Date: 26/10/2004
Issued On: 26/10/2004

“STANDARDS WITHIN THE FINANCIAL SERVICES SECTOR TO BE LAUNCHED SOON” – MINISTER CENSU GALEA

“As the service sector is key to the economy and its respective growth the Ministry for Competitiveness and Communications together with the Malta Standards Authority is encouraging financial services providers to register their interest for the imminent introduction of a standard within financial services.” This was said by Competitiveness and Communications Minister Censu Galea when visiting the Operations Centre of Global Financial Services Group this morning in Balzan.

Acknowledging to the fact that within the manufacturing sector, primarily due to cheap labour costs, Europe is encountering stiff competition from the Far East, Malta’s competitiveness within the services sector has been maintained.

Underlining the progress made within domestic financial services, Minister Censu Galea said that, “Financial Services has grown significantly and come a long way and has become a pertinent pillar for the Maltese economy. Whilst further developing the concept of offering a sterling service at competitive rates, Government will continue to evaluate and update relevant legislations and regulations for Malta to retain its competitiveness within the sector”, said Minister Galea.

Through strategic decisions taken by Government, Malta has obtained international recognition as a stable financial services centre of repute. This matter of fact has to be further enhanced and in fact the Ministry for Competitiveness and Communications, through the Malta Standards Authority (MSA), is encouraging the services sector, such as financial operators, to certify and implement standards within their structures as these could result in personal assets, but most importantly improving competitiveness by guaranteeing optimum work practices to customers.

The MSA aids industry and economic players to become knowledgeable and compliant to internationally recognised standards, amongst which recently the ISO 9000 Quality Management Services certificating acceptable quality standards to customers in the services sector.

Through the single passport, EU membership has given Maltese operators access to a market of over 400 million consumers, therefore strengthening the potential for international service providers to operate from Malta, whilst giving an added value to domestic ones.

“Malta’s sound and modern telecommunications infrastructure complimented by its highly trained human resources underpins the Malta Financial Services Authority's strategy in promoting Malta as a potential regional hub within the sector,” stressed the Minister.

During his visit to the Globe Financial Services operations centre, Minister Censu Galea was welcomed by Group CEO Nicholas Portelli, and met with several of the 140 employees within the organisation.

Commenting to Minister Galea, Mr Portelli said that Globe Group is listed on the Malta Stock Exchange and is planning to continue expanding operations. In fact, the company is exploring possibilities to expand its operations overseas. Through the investment of resources, the organisation has set up a highly efficient provision of services, handling amongst others the Aberdeen Asset Management plc local back office operations and all BUPA’s local operations related to underwriting and claims handling.