart of the communities it serves.