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Author: Mel Chamber

The Malta Chamber joins CLECAT to strengthen representation in European Freight, Logistics and Shipping fora

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise, and Industry is pleased to announce that it has officially joined CLECAT as of January 2025.

CLECAT is a European policy lobbying body representing the interests of over 19,000 companies across Europe, employing more than 1,000,000 staff in logistics, freight forwarding and customs services, making it the most representative organisation of its kind.

By affiliating with CLECAT, The Malta Chamber will enhance its capabilities in three key areas, which are

•            Substantiate its expertise, by accessing and better grasping the collective sectorial insights across the EU.

•            Contribute to national interest representation, by improved alertness to policy matters impacting Malta, and contribution within its Working Groups reflecting positions in key areas, together with EU advisory arm Malta Business Bureau.

•            Expand influence beyond the Council and European Parliament to key European sectoral lobbying groups which are instrumental, particularly when lobbying with the European Commission.

The Malta Chamber is already an active participant within other European fora, like Eurochambers, Business Europe and Enterprise Europe Network. The Malta Chamber is also active within the Island Nations Advocacy Group (INAG), which brings together island states such as Malta, Ireland, and Cyprus to promote converged positions. Membership in CLECAT will further strengthen these efforts at the European level.

In light of Malta’s unique geographical position, the Malta Chamber has repeatedly reiterated its call for the introduction of a “Territorial Proofing” or “Insularity Test” as part of the EU’s Competitiveness Check within the impact assessment process. EU regulations should consider the specific challenges faced by peripheral island states. The Malta Chamber also stresses the importance of conducting timely impact assessments, to prevent unintended consequences by adopting measures that reflect the distinct needs of such, from the outset of the legislative process.

European freight forwarders and customs agents clear approximately 95% of all goods in Europe and handle a significant proportion of transport operations, including 65% of cargo by road, 95% by air, and 65% by sea. Their operations also encompass rail freight, inland waterways and intermodal transport, leveraging advanced IT systems, dedicated terminals and warehousing to meet customer demands effectively.

Alongside the Malta Chamber, two other organisations have joined CLECAT this year, which are, the Romanian Freight Forwarders Association (USER) and the Romanian Association of Customs Brokers (Roubroker). With these new members, CLECAT now comprises 28 national associations, reinforcing its role as the leading voice for European logistics and freight forwarding.

BNF’s year of purpose-driven corporate engagement

Posted on by Mel Chamber

Driven by BNF’s strategy to align its business success with social good, the Bank’s management and team members came together in 2024 to deliver a year of impactful social initiatives, intended to empower communities and make meaningful change.

Focusing on purposeful projects that champion sustainability, inclusion and community well-being, a number of local organisations enjoyed the support of the Bank, as different teams came forward to take an active role and create value where it matters most.

From village gatherings like Festa Familja, Festa Gheneb and Ghodwa Agrarja, which saw regional branch teams reach out to the community and strengthen personal bonds, to events of national importance organised by Inspire, Hospice, Alive Foundation, Richmond Foundation, Europa Donna and the Malta Community Chest Fund Foundation, the Bank supported projects with long-term impact and benefits.

With environmental sustainability as a key focus, the Bank took on green initiatives, planting trees, joining clean ups and intensifying its efforts internally to reduce, re-use and recycle.

Through the staff payroll donation to charitable organisations and the monthly initiative #Yourcause, where employees pick local NGOs to support, the team, supported by BNF’s management took every opportunity to leave their mark on causes close to their heart. These causes varied from supporting disadvantaged members of the community, environmental issues, and animal NGOs.

“Our core values of empathy, responsibility and ambition are what inspire and motivate us to volunteer and support the many NGOs active in Malta,” said Karl Dingli, head of Human Resources, Properties & Administration Department. “We are grateful to our team members and partners for their efforts to make a positive difference in 2024. We remain committed to active corporate engagement with the ultimate aim to building a brighter future for our communities in 2025.”

BOV colour my run proceeds donated to Richmond Foundation

Posted on by Mel Chamber

Bank of Valletta recently partnered with Colour My Run Malta, sponsoring the annual 5K Fun Run as part of the Bank’s well-being challenge promoting physical, mental and financial well-being. This was a first for the Bank, an initiative that saw part of the proceeds from each applicant going towards Richmond Foundation, coupled with a generous donation made by Bank of Valletta and other co-sponsors of the Fun Run.

Bank of Valletta CEO Kenneth Farrugia presented the donation to Ms Daniela Calleja Bitar, CEO of Richmond Foundation over the Christmas period. The presentation was held in the presence of Mr Nathan Farrugia from Colour My Run Malta and Mr Daniel Magrin, Head of Marketing and Product Lifecycle Management at Bank of Valletta.

BOV’s nationwide campaign incentivises the public to start planning for a sound financial future through a holistic approach involving the physical, mental and financial aspects of well-being. This initiative brought together local key players in the fields of physical, mental and financial wellness and promoted the importance of investing time in both physical activity and a healthy mindset.

Speaking during the presentation, the Bank’s CEO commended the invaluable efforts of the Richmond Foundation in fostering a healthy mindset within the community. “Our collaboration with Colour My Run Malta is an important aspect of our efforts in highlighting the importance of adopting a healthy, physical lifestyle. Being active and engaging in fun activities helps us steer away from the pitfalls of stress and routine. However, well-being also extends to our finances, and today more than ever, planning for our retirement at an early stage will have immense benefits in the future. As Malta’s largest Bank, with so many ties to local communities, we have a duty to instil awareness on financial well-being, and our partnership with Colour My Run was a great opportunity to raise awareness on financial stability in a fun and active manner.”

UN Limited founder (the Colour My Run organisers), Nathan Farrugia said that UN Limited is a fervent believer that exercise should be fun if we want to encourage non-athletes to stay active and lead healthy lifestyles. “This is why we are so thankful to BOV for their support in growing this event and getting more people out to run, walk or dance the Colour My Run route from Fort Manoel. We are thankful to MIDI for allowing us to use their amazing venue and to all the other sponsors who aligned with our values and beliefs on this project. We chose Richmond Foundation because we believe that physical and mental fitness MUST tie in together. They cannot be separated, and education around the importance of this fact is central to the mission of our chosen beneficiary.”

Richmond Foundation’s CEO, Daniela Calleja Bitar commented: “Richmond is proud to partner with UN limited to celebrate the powerful connection between exercise and mental well-being. A special thank you to BOV for bringing Colour My Run 2024 to life, reminding us all that movement, colour, and community can brighten both body and mind.”

BOV rings the bell at the Malta Stock Exchange

Posted on by Mel Chamber

Occasion marks Listing of €100 Million 5% Unsecured Subordinated Bonds 2029-2034

On Tuesday, 21st January 2025, Bank of Valletta (BOV) marked a significant milestone with the listing of its €100 million 5% Unsecured Subordinated Bonds (2029-2034) on the Official List of the Malta Stock Exchange (MSE), that took place on the 11th November 2024. The occasion was celebrated with the traditional ‘Ringing of the Bell’ ceremony, hosted at the MSE in Valletta.

A Historic Partnership with the Malta Stock Exchange

In his welcome speech, Joseph Portelli, Chairman of the Malta Stock Exchange, highlighted BOV’s longstanding partnership with the Exchange, noting, “Bank of Valletta’s shares were the first security to be listed on the Official List in 1992. Over the years, the Bank has demonstrated its commitment to the local market and its large shareholder base.”

BOV’s Leadership in the Market

Kenneth Farrugia, Bank of Valletta CEO, expressed gratitude for the strong market response to the bond issue, stating, “This €100 million bond, the largest ever to be listed on the Official List of the Malta Stock Exchange, was oversubscribed within days of its launch. This success underscores the trust that both institutional and personal investors place in the Bank and validates our strategic vision to strengthen capital and deliver long-term value for all stakeholders.”

He further emphasised BOV’s role as a key player in Malta’s financial sector and the Bank’s history of pioneering initiatives, including being the first Maltese company to list bonds on the Irish Stock Exchange.

Acknowledging the Team and Stakeholders

Present at the event were also Kevin Cardona, the Bank’s Chief Finance Officer, and members of BOV’s Capital Funding and Issuance  and Capital Advisory teams, who played pivotal roles in the successful bond issue. Representatives from the main stakeholders were also in attendance, including Camilleri Preziosi Advocates as Legal Counsel, and Rizzo Farrugia & Co (Stockbrokers) Ltd, and Calamatta Cuschieri Investment Services Ltd as joint sponsors. The event was attended by management and staff of the Malta Stock Exchange, who collaborated closely to bring this milestone to fruition.

Bank of Valletta’s €100 million bond issue further solidifies its position as a leader in Malta’s financial landscape, reflecting its unwavering commitment to innovation and excellence.

KYC Portal CLM and PwC United Kingdom (UK) and PwC Channel Islands (CI), “PwC”, announce Strategic Collaboration

Posted on by Mel Chamber

KYC Portal CLM, the leading no-code client lifecycle management (‘CLM’) platform, is proud to announce its strategic collaboration with PwC. This collaboration combines PwC’s global expertise in financial crime prevention, process management, and regulatory landscapes with the cutting-edge capabilities of KYC Portal to drive unparalleled value for organisations worldwide.

PwC has chosen KYC Portal as one of its preferred CLM platforms following thorough evaluation of various tools on the market. Through this collaboration, PwC has equipped itself with in-depth knowledge of KYC Portal CLM’s transformative features empowering their team with the ability to enhance operational efficiencies and regulatory compliance. Leveraging PwC’s renowned proficiency in FinTech, RegTech, and strategic process analysis, organisations can access an integrated solution to address their compliance challenges and align with their broader strategic goals.

“KYC Portal CLM is revolutionising the way organisations manage compliance, risk, and client lifecycle processes,” said Kristoff Zammit Ciantar, Founder & CEO at KYC Portal. “Through this collaboration with PwC, we are empowering companies with an unparalleled combination of technical excellence and strategic insight. We are extremely proud to have been selected by PwC for such a collaboration and are very excited to start presenting our combined service playbook to both existing and new customers.”

PwC’s comprehensive expertise spans financial crime frameworks, risk management, and operational optimisation. Paired with KYC Portal’s no-code flexibility and automation, this collaboration provides an opportunity for businesses to mitigate compliance risks while enhancing productivity, backed by top expertise in the market.

“With KYC Portal CLM, we are well-positioned to help organisations navigate the complexities of compliance with confidence,” said Mark Loring, Partner, Financial Crime Managed Services Lead, London PwC UK. “Our collaboration allows us to offer a seamless blend of strategic consulting and technical capability to support organisations in achieving their compliance and operational goals.”

This collaboration underscores both companies’ commitment to driving innovation and delivering exceptional client value in the ever-evolving regulatory landscape.

About KYC Portal CLM

KYC Portal CLM is the market-leading no-code client lifecycle management platform, designed to empower organisations with unmatched control and automation over compliance and onboarding processes. Launched in February 2017, the platform offers highly customisable workflows, risk assessment tools, and real-time dashboards to simplify complex compliance challenges. The company behind KYC Portal CLM is Aqubix Ltd, head quartered in Malta and having a sister company Finopz Ltd in London (UK). The company is today part of Mizzi Organisation, one of Malta’s largest leading group of companies who acquired 50% at the beginning of 2016 as part of our growth strategy.

The Malta Chamber and AIS Environment Ltd Sign Silver Collaboration Agreement to Promote Environmental Sustainability

Posted on by Mel Chamber

The Malta Chamber of Commerce, Enterprise, and Industry has announced a new milestone in its commitment towards sustainability by signing a Silver Collaboration Agreement with AIS Environment Ltd. This partnership seeks to enhance awareness and positive action on environmental sustainability, a key priority for many businesses and policymakers alike.

The agreement reflects the shared dedication of both organisations to fostering a greener and more sustainable economic future for Malta. Through this collaboration agreement, The Malta Chamber and AIS Environment Ltd seek to raise a business culture that views sustainable development as way of safeguarding investments and future earnings.

Commenting on the partnership, Chris Vassallo Cesareo, President of The Malta Chamber, stated that “environmental sustainability is not just a buzzword; it is a necessity for the resilience of businesses and the economy. This agreement with AIS Environment Ltd strengthens our commitment to equipping our members with the knowledge and resources needed to thrive while safeguarding our environment.”

AIS Environment Ltd, a leading consultancy firm specialising in environmental management and sustainable practices, brings over 30 years of experience and technical expertise to the partnership. This includes providing businesses with practical strategies for reducing their environmental impact, improving resource efficiency, complying with environmental regulations and expanding their business.

Senior environmental consultant at AIS Environment Ltd, Yasmin Schembri, emphasises the importance of this agreement. “In 2024, global temperatures exceeded the Paris Agreement’s 1.5°C benchmark, marking the hottest year on record. Concurrently, Malta dropped five places in the global climate change performance ranking. Such realities mandate urgent action across all economic actors. These challenges, along with the EU Green Deal’s ambitious targets, are leading to stricter regulations for the Malta Chamber and its members. The voice of the Malta Chamber is more important now than ever before.”
“AIS is proud to sponsor The Malta Chamber in its efforts to assist the Maltese enterprise and local industry overcome business threats brought about by environmental legislation and environmental degradation,” noted Mario Schembri, Managing Director at AIS Environment Ltd.

The agreement was signed by Chris Vassallo Cesareo, Nick Xuereb and Dr Marthese Portelli, President, Deputy President and CEO of The Malta Chamber respectively, and Mario Schembri, Managing Director at AIS Environment Ltd.

MBB EU-project to support manufacturers improve energy management and sustainability

Posted on by Mel Chamber

The Malta Business Bureau, together with its partners from eight other EU member states, has launched a LIFE funded EcoSMEnergy project, focused on promoting the uptake of energy audits and management systems to reduce energy consumption and costs.

The initiative specifically targets manufacturing SMEs across key sectors, including chemical manufacturing, pharmaceuticals, rubber and plastic products, metal products, electronics, electrical equipment, machinery and automotive manufacturing.

The EcoSMEnergy project aims to foster a holistic approach to sustainable energy management.  It provides SMEs with the knowledge and tools to effectively navigate the complex energy landscape through Energy Management Systems (EnMS), energy audits, training, and access to funding opportunities.

“SMEs operating within the manufacturing industry face the significant challenge of high energy consumption, leading to increased operational costs and emissions,” explained Mario Xuereb, CEO of MBB. “EcoSMEnergy guides them towards long-term competitiveness by showcasing energy-efficient technologies and streamlining access to funding.”.

Project Highlights:

  • Implement energy efficiency measures with expert business support.
  • Learn to monitor and optimize energy use through training and e-learning on Energy Management Systems.
  • Access funding opportunities to invest in sustainable energy solutions.

By empowering SMEs to become more energy-efficient, EcoSMEnergy directly supports the EU’s mission to reduce energy consumption and achieve climate neutrality by 2050.

EcoSMEnergy is a collaborative initiative, implemented by Eurochambres (Belgium – Lead), Malta Business Bureau, Chamber of Commerce and Industry (France), The Official Chamber of Commerce, Industry, Services and Navigation of Barcelona (Spain), University of Brescia (Italy), Estonian Chamber of Commerce and Industry (Estonia), Latvian Chamber of Commerce and Industry (Latvia), Cyprus Chamber of Commerce and Industry (Cyprus), Cyprus Energy Agency (Cyprus), EWI Energy Institute for Business (Austria), SEnerCon GmbH (Germany) and EKODOMA (Latvia).

For more information, click here.

The Malta Chamber Welcomes Labour Migration Policy as a Positive Development

Posted on by Mel Chamber

Transparency, Efficiency and Enforcement are Key

The Malta Chamber acknowledges the recently launched Labour Migration Policy as a significant step forward in addressing Malta’s workforce challenges. The policy includes several recommendations that align with The Malta Chamber’s vision for sustainable economic development. For the policy to be effective the labour market must be strengthened through a reduction in public sector employment, more incentives for upskilling and reskilling, and more support for investment in digitalisation to improve productivity. All policies need to be aligned and fully integrated into the Malta Vision 2050, to ensure a holistic and long-term strategy for the nation’s workforce and sustainable economic growth.

While The Malta Chamber agrees with many aspects of the policy, there are certain recommendations that require clarification and adjustment to ensure their effective implementation. These include:

  1. Minimum Termination Rates Per Firm: The recommendation concerning minimum termination rates per firm requires more clarity regarding the determination of employer workforce size. For example, it is not clear how termination rates will be calculated in the case of companies operating under a group structure. Another example that requires further clarity is with respect to termination during the probation period as well as terminations prior to the expiry of a fixed term contract, whether it is a termination by the employer or a resignation by an employee. The seasonality experienced by certain sectors must also be taken into consideration – a one-size fits all approach is not possible. One must also carefully identify those other sectors and specializations which, like healthcare (as duly mentioned in the policy), constantly experience significant and persistent shortages – these need to be pulled out of the one-size fits all approach.
  2. Eligibility for Additional TCNs Based on Workforce Percentage: The policy indicates that employers’ eligibility to apply for additional Third Country Nationals (TCNs) should be determined by a fixed percentage of their workforce. The Malta Chamber seeks clarification on whether this workforce size includes only direct employees or if it also encompasses subcontracted workers through temping or outsourcing agencies. Furthermore, it is understood that temping agencies and outsourcing agencies will be subject to the same criteria applicable to all the companies which do not fall under any special category or exemption. More details on how this criterion will be applied specifically to temping agencies and outsourcing agencies is required.
  3. Seasonal Work Permits: The Malta Chamber suggests introducing seasonal work permits with multi-season renewal options. This would be beneficial to both companies and employees. Companies would benefit because recruitment overheads would decrease whereas employees would benefit from employment security and longer-term employment.
  4. Prioritizing Maltese and EU Nationals: While The Malta Chamber supports the recommendation that employers prioritize hiring Maltese and EU nationals before considering TCNs, one must also acknowledge that, as already highlighted above, certain industries face persistent shortages of local and EU workers. The Malta Chamber recommends revisiting the proposed bands to address this reality While a specific threshold or target is necessary to ensure fairness and balance, the approach must remain flexible enough to account for industry-specific challenges and workforce availability.
  5. Study to Determine Market Wage Rates: Transparency is important when conducting a study to determine wage rates. The results of such studies, along with the methodologies used, should be made public to guide market operators effectively. Additionally, The Malta Chamber suggests assessing wage adequacy with respect to the output expected, as well as to identify, analyse and address other externalities which eat away at the take home pay, such as the high rental prices, regardless of the type of occupation.
  6. Authorities establish tailored MOUs with other countries: The Malta Chamber supports the establishment of Memoranda of Understanding (MOUs) with other countries to facilitate labour migration. This initiative should benefit those companies that operate ethically and have a proven track record of doing so – this should also be applicable to recruitment, temping and outsourcing agencies. Exploitative practices in this sector are the result of years of lack of inadequate regulation regulating outsourcing and temping. Professional private recruiters have consistently highlighted the need for regulation and have been proactive in sourcing top talent ethically. Temping and outsourcing agencies have only started being regulated very recently, after repeated requests by The Malta Chamber to address the issue.

Transparency Efficiency and Enforcement are Key

The Malta Chamber believes that the success of the Labour Migration Policy depends on three crucial components: transparency in recruitment and data, along with efficiency and enforcement. Without these measures, and unless it is integrated into Malta Vision 2050, the policy will not achieve its full potential. The Malta Chamber insists that any abusive behaviour from both employers and employees should be addressed and brought to justice without any delay.

The Malta Chamber remains committed to working with Government and all stakeholders to ensure that the Labour Migration Policy achieves its objectives, supporting a sustainable and inclusive economic future for Malta.

HSBC Malta Supports St Vincent De Paul Dementia Centre with Essential Equipment Donation

Posted on by Mel Chamber

St Vincent De Paul Residence (SVPR), has received a significant boost from the HSBC Malta Foundation through the donation of essential equipment aimed at enhancing the quality of care for its residents. As part of its commitment to supporting the community, HSBC Malta’s Corporate Sustainability Department has donated a public address (PA) system and wireless headphones to the Dementia Activity Day Centre at SVPR.

The equipment, which is already being utilised by the staff and residents, is set to play a pivotal role in the Centre’s daily activities. St Vincent De Paul Residence is one of Malta’s largest care homes, providing comprehensive services for the elderly, including specialised care for individuals with dementia. The Dementia Activity Day Centre at SVPR is designed to offer therapeutic activities and support for residents, enhancing their quality of life in a safe and caring environment.

The PA system will be used to facilitate announcements, organise activities, and foster better communication within the Centre. The wireless headphones, designed for individual use, will provide residents with the opportunity to engage in therapeutic and recreational activities, such as listening to music, which is known to have a positive impact on cognitive and emotional well-being.

Speaking about the donation, Michel Cordina on behalf of the HSBC Malta Foundation, said: “At HSBC, we believe in making a meaningful impact in the communities we serve. Supporting St Vincent De Paul and its exceptional staff is a testament to our commitment to enhancing the lives of vulnerable groups through thoughtful and practical initiatives. This initiative is part of our ongoing efforts to contribute to the well-being of the community, particularly in areas that promote inclusion and enhance quality of life for vulnerable groups.”

The equipment has made a tangible difference in enhancing the daily lives of residents and supporting the Centre’s dedication to compassionate care. Jorgen Souness, Chief Executive Officer at SVPR said “We express our sincere gratitude to the HSBC Malta Foundation for its generous contribution to our Dementia Activity Day Centre. The provision of essential equipment greatly enriches the quality of life for our residents, allowing us to offer more engaging and impactful therapeutic activities. At St Vincent De Paul, we remain steadfast in our commitment to delivering the highest standard of care to our elderly residents, and this donation exemplifies the vital role of community partnerships in advancing this mission. We look forward to further collaboration with HSBC Malta to enhance the well-being of those entrusted to our care.”

HSBC Malta remains dedicated to its corporate sustainability goals, focusing on initiatives that foster inclusion, health, and well-being within the community. This donation reflects the bank’s ongoing collaboration with organisations like SVPR to address the needs of vulnerable groups and promote a more inclusive society.