Author: Mel Chamber

In a bid to simplify processes, improve the customer experience and enhance digital transformation, Bank of Valletta has recently introduced digital signature technology, which once fully rolled out to all services and processes across its operations, will see the Bank furthering its objective of going paperless.

Digital signatures will replace the need for customers, suppliers, and employees to physically sign documentation, whilst at the same time retaining the same means of authenticity. The transformation started off with selected customer-related services and internal processes and will gradually be rolled out to instances where documentation needs to be signed off by the Bank and its customers or suppliers. Digital signatures will be valid for authorising financial transactions, applying for new products or services and even the signing of employment contracts and procurement agreements.

BOV’s Chief Digital Officer, Theodoros Papadopoulos explained that “The Bank is working tirelessly to make significant advancement in the digital sphere, and the introduction of Digital Signatures is yet another step forward in the digital journey that Bank of Valletta has embarked upon. Digital platforms are important tools for enhancing the customer experience. Gathering feedback from customers through the Bank’s Voice of The Customer programme is essential for us to continue improving and innovating, and we shall soon be announcing further developments on our digital platforms.”

During the first phase of the Digital Signatures project, Wealth Management and Private Banking customers have started signing off documents digitally when executing Stockbroking instructions and other documentation. Customers applying for new Internet and Mobile Banking services through the Customer Service Centre’s Virtual Branch are also receiving the relative documentation electronically.

The next steps will see customers who will be applying for personal and corporate debit cards signing digitally on their application agreements. New employees joining the Bank are already doing away with signing physical documents, whilst suppliers doing business with the Bank are also already using digital signatures when signing procurement contracts. Further information on the Bank’s Digital Signature and a step-by-step guide on how to use the service, are available HERE.

With over 400 registered participants in attendance, FinanceMalta successfully held its 16th annual conference on 13 September at the Hilton Conference Centre. Themed ‘Leading Change Through Innovation’, the conference resonated deeply with the audience, which comprised a broad representation of stakeholders in the local financial services sector and international professionals, including C-level and other executives, European Union policymakers, Maltese Government representatives, officials of global standard-setting organisations, investors, innovators, as well as renowned academics and researchers.

Minister for Finance and Employment Hon. Clyde Caruana and more than 40 leading local and international experts addressed the conference, discussing the most topical themes in a series panel sessions and fireside chats throughout the day. The event was chaired by talent advisory specialist and FM Search founder Francina Moisa and was opened by FinanceMalta’s Chairman George Vella.

As he welcomed the delegates attending the conference, Mr Vella focussed on sustainability, digitalisation and internationalisation as the three main pillars for a successful strategy that takes the financial sector forward, underlining the commitment of FinanceMalta to support the industry in these areas.

Minister Caruana said that the financial services sector can bring about the significant leap forward that is needed in Malta. He emphasised the government’s intent to see through the implementation of the National Strategy for Financial Services that was launched by the Malta Financial Services Advisory Council (MFSAC) in March 2023 and said that specific deliverables in this regard will be mentioned in the upcoming budget.

The conference kicked off with a discussion on the crucial role played by the financial services industry to help the rechannelling of capital flows towards green projects in order to facilitate the attainment of ESG goals and Net Zero targets. The discussion brought into perspective the progress being registered at local level as a result of the concerted effort of both private enterprises and regulators. This was followed by the sharing of insights into the market for green bonds and the first green bond that started trading on the Malta Stock Exchange. The green agenda in financial services was further explored in a discussion on the blue economy which also presents Maltese investors with opportunities for international cooperation.

The conference also discussed the pivotal role of FinTech as a main driver of innovation. In this regard, the delegates were briefed about the study being conducted by Mastercard in collaboration with FinanceMalta. The study is aimed at achieving a deeper understanding of the Maltese Fintech ecosystem and the potential way forward. The significant and multifaceted role of Artificial Intelligence (AI) in financial services, transforming how the industry operates and serves its customers, was the subject of a panel session that followed.

Delving further into the path forward in the financial services sector, the conference explored the role of the World Alliance of International Financial Centers (WAIFC), of which FinanceMalta became a full member in October 2022, in promoting financial centres through the continuous collaboration and sharing of knowledge at international level. FinanceMalta is actively contributing to this dialogue, continuing to increase Malta’s exposure internationally and reaffirm the country as an innovator in financial services.

Attention was also directed to the tax component in financial services during a discussion on the modernisation of Malta’s taxation system, to ensure that taxation fits in with the profile of the jurisdiction while boosting its reputation and enhancing its efficiency. The productive discussion on the sector’s future prospects was later facilitated through an overview of the common elements in the strategic trajectory of Malta’s thriving aviation, maritime and financial services industries.

The Malta Financial Services Advisory Council (MFSAC) chairman Joseph Zammit Tabona shared with the conference a detailed account of the progress resistered in the implementation of The National Strategy for Financial Services since its launch in March. He explained that intensive efforts are being undertaken by a number of working groups that have increased from nine to fourteen. A draft master plan is currently being drawn up to identify the initiatives that would be implemented by December 2024.  He also spoke about the important contribution of Malta’s regulators who have taken the strategy on board. The session on the National Strategy for Financial Services also included contributions from Kenneth Farrugia, CEO of the Malta Financial Services Authority, and Geraldine Spiteri Lucas, CEO of the Malta Business Registry.

The event was supported by 20 sponsors, including Moneybase (Diamond Sponsor), Mastercard, Bank of Valletta, the Malta Stock Exchange and Systemic. The Expo Hall hosted 14 local and international exhibitors thatwhich showcased their products during the event.

The annual conference featured distinguished international speakers including, amongst others, Senior European Investment Bank (EIB) Official to the Union for the Mediterranean (UFM) for Sustainable Finance and Investments Andrea Tinagli; World Alliance of International Financial Centers (WAIFC) Managing Director Jochen Biedermann; AI governance, fintech, and digital transformation expert, and bestselling author, Clara Durodié; and Mastercard Advisors Cluster Lead for Greece, Cyprus and Malta, Akis Tsekouras.

Several AI concepts presented in the Julian’s Tech Start-Up Challenge 2023

As part of the Julian’s Pathfinder Foundation’s mission, 24 high ability 13- to 15-year-old students from various secondary schools in Malta and Gozo participated in the Julian’s Tech Start-up Challenge 2023, which was organised between the 4th and the 7th of September at the Mount Saint Joseph Retreat House.

The Camp, held in collaboration with the University of Malta, consisted of a 4-day residential event with activities focused on the central theme of Artificial Intelligence. The AI theme brings together various concepts, covering exciting cutting-edge sci-fi concepts, as well as the practical applications and ethical issues around these innovations. This Camp also had the objective of instilling an entrepreneurial mindset, giving the applicants a structured approach for developing innovative ideas.

In a fun, safe and respectful environment, participants followed a series of workshops, Q&As, and mentoring sessions led by experts in their respective areas, which enabled them to acquire essential transferable life-skills. Participants were divided into groups and developed their own AI application and presented their plans to an expert panel at the end of the programme. The panel was made up of Simon Grech (Heads BOVs Commercial Arm), Michael Azzopardi (Director, EY), Amanda Holmes (Board Member, Melita Foundation), Anthony David Gatt (Chief Marketing Officer, Malta Enterprise), Prof Leonie Baldacchino (Entrepreneurship, Creativity & Innovation, University of Malta) and Matthew Caruana (CEO, JA Malta Foundation).

Speaking after the presentations, Mr Grech expressed his satisfaction at the level of innovation of the proposals presented. ‘Such events provide a unique showcase for intellectual abilities, as well as high-level innovative ideas on how present and future generations can put into practice their respective intellectual abilities to make the world a better place through brainstorming and the creation of innovative product concepts’. Mr Grech also shared his admiration for the fact that in presenting their projects almost all groups were seeking to satisfy environmental and social responsibilities whilst still bringing together a commercially viable proposal. He compared such an approach to BOV’s mission to be at the forefront on ESG in the years to come. Mr. Kenneth Farrugia, BOV’s Chief Executive Officer, also attended the session.

The scope of Julian’s Pathfinder Foundation, set up in memory of Julian Spiteri, is to support gifted children in reaching their full potential and find their paths in life where they excel and make a positive contribution to society. The Foundation aims to inspire young people to follow their dreams and think big about future technologies that will help make the world a better place.

BOV, in line with its ESG commitment, continues to contribute towards inclusive and equitable quality education as it continues to reinforce its strong belief that investing in today’s education will give the Maltese society a much better return in the future. Bank of Valletta’s collaboration with The Foundation forms part of the Bank’s CSR programme that aims to give back to society and support the various local communities in which it operates.

Another hugely successful event which brought together the Island’s leading players in the Business and HR community

During the latest edition of HR GIG, Malta’s top CEOs, HR professionals and decision makers met under one roof and discussed the Leadership topic in a 360 degree perspective. 

Hosted by renowned TV personality Lara Azzopardi, the event kicked-off with a speech by Joseph Farrugia, Founder of HR GIG and Director at StreetHR who elucidated the core mission behind HR GIG’s inception – addressing a significant market gap. ‘’When HR GIG first launched, it aimed to bridge the gap between CEOs/business executives and Human Resources Professionals, who frequented separate conferences and discussed disparate topics. The primary objective was to unite these two distinct worlds under one roof, a goal that has since been successfully realised. The enduring role of HR GIG extends beyond event management; it continues to foster a culture of strategic HR collaboration.’’ Joseph emphasised ‘’the imperative need for HR professionals and CEOs to work in tandem.’’ He underscored ‘’that individuals from HR and various disciplines will be empowered to ascend to the company’s highest echelons, assigning equal importance to people as we do to numbers.’’

This was followed by the first keynote speaker. Kenneth De Martino, Chairperson and CEO at KDM Group, tackling the subject ‘Numbers, People or Both?’ In his post even comments he stated “Sharing of experiences and understanding how to redefine leadership was an ideal topic in this day and age. Participating and having such a great audience added to the success of the event”

In the second keynote speech of the event, Bernardette Bonnici Kind, Chairperson at Hospice Malta, tackled the subject ‘Leadership in the New Era’. Looking into the topic from a Voluntary Organisation perspective, she stated ‘When we describe a people-centric organisation, we are saying People come First.  Therefore  we  are  committing  ourselves  to  creating  and maintaining  a culture of caring  and inclusiveness  from  top to bottom and  across all levels,  It  underlines  the  fact that  each  individual   employee  is  equally  important to the enterprise,  not  just  because of  their  competencies,  but  above all, as Human Beings.’’

This was followed up by two panel discussion sessions ably moderated by Rachel Attard from The Malta Chamber of Commerce, Enterprise and Industry. The sessions, which were enriched with contributions from the audience, encompassed high-level panelists including Kenneth Farrugia (CEO, Bank of Valletta), Pierre Mallia (CEO, iMovo), Mikela Fenech Pace (HR Consultant, Upstream), Geoffrey Debono (CEO Debono Group and Council Member at The Malta Chamber), Christine Coleiro (Group Chief Human Resources Officer, FIMBank), John Schembri (CEO, Shield Consultants) and Natalie Kenely (Senior Lecturer & Resident Academic, Department of Social Policy and Social Work – University of Malta).

Joining the event digitally, Chris Vassallo Cesareo, President of The Malta Chamber said, “In a rapidly evolving world, the concept of leadership is undergoing a profound transformation. No longer confined to a hierarchical structure, leadership has transcended traditional boundaries to become a dynamic force. Redefining leadership is about embracing this change and adopting a new perspective.” 

The event also kept the tradition of delivering an element of fun and well-being via a custom created team-building activity which was once again impeccably rolled out by Outdoor Living. The interactive energiser engaged all delegates together in a fun and relaxing way.

HR GIG 8 came to a close with a stand-up lunch in the informal setting of The Xara Lodge. This made an excellent networking opportunity for all delegates who also enjoyed a live performance by talented musicians Mark Rapa and Sarah Bonnici.

Key Partners for HR GIG 8 were The Malta Chamber of Commerce, Enterprise and Industry, Shireburn, Indigo Suite, HSF Health Plan, Outdoor Living, StreetHR and Powerhouse.  Other sponsors included Bank of Valletta, Dakar Software, Costa Coffee, Franks, Corporate Gifts, NIUM Malta and The Xara Lodge.

HR GIG 9 will be held on the 6^th September 2024 and will be titled ‘Building Bridges – Uniting EX and CX’ Further information on the next HR GIG in the series can be obtained by checking out https://streethr.com.mt/hr-gig or by dropping a line to hrgig@streethr.com.mt

Bank of Valletta has just reopened its Naxxar Branch, following extensive refurbishment works. This renovation project forms part of a strategic program that the Bank is implementing with the aim of providing customers with the highest level of service in a modern environment.

During the inauguration, Bank of Valletta’s Chief Executive Officer Mr. Kenneth Farrugia made reference to several initiatives that the Bank is taking to improve customer service. “The Bank’s strategic focus is to put the customer at the centre of all our operations. Our Branches remain an essential pillar within the communities we serve, and this renovation project is yet another step in our commitment to offer an efficient service at all customer touchpoints, be they digital or physical, depending on our customers’ preference.”

The refurbished branch incorporates several environmentally friendly concepts, including elements of sustainability and reduced emissions through the application of natural and renewable materials. The building also achieves high energy efficiency in the use of lighting and water. The branch was designed on the same concept as the branches that have already been renovated, namely those in Tas-Sliema, Paola, Siġġiewi, Żurrieq and Żabbar respectively.

Chief Operations Officer, Mr. Ernest Agius, expressed his satisfaction at the completion of this project. He stated that the Bank’s renovation program is one that not only gives its branches new aesthetics, but also protects the natural environment according to the principles of ESG currently being embraced by the Bank. Mr. Simon Azzopardi, Chief Personal and Wealth Officer, spoke about the importance that the Bank is giving to customer feedback. “By listening to our customers, we are making sure that we understand how our operations are affecting them, so that we will do our utmost to improve the service offered and the overall customer experience.”

BOV’s Chairman, Dr. Gordon Cordina, together with Kenneth Farrugia, unveiled a commemorative plaque and addressed the Branch Manager Christine Mizzi, her team, and distinguished guests present. The Branch was blessed by Naxxar’s Chaplain, Rev. David Gauci. Among the guests present was also the Mayor of Naxxar, Mrs. Anne Marie Muscat Fenech Adami.