Integrity, Ethics & Resilience

Interview with Andre' Muscat from

SHIELD Consultants Ltd. p.06


Maltese PM and wife cleared of

wrongdoing in graft case

Malta’s Prime Minister Joseph Muscat’s

nightmare – is it really finally over? p.12


An interview with a marketing and

business leader

Interview with Marla Bace, who is an

active speaker and moderator p.20


The Whole is Greater Than The

Sum of Its Parts

Thomas Kraemer, Fund Manager,

Timberland Invest Ltd on a customer

driven culture p.22


ISSUE 43 | 2018

Newspaper Post

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core. So is taking control

over your payments.

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and conveniently becomes even more essential. With HSBCnet

you can view the balances of all your business accounts, in one

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Together we thrive

your perfect atmosphere

Malta Business Review


Issue 43





Thomas Kraemer, Fund Manager, Timberland Invest Ltd

on a customer driven culture






Marlene Mizzi steers a legislation which will help

citizens and firms to access information and

administrative procedures online




Interview with Andre' Muscat from SHIELD Consultants Ltd.,

who has recently finished his studies in Fire Engineering at

the University of Central Lancashire



Tunku Varadarajan on the 2018 World Cup through the

lenses of culture, politics, anthropology and the love of

the Beautiful Game







Malta’s Prime Minister Joseph Muscat’s nightmare – is it

really finally over?



Honouring the Legacy of Nelson Mandela: Leading by

looking ahead and being disruptive



89% FROM 2016-2017

Paymentsense research reveals Malta’s construction

industry is booming with a growth of over 89%










Feature Powered by ACCENTURE



Mike Kaeding tells us about the reasons behind







Interview with Marla Bace, who is an active speaker and

moderator on a number of subjects,including business

operations and customer loyalty






Toan Nguyen, an Instagram influencer, discusses

gaming as a ritual of entertainment




A new certification framework for connected devices

and a stronger role for the EU Cybersecurity Agency





Malta Business Review

There was a flying pig bearing the words: “Stay human

or die”. There were slogans reading “Pigs rule the world”

and “Trump is a pig”. At that moment, I thought that this

sounded so close to home. It was stirring and hopeful...

Roger Waters on stage at the Circus Maximus in Rime on

14th July- I happened to be there by chance!


MBR Publications Limited


Highland Apartment - Level 1,

Naxxar Road,

Birkirkara, BKR 9042

+356 2149 7814


Martin Vella


Marcelle D’Argy Smith


Margaret Brincat


MBR Design


Call: 9940 6743 or 9926 0163/4/6;

Email: margaret@mbrpublications.net

or admin@mbrpublications.net


Janice Atkinson; Antoine Bonello; George

Carol; Laurens Cerulus; Janosch Delcker; Jean

Paul Demajo; Jaume Duch Guillot; Mike

Kaeding; Toan Nguyen; Jaan Soone; Tunku

Varadarajan; Nic van den Bergh.


DOI; European Parliament Information Office in

Malta; European Parliament, Directorate- General

for Communication/Press Office; European

Research Council; FIMBank; HSBC; LinkedIn; MCA;

MALTCO Lotteries; Edwards Lowell & Co.;


Politico Global Policy Lab; PTV Group; Taylor &

Francis Group.


"When one with honeyed words but evil mind

Persuades the mob, great woes befall the state"

-Euripides, Orestes

Anyone who thinks pop and politics should not mix ought

to steer clear of Roger Waters’ Us + Them tour, one man’s

attempt to put the world to rights delivered as a giant

spectacle. There were surveillance satellites and rendition

aeroplanes. During a thrillingly tumultuous Another

Brick in the Wall, a multiracial group of local schoolchildren dressed as students sang:

“We don’t need no thought control.” The message of all this – which is written on the

schoolchildren’s T-shirts and on confetti that showers over the audience during a superbly

reflective Comfortably Numb – is “resist”. “Resist what or who?” reads a query on screen

during the interval, to which the answers come in a blitzkrieg: “Neo-fascism”, “pollution”,

“profits from war”, “Mark Zuckerberg”, corruption and other such bugaboos.

In fairness, Waters has been writing lyrics about authoritarianism, war, death, power

and such for decades, but the Pink Floyd co-founder can probably scarcely believe

how prescient those songs now are. Breathe’s “don’t be afraid to care” lyric sounds like

a manifesto. Time’s ticking clocks perfectly capture the current creeping dread, as we

sleepwalk towards an unknowable future, because “hanging on in quiet desperation

is the English way”. The mammoth set-list spans five Pink Floyd albums – Meddle, The

Dark Side of the Moon, Wish You Were Here, Animals and The Wall – from 1971-79,

but the mostly retrospective show feels alive and relevant, with impeccable sound: a

quadrophonic system means the cackle in Brain Damage suddenly emits from the other

side of the arena. But Jess Wolfe and Holly Laessig (from indie outfit Lucius) more than

manage The Great Gig in the Sky’s tonsil-troubling wailing, and the musicians recreate

and reimagine Waters’ old band’s sound impeccably. It’s not all Floyd, though. The Last

Refugee – one of four recent solo songs – sounds eerily moving with the breaking news

report of more than 500 migrant shuttling on a boat in desperation in the Mediterranean.

Although Waters’ politics undoubtedly have refuseniks, issues close to his heart are mostly

encouragingly received, although the massed cheering that suddenly spreads round the

arena during the Orwellian, Trump-ridiculing Pigs (Three Different Ones) is for news

of England’s penalty shootout success, not the revolution. Other ovations come thick

and fast for the mock-up of Battersea power station (the cover star of 1977’s Animals)

across the stage, or the gigantic, laser-powered Dark Side of the Moon prism replete with

lasers. For all such stunning visuals, the focus never quite drifts from the music. Eclipse is

wonderfully weightless. Money chugs timelessly on its groove of cash tills. Us and Them

– illustrated by Black Lives Matter protests and riot police – is heartbreakingly beautiful.

Waters doesn’t speak much during the performance but ends it with a stirring, hopeful

speech asking people to “rise up” for human rights. Here, the rugged 74-year-old grins,

air-punches and even seems to wipe a tear from his eye at the audience reception. If it

weren’t for all those audio visual runes of oncoming war and apocalypse, you would think

he was having the time of his life.


All rights reserved. No part of this work covered by copyright may

be reproduced or copied and reproduction in whole or part is strictly

prohibited without written permission of the publisher. All content

material available on this publication is duly protected by Maltese

and International Law. No person, organisation, other publisher or

online web content manager should rely, or on any way act upon

any part of the contents of this publication, whether that information

is sourced from the website, magazine or related product without

first obtaining the publisher’s consent. The opinions expressed in the

Malta Business Review are those of the authors or contributors, and

are not necessarily those of the editor or publisher.

Talk to us:

E-mail: martin@mbrpublications.net

Twitter: @MBRPublications

Facebook: www.facebook.com/MaltaBusinessReview

Roger Waters review is raging at the dark side of the Earth, against corruption at the top

echelons of powers that are. The former Pink Floyd bandleader is full of air-punching

vigour as his Us +Them tour makes a stand for ethical resistance, and as the grand finale

comes to a spectacular fireworks ending, I echo the saying that, “The greatest sin of all

is to stand by silent and indifferent”– true of any act of oppression or any predicament

human beings find themselves in the world irrespective of their religion or nationality.

Martin Vella


Malta Business Review’s editorial opinions are decided by its Editor, and besides reflecting the Editor’s

opinion, are written to represent a fair and impartial representation of facts, events and provide a correct

analysis of local and international news.

Agents for:



Malta Business Review



Andre' Muscat from SHIELD Consultants Ltd. has recently finished his studies in Fire

Engineering at the University of Central Lancashire. We discuss with him what this

interesting field, what it means in practice and how it is impacting on the contemporary

business, commercial and residential environments.

CORPORATE BRIEF: SHIELD Consultants Ltd specialise in providing operational risk

management and consultancy training services, focusing mainly on high-risk market

segments in the Mediterranean, Middle East, Gulf Region and Africa. The company

also specialises in maritime security; critical national infrastructures and Oil &

Gas. SHIELD combines operational with technology In bringing innovation into all

functional elements of operational risk management – Security; Maritime Security;

HSE; Business Continuity Management; Fire & Safety; Crisis Management and

Emergency Response, as well as Quality Risk Management.

MBR: What is Fire

Engineering and how does

it differ from traditional


AM: Good question to start with. Fire

Engineering refers to the application of

scientific and engineering principles to the

design of a building. The purpose is to protect

people, property and the environment from

the effects of fire and smoke. In short, FE is

about prevention and controlling the effects

of fire to mitigate damages.

MBR: How does fire

engineering defer from

standard approaches and

what are the benefits of such


AM: Standard approaches normally rely on

prescriptive codes and guidelines that specify

solutions to a particular type of building.

This might be very well applicable in most

cases, but in some situations these standards

might prove to be constraining or simply

not applicable. In these cases an engineered

solution allows for a level of fire safety to be

maintained, even if conventional standards

cannot be meet.

This would require a tailored solution for the

particular building type, size, and function

and would not force the application of any set

standard but would rather focus on achieving

the final required result. We at SHIELD

specialise in this proactive approach to fire

prevention and control.

MBR: Can fire engineering

be applicable only for new

constructions or can some

principles be applied to

existent buildings?

AM: No. Fire Engineering solutions can also

be applied to existing buildings in order to

improve or maintain the fire safety of the

building, especially if the use of the building

is going to change from what it was originally

designed for, or if the age of the building is

such that no prescriptive methods can be

applied to it.

MBR: In your studies you

focused on the effects of

ageing and wear of fire

protection in buildings. What

where your main findings?

AM: Yes, my final study regarded a particular

aspect of fire safety within buildings that

is very often overlooked. This is the part

called Passive Fire Protection (PFP). These

include techniques and applications such

as compartmentation walls and fire doors,

amongst others. To an observer who is not

well versed in fire engineering solutions,

these parts of a building might not appear to

serve an important role in the fire safety of the

building. This could lead to certain changes

being made to the building, resulting in

deterioration in structures, without essential

fire mitigation and control.

The studies focused on the primary

documented reasons for failure in PFP

and through experiments in a fire testing

laboratory and also by using a specialised

computer simulation programme, it was

observed that small gaps around doors did

not have severely impact safety conditions of

the escape route. However, as soon as these

gaps are widened slightly, environmental

conditions in terms of smoke and heat start to

pose a threat to life quite quickly.

MBR: What are the most

common damages sustained

by Passive Fire Protection

systems within buildings?

"We at SHIELD specialise

in this proactive

approach to fire

prevention and control

AM: Some of these damages simply occur

due to the passage of time and the wear and

tear that components sustain. These include

fire doors sagging and not being able to close

well into their frame, or intumescent strips

(material that expands when heat is applied)

that are fitted around fire doors that become

damaged due to abrasion over time.

Other damages are sustained to the changes

in the building that the occupants carry out on

them. These would not normally be carried

out while knowingly damaging the building,

but simply because the building users would

not recognise the problem in effecting such

changes. These can include, drilling holes

through walls to facilitate the passage of

services, changing fire doors to a non-fire

rated door, or removing a door altogether.

Sometimes spaces that are normally unseen,

such as above soffits or through ventilation

ducting, might be left unprotected simply

because they are forgotten and are left free

to allow the passage of smoke and heat.



Malta Business Review

Andre' Muscat

Andre’ Muscat conducting fire testing for his dissertation at the

University of Central Lancashire.

MBR: Do you think that

recent fire incidents over

seas will leave an effect

on the current fire safety


AM: The latest great fire that the world has

suffered took place just over a year ago in

the UK. The incident at Grenfell Tower will

not only leave an effect in the UK but has

reverberated throughout the entire fire safety

industry worldwide.

The rapidity, intensity and extent to which

the fire spread and the effects that it had,

took many by surprise and due to this

incident many failing factors that were being

overlooked have been brought to light. In the

UK the investigation that is currently being

concluded will be leading to a considerable

change in how fire safety is regulated.

Apart from the Grenfell incident, there have

been other big fires that left its effect on the

industry such as the fire at Club Colectiv in

Bucharest, Romania that killed 64 and injured

147. However no other incident has left as big

an effect as the Grenfell fire.

MBR: What sort of problems

do you come across most

commonly in terms of fire

safety within buildings?

AM: Building occupants, including management,

not understanding the importance of fire

safety in their building, thinking that small

changes do not matter, and the overall notion

that it will never happen to them. At times, als

thinking that having lots of fire extinguishers

makes the building safer, something I would

find very funny, were it not such a serious issue.

Sometimes building owners do not know

what is installed in their building, especially

when they where not the original building

users or when the building has been taken

care of by multiple entities through the years.

At SHIELD, we normally find that most

problems are in fact not engineering problems

but managerial problems. And these would

also not be because the management does

not care but because they do not understand

the importance of some of the issues.

Many times, people would worry if they

are meeting legal requirements. What I try

to explain is that legal requirements stop

at having the occupants getting out safety.

But if the building sustains a substantial fire

of damage business continuity would be

severely disrupted and recovery would be so

much harder. MBR

All rights reserved - Copyright 2018

"if the building sustains

a substantial fire of

damage business

continuity would be

severely disrupted



Malta Business Review


Why Vladimir

Putin is very,

very happy

The World Cup has been the

Russian president’s friend.


Tunku Varadarajan and colleagues

on the 2018 World Cup through the

lenses of culture, politics, anthropology

and the love of the Beautiful Game.

I’m not sure if Vladimir Putin has read Elias

Canetti, but if he hasn’t, he would enjoy the

old Bulgarian sage’s “Crowds and Power.” As

the World Cup sails forward into the next

knockout stage, Putin has managed Canetti’s

twin themes — the crowds in his presence

and the power in his hands — so impeccably

that his performance borders on genius.

Russian President Vladimir

Putin, between Ronaldo and FIFA

President Gianni Infantino | Yuri

Kadobnov/AFP via Getty Images

Putin made a canny bet. He reckoned that

once people from all over the world streamed

into Russia to watch football, they would cease

to look at Russia. Writing about a strongman’s

use of the “arena” to divert the public gaze

away from ugliness, Canetti observed that

the strongman induces the spectators to

“turn their backs to the city. They have been

lifted out of its structure of walls and streets

and, for the duration of their time in the

arena, they do not care about anything which

happens” outside.

The city is a metaphor for the world beyond the

walls of the stadium — here, Putin’s Russia, the

Russia of gagged dissent and state repression,

of a mafia-style economy and barefaced

corruption. Putin gambled that outsiders,

beguiled by feats of great footballing skill and

fuelled with the kind of benign nationalism that

accompanies such events, would have eyes

only for the sporting and the theatrical, and

space in their imaginations only for personal

heartbreak and ecstasy.

Putin knows, too, that football fans are tribal,

and that at tournaments they stick with their

own kind both inside and outside the arena.

Everywhere, there have been solid knots of

Swiss, hordes of Danes, swarms of English,

Russia fans celebrate their team’s win after the Russia defeated Spain

in the round of 16 at the Luzhniki Stadium in Moscow on July 1, 2018 |

Juan Mabromata/AFP via Getty Images

cartels of Colombians, musters of Croatians,

troops of Nigerians, bevies of Egyptians. Yes,

they mingle with others — there is no more

gregarious life-form on the planet than the

football fan — but they mostly stay with their

own kind. Among their own, they paint faces

in the colours of their flag, drink beer and

vodka, eat till they burst, and radiate cheer

toward every TV cameraman they encounter,

shouting slurred greetings to mom back

home, or to a sweetheart left behind.

The football, here, has been Putin’s friend.

Interaction with ordinary Russians is confined

to those who serve them in bars or cafés,

sell them tickets on buses and trains, or

who reside in the parts of town that tourists

from abroad frequent. Visitors, chastened

in advance by scary reports of Russian ultras

and hooligans, have rarely ventured into the

scruffier, un-friendlier twilight zones of Russia’s

host cities. Pre-tournament worries of attacks

on foreigners, of racism directed toward nonwhite

fans, have proved entirely unfounded.

No one should be surprised by this. Violence

in Russia flows from a spigot that Putin

controls. The Russian state has urban thugs at

its disposal, who do its bidding. One can be

certain that every pre-emptive measure was

taken to keep troublemakers on a leash. This

is not difficult for Putin, since these groups

are his extra-judicial enforcers. It would have

been a wonder, in fact, if there had been

trouble of this kind.

So we have had two weeks in which football

fans — not always the most enlightened souls,

not always attuned to the political nuances

around them — have had the loveliest time

in Russia, where the local strongman has

ensured that there will be absolutely no

ugliness from his own citizens that might

invite reciprocal ugliness from visitors. Every

moment of significance has been confined

to the “arena” (to use Canetti’s word), and

absent from the “city.”

Where’s Putin?

The football, here, has been Putin’s friend. The

standard has been uniformly high, with goals

galore and some matches of breathtaking

tension. There’s been just one goalless draw.

Compare that with Brazil, in 2014, where we

were subjected to a flaccid tournament in

which the overrated hosts were humiliated,

and the whole affair was overshadowed by the

host nation’s hubris. Russia’s lack of football

prowess has helped: Every improbable win by

the home side has been treated like a party

by the locals, and there has been a cheerful

humility to Russian spectators that has

contributed to the tournament’s success.

Add to all of that Putin’s own low profile these

last two weeks. He was present at the opening

ceremony, and at Russia’s first game against

Saudi Arabia. He was absent at Russia’s Group

of 16 knockout game against Spain, when the

king of Spain was in the presidential box.

King Felipe VI was accompanied by Dmitry

Medvedev, the Russian prime minister, and

that cannot have been by accident. Putin isn’t

a stupid man, and must have been aware

that his presence alongside the Spanish king

would give rise to bitter comment in the West.

There was nothing to be gained by being in

the box, so he stayed away. (Will he be there

on Saturday, we wonder, when Russia plays

Croatia in the quarter-finals?)

This is precisely what those critical of Russia’s

hosting the cup had feared — an aura of

success, and the apparent softening of a

strongman’s reputation. These fears are

coming true.

People are thinking of this as the World Cup

in Russia, and not as the World Cup in Putin’s

Russia. Our minds are locked inside the

arena. No one cares about what’s happening


Tunku Varadarajan, a contributing editor at

POLITICO, is a fellow at Stanford University’s

Hoover Institution. He helms The Linesman. MBR

Courtesy: POLITICO


Malta Business Review


FIMBank Receives Top

Worldwide Factoring Rankings

The FIMBank Group achieved strong

recognition and won top industry rankings

at the annual meeting of the Factors Chain

International association in Amsterdam,

at its anniversary meeting in June. FCI,

headquartered in Amsterdam, is a global

network of the world’s best factoring

banks and companies, counting over 400

institutional members in 90 countries,

and connects, educates and influences

cross-border and domestic factoring as

well as supply chain financing, across the

global financial community comprising the

biggest international banks amongst others.

Members of FCI account for over EUR 75bln

of global factoring volumes in 2018.

FIMBank Group achieved several credentials

during this annual meeting.

FIMBank Malta, generating an annual

turnover exceeding EUR 200mln in 2017,

ranked first in Malta, with an overall service

quality score of 100%.

FIMBank Greece ranked 12th Best Export

Factor in the World, 30th Best in the World

Overall (Export and Import) and 2nd in

Greece, with a turnover exceeding EUR

175mln with an 8% international market

share and a service quality score of 98.41%.

Egypt Factors, a fully-owned subsidiary of

FIMBank, ranked second in Egypt with a 20%

market share and turnover exceeding EUR

100mln in 2017 and a service quality score

of 95.83%.

India Factoring, a majority subsidiary of

FIMBank, ranked second in India with a 15%

market share and turnover exceeding EUR

250mln and a service quality score of 94%.

Commenting on these results, FIMBank

Group CEO Murali Subramanian said that

“Factoring is a technically sophisticated

product and one of the most important

components of supply chain financing

globally, and is a cornerstone of our business.

These results are a reflection of our constant

efforts at improving our standing as a provider

of quality and reliability, in the markets we

operate in. With these results we are better

placed to offer superior supply chain financing

and risk management solutions to our clients

and partners worldwide”. MBR

Creditline: FIMBank




"With these results we

are better placed to

offer superior supply

chain financing and risk

management solutions

to our clients and

partners worldwide

Country Ranking


Service Quality





Country Ranking


Service Quality


Factors Chain International

Worldwide Ranking

World Export

Factoring #12

Country Ranking

(Export + Import)


Service Quality Score



(Export + Import)

#30 Worldwide


Country Ranking


Service Quality




Malta Business Review



| Family Office | Tax & VAT

ess | Yachting | Aviation | Crewing

Mark Young is Senior Manager - Yachting and Aviation at Equiom Malta. As Equiom gears up for its tenth year

attending MYS in September 2018, we asked Mark about the industry, its current trends and what’s in store for

the future.

a trustee and fiduciary services provider and as a company service provider by the Malta Financial Services Authority.

MBR: How long have you

worked in Yachting?

MY: I started out in corporate services 15 years

ago and have spent the majority of my time

working in various roles within the industry in

London, the British Virgin Islands and Malta.

In 2015, I joined Equiom in Malta and began

specialising in yachting and aviation.

MBR:How does yachting

differ from corporate


MY: The yachting sector is highly dynamic,

demanding a substantial level of work in

jurisdictions worldwide and that is where my

role comes in. The work I do covers every aspect

of our structures, be it yacht registration, VAT,

tax, yacht operations, importation, or sale and

purchase amongst others.

Working in this field requires dealing with

several different parties on a daily basis

including the owners, family offices, yacht

managers, charter brokers and captains. In

addition, its clients are some of the most high

profile high-net-worth individuals in the world.

It is not a nine to five job, that’s for sure, but it

has to be one of the more exciting roles in the

industry, and there are some amazing perks.

There is the expectation of an exceptional

level of service given our client base and our

deadlines are rarely flexible.

MBR:What types of services

are yachting clients most

interested in?

Mark Young

Monaco Yacht Show 2017

MY: Clients come to us for a whole range of

reasons. For example, they may be looking for

us to operate and manage ownership vehicles

for their private or commercial yachts. They

could also require VAT and tax advice or be

interested in accounting and audit of their

ownership structures. We also advise on yacht

leasing structures and more recently, we have

implemented a structure that allows for a tax

efficient method for clients wishing to charter

their commercial yachts in Spanish waters.

Given the rapid growth of our crewing division,

we are being approached more and more for

the provision of crewing services globally. The

considerations for employing crew members

can often seem endless and we have a global

team of specialists that can take care of this.

MBR: What are some of your

key messages for promoting

Malta as a yacht registration


MY: Malta has an impressive set of statistics

to boast, which are a testament to the island’s

success in the industry.

• Malta has the largest ship registry in the

EU, and the sixth largest in the world in

terms of gross tonnage.

• During 2017, 828 vessels totally (just shy

of 10 million gross tons) were registered

under the Malta flag, a growth of 7.7%

over 2016’s figures.

• Over 8,000 ships are registered in Malta,

weighing in just shy of 75.2 million tons.

• Over 687 superyachts are now flying the

Malta flag

• Within the superyacht sector, the registry

reported an increase of almost 19.5%

over the previous year for superyacht


MBR: What’s in store for the

future of yachting in Malta?

MY: The statistics indicate that Malta’s

popularity within the superyacht industry

will continue to increase. With the UK set

to leave the Customs Union, the industry

is keen to determine the specifics of future

ownership structures, and Malta is well

placed in this regard.

The Maltese government also has plans to

continue investment into its infrastructure in

order to further emphasise Malta’s place at

the forefront of the industry.

MBR: Looking ahead to

Monaco Yacht Show 2018,

what are you most looking

forward to?

MY: It’s always a pleasure to catch up with

our clients and intermediaries at the Monaco

Yacht Show as it’s the key event on everyone’s

calendar. Following Equiom’s acquisition of

Carey in Monaco last October, this year’s show

will be a new experience with a full team of

colleagues and clients based in Monaco.

Our attendance at the show allows us to

stay well informed of developments from

key jurisdictions and I look forward to some

interesting conversations around the industry

as a whole both locally and globally.

If you are going to the show please stop by

Darse Sud, QS107 to meet the Equiom team.

If you would like to arrange a meeting please

contact me on markyoung@equiomgroup.

com. MBR

All rights reserved - Copyright 2018



Malta Business Review


Maltese PM and wife

cleared of wrongdoing in

graft case

‘This was nothing more than a frame-up against

me and my family,’ says Joseph Muscat.

By Laurens Cerulus

Malta’s Prime Minister Joseph Muscat said

Sunday his “nightmare” was over after an

inquiry ruled that his family had no links to a

company in Panama.

“The day of truth has finally arrived,” Muscat

said. “Someone falsified the documents. This

was nothing more than a frame-up against

me and my family … They wanted to harm

me and the Maltese economy.” An emotional

Muscat was speaking at a press conference

minutes after the conclusions of a inquiry

were published.

Muscat’s wife Michelle had been accused

of being the beneficial owner of Egrant, a

company opened by Mossack Fonseca, the

law firm at the center of the Panama Papers

scandal. It was alleged that Mrs. Muscat

received $1 million through the firm from

the daughter of Azerbaijan’s president,

Ilham Aliyev.

The claims were made by journalist Daphne

Caruana Galizia — who was murdered by a car

bomb in October 2017 — and backed up by

an employee of Pilatus bank, Maria Efimova.

However, despite the allegations, any evidence

which might have been incriminated had long

been removed the same night she broke the

story, when Seyed Ali Sadr Hasheminejad,

Pilatus’ Iranian owner, now under monitored

custody in the US, was filmed leaving the bank

through an emergency exit carrying heavy

suitcases. The same had happened during one

evening, when the late blogger reported bags

being removed from Maltese company at the

heart of the Panama scandal, Nexia BT, with vans

reportedly being provided by Kasco, company

owned by Keith Schembri, the PM’s Chief of

Staff. Any documented or online evidence must

have been carefully erased as a precautionary

measure by the people behind this secretive

and cagey practice, which truth may never be

known on an Island that thrives and responsible

offenders brought before justice.

Unlike other occasions when asked about

the Panama companies of close associates

Keith Schembri and Konrad Mizzi, there was

never a hint of uncertainty in Muscat’s voice

when talking about Egrant. Magistrate Aaron

Bugeja’s Egrant inquiry did not succeed in

establishing who the ultimate beneficial

owner of the Panamanian company Egrant

is. Although a weight may have been lifted

Maltese PM Joseph Muscat and his wife Michelle attend the Queen's

Dinner at Buckingham Palace, April 2018 | Pool photo by Daniel

Leal-Olivas/Getty Images

"This was nothing more

than a frame-up against

me and my family …

They wanted to harm

me and the Maltese


off the Muscats and the country still seeks to

know the genuine truth, until then no closure

can be announced on the Egrant saga. Malta

cannot be expected to accept that the owner

of Egrant will never be known, moreso when

the UAE, where it was claimed that Egrant Inc.

held a bank account, has failed to respond to

Magistrate Bugeja’s request for information.

As was foreseen, Magistrate Bugeja would

find it impossible to prove or disprove that

Michelle Muscat was the ultimate beneficial

owner of the company because he would be

unable to prove the identity of the company’s

ultimate beneficial owner

DOI - Ruben Piscopo

The inquiry’s final report said it was hard to

reconcile the testimonies of Caruana Galizia

and Efimova, who gave contrasting versions

of events. “A hundred suspicions do not

amount to a single piece of evidence,” the

conclusions said.

However, that the inquiry stated that there

was great difficulty to reconcile the accounts

given by Efimova with those given by Caruana

Galizia and Pierre Portelli with regard to

many of the most important aspects of the

remainder of the evidence gathered, still

leaves pockets of black holes which remain

surreptitious and unanswered.

“Not one of the allegations that were made

involving my wife Michelle, myself, my family,

or persons close to us were found to be true,”

Muscat said in a statement.

Muscat used the press conference to slam

Simon Busuttil, leader of the opposition

Nationalist Party, for supporting the claims

of corruption. MBR

Sources: POLITICO; The Guardian; Reuters;

Malta Today



Malta Business Review


By Special Correspondent

On Political Decency

The tone of the conversation between Malta

and its bigger neighbour Italy has become

jarring. In a letter to Italy’s Prime Minister

Giuseppe Conte, Malta’s PM Joseph Muscat

tells his colleague off, writing — in almost

impeccable Italian — that he was “perplexed”

by a note he received earlier. Italian

“allegations that Malta had acted against

the rules are totally unacceptable,” Muscat

writes, going into detail about the recent case

of a fishing vessel.

Helpful advice: “We understand Italy’s

difficulties, but the solution is certainly not

to attack a European partner facing the

same challenges and continuously showing

solidarity,” Muscat wrote in the letter, dated

July 15, 2018.

“The biggest ever political lie

to ever take place in the history

of the country”

As a Magisterial inquiry comes to a close,

it leaves more questions unanswered in an

unsolved mystery saga

Muscat's 'Nightmare' is over: Let’s stay

in Malta for a while. An emotional Muscat

spoke at a press conference minutes after

the conclusions of an inquiry that ruled that

his family had no connection to a company

linked to the Panama papers scandal were

published. He said his “nightmare” was over,

adding that “the day of truth has finally


“Someone falsified the documents. This was

nothing more than a frame-up against me

and my family … They wanted to harm me

and the Maltese economy,” Muscat said.

The claims were made by journalist Daphne

Caruana Galizia — who was murdered by

a car bomb in October 2017 — and backed

up by an employee of Pilatus bank, Maria

Efimova. Laurens Cerulus has the story.

The report is in Maltese; key graphs in English

here: “The inquiry concludes the following:

that no shares in the company Egrant Inc

were found to belong to Michelle Muscat, or

otherwise traceable to her, her husband Dr

Joseph Muscat, to any of their family members;

the inquiry did not find Joseph Muscat,

Michelle Muscat … to have been involved in

corruption and/or money laundering and/or

suspect financial transactions.”

As one of the political parties asked, we too ask

why "government friendly agents and insiders"

had details from the full report before it was

published, while the full report remained out

of reach of the public or journalists?

Over a year ago, Daphne Caruana Galizia

correctly predicted that Magistrate Bugeja

would find it impossible to prove or disprove

that Michelle Muscat was the ultimate

beneficial owner of the company because

he would be unable to prove the identity of

the company's ultimate beneficial owner. As

Daphne Caruana Galizia also predicted, the

UAE, where it was claimed that Egrant Inc.

held a bank account, has failed to respond to

Magistrate Bugeja’s request for information.

Daphne Caruana Galizia knew that the only

way to get to the whole truth about Egrant

Inc. and the Prime Minister -- the company’s

ownership is not the only pending question

-- is for the Maltese authorities to investigate

Konrad Mizzi, Keith Schembri, Brian Tonna,

Karl Cini, and the remaining staff at Pilatus

Bank while they are still within easy reach.

Muscat has yet to ask for the resignations

of his Chief of Staff Keith Schembri and

his minister Konrad Mizzi, despite their

undisputed ownership of secret Panamanian

companies which they set up shortly after

the 2013 election. Until Joseph Muscat sacks

Keith Schembri and Konrad Mizzi he will

continue to be complicit in their crimes.

The question is of primary public interest

because Egrant Inc. is one of four related

companies set up by Muscat’s consultant,

Nexia BT, for one of Muscat’s ministers,

Konrad Mizzi, for Muscat’s Chief of Staff, Keith

Schembri, and for a consultant, Cheng Chen

of Accenture, all of whom were involved in

the previously unannounced sale of shares in

a key state asset, Enemalta, to a Chinese stateowned

company, Shanghai Electric, shortly

after the Panama companies were set up.

The responsibility of a Prime Minister in a

parliamentary democracy is to prioritise

the public interest over personal interest. If

secret ownership of a Panama company is a

resignation offence, and if Egrant Inc. really

did not belong to the Prime Minister or his

wife, then at least three questions remain:

1. Why hasn’t Muscat fired Keith Schembri

and Konrad Mizzi?

2. Why is Muscat still engaging Brian

Tonna’s firm on government business?

3. Why is Muscat not interested in finding

out the identity of the actual or intended

ultimate beneficial owner of Egrant Inc.?

The answers to these questions are unlikely

to exonerate Joseph Muscat. Malta needs

the whole truth and Joseph Muscat still

holds the key.

Who’s down: Opposition leader Adrian

Delia, from the Partit Nazzjonalista, said his

party “had made the … allegations its own,

and I have therefore asked [former opposition

leader and his predecessor] Simon Busuttil to

shoulder political responsibility and suspend

himself from our parliamentary group to focus

on the ongoing inquiries,” Delia said at a press

conference. “I have immediately removed him

as shadow minister for good governance and

took the portfolio myself. The fight against

corruption is an important one and no one is

bigger than the party or the country.” MBR

Sources: POLITICO Playbook; The Malta

Independent; Times of Malta



Malta Business Review


Leading by

looking ahead and

being disruptive

By Nic van den Bergh


s we reach the culmination

of The Elders’ #WalkTogether

campaign, Virgin Unite are

celebrating Nelson Mandela’s

100th birthday, his legacy and the founding of

The Elders.

The #WalkTogether campaign has built a

bright web made up of 'Sparks of Hope' –

communities building a movement for the

freedoms Mandela dedicated his life to:

peace, health, justice and equality.

Virgin CEOs and staff members from all over

the world have written about their own

Sparks of Hope and for the next month we

invite you to read their stories and join the

global #WalkTogether movement.

The person that has inspired me the most in

my life is my father. Though he is my dad he

is so much more – he has been a spectacular

mentor, specifically when it comes to how one

should behave both at a personal level and at

a business level. He’s inspired me for the last

20 odd years where I’ve been in formal and

informal employment.

My father has this incredible spirit and ability

to help and support others, even when

he might be going through a difficult time


himself. Something that I have learnt from

him and taken into my own life is to rise above

whatever is being thrown at you and to keep a

positive face and a positive outlook.

A great learning that I have taken into

the workplace is to look ahead and to be

disruptive, but more importantly it’s about

looking to constantly improve yourself. I like

to believe that I never take things at face

value and I’m always questioning how I can

do things better. I try to look at ways that not

only improve my own life, but to make sure

that I’m improving the lives of the people that

I serve.

The only way that you can do this effectively,

is if you work hard at creating a better

working relationship with your colleagues. To

have a successful output, you need to have

a successful team and that’s why I’ve always

tried to inspire with knowledge and passion.

I try to encourage people with belief, because

if people believe in you and they believe in

what you’re doing, you will have very loyal

colleagues and employees.

Something that I have learnt from him

and taken into my own life is to rise above

whatever is being thrown at you and to keep

a positive face and a positive outlook.

I have always tried to empower people and to

make sure that they can be much more than

their job title so that they can grow faster

and be a sponge – it’s about making sure

that you both have an equal footing and that

you do not see your ideas or beliefs as more

important or better than other people’s.

A good leader should also be able to reflect

and learn from the past. I have tried to

start businesses and failed spectacularly at

them and that has given me some amazing

learnings. I don’t think that we embrace

failure enough – we must learn from failure.

I love advertising and marketing and how you

can connect with customers.

I love trying to improve individual’s lives

through products and services. Ultimately, it

is my dream and passion to get involved with

a mentorship programme or investment into

entrepreneurs. I know within the Virgin group

there are many bodies and organisations that

look to supporting businesses. I would like to

give back to an industry that has given and

taught me so much.

Nic van den Bergh is the Head of Digital at

Virgin Money South Africa MBR

Creditline: Nic Vah Den Bergh, Virgin


...more than just an insurance!




What can we offer?

Hull and machinery insurance Accident insurance

Third party liability insurance Cargo insurance

help line number: +356 7903 7902


Malta Business Review


European Start-up study:

Malta's construction

industry grew by 89%

from 2016-2017

•With 1,955,681 start-ups registered

between 2013-2017, the construction sector

is the third biggest industry fuelling Europe’s

start-up scene

•Ireland is the top country for the construction

industry in Europe, with a steady growth of

11.18% of new businesses between 2013-17

•Looking at the growth rates between

2016-2018, Malta’s construction industry is

booming with a growth of over 89%

Analysing the start-up industry in Europe, card

processing specialists, Paymentsense, have

conducted research to reveal the countries

seeing significant growth in start-ups between

2013 -2017. The data has been mapped out

across Europe - detailing the industry’s most

prevalent in each country and the rate of

growth over the last 5 years. Paymentsense

have analysed 30 European countries and

ranked each one based on how many new

businesses have been registered in a 5-year

period. The business types which have been

the most popular in these countries are also

detailed.When looking at what type of startups

have dominated Europe in the last few

years, wholesale and retail have the largest

presence with 3.7 million new businesses

started up. This is surprising to see when in

recent years we have seen a retail crash with

companies like Woolworths and Toys R Us go


With 1,955,681 start-ups registered between

2013-2017, the construction sector is the

third biggest industry fuelling Europe’s startup


The type of companies that have started up in Europe between


Guy Moreve, Chief Marketing Officer at

Paymentsense, says: “It’s fascinating to see

how Europe has changed in recent times. A

number of countries are now placing more

emphasis on technology which has helped

create a ‘golden era’ for tech start-ups.

Top 10 countries fuelling the European construction industry:

Looking at the

percentage growth of

new businesses in the

construction sector,

Ireland tops the charts

as country with the

highest stable growth

of 11.18% between

2013-2017, followed

by Latvia and Malta.

Although the UK has

the highest number

of newly registered

businesses, its industry

has only gained 7.10%

more companies over

the course of the past

5 years.

“In order to thrive a business in your respective

country, make sure you analyse the market

you’re addressing – what works best and

what doesn’t; It’s also worth looking at the

legal and environmental conditions in order

to make sure your business idea is a success”.

You can find the full research for all 30

European countries here: v

Sources: The statistics were all sourced

by Statista. All data for 2016 and 2017 are

estimated, using linear derivation. Any data

provided as N/A has been aggregated as

zero. The research has been carried out on

behalf of Paymentsense, who provide awardwinning

low-cost merchant services and card

machines, in April 2018.

About Paymentsense

As Europe’s largest merchant service provider,

Paymentsense enables over 65,000 SMEs

to process over £6 billion worth of card

payments per year. From card machines to

semi-integrated and online payment services,

Paymentsense supplies small businesses with

card processing solutions that allow them

to take payments in store, online, over the

phone and on the move. MBR

For more information, please contact William

Hobson at william.hobson@branded3.com.

Courtesy: Paymentsense; BRANDED3


Beyond Ordinary

Charter Experiences

00356 2778 2500 / charters@azureultra.com / www.azureultra.com

Malta Business Review



Head down to the tranquil Birgu marina on any summer morning and you’re likely to see one of Azure

Ultra’s impressive Sunseeker yachts setting out to sail the Maltese archipelago’s sapphire seas. On board, the

voyagers are about to spend the day basking in all the refined bells and whistles only this charter company can

provide. Personal steward service. A gourmet food selection. Chilled champagne. To paraphrase Azure Ultra’s

own adage, this is a luxury private cruise that goes beyond the ordinary.

It’s high season in the sultry Mediterranean

and Azure Ultra is currently enjoying its busiest

few months yet. Founder and Managing

Director Perry Newton, a former artilleryman

from the 29th Commando Regiment Royal

Artillery in Her Royal Majesty’s Armed Forces,

established the charter company in 2015.

From the very start, the Azure Ultra vision was

to offer unforgettable nautical experiences

combined with top-class service. And the

dream has certainly become a reality. In

a few short years, the brand has become

internationally renowned for its bespoke

luxury yacht experiences throughout the

central Mediterranean region. Over the last

year alone, the company reported a 200%

increase in business. They also welcomed a

fully-accredited yacht captain to the crew as

well as another Sunseeker to its fleet.

So what can people expect from a typical

Azure Ultra experience?

“As each charter experience is specifically

tailored to meet our clients’ wishes, no day

out at sea with us is ever truly the same,”

Newton explains. “Visitors to these shores

may wish to explore the archipelago’s glorious

variety of coastal locations. Our charters give

them the opportunity to discover Malta in

a unique, immersive and elegant fashion.

They can sail from charming fishing villages

to popular beaches or spend an afternoon

cruising around the impressive Grand

Harbour coastline with all its historic sites.

Each port of call is the client’s choice.”

“Our locally based clientele, on the other

hand, usually looks for something entirely

different,” Newton continues. “We can

provide them with a stylish escape from

the bustling island. Our exceptional crew

takes care of their every need, allowing

them to spend quality, stress-free time with

friends and family in secluded spots. They

can unwind on deck, swim and sunbathe,

or use the onboard water sport gear to go

snorkelling or glass-bottom canoeing in

stunning locations.”

It’s immediately apparent that there is no set

programme or one-size-fits-all mentality with

Azure Ultra.

“That’s absolutely correct,” Newton asserts.

“We certainly are adaptable. However,

the one thing that never changes is our

commitment to excellence in every aspect of

our chartering services.”

Newton has good reason to highlight Azure

Ultra’s services. The chartering company has

recently scooped up a handful of prestigious

industry prizes. In 2017 they were the

recipients of two Malta International Boats

& Yachting awards, where they topped tough

competition in the Best Customer Service

of the Year and Best Maltese Based Charter

Company of the Year categories. Earlier this

year, Azure Ultra was also awarded Winner

of Unique Tour Company of the Year at the

Travel & Hospitality Awards.

“We’re all extremely proud of the industry

recognition we have garnered. We worked

extremely hard to achieve these results,”



Malta Business Review

Newton enthuses. “But perhaps our true

badge of honour is that we hold a TripAdvisor

Certificate of Excellence with 100% five-star

reviews from our clients. This is the real proof

that we’re delivering on our promise to give our

clients unparalleled luxury boating experiences

time and time again.”

Another crucial component to Azure Ultra’s

impeccable quality is that they fully own all

their Sunseeker yachts and are fully insured

and licenced. Moreover, the company employs

an exceptional full-time crew solely dedicated

to its fleet.

“This sets us apart from other chartering

companies who may hire freelance mariners

and captains. We realised early on that having

a dedicated crew allows us to maintain a

consistent high-end service from trip to trip.

The captains and stewards are intimately

knowledgeable about the yachts they are

operating on and are proud to represent a

leading name in the industry. Engaged and

committed staff have a massively positive

influence on a client’s enjoyment factor.”

Aside from the first-rate service, there is also

Azure Ultra’s fleet to consider. Azure Ultra uses

Sunseeker yachts exclusively, a brand that is

the ultimate in glamour and sophistication

and happens to be the boat of choice for many

Hollywood A-listers. These spacious luxury

yachts come with fully equipped bars, fullwidth

staterooms, VIP double cabins, overhead

flybridges, split level saloon, outside grills and

much more.

“We are experts in utilising the full potential of

our Sunseekers,” Newton continues to explain.

“That is why we offer a variety of tailored

chartering packages for all sorts of events.”

Corporate packages are ideal for hosting

professional and business activities.

Alternatively, clients can charter yachts as a

unique venue to celebrate special occasions

such as engagements and anniversaries. Each

Azure Ultra package is specially designed by

knowledgeable charter specialists to ensure

all client expectations are met down to the

tiniest detail.

With business booming and the trophy cabinet

steadily growing, what’s next for Azure Ultra?

“We have recently added a brand new

Sunseeker Camargue 50 to our fleet and

hired new crew members. The long-term

objective is to remain visionary, stand apart

and upscale from any competitors. We aim

for Azure Ultra to be a byword for chartering

excellence in the central Mediterranean

region," Newton concludes.

Given their formidable track-record in such a

short space of time, surely this objective is just

over the horizon. MBR

Creditline: Azure Ultra


celebrates Malta

MBR Publications Ltd Head of Design wins

Award for designing three limited edition

Coca-Cola contour bottles featuring Valletta

on the bottle can be bought to celebrate the

European City of Culture 2018

This year, the Capital City of Malta, Valletta,

is being honoured with the prestigious title

of European City of Culture. The Coca-Cola

Company is celebrating this occasion by

dedicating three limited edition Coca-Cola

contour bottles developed by the local

young artist Maria Graziella Zammit, MBR

Publications’ Head of Design, and inspired by

the rich culture and history of Valletta and the

Maltese Islands.

The designs of the limited edition Coca-Cola

contour bottles were inspired by decorative

details found in some of the most historical

buildings in Valletta and specifically the

designs embedded in the majestic ceiling and

balconies of the Manoel Theatre, the palace

armoury and the grandiose paintings found in

the halls of the Grand Master’s Palace. Other

inspirations were the traditional Maltese

balconies and the Valletta skyline, especially

the steeple of St Paul’s Pro Cathedral.

Coca-Cola through its local bottler GSD

Marketing ltd teamed up with MCAST Institute

of Creative Arts and asked students to develop

a concept which celebrates the fact that

Valletta was being honoured with the title of

European City of Culture. Out of more than 200

submissions, the concept presented by Maria

Graziella Zammit was chosen and developed

to produce these three magnificent Coca-Cola

limited edition bottles. MBR

Sources: Coca Cola; Malta Today



Malta Business Review




By Staff Writer

Marla Bace is an active speaker and moderator on a number of subjects, including business operations and customer

loyalty. She is currently the General Manager of Marketing and Operations at Circles, a division of Sodexo, providing

concierge services, even management, and customized rewards and experiences for customers and employees. We

recently had the pleasure of interviewing Ms. Bace.

MBR: Tell me a little about

being an executive manager.

MB: The biggest difference between being

a manager and an executive manager is the

level of responsibility. As a manager, you

are solely responsible for the day-to-day

operation of a single function and your direct

reports. As a general manager or executive

manager, you are also responsible for the

organization, including ensuring that the

goals of the management committees are

executed and met, as well as developing

business plans and products to shape and

facilitate the future of the organization.

MBR: How do you and your

team define customer care?

MB: Customer care is the delivery of seamless

customer service before, during, and after a

transaction. When a customer experience is

significantly better than anything they could

have expected, you have a customer for life.

Maria Bace

MBR: How do you drive

strategic business changes?

MB: Collaboration. Being part of the

management team often requires a hard

look at all aspects of the business. This may

mean building out areas and in some cases

reducing resources in others. If one is not a

collaborator—forging bonds between people

and entire departments—the strategic

change necessary to grow the organization

will not occur.

MBR: What do you do to

mentor the individuals

on your team (men and


MB: This is the part of my career that I enjoy

the most. Each person on the team brings a

different strength to the table. As a manager,

I strive to recognize and leverage everyone’s

talents. Being an effective mentor also means

helping your employees identify personal

development opportunities, such as some

personal one-on-one career training with

another team member who has a particular

skill in spades.

MBR: You have been very

involved with mentoring

young ladies in your career,

whether through your career

positions or your affiliations

with non-profits like the NJ

Sharing Network or Liberty

Science Center. Why is this

important to you?

MB: I have only had male mentors throughout

my career, yet I believe women encounter

different challenges and have to address

situations with a different perspective

because of the many hats they wear—

career, home, and family. It’s 2013, and the

hot topic is should women “lean in” or not.

Young women need to know that they can be

themselves, enjoy work/life balance, and be

successful. I enjoy helping them realize and

achieve this.

MBR: Do you think that all

managers have the capability to

help others with their careers?

MB: When someone is coming up through

the management ranks rarely do they start

out as a perfect role model. This doesn’t

mean they can’t learn how, however. While

some will be better at it than others, all can

develop the capability, leading by example

and through nurturing.

MBR: What do you

consider your strongest

strengths in dealing with

staff workers, colleagues,

senior management, and


MB: The ability to draw awareness to

circumstances by identifying public opinion

and gathering other data and then facilitating

conversation to develop a plan and drive

results. In short, working with the team to

reach right solution to a business challenge.

I never leave the team to execute against a

deadline alone; we are always in it together.

MBR: As a woman, do you

believe it is easier to work

with co-workers, senior

management, or customers?

MB: I have found it both easier and harder. It

depends on the audience and the topic. If I

have a strong opinion and a hard conversation

with a male colleague, it is a “good” discussion.

The same discussion with a female colleague

could still be called a “cat fight” in some

quarters. We have come a long way in

business, but some stereotypes are still there.

You have to be aware of it and work around

them and in the process hold yourself to the

highest ethical and professional standards.

MBR: What skills would you

recommend other women

develop to help them

advance in their careers?

MB: A thorough grounding in whatever

field you are working in and the ability to

exude confidence, graciousness, optimism,

and ambition. And always have a good

sense of humour.


Creditline: Editor of Leader's Edge.


Malta Business Review




By George Carol

A key asset in driving the business forward is the workforce and Malta can certainly boast about it in terms of

talent and personality, education, and experience. Thomas Kraemer, Director, Timberland Invest Ltd, explains to

MBR that embedded within its core business philosophy is a customer driven culture. Thomas talks about the

importance of the brand following five years of inception and how the Company believes that investing in the

right staff with the right skills will effectively improve the Company’s bottom line.

THOMAS KRAEMER: Mr Kraemer has worked in consultancy and finance since 1992.

He is known for successfully combining all relevant sectors of the financial market

to achieve the maximum benefit for the clients. Guided by an almost British sense

of fair play, he consistently aims to achieve the best possible results on a case by

case basis. Mr Kraemer has been a member of the Board of Directors of Timberland

Capital Management GmbH since the beginning, 25 years ago. He set up the first retail

investment fund of Timberland Finance in 1999 and was responsible for the day-to-day

management of the fund’s portfolio assisted by a specialised investment committee

team. Mr Kraemer is a board member of Timberland Invest Ltd and Timberland Fund

Management Ltd. He also serves as an investment advisor of Timberland Invest Ltd and

as investment committee member in Timberland Fund Management Ltd, thus bringing

investment expertise also to the Maltese entities forming part of Timberland Finance.

MBR: Will you discuss the

history and heritage of

Timberland Invest Ltd and its

key areas of focus?

TK: Timberland Invest limited forms part

of the Timberland Group of Companies,

with its head office in Germany, and has

over twenty five years’ experience with

authorised entities in Malta, Germany and

Luxembourg. Timberland Invest Limited

was registered in Malta in 2013 and was

authorised with a category 1A licence from

the Malta Financial Services Authority

in 2014 to provide Investment Services

under the Investment Services Act

1994. In terms of its investment services

licence, Timberland Invest Ltd has been

appointed as the authorised distributor

of Timberland Securities Investment

plc, another company forming part of

the Timberland Group of Companies.

Timberland Invest Limited thus undertakes

the distribution of the bonds issued by

Timberland Securities Investment plc,

issued in terms of its prospectus, which

has been approved by the Liechtenstein

Financial Market Authority in terms of

the Prospectus Directive for distribution

throughout Europe and the EEA.

MBR: Is brand awareness

for Timberland Invest Ltd

important or is it more about

the individual businesses

within the group?

TK: We believe brand awareness is an asset

for the company to create client loyalty and

to help in distinguishing one company from

its peers. Furthermore, it creates financial

value and helps in the creation of business

growth. Brand awareness is important for a

company which is in the process of entering

a new market by launching new products.

This was exactly the strategy we have

adopted over the years since we established

in Malta. We believe in the concept of “the

whole is greater than the sum of its parts”,

and although the individual businesses

within the group focus on their particular

strategy, it is this interlinked approach that

creates value to the whole Group.

MBR: Is there a commonality

among the businesses under

the Timberland Finance


TK: As already highlighted above,

Timberland Invest Limited is part of the

Timberland Group. Timberland Invest Ltd is

the licensed entity in Malta with a category

1A licence from the Malta Financial

Services Authority in 2014 to provide

investment services under the Investment

Services Act 1994. Timberland Invest Ltd

acts as the distributor of the bonds issued

by Timberland Securities Investment plc

another company forming part of the

Timberland Group of Companies. Both

Timberland Invest Ltd and Timberland

Securities Investment plc form part of the

Timberland Finance brand.

MBR: The Company is

celebrating five years- what

can you tell us about the past

five years and what are the

major highlights from these

first five years?

TK: This year Timberland Invest Ltd is

commemorating its 5th year anniversary

in Malta. We set up the office at Aragon

House Business Centre, St Julian’s from where

we are still operating. After giving it some

good thought we decided to enter inter

alia the Maltese retail market with our first

Timberland Securities Investment plc bond

issue in 2016 and subsequent to the first

bond we issued a second bond. Both bonds,

"Brand awareness

is important for a

company which is in

the process of entering

a new market by

launching new products



Malta Business Review

which have the same conditions and mature

in 2026 were issued with a prospectus under

the Liechtenstein Securities Prospectus Act

and passported it into Malta in terms of the

Prospectus Directive.

MBR: When you reflect back

on creating Timberland Invest

Ltd and see the impact it has

made, are you able to take

moments to appreciate what

you have built?

TK: We certainly do and we do not regret

the decisions taken by the board of directors.

Identifying the saving culture of the Maltese

people was of utmost importance. We also

know that there are no obligatory pension

plans in place to which one can start saving

for retirement. Malta still relies on the payas-you

go system and in this regard, product

providers need to find ways and means how to

incentivise people to start saving. Irrespective

at what stage of a person’s life cycle and

taking into account a person’s investment

appetite, creating the right medium to save

is important. By issuing bonds in the past

two years, we are certainly in that direction.

People can invest in the bonds to supplement

their income whether in their working life or

for retirement.

MBR: What did Timberland

Invest Ltd see in Malta that

made the company feel

it provided such a large


TK: After having been established in Germany

for more than 20 years we decided to establish

further foothold in Europe. We were after

a central location within the Mediterranean

Region with good professional people. Malta

was the best choice considering the good

education system and the strong economy

that considering its size remained strong during

"People can invest in the

bonds to supplement

their income whether in

their working life or for


the financial crisis that hit the whole world in

2008. Malta’s financial sector and the gaming

industry have seen unprecedented growth

and accordingly we decided to pursue the

expansionary business model. The country

has very strong work practices which are very

much in line with our business culture.

MBR: Can you describe

current operations and

ongoing projects?

TK: Whilst the Timberland Group of

Companies already has presence beside

Germany in Hungary, Luxemburg, Austria and

Malta, it is the Group’s strategy to continue

to build on its success story achieved so far

by expanding outside Germany into other

European jurisdictions using the prospectus

passporting. Certainly, in doing so we have

to familiarise ourselves with the national

regulatory processes in place and offer a

bespoke service to our clients. Another

project in which the business has invested

in, is the interest of Timberland Securities

Investment plc in E7 systems which is a leading

technology company concerned with battery

packaging mainly for electric cars, but also

with other industrial applications. E7 offers

a greater opportunity for the growth of the

Timberland Group as we know the economic

potential of innovative technology. We all

also know the importance of safeguarding

our environment for the benefit of everyone.

MBR: Timberland has also

achieved strong results on

the investment side of the

business. What have been

the keys to the strength of

this part of Timberland’s


TK: Timberland Securities Investments plc has

innovative solutions for investors. In setting

up innovative solutions over several years our

solutions are ahead of market developments

in certain areas in product structuring. As

it is quite a technical description of what

we are doing, we can simply say, that our

innovation power – which includes as well E7

Systems - are a base for Timberland Securities

Investment plc’s success.

MBR: How critical is it to

maintain the innovative edge

and where do you see the

company in the next five years?

TK: The Company continues to look for new

ideas for growth, to offer different products,

but most importantly how to better meet

the needs of our customers, and which

would set us apart from the rest of our peers.

Keeping in mind changes in the regulatory

environment, our processes have to reflect

these regulatory changes whilst creating new

ways to do business in line with our business

model. Our way forward is to continue raising

capital through bond issuance. MBR

All rights reserved - Copyright 2018

left to right Ms Joanne Schembri, Ms Antonella Mercieca, Mr Colin Micallef, Mr Dirk Koester,

Mr Thomas Kraemer, Mr Anthony Paris



Malta Business Review



Up until the introduction of dental implants, a single tooth replacement was usually performed with a removable denture

wedged in between adjacent teeth or a dental bridge attached to 1 or 2 adjacent teeth. Nowadays most single teeth are

replaced with dental implants. A dental implant is the insertion of a screw or fixture into the bone site of the missing tooth.

Following 3-6months of healing the top part of the implant is exposed and a tooth/crown is attached onto it. This is the basic

manner of completing an implant-retained crown.

Today the choices on materials and the manner of which the job is completed my vary considerably. Here are a few options,

which must be weighed out and selected to obtain the best aesthetic and functional result:

The Implant

The majority of implants are made of highgrade

titanium. These implants are extensively

researched and carry excellent success rates.

These are also metal-free implants made

out of zirconium. These so-called biological

implants have many advantages including:

• Hypoallergenic

• High biocompatibility

• One-stage surgery

• Excellent aesthetics

• Corrosion resistance

• Holistic friendly

• Strong and comfortable

Implants also come in various sizes, shapes

and forms so the right implant must be

chosen for the right place.

Before Treatment

The Crown

Implant crowns are also available in different

materials. The material of choice was

once porcelain fired onto cast gold. Then

pre-fabricated titanium abutments were

introduced allowing a conventional crown

to be cemented onto it. Then came the

revolution of maximising aesthetics and

eliminating any metal in the crown allowing

room for an all-ceramic crown made from

zirconia. This metal-free zirconia framework

allows the firing of porcelain onto it

maximising the aesthetics especially in the

anterior area. The main advantages of allceramic

crowns are superior aesthetics with

no metal edge, high biocompatibility and the

ability to perform these in single day visits.

Surrounding Bone

The implant must be inserted into an area

with sound and sufficient bone. If the area

does not have enough bone then a bone

graft must be performed to allow complete

coverage of the implant at insertion and

forever after its completion. There are many

bone grafting materials available to buy; cow

bone, human bone and other inorganic bone

substitutes. This has become the norm for

most of the aesthetic cases.

After Treatment

A young woman presents with a broken tooth

and a failed root canal treatment exhibiting

recurrent swellings and exudate. The tooth

was extracted, the socket cleaned and

disinfected and an implant was immediately

inserted. A minor bone augmentation was

also placed in the socket to aid with the final

aesthetics of the gum tissue. A temporary fixed

acrylic-resin crown was also attached onto the

implant to further help the gingiva maintain

its contour. In this manner the patient also

benefits from a fixed tooth as a temporary

solution. 4months after the extraction and

implant insertion, the temporary crown was

replaced with an all-ceramic highly aesthetic

crown. This sequence of treatment is not

always possible but when it is, the aesthetics

of the final product is highly dependant on it.

Ask you dentist!

A Case Scenario

Gingival tissue

More often than not the bone and

surrounding gum in the site of a missing tooth

is to some degree resorbed. This results in an

obvious drop in the gum level and/or width

of the ridge. Replacing a tooth would result in

either a long-looking crown or a crown with

spaces in between the other adjacent teeth.

This creates poor aesthetics and discomfort

on eating, as spaces are obvious food traps.

The bone and gum grafts restore the implant

site to normality allowing for a firm anchorage

and a tight gingival cuff synonymous with

good hygiene. MBR


Dental and Implant Surgeon



Malta Business Review MALTA PRIDE 2018

Malta Business Review


announces headline

announces headline

sponsorship of Malta Pride 2018

sponsorship of Malta Pride 2018

"We don’t just believe that iGaming should be fair and fun for all, we believe that life

"We should don’t be just fair believe and fun that for all. iGaming And to should demonstrate be fair and our fun support, for all, today we believe we’re that teaming


should up with be Allied fair and Rainbow fun for Communities all. And to demonstrate (ARC) to be Malta our support, Pride 2018’s today main we’re partner". teaming

up with Allied Rainbow Communities (ARC) to be Malta Pride 2018’s main partner".

GiG (Gaming Innovation Group) will be the

GiG main (Gaming partners Innovation of Malta Pride Group) this will will year, be be Allied the the

main Rainbow partners Communities of of Malta Pride (ARC), this the year, organisers Allied

Rainbow of Pride Communities have announced. (ARC), the the A organisers week-long

of celebration of Pride have with announced. different activities A A week-long

will take

celebration place between with different 9-16 September activities 2018 will will take with

place the main between Parade 9-16 and September open air free 2018 concert with

the to the take main place Parade on Saturday and open 15 air air September. free concert


to theme to take place of Pride on on Saturday this year 15 will 15 September. ‘Pride in The


theme heart of of Pride the Mediterranean’.

this year will will be be ‘Pride in in the the

heart of of the the Mediterranean’.

GIG is a fast-growing tech company with

GIG over is is 450 a a fast-growing employees tech based company in Malta with


over also 450 located employees in Spain, based Norway, in in Malta Denmark but but

also and located Gibraltar in totalling Spain, over Norway, 700 employees. Denmark

and Earlier Gibraltar this year, totalling their over ultra 700 hip employees.

offices by St.

Earlier George’s this Bay year, were their inaugurated ultra hip hip offices by the by Prime by St. St.

George’s Minister Bay Dr Joseph were inaugurated Muscat. by by the the Prime

Minister Dr Dr Joseph Muscat.

“We are proud to be the

“We headline are proud supporters to to be be the


Malta headline Pride, supporters an event of of we

Malta believe Pride, to be an an a event highlight


believe in Malta’s to to be calendar! be a a highlight


in in Malta’s vision is calendar! to change GiG’s


iGaming vision is industry is to to change to make the


iGaming fair industry and fun for to to make all.”

it it

fair and fun for all.”

Mikael Ångman, COO

Mikael Ångman, COO

Mikael Ångman, Chief Operations Officer

Mikael of GiG Ångman, said: “A Chief huge Operations part of that Officer

is to

of have of GiG a said: diverse “A “A workforce huge part and of of that provide is is to an to

have atmosphere a a diverse where workforce everyone and provide can be an the an

atmosphere best version where of themselves, everyone no can matter be be their

best background version of or of themselves, sexual orientation. no no matter We their want

background to encourage or or everyone sexual orientation. to be able We to We be want


to they to encourage are without everyone fear.” to to be be able to to be be who

they are are without fear.”

ARC is a voluntary organisation dedicated

ARC is is a a voluntary organisation dedicated

26 2


to support the LGBTIQ community in Malta

to by to support organising the the LGBTIQ monthly community events, campaigning in in Malta

by for by organising better monthly sexual health, events, campaigning


for with for better rainbow-friendly sexual health, businesses collaborating

and coordinating

rainbow-friendly Malta Pride. businesses and co-



ordinating Malta Pride.

“Studies are showing that countries that

“Studies support are LGBTIQ are showing rights that are countries better off that


support economic LGBTIQ development rights and are are social better wellbeing. off off economic We are witnessing development this and in Malta social wellbeing. as and

We we We are are witnessing finding a lot this of in positive in Malta collaboration

as as well and

we with we are are the finding business a a lot lot of and of positive civic communities”-


with Clayton the the business Mercieca, and the civic co-ordinator communities”-

of this

Clayton year’s Malta Mercieca, Pride the said. the co-ordinator of of this

year’s Malta Pride said.

“We are also aware however that negative

“We attitudes are are also and aware stigma however still persist that negative

and an

attitudes event like and Pride stigma is an still still occasion persist and to bring an an

event different like like minorities Pride is is an together an occasion in support to to bring


different each other minorities and give together courage in to in support people who of of

each are still other too and afraid give to courage live their to to truth. people To who have

are such are still still a too major too afraid employer to to live live their like GIG truth. supporting To To have

such Pride a a major gives us employer a lot of like like encouragement GIG supporting


Pride make gives each us year’s us a a lot lot Pride of of encouragement a better one than to to

make before each – not year’s just for Pride the fanfare a a better and one glamour than

before that is –– not fun not just for for all for the the fanfare family, and but glamour


that there is is is fun fun a lot for for of all isolation all the the family, in our but but small because


there that is makes is a a lot lot of it of isolation very hard in in for our our minorities small islands


that the makes LGBTIQ it community very hard to for for integrate”. minorities like like

the the LGBTIQ community to to integrate”.

Following a record turnout participation last

Following year, ARC a a has record initiated turnout its participation intent to host last


year, International ARC has has initiated Pride event its its intent five to years to host time an an

International and has become Pride a event member in in five of the years European time

and Association has has become of Pride a a member Organisers. of of the the European

Association of of Pride Organisers.

Several local artists will be performing for

Several the crowds local artists at the will open will be be air performing concert which for for

the will the crowds be held at at after the the open the air parade air concert in Valletta. which

will In will addition, be be held after the Italian the the parade Drag duo in in Valletta. Karma B.

In will In addition, be entertaining the the Italian the Drag crowds duo Karma with their B. B.

will spectacular will be be entertaining acts. More the the crowds information with will their


spectacular available on acts. www.maltapride.org

More information MBR will will be be

available on on www.maltapride.org


Malta Business Review

We have created an inclusive

and diverse working culture

- because it’s the only way to

be. We’ll accept nothing less

than an atmosphere where

everyone can be the best version

of themselves, no matter their

background or sexual orientation.

This is what makes us such a fair

yet formidable business, and this

positive, dynamic and sustainable

way of working, directly impacts

upon everyone we deal with. We

call this the #GiGLife.




Malta Business Review


Marlene Mizzi

Single digital gateway: a time saver for citizens and companies

• Easier for citizens and businesses to do

their paperwork online

• Key administrative procedures to be fully


• Examples include: birth certificates,

car registration, European Health Card,

study loan and grant applications and

business permits

The single digital gateway will help citizens

and firms to access information and

administrative procedures online, e.g. to

apply for study loans or register a car.

A provisional deal struck with the Council on

24 May to set up a single digital gateway, to

make it easier to find information, forms and

assistance for people moving to or doing

business in another EU country, but also for

those staying at home, was endorsed by the

Internal Market Committee on Thursday, by

33 votes to three, with one abstention.

This European single entry point will be

integrated in the “Your Europe” portal,

available in all languages. It will provide access

and links to national and EU web sites and

web pages, in a user-friendly way, to enable

users to exercise their rights and comply with

their obligations within the single market.

EU member states will be required to grant

online access to the most important and

frequently used procedures. In “justified

exceptional cases of overriding reasons of

public interest in the areas of public security,

public health or the fight against fraud”,

member states may ask the user to appear in

person for a procedural step. The information,

online procedures and assistance services

provided must be of high quality and

accessible to users with disabilities. A user

feedback tool will also be available.


Marlene Mizzi (S&D, MT), who steered this

legislation through Parliament, said: “Today,

the Internal Market Committee has achieved

an important milestone in improving and

easing citizens’ interaction with public

authorities through the digitalisation of public

services and the completion of the digital

single market. The new rules will provide

responsive, inclusive, borderless, userfriendly

digital public services to citizens and

businesses at national and European level.”

“Such services are paramount when people

want to move, live or study in another

EU country and need to request relative

documentation, such as a birth certificate,

proof of residence or apply for university or

study financing, amongst many others. It

is also very relevant for businesses wishing

information relating to cross-border activities

and procedures.”

“Once only” principle and data protection

The “once only” principle aims to ensure

that citizens and businesses are asked to

submit information only once to a public

administration, which can then be re-used in

other procedures, upon the user’s request.

The single digital gateway regulation includes

provisions to make sure that this principle

is implemented in line with the new data

protection rules.

Next steps

The draft regulation still needs to be voted by

the full Parliament in an upcoming plenary

session (September) and formally approved

by the EU Council of Ministers. In order to give

national, regional and local administrations

time to adapt, the target date for placing all

relevant procedures online will be five years

after the entry into force of the regulation.

However, many procedures are already

available online now or will be available

before that date.


The single digital gateway proposal is part

of the “compliance package”, aimed at

enhancing the practical functioning of the

EU single market. It builds on several existing

schemes, which cover only a few fields, are not

always interconnected, suffer from not being

well known and are therefore underused.

According to the European Commission, this

legislation could help EU citizens save up to

855 000 hours of their time annually and

companies could save more than EUR 11

billion per year. MBR

Creditline: Europarl Press



Malta Business Review

Patek Philippe Ref. 5531R World Time Minute Repeater.

For the very first time, a minute repeater sounds local time anywhere in the world.

Minute repeaters and the World Time

function play a pivotal role in the portfolio

of Patek Philippe’s complicated timepieces.

With its chiming watches, the Genevan

manufacture has defined the benchmark for

decades, as evidenced by their exceptional

acoustic quality, the broad range of

models and variations, and the interesting

combinations with other complications. Patek

Philippe’s World Time watches with cloisonné

enameled dials are legendary as well; they

rank among the most coveted timepieces at

auctions worldwide. In the Ref. 5531 World

Time Minute Repeater, the engineers in

Geneva merged these two complications for

the first time in Patek Philippe’s history – and

also in an unprecedented way: the time is

always struck as indicated by the hour and

minute hands for the time zone represented

by the city aligned with the 12 o’clock position.

Patek Philippe’s engineers can take on

any horological challenge, including the

development of innovative complications – as

in the Grandmaster Chime – or combinations

of functions never before attempted. This

applies especially when the issue is to integrate

functional mechanisms into one another. With

the Ref. 5531 World Time Minute Repeater, they

took on this challenge with a peerless degree

of ingenuity. All other minute repeaters with

24 time zones systematically strike home time

even if they and their owners are far away from

home. Conversely, Patek Philippe’s Ref. 5531

World Time Minute Repeater, chimes the time,

accurately to the second, at its current location.

The whole world’s time at a glance.

For over 70 years,

Patek Philippe World

Time (also called

universal time)

wristwatches have

been mainstays

in haute


The Genevan



recognized the

potential of Louis

Cottier’s idea.

In the 1930s, the

Genevan master


invented a remarkable system capable of

displaying the time in all 24 time zones

as referenced by the cities printed on the

dial or engraved in the bezel. In 1999, the

manufacture fundamentally improved the

functionality of its World Time watches by

adding a patented mechanism. When moving

from one time zone to another, this solutions

allows all three time zone indications to

be corrected with a single pusher. A single

actuation adjusts the city disk, the 24-hour

disk, and the center hour hand by one-hour

steps without affecting the rate accuracy of

the movement. Now, the challenge was to

join this mechanism with a minute repeater

in a way that would best address the purpose

of such a watch. The result is Patek Philippe’s

new self-winding caliber R 27 HU movement

with the World Time function and a minute


The melody of time for any place in the


The owners of a World Time Minute Repeater

want more than to see the time in all of the

world’s 24 time zones at a glance. They also

want a highly legible reading of the time

at their current location, on demand also

acoustically with the incomparable sound of

a Patek Philippe minute repeater. This goal

has now been achieved by the manufacture

for the first time in horological history.

With its Ref. 5531 World Time

Minute Repeater, Patek

Philippe is again presenting

a grand complication never

before implemented in

this way. The watch comes

in a rose-gold case with

a dial that seductively

pairs technical innovation

with an authentic

Genevan tradition. The

Ref. 5531 is a sonorous,

mechanically ingenious,

and aesthetically

appealing manifestation of

top-tier watchmaking artistry

as upheld by Patek Philippe. MBR


Creditline: Edwards Lowell



Malta Business Review





PARTNER ACCENTURE - By Janosch Delcker

Roundtable Report | Responsible

AI in the UK: How to raise a good,

ethical machine

Facing down another ‘AI winter’

The prospect of another “AI winter” is

haunting the artificial intelligence community.

Some are convinced it’s coming. But before

you rush to get your winter coat, keep reading.

Hello again, it’s Janosch Delcker, POLITICO’s

AI Correspondent writing from a summery

Berlin, and I’m back to get you up-to-date on

artificial intelligence.

Wait, what? An “AI winter”? If the term invokes

the Cold War, that’s probably because it was

coined back then.

Research on AI started in the late 1950s, and

some ambitious researchers predicted soon

after that machines would “be capable within

20 years of doing any work a man can do.” In

the years that followed, however, technology

failed to deliver on those promises and the

bubble burst in the late 1970s, leading to a

major hiatus and the public losing interest. It’s

what’s now known as the first “AI winter.” A

similar crisis followed in the 1990s. And now

"A cock may crow at

dawn every morning,

but that doesn’t mean

it’s the cock who causes

the sun to rise.

we are back in an era of hype, which makes

some experts believe the next winter is

looming. But is it?

Not in the next couple of years, the University

of Delft’s Virginia Dignum, who is a member

of the EU’s high-level expert group on AI,

told me. Yes, a buzz surrounding the field is

back, she said — but this time around, there

are enough successful real-life AI applications

that the bubble is less likely to burst.

That’s the great difference to previous “AI

winters.” Thanks to recent advances in

technology, particularly in computer power

and cloud storage, AI developers are now

able to turn more cutting-edge theory into

real-life applications.

But that doesn’t mean we will not experience

some sort of bitter awakening soon. At the

core of much of today’s AI sits a machinelearning

technique called “deep learning,”

which essentially works by classifying data. It

finds patterns in a pile of information, which

reveal new correlations. Problem is, however,

that those correlations explain a lot but not

everything: A cock may crow at dawn every

morning, but that doesn’t mean it’s the cock

who causes the sun to rise.

“If we keep focusing only on ‘deep learning,’

I can see that at some point, people will be

disappointed because there are problems you

can’t solve with it,” Dignum said.

What then are the alternatives AI researchers

should also embrace? One of them could

be working with models based on causality

rather than correlation, she told me. Another

one could be models that try to minimize the

dependency on existing data.

No one knows for sure whether or not another

AI winter is looming. But the vast majority of

AI experts I talk to don’t think so. What they

agree on, however, is that it’s time to start

thinking beyond deep learning. MBR

POLITICO, in partnership with its AI series’

Founding Partner Accenture Applied

Intelligence, hosted on June 11 an invitationonly

roundtable discussion in London on

responsible AI in the U.K. Here are the main


It can be hard to predict exactly how fastspreading,

constantly improving artificial

intelligence will evolve, or the harm it could

inflict. Just don't blame the machine for the

unintended consequences of what it was

programmed to do.

The advent of AI, after decades of research,

development and discussion, is raising

concerns about how to protect people

from risks such as data hacks, infrastructure

outages or swayed public opinion. Many point

the finger at machine-learning, saying it's

impossible to predict what the technology will

learn to do. But experts disagree, countering

that ultimately the machine will only become

as evil as it's built to be.

They say it's up to policymakers and

industry to set the rules around ethics,

fairness and transparency and apply them

across the development, programming and

deployment stages — and to make sure they

are forward-looking and flexible enough to

keep up with changes.

POLITICO recently gathered a group of

industry, government, academia, legal and

non-profit representatives in London to talk

about responsible AI in the U.K. and how

to avoid potential pitfalls — or knowingly

accept them along with the good. All

participants took part on the understanding

that comments would not be attributed to

individuals, in order to encourage an open

and frank debate.

Here are POLITICO's five takeaways on how to

build responsible AI:

1. Be accountable

The biggest challenge posed by machine

learning is that it's emergent: It improves

with more data and experience, making its

evolution hard to predict.

"It's a question for society, in order to get

the benefits that we imagine we're likely to

get from machine-learning, are we happy

to bear a little bit of cost, sometimes some

unforeseen consequence which is bad? Or

do we want to impose strict liability?" one

participant said.



Malta Business Review

One example of that trade-off is clickbait. It

may tap into a reader's immediate desire to

read the story behind a juicy headline, but

in the longer term it can skew the type of

information people receive.

This requires governments and businesses

to assign accountability, participants noted.

Businesses need to keep track of every

development step, because decisions made

from an AI's conception will dictate its

evolution. Governments, instead, need to

make clear that developers will be liable if

anything goes wrong.

"Then transparency will follow," said one.

"Yes, machine-learning is something that

can do things you don't expect. But systems

aren't just like one person trying to be Godlike,

systems are lots of pieces. … It is our

responsibility, if we're going to deploy these

technologies, to be willing to make the

liabilities that we come to."

2. Don't reinvent the wheel; adapt it

AI may be a constantly moving target, but

it doesn't require an entirely new policy

framework. Governments can start with

established national and international

standards, such as human rights law and

impact assessments, participants said.

"It's not about actually regulating a

technology," one participant said, pointing to

the U.K.'s strong existing regulations. "There

are lots of values already imbued in our law

and we just need to make sure that the AI is

compatible with that."

“Internationally, human rights law already

provides an ethics framework that allows for

trade-offs in difficult situations," a second

speaker said. "The question needs to be …

how do we translate all the human rights

legislation that's been built up over decades

into stuff that we can actually, practically use

when it comes to machine learning?"

In boardrooms, governments should push

executives to think about responsible AI in the

same way they're increasingly thinking about

climate change and sustainability, another

said. Environmental impact assessments,

for example, could provide blueprints

for algorithmic or technology impact

assessments, someone else noted.

3. Power and jobs to the people

AI is consolidating power and wealth into the

hands of those with the necessary skills, while

automation reduces the workforce needed to

run a business, speakers warned.

"We have companies making tens of billions

of dollars of profit with very few [employees]

"The energy sector, for

example, will need 10 to

15 years of planning and

data collection to gain

public trust

— that's never happened before, ever …

which actually is another problem," one

participant said.

Policymakers should work to rebalance the

power in this increasingly fragmented, AIpowered

world, the way consumer groups

and standards bodies help safeguard market

competition, another said.

"Even when you have got good consumer

choice, it just doesn't work — it doesn't drive a

good product for people, it doesn't mean you

get a good deal," the person said. "We have

to think, what's the ethical infrastructure we

might need that means individuals affected

have a bit more grit in the system?"

With fewer blue-collar jobs available, workers

will have to get used to the idea of "lifelong

learning," instead of relying on one skillset

for their entire careers, participants agreed.

And the education system will have to be

overhauled to support that.

4. Different values, different rules

The definition of responsible AI will

depend on a government's or society's

values — and those vary around the world,

speakers said. That will inevitably lead to

some regionalization.

"Human values are deeply, deeply political …

when we look at it on the international level,

we see just how divided the world is. China,

obviously," one participant said.

The U.K. and EU are already "highly aligned"

on many of those values, the person added.

But as AI spreads into the real world,

governments and companies will have to

think about what the technology they develop

in their countries and sell globally says about

their brand, and what that brand should say,

others added.

5. From research to the real world

Now the hard work starts: Jumping from

theoretical discussions to deploying AI


It's up to governments and developers to

identify those most affected by the changes

and prepare sectors that are lagging, such as

energy and manufacturing, speakers said. The

energy sector, for example, will need 10 to 15

years of planning and data collection to gain

public trust, one person said.

Asked what they would like to see over the next

18 months, another participant suggested

the creation of international standards that

provide a "mark of approval" for companies

without being too heavy-handed.

The U.K. is ahead of many others because

the conversation around AI ethics is already

mainstreamed, speakers agreed. Now it

needs to keep building political and public

awareness, understanding of how AI can be

used and consensus on the ethical trade-offs.

"We're all drinking the same Kool-Aid," said

one. "The problem is we need others to drink

the Kool-Aid. We need the public to come

with us." MBR

All rights reserved - Copyright 2018



Malta Business Review


The Hidden Value

of Networking –

And How it can

Change Your Life

By Mike Kaeding

85% of jobs are filled via networking.

I read this recently on one of Lou Adler’s

LinkedIn articles. This is a big reason why

people start networking. People want to

get something out of it. But if you focus

too much on what you will get out from

networking, you’ll miss the mark. People

will not care about you until they realize

how much you care about them. So instead,

focus on helping others and you will achieve

incredible things.

I was terrible at networking when I first

started. I treated it too much like a business

transaction. I wasn’t human. But then a friend

gave me some well-timed advice that I will

never forget.

The goal of networking is to build friendships.

That realization changed everything. I came

into networking initially to “network.” But

with some tweaks and good advice, I found

something so much better.

I found real friends.

And those friends have helped me achieve

more than I ever dreamt possible. I cannot

understate that. So, let me say that again:

Those friends have helped me achieve more

than I ever dreamt possible.

For me, there has been two keys to building a

great network.

1. Get Out There

2. Authentically Help Others

Get Out There

Start by just getting out there. Go to events.

Stick your hand out to a stranger and say “Hi

my name is…” Walk up to a group of people

and introduce yourself. It is terrifying. But just

act on it. The longer you wait to act, the worse

it gets in your mind. It isn’t nearly as bad as

you make it out to be. Plus, most everyone

else is just as scared as you.

Find local business events, industry conferences,

or meet-ups. You could try a website like meetup.

com to find people interested in the same things

as you. Then once you start to meet people, ask

them what other events might be good for you

to attend. That really gets the ball rolling and you

will start finding incredible events that you didn’t

even know existed.

Authentically Help Others

The most important take away is to be

authentic and help others. Ask the people

you meet to join you for coffee or lunch. Ask

them about their passions and interests. Get

to know them and look for ways you can help.

Because here is the most important piece I

can give you about networking:

Help others reach their dreams and they will

likely help you reach yours.

One Last Story

One of my connections was my biggest

competitor. We met several times and really

connected. I realized that he was an incredible

human being. Over time he became a friend.

Then one day, disaster struck. We had a

maintenance emergency. I exhausted all

my options. But then I remembered my

competitor. In a moment of desperation, I

called him. And he stepped up in a big way to

help me out.

It was incredible!

I want to help him in a big way as well. He has

been looking for help networking and getting

some more exposure. I will be speaking at a

North Metro Chamber of Commerce event

where I am going to introducing him to some

important connections. I know that’s going to

help him better reach his dreams.

That’s the power of building up real friends.

We all fight hard to help each other out.

And together we can accomplish far more

than we could apart.

A Special Note

I wanted to share a special word to the people

who have been so gracious to like, comment,

and message me. I have really enjoyed

connecting with you. I feel like I am starting

to build some incredible friendships through

LinkedIn. I didn’t think that was possible. But

you have been an inspiration to me. You all

have an unquenchable desire to do great

things. So…

Let’s change the world together! MBR

Courtesy: LinkedIn



Malta Business Review

The FIAU issues the Implementing Procedures -

Part II addressed to the Remote Gaming Sector

The Financial Intelligence Analysis Unit

(FIAU) has issued the Implementing

Procedures – Part II (found here)

addressed to the remote gaming sector. This

document focuses, and provides guidance,

on certain aspects of the Prevention of

Money Laundering and Funding of Terrorism

Regulations (“PMLFTR”) which warrant

further elaboration at industry-specific level

to ensure that they are understood and

interpreted consistently by licensees.

The Implementing Procedures – Part II for

the remote gaming sector were drawn up in

conjunction with the Malta Gaming Authority

and following due consultation with the

relative sector. All interested parties are

to take note thereof. These Implementing

Procedures are also accessible through the

FIAU’s website - http://www.fiaumalta.org/ -

and are considered to have come into force

on the date of their publication. MBR

Creditline: Malta Gaming Authority



Malta Business Review


Why gaming

might become

the biggest

thing in the

history of


By Toan Nguyen

Sergei Fadeichev / Getty Images)

When people think about entertainment they

often think about shows. Shows on TV or shows

on stage. A quick search on Google Images

using the term ‘entertainment’ will suggest

that entertainment is either a theatrical movie

or a music concert.

Let’ start with a personal confession. I am a

millennial and yes: I don’t watch TV; I watch

YouTube channels. I don’t know soap-opera

actors, but I know Instagram influencers. I

operate mainly based on different social media

filters, hacks and algorithms. But the most

disturbing thing you will probably read today is

that I enjoy watching other people play video

games online.

Yes, I really do.

I might even be sitting on my couch while you

read this, watching other people play ‘League

of Legends’, ‘Dota 2’ or ‘Counter-Strike’ on my

big TV screen at home, which I initially bought

for Netflix and Amazon Video. And there is also

a good chance that I’m not by myself.

Some friends of mine could well be there,

too, passing round some snacks, because

it’s obviously more fun to watch games and

matches together. This might sound superweird

to you, but think about it.

How many people watch other people play

traditional sports? How many people watch

other people cook? How many people watch

other people get naked and do stuff? Those are

all phenomena that have been around for some

time, right? So obviously there is something

about watching others do stuff that seems to

trigger people. And this holds true for gaming,

as well, and — hell, yeah, we are talking about

millions upon millions of people watching

people play video games to win millions upon

millions of dollars. Actually, you can win $20

million for winning a single tournament.

I’m a strategist who works in sports marketing

and for the last four years I have been working

with sports entities such as the German

national soccer team, the German Olympic

team, several Bundesliga clubs, a few select

athletes and, of course, sports brands like

Adidas, Reebok and sports sponsors like

Mercedes-Benz. It’s mostly been fun, simply

because it’s more fun to market a soccer

team than Bavarian cheese, the next flavour

of deodorant or a banking account (all been

there, all done that). My older colleagues have

always stated that working with cars is the

supreme discipline in advertising. Well, maybe

that used to be true

But right now I am looking at 29 million

hashtags for BMW, 12 million hashtags for Audi,

39 million hashtags for Adidas and 69 million

hashtags for Nike on Instagram. Without doubt

traditional sports such as tennis, soccer and

American football have been significant drivers

of great marketing initiatives.

I truly believe that sport as a platform is and will

always be king when it comes to its potential

to reach consumers. It is by nature a killer

application, something with inherent strength

and uniqueness through one particular factor:

all its ingredients are engaging by default. No

other platform can produce content on such a

regular basis as sport; no other platform is as

naturally tied to anticipated occasions like match

days, cups or finals. Sport embodies the idea of

community-building and loyalty in its fans. Sport

is also emotional. It’s all about drama – winners

and losers. Ultimately sport is about powerful

things: humans and personalities. It’s without

any doubt a powerful platform!

But what would you think if I told you that there

was something bigger than sports? When we

talk about entertainment we ultimately have

to talk about gaming.

Yes, gaming.

In fact, gaming might become the biggest thing in

the history of entertainment. And I’m talking real

money here: $108.8 billion in revenue in 2017.

The market has been growing at an average

rate of 5%, which represents roughly $5 billion

a year. And things are getting more aggressive.

The game ‘Call of Duty’ had a marketing budget

of $200 million; the ‘Call of Duty Black Ops II’

instalment, in return, generated $1 billion in sales

within fifteen days of release. This game is moving

more money than many Hollywood blockbusters

— and it’s not alone. Titles such as ‘GTA, ‘Final

Fantasy’ or ‘Pokemon’ series are all moneyprinting


Let’s go back to the beginning and the strange

idea that certain people would watch other

people playing video games. Why? Because

it’s reality, and reality hits hard! We have seen

kids watching make-up tutorials on YouTube.

We have seen a range of digital-born stars on

Instagram who may, sooner or later, change the

entire fashion industry. And we’re now facing a

time when it’s sport and entertainment that

will be truly redefined.

What if I told you that there is something

like competitive gaming out there. There are

professional teams, professional leagues and

professional players who are playing video

games for a living. This happens in stadiums

around the world, most of them sold out,

while companies such as Twitch (Amazon),

Facebook and YouTube stream the games live

with regular six-digit to seven-digit concurrent

views. How would you feel about this fact:

the world championship in ‘Dota 2’ has a

prize pool of more than $20 million! For

just one single event. All of this is driven by a

strong and growing fan community. Fnatic, a

London-based eSports clan, has more than

1.12 million followers on Twitter alone! Faker,

a South Korean ‘League of Legends’ player and

something of a Lionel Messi of eSports, counts

more than a million fans across different

channels such as Facebook, Twitter and – most

importantly — Twitch.

Let me dive deeper into the subject, because

there is a lot to tell. And, yes, there are a lot of

prejudices when thinking about eSports, so let

me address the three most common ones first.

"No other platform can

produce content on such

a regular basis as sport



Malta Business Review

#1 That thing about the nerds

The first picture that might come to your mind

is probably a teenage boy who’s sitting in his

parents’ basement. You would probably call

that kid a ‘geek’ or a ‘nerd’ and most likely think

he’s not someone who’s going to date the

prom queen. And you could be right.

Sure, the average eSports fan probably

doesn’t live in the New York’s East Village,

nor do they drink fancy matcha lattes after

attending Vinyasa yoga class. They also don’t

usually live in artsy lofts with a fixie bike in the

hallway or a surfboard on the wall. In fact, it’s

more likely they’re sitting in an engineering

or computer science lecture, learning about

macroeconomics or tutoring math.

What makes me say that? It’s simple. The

people who keep up with eSports very likely

possess not only above-average English skills

but also significant cognitive skills.

If you don’t believe me, come and visit an ESL

(Electronic Sports League) event and have a

look for yourself. The complexity that hits you

when commentators analyse strategies, plays

and scenarios in double-time English is a pretty

good demonstration of the brain capacity of

eSports fans who live all over the world. ‘Dota

2’, for example, one of the most popular games

right now, is an amalgam of game theory, as in

the movie A Beautiful Mind with Russell Crowe;

and American-football moves coupled with the

high speed of basketball. And all that wrapped

in bangs, thuds and lots of blinking lights.

So, let’s put it like this: eSports fans and players

may not be your typical mood-board target

group that live in urban lofts, but they aren’t

the blaring, fireworks-lobbing beer lunatics

that can be found in other types of sports.

It’s most likely that a lot of them will become

tomorrow’s programmers, aircraft specialists

and mobility engineers. Yes, they are the ones

who’ll go on to have the money.

#2 That thing about the violence

I hear this a lot: eSports and gaming is about

bang-bang and violence and forms the perfect

boot camp for future serial killers. When most

people think about serious eSports they think

about ‘Counter-Strike’, and, again, they are

right. ‘Counter-Strike’ is huge.

The current player base stands at a cool 10

million. Per month, obviously! Sometimes,

there are up to 850,000 gamers playing on

the servers at the same time. During ESL One

Cologne (like a world championship), there

were 15 million unique viewers watching the

streamed matches online — read that number

one more time — and 47.9 million hours of

‘Counter-Strike’ were watched on Twitch in

January 2017 alone.

Statistically they cannot all be maniacs and

serial killers.

‘Counter-Strike’ is among the four most

popular eSports titles. That’s why prize pools

"eSports is the sport

and entertainment

phenomenon of the new


can easily reach into the millions of dollars

— on top of an average player base salary of

about between $65,000 and $100,000. Think

about it. You don’t make these amounts of

money through senseless aggression but

rather technical versatility, reflexes and,

most importantly, a high degree of tactical

thinking, both individually and as a team.

So it’s hardly surprising that the whole do-

FPS-games-make-you-violent (that is, firstperson-shooter)

discussion is limited to a few

countries. Countries like Germany, where

I live, for instance. In other countries huge

brands such as Visa, Pepsi, Coca-Cola, Audi

and Domino’s Pizza have been sponsoring

‘CounterStrike’ teams and events for quite

a while now, and NBA players and top DJs

such as Steve Aoki are even buying their own

teams. In comparison, the fact that some

countries are still stuck thinking ‘Counter-

Strike’ is for unstable personalities with low

impulse control and high levels of aggression

is somewhat embarrassing, to be honest.

#3 That thing about ‘not being a sport’

Some people may argue that eSports is not a

normal sport. And they are correct; nothing is

really normal in eSports. A global community

that is digitally connected, exceptionally

clever, gets its entertainment via streams,

willingly pays for ‘in-game items’ (for example,

little outfits for your character) and regularly

breaks viewership records is anything but a

normal sport. Because the fact remains that

normal sports — apart from soccer and very

few others — are having huge difficulties in

many areas. Entire sports are taking place

practically without any viewers, and organized

sports entities are desperately looking for

members. Meanwhile, the eSports kids just

have to open up their browser or game client.

Long story short: the entry barriers are a lot

lower than they are in other sports.

And what about the sweating? Shouldn’t

sports be sweaty? Another one of those

topics. . . Once you have seen how many

actions the pros perform every single minute,

how precisely they are handling their mouse

and keyboard, you can hardly maintain that

there isn’t a physical component to it. Then

there’s the mental component as well — and

let’s not forget that chess is a sport, too.

The thing is: eSports can help itself to

elements of traditional sports, picking up

what works best. It can. But it doesn’t have to.

And that’s what makes it so exciting. After all,

in some ways eSports is still in its early stages

and therefore still keen for co-shaping!

Entertainment is what entertains

Again, this is reality: we have heard peculiar

stories about ‘World of Warcraft’ and

struggling families in South Korea. We have

seen the long lines of people buying games

and going crazy about new consoles. And

there is an entire genre on YouTube called

‘Let’s Play Videos’. What is happening now is

not only an evolution of gaming it’s a powerful

transition that will bridge different parts of

different entertainment industries. It will

bridge sports with gaming, with streaming,

with talent, with live, with online, with on-theground

and with a global community.

eSports is the sport and entertainment

phenomenon of the new generation: it’s a

digital-born sport with digital-born stars. And

there is a much stronger feeling of ownership

by the fans. They have helped build the

eSports scene from the ground up themselves

and thus feel strongly about it as ‘their’ scene.

This means they are much more interested in

what happens in the scene beyond individual

teams or athletes than regular sports fans

tend to be.

While we all know those brands and

industries that are desperately striving for

digital transformation, eSports has managed

to build its very own ecosystem. It’s all

digital by nature — the games, the training

sessions, the interaction with fans, the

activation, the reach and the views. It is also

a rather untapped space for many brands

and potential sponsors that still offers the

potential for genuine co-creation instead of

plain, unimaginative logo placements. We

may still lack a definition of entertainment,

but we know that it needs to entertain. MBR

Creditline: Toan Nguyen



Malta Business Review



build trust in digital technologies

By Gerardo Fortuna

• Safer “smart” appliances and connected

(Internet of Things) devices for EU


• A stronger European Cybersecurity


• Minimise risks and threats to information

security and network systems

• Increase cyber resilience

A new certification framework for connected

devices, together with a stronger role for the

EU Cybersecurity Agency, were backed by

Industry Committee MEPs on Tuesday.

The EU cybersecurity scheme will certify

that an ICT product, process or service has

no known vulnerabilities at the time of the

certification’s release and that it complies

with international standards and technical


Cybersecurity certification framework

Certification will be voluntary and, where

appropriate, mandatory and will prove:

• confidentiality, integrity, availability and

privacy of services, functions and data,

• that services, functions and data can be

accessed and used only by authorised

persons and/or authorised systems and


• that processes are in place to identify all

known vulnerabilities and deal with any

new ones,

• that products, processes or services are

designed to be secure and that they are

fitted with up-to-date software without

any known vulnerabilities,

• that other risks linked to cyber incidents,

such as risks to life or health, are


Assurance level

The certification scheme will specify three

risk-based assurance levels:

• basic, meaning the appliance or device is

protected from the known basic risks of

cyber incidents,

• substantial, meaning known risks of

cyber incidents are prevented and there

is also capability to resist cyber-attacks

with limited resources and

• high, meaning risks of cyber incidents

are prevented and the appliance or

device is able to resist state-of-the-art

cyber-attacks with significant resources.

A stronger mandate for ENISA

The new draft rules will give a larger budget,

more staff and a permanent mandate to

the existing European Agency for Network

and Information Security (ENISA), with its

headquarters in Heraklion and offices in Athens.

In addition, ENISA will become the reference

point on the cybersecurity certification

scheme, in order to:

• avoid fragmentation of certification

schemes in the European Union,

• draft candidate EU certification schemes

for specific products, under the request

of the European Commission,

• maintain a dedicated website with all

relevant information on certification

schemes, including that on withdrawn

and expired certificates.


Rapporteur Angelika Niebler (EPP, DE)

"Today's vote is a very important step towards

a long-term vision of cybersecurity in the EU

for two reasons. Firstly, from the perspective

of consumers, it is important that users have

trust and confidence in IT solutions. Secondly,

I strongly believe that Europe can become

a leading player in cybersecurity. We have a

strong industrial base and it is vital to continue

working on improving cybersecurity for

consumer goods, industrial applications and

critical infrastructure."

Next steps

The draft report, approved by 56 votes to 5

with 1 abstention, will constitute the EP's

position for the negotiations with the Council,

if it is approved by the full house during

September's plenary session. MBR

Courtesy: EP/Europarl PO, Valletta

"We have a strong

industrial base and

it is vital to continue

working on improving

cybersecurity for

consumer goods,

industrial applications

and critical





KERAKOLL. Products and services

to build healthy homes that are

kind to the envirorment.





J.M. Vassallo Vibro Steel Limited

Malta Business Review


The MCA launches FastTrak to Mobile Business

Hon. Schembri MCA Chair

The FastTrak to Mobile

initiative has been launched

by the Malta Communications

Authority (MCA), as part of its

efforts to encourage the use

of eCommerce by businesses,

as set out in its National

eCommerce Strategy (2014-

2020). Following last year’s

success of the first iteration of

FastTrak, the MCA has today

launched the second phase

of the project, with particular

focus on mobile commerce and

mobile marketing.

Over the past years, businesses across the

globe have shifted their focus to mobile

technology. The number of connected devices

in the world is staggering. As at Quarter 1 of

this year, Malta has surpassed 606K active

SIM cards, and the transformation in the way

we live, work, learn, travel, shop and stay

connected has been phenomenal. This is why

mobile has been identified by the MCA in last

year’s review of the National eCommerce

Strategy, as a specific focus area that must be

tackled via initiatives, such as FastTrak.

Addressing those present for this morning’s

launch, the Parliamentary Secretary for

Financial Services, Digital Economy and

Innovation, Silvio Schembri, further stressed

that projects such as FastTrak to Mobile are

Ms Caryl McCay MCA

necessary when considering the mobile device

advancements in the telco industry in the past

couple of years, and how Malta has been at

the forefront in this sector, with 4.5G rolled out

nationwide, and with 5G in the pipeline.

“This ecosystem inevitably creates a market

for mobile enabled apps and environments

and government is intent on assisting small

and medium sized business organisations to

tap into this market. Fast Trak to Mobile is

one way through which we are providing this

assistance,” said the Honourable Schembri.

The FastTrak sessions, will guide local

business-owners through various topics

to help them take the next step to mobile.

These include mobile commerce, website

optimisation, mobile search and mobile

marketing, amongst others. The hands-on,

2.5-hour sessions, will be offered completely

free of charge to participants.

The training sessions are scheduled to

commence this September, with various

intakes throughout the months of September

and October. The course will be held at

MCAST Paola and at Business First in Mrieħel,

during evenings between 18:30-20:00 hrs.

Participants will receive a certificate on

completing the training.

FastTrak to Mobile is supported by MITA,

MCAST, Business First and MEA. MBR

Creditline: MCA


Malta Business Review


MGA Publishes its 2017

Annual Report and

Financial Statements

The Malta Gaming Authority (MGA)

has published its Annual Report and

Financial Statements for the financial

year ending 31 December 2017. The report

provides an overview of the activities and

work performed throughout the year by

the MGA which mainly focused on the

finalisation of the new Gaming Act, coming

into force in 2018, and on the enhancement

of its compliance systems, including the

implementation of the requirements of the

EU 4th Anti-Money Laundering Directive.

Throughout 2017, the MGA also focused on

enhancing its IT systems, as reflected in the

introduction of the Licensee Relationship

Management System (LRMS), a secure

and dedicated portal featuring a one-stop

shop for licensing and reporting and a new

communication channel.

The Annual Report also looks at 2018 and

beyond, whereby the MGA will be focusing

on the implementation of the new regulatory

framework, the transition towards a riskbased

approach to regulation, the continued

implementation of onerous AML (Anti-

Money Laundering)/ CFT (Combating the

Financing of Terrorism) obligations, and the

application of the General Data Protection

Regulation, and its impact on operators and

the MGA alike.

The following are the key highlights from

the Annual Report:

During the year under review, the MGA

generated a total revenue of €66.3m in licence

fees, gaming tax and other administrative fees

and fines, compared to €62.5m in 2016. This

represents an increase of €3.7m or a 6% yearon-year


The direct

contribution of

the gaming industry

to the Maltese

economy was valued at

€1.1 billion in 2017, with

approximately 9,800 full time

jobs created within operators

directly in the sector and other

associated businesses;

In January of the same year, the MGA

launched a licensing and regulatory regime

based on the Skill Games Regulations for

the online skill games sector, including the

creation of a specific B2C and B2B licences for

‘controlled skill games’;

It also conducted a thorough study to

assess the application of Distributed

Ledger Technology (DLT) and the use of

cryptocurrencies in a sandbox environment,

with the objective of issuing a consultation

paper and subsequently, guidelines, in 2018;

As highlighted above, the MGA kept investing in

its IT systems, most notably on the introduction

of a New Licensee Relationship Management

System accessible through a secure and

dedicated web portal. This system has changed

the way the MGA interacts with its existent and

prospective licensees through the digitisation of

regulatory and licensing processes;

In 2017, the MGA further enhanced its AML/

CFT supervisory mechanisms, including

the implementation of the EU 4th Anti-

Money Laundering Directive. This involved

cooperation with the Financial Intelligence

Analysis Unit (FIAU) to develop supervisory

practices and procedures, sector-specific

guidelines, and joint supervision;

MGA’s most important achievement was the

finalisation of the new Gaming Act which was

tabled in Parliament earlier this year. The new

law is set to overhaul completely the way the

Authority regulates the sector, once it comes

into force in 2018.

In publishing this report, Heathcliff Farrugia,

Chief Executive Officer of the Malta Gaming

Authority, stated that: “Last year was perhaps

one of the most exciting years for the MGA.

The ongoing efforts and relentless work of

MGA officials on the various projects the

Authority embarked upon was reaching

its final stages, with the new regulatory

framework and the 4AMLD being the most

notable ones.

Their introduction in 2018, coupled with

the investment in IT systems shall continue

to elevate our regulatory standards, by

strengthening our controls and empowering

the Authority to adopt a risk based approach

towards enforcement and supervision.” MBR

Creditline: Malta Gaming Authority



Malta Business Review


By George Carol

Exclusive Interview with Jonas Eneroth, CEO / Co-founder, Karmafy

MBR: Will you discuss the

history and heritage and

what are some of the key

features in Karmafy?

JE: Karmafy is the result of a number of

encounters where the team discovered

we had all, at some point, worked on

projects with a charitable component, and

we recognised a number of synergies. We

also identified shortcomings in previous

attempts to combine games and charity.

Most either use corporate charitable

contributions as a simple PR tool or have

expected players to donate directly.

The innovation of Karmafy is that, while

funds still flow from game developers to

charities, the magnitude of support is

dependent on the engagement and loyalty

of the players, who, in turn, feel valued

and empowered and engage more.

MBR: Is brand awareness

for Karmafy important or is

it more about the individual

within the business?

JE: Brand awareness is extremely

important. While we operate mostly

in a B2B context, it is important for all

stakeholders to trust the Karmafy platform

and our ability to deliver the support they

help us generate. This is an area where

even properly used blockchain technology

can provide complete assurance, minimise

costs and maximise impact. We are very

excited to explore new technologies and

continue building our start-up through

revenue as well as attracting further

investment to accelerate growth.

MBR: Where did your passion

and purpose for creating this

business come from?

JE: There is an element of chance to

all the choices we make. We had all

investigated the dynamics of corporate/

charity (CSR) interaction previously

and saw areas ripe for improvement.

We were able to secure international

investment, and with Malta Enterprise’s

encouragement, relocated to Malta.

MBR: You have a strong

personal commitment to

philanthropy. Was this

instilled in you early on

and what do you see as the

responsibility of companies

when it comes to addressing

broader societal need?

JE: Philanthropy has always been part

of my life in a number of different

forms. Coupled with my entrepreneurial

background in creating video games, I

wanted to find a way to merge these

two. On the global scale, it is crucial for

corporations to re-establish themselves

as members of and contributors to, civil

society. While governments are probably

"This is an area where

even properly used,

blockchain technology

can provide complete

assurance, minimise costs

and maximise impact.

better at dealing with long-term strategies,

companies are uniquely positioned to

identify areas in need of improvement

that would benefit from their skillset.

MBR: How do expert

engagement design

combine each product with

commercial and philanthropic

goals to let users feel good

about their actions?

Each product has its own commercial goals,

and different demographics will respond

differently to gamification. However, while

we customise the user experience to

the specific product, we have identified

recurring patterns that allow us to scale

our offering. As we expand into more

territories, we are also learning how

different user groups prioritise charities.

Our concept tests really well outside a

gaming context, such as business tools

like Slack, HR systems for employees or

just shopping on the web. We see great

potential to scale and explore these areas

as we scale up.

Karmafy team when they first arrived to Malta

MBR: Can charitable

platforms support good

causes and also be a driver

for player retention?

JE: The effect of driving retention or other

KPIs will depend on a platform's ability

to offer a benefit to all stakeholders. The

unique Karmafy approach has proven that

when you incorporate philanthropy in the

right way, you improve KPIs and customers

are more engaged. A triple win.

All rights reserved - Copyright 2018




Malta Business Review


• Future deal must be ambitious and

deliver concrete benefits

• But has to ensure fundamental

freedoms are respected

• Must also fight corruption, money

laundering and tax evasion

MEPs list conditions for new EU-

Azerbaijan deal

Ensuring that core EU values and rights

are respected is one of the conditions for

deepening EU-Azerbaijan relations, said MEPs

on Wednesday.

Parliament’s recommendation to negotiators

working on the EU-Azerbaijan Comprehensive

Agreement, passed by 564 votes to 69, with

47 abstentions, calls on the Council, EU

Commission and the EU foreign policy chief to:

• ensure that the future agreement is

ambitious and delivers tangible and

concrete benefits to both sides, not only

for large companies, but also for SMEs

and citizens of the EU and of Azerbaijan;

• ensure that the deepening of EU-

Azerbaijan relations is conditional upon

it upholding and respecting democracy,

the rule of law, good governance, human

rights and fundamental freedoms,

• remind the Azerbaijani authorities that no

comprehensive agreement will be ratified

with a country that does not respect

fundamental EU values and rights,

• ensure, before the negotiations are

concluded, that Azerbaijan releases

its political prisoners and prisoners of


• help Azerbaijan to develop a strong

framework to protect human rights

and fundamental freedoms and ensure

that it respects the right to freedom of

peaceful assembly,

• support reform of the judiciary aimed

at ensuring its impartiality and

independence from the executive,

• put in place specific provisions to help

Azerbaijan to fight economic crime,

including corruption, money laundering

and tax evasion, and back investigations

European Council President Donald Tusk (right) and Azerbaijani

President Ilham Aliyev

into laundering schemes, notably the

“Laundromat” affair, and

• further support free and pluralistic media

in Azerbaijan with editorial independence

from dominant political and oligarchic

groups and in line with EU standards.

MEPs hope that if negotiations advance

speedily and all key conditions are met the

new agreement could be signed before

the next EU-Eastern Partnership summit in

"The EU is Azerbaijan's

top trading partner and

Azerbaijan is a strategic

energy partner for the

EU - it is high time to

update the framework

for our relations with

a comprehensive


2019. They also urge the EU side to ensure

that the new agreement does not take

effect provisionally until after the European

Parliament has given its consent.


Parliament’s rapporteur Norica NICOLAI

(ALDE, RO) said: “The EU is Azerbaijan's top

trading partner and Azerbaijan is a strategic

energy partner for the EU - it is high time to

update the framework for our relations with

a comprehensive agreement. Today’s vote

shows that the European Parliament will

remain very attentive to developments in

Azerbaijan and I hope we can work together

to ensure that the necessary progress in terms

of democratic standards can be achieved

before the conclusion of negotiations.”


EU-Azerbaijan relations are governed by

the 1999 Partnership and Cooperation

Agreement. Negotiations for a new

agreement were launched on February 2017.

The EU is Azerbaijan's top trading partner

and its biggest export and import market,

accounting for 48.6% of Azerbaijan’s total

trade and providing its largest source of

foreign direct investment. MBR

Creditline: Gediminas VILKAS



Malta Business Review


Press conference: 4.07, 12.00, Press Point, European Parliament, Strasburg.

The “Not in our name” picket was organised

by the coalition of Polish non-governmental

organisations during the speech of the Polish

government’s Prime Minister in the European

Parliament. Participants of the picket wanted

to draw attention to the false statements

of the Polish authorities propagated on the

forum of the European Union. They were

holding banners with the inscription: “Mr

Morawiecki, your lies don’t work here”.

Poles are among the most Europe-enthusiastic

societies in the EU. EU membership is supported

by 84% of Poland’s citizens. However, the Polish

government is proceeding with introducing

such changes to the judiciary which openly

breach EU Treaties, violate the Polish

Constitution and destroy court independence.

The authorities have introduced laws which

allow over half of all judges of the Supreme

Court to be removed and exchanged and

which allow for removal of the President

of the Supreme Court before her term of

office expires. This new law enters into

force on 3 July, 2018. Since taking office in

November 2015, Law and Justice has passed

legislation that has already given it control

of the Constitutional Court, which can veto

legislation, and the National Council of the

Judiciary - the body that nominates judges

in Poland. Justice Minister Zbigniew Ziobro

has used another law to change almost 20%

ordinary court presidents or their deputies.

The protesters drew attention to the fact

that over the past 3 years, tens of thousands

of Poles have been protesting against the

violation of their Constitution. Every day, for

the past 3 weeks, thousands of Polish citizens

have taken to the streets in defence of the

Supreme Court. Such protests have been

held so far in 250 cities and towns in Poland.

All the living former Presidents of Poland

have become involved in defending the

independence of courts, with Lech Walesa

in the forefront, the former Foreign Affairs

Ministers and activists of the democratic

opposition of the 80-ties and 70’ties.

The picket was organised by the “Europe, don’t

let go” coalition, including 150 civil movements

and NGOs, among them: European Front,

Bronisław Geremek Foundation, Stefan Batory

Foundation, Committee for the Defence of

Democracy, Citizens of Poland Movement,

Citizens in Solidarity in Action, Polish Nationwide

Women 's Strike, and Free Courts. MBR

Creditline: Iwona Wyszogrodzka Obywatele RP



Malta Business Review


MEPs deplore lack of

concrete deals at the

EU summit

Outcome of the EU summit©EU 2018 – EP: European Council President, Donald Tusk and Commission President,

Jean-Claude Juncker, a majority of speakers criticised the heads of state or government for not being able to reach

substantial agreements on how to deal with migration and asylum flows.

The results of the last EU

summit are unsatisfactory for

most MEPs, who regret the

lack of progress on asylum

reform and on deepening the

economic and monetary union.

In a plenary debate with European Council

President, Donald Tusk and Commission

President, Jean-Claude Juncker, a majority

of speakers criticised the heads of state or

government for not being able to reach

substantial agreements on how to deal with

migration and asylum flows. They voiced

concern that little will change on the ground

and that people will continue dying in the


Opening the discussion, President Tajani

reiterated that the Parliament has been

waiting for a long time to start negotiations

on the reform of the Dublin Regulation and

called on the Council to adopt its position

withqualified majority. Tajani stressed that the

EP proposal is an “excellent starting point”, as

it is balanced and broadly supported in the


There is also frustration among MEPs given

that, almost ten years after the financial crisis,

EU leaders have not been able to put in place

the necessary safeguards to avoid further

economic meltdown. MBR

Credit: Estefania Narrillos, Press Officer




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Malta Business Review



Positioning to Be at the Center - By Alenka Grealish

How can a bank position itself to be at the center of customer engagement and avoid being squeezed out

by nimble incumbents, digital giants, and fintechs?


1 2 3

What is a platform

banking strategy?

What will the

pursuit of a platform

banking strategy

bring in the US?

What could the

platform banking end

game look like?


Platform banking as

a business model will

become a force in the

US that will dramatically

change the competitive

landscape. Given the

unique characteristics

of banking, banks will

not follow the platform

strategy playbook of the

digital giants like Apple

and Facebook. Instead,

they will develop and

adopt hybridized versions.

There has been much buzz in Europe about

open banking ever since open application

program interfaces (APIs) were mandated.

What of the US, where there is no mandate?

Are there market and/or other forces which

will drive banks toward a platform strategy,

one broader than open APIs? The resounding

answer is yes.

Given the unique characteristics of banking,

banks should not follow the platform strategy

playbook of the platform pioneers. On the

demand side, banks should seek to acquire

and serve customers not only through

their channels but also through partners’

“channels.” On the supply side, they should

integrate partners’ “product” into their

channels, typically by white-labelling but

occasionally co-branding.

Platform banking as a business model will

become a force in the US that will dramatically

change the competitive landscape. Given the

unique characteristics of banking, banks will

not follow the platform strategy playbook of

the digital giants like Apple and Facebook.

Instead, they will develop and adopt

hybridized versions.

Banks that harness the power of the platform

model will generate a win-win through

partnerships that will enable them to break

resource constraints, accelerate scaling, and

generate new revenue pools. MBR

Courtesy: CELENT - www.celent.com




Content Type



Digital, Industry Trends, Innovation & Emerging Technology, Technology trends


North America



Malta Business Review

Antonio Tajani

President of the European Parliament

Tajani to EU Leaders :

to manage migration flows we must first

stop departures, strengthen external

borders, reform Dublin and stabilise Libya

By Carlo Corazza

“The immediate priority right now is to close

the Mediterranean route, strengthen our

external borders and reform the European

asylum system. In parallel to this we must

support the stabilisation of Libya, finance

centres for the support of asylum seekers

in transit countries and invest in Africa to

provide opportunities for young Africans in

their own countries” declared President Tajani

in a roundup of his address to the European

Council on the migration crises.

Time for answers

“This European Council meeting will be

remembered for a long time, but we cannot

yet say whether it will be remembered as a

success or a failure. That will depend on us, on

the responses we offer to our fellow citizens’

most pressing concerns on the migration

crisis” opened President Tajani.

Stopping departures

“EU citizens are caught in between their

humanitarian instincts and their fear

of uncontrolled migration. Against that

background, the first thing to do is to stop the

constant stream of migrants leaving transit

countries and the coast of Africa and ensure

that only people genuinely entitled to asylum

arrive in Europe, and do so safely.

The number one priority, therefore, must

be to shut down the Mediterranean routes.

Taking our cue from the agreement concluded

with Turkey, which led to the Balkan route

being shut down, we must invest at least EUR

6 billion in an effort to achieve that objective.”

Strengthening our external borders

“We must also strengthen our external

borders, increasing the number of officers of

the European Border and Coastguard Service

to 10,000. Just as urgently, we need to turn

the European Asylum Support Office into a

fully-fledged EU agency with greater human

and financial resources.”

European Asylum System reform

“The overhaul of the asylum system remains

the key to the whole problem. We must

simply accept the fact that the Dublin system

was designed to deal with normal migration

flows, not with migratory pressures on this

scale. We all agree, admittedly for differing

reasons that it needs to be changed quickly.

Parliament already voted by a wide majority

in November 2017 a reform proposal which

is a sound basis for discussion balancing

firmness and solidarity.“

Cooperation with transit countries

“We must build on what is being done in

Niger and set up protection and reception

centres run by the United Nations and the

European Union in as many African transit

countries as possible. We must work with

Libya, of course, but also with other countries,

such as Niger, Mauritania, Mali, Chad, Tunisia,

Morocco and Algeria. For this we need more

resources for the Africa Trust Fund, which is

close to depletion. In mid-July I travelled to

Niger, a country with a key role in the context

of the migration problem, and I will also led an

economic diplomacy mission with European

entrepreneurs.” emphasised Tajani.

Supporting the stabilisation of Libya

“In the medium term, we need a European

effort to stabilise Libya and help with the

reconstruction of a state which can act as

our partner.

I will be travelling to Libya shortly to discuss

the role that the European Parliament can play

in that process and in the organisation, in the

future, of democratic elections. We are ready

to make our resources and skills available, if

necessary, for example at a conference held at

Parliament which brings all the stakeholders

together.” added Tajani

While we speak, our Union is drowning

President Tajani concluded with a latin

saying, alerting leaders to the urgent need for

concrete actions: “To conclude please allow

me, as a Roman, to quote Titus Livius: Dum

Romae consulitur, Saguntum expugnatur:

whilst Rome talks, Sagunto falls.

If we continue to talk without finding

solutions, it will be the European Union and

its values which fall. Their conquerors will

of course not be migrants, but those who

wish to tear down everything we built so

painstakingly over the past 60 years.” MBR

Creditline: Europarl President Press - Europarl.


"We must simply accept

the fact that the Dublin

system was designed

to deal with normal

migration flows,

not with migratory

pressures on this scale.



Malta Business Review



Implementation of Thermal Waterproofing with Fibreglass reinforcement

Malta is an island with little rainfall and

plenty of sunshine, needless to stress on

the importance of solar panels, however

there are two important factors that

must be addressed before installing

them. First we must install a very good

waterproofing membrane preferably

made from quality resins and reinforced

with fiberglass that is designed to last

for decades. This is of utmost importance

as it would be very difficult to apply it

benaght the panels afterwards. While

the second factor is to avoid at all costs

fixing the panels directly to the roof

with bolts and nuts. It should always

be mounted on separate elevated metal

structures or stone slabs.

Nowadays thermal insulation in buildings

is another important factor as it reduces

unwanted heat loss or gain and can decrease

the energy demands of heating and cooling

systems. All this change in the building industry

brings new opportunities and new solutions. It

is these unaware problems that drive serious

pro-environment companies like NAICI to

find simple yet innovative and effective

solutions for this havoc. We were ecstatic

when we heard about the new GUAINA

REFLEX thermal membrane; it is a simple yet

effective solution. This revolutionary product

is the perfect answer for our flat roofs here

in Malta. Besides its strong waterproofing

properties, this new resin liquid membrane

has thermal properties, making it unique

and hence reduces by far heat intake inside

buildings by 90%. A better setting in our

houses or workplace will lead to a less humid

environment and a healthier lifestyle But the

most astonishing property of this innovative

product is the ability to increase the efficiency

and the intake of solar panels by redirecting

the sunrays horizontally towards them. This

means more money in the owner’s pocket

and an increase of cleaner energy.

There are many products on the market

with a variety of prices. Many materials

do not withstand the entire winter season

due to their lack of UV resistance and poor

quality materials. Other simply melt when it

is too hot. In order for us to make sure that

our purchased product will last for many

years to come the following standards and

certifications should be clearly visible on

each and every can for reassurance of a good

quality product.

• UV stability - the ability to withstand

sun rays.

• Elongation - the elasticity of the

product. It is measured in percentages.

Application of fibre glass reinforced membrane to waterproof and

increase solar pannel intake

Elongation of 150% means that the

membrane can stretch to one and half

times its length when pulled.

• Tear Resistance - it gives a fair idea of

tearing resistance

• Chemical stability - If it is harmful to

the environment and to humans during

application and resistance to chemicals

such as household detergents.

• Case Studies - visit the manufacturer

internet site or ask the importer to see

the product data sheet to determine

the right application modalities, also

if possible inquire where and why that

particular product was implemented.

• CE Mark - European Standard.

• Thermal insulation - the ability to

redirect all sun rays and does not allow

theformation of heat.

Preparation and proper product application

are the secret to prevent a piss poor

performance. It sounds simple when you read

it but it requires dedicated people with a lot of

good will and the desire to always learn new

things in order to be achieved.

One also has to consider who will implement

the waterproofing works. REMEMBER

never let anyone experiment with your

home. Delicate works like waterproofing

should be carried out by professionals

and properly trained people. Always make

sure that the persons commissioned for

the works are affiliated with the Malta

Professional Waterproofing and Resin

Flooring Association and in possession of

the Certified Installers Card. This way you

are assured of their trustworthiness to carry

out the waterproofing works to the stringent

requirements of the trade.



Malta Business Review

Retaining walls treated with a UV resistant elastic resin that

waterproofs and stops heat intake inside buildings

The Malta Professional Waterproofing and

Resin Flooring Association was established

to teach all its members the proper working

modalities, product knowledge and provides

them with technical assistance should the

need arise. The more you know the better,

especially when it comes to waterproofing.

Every job is different from the previous one

and different supports require different

preparations. The ability to know which

materials are to be used and for what reason

is the secret of a successful Installer. MBR

All rights reserved - Copyright 2018

Waterproofing with Thermal

liquid resin membrane

The Malta Waterproofing and Resin

Flooring Association provide technical

knowledge and professional formation to

all Maltese installers who wish to improve

their workmanship or start a carrier in the

waterproofing business. The Association

also assists its members by providing the

services of a profession advisor when facing

challenging situations or other difficulties

during their works. The Association also

provides its qualified members the Certified

Installers Card. This is done to reassure the

general public that the person is able to carry

out the requested job at its best. All this is

being made possible thanks to Resin and

Membrane Centre and NAICI International

Academy. For further information with

regards the Malta Professional Waterproofing

and Resin Flooring Association visit our

website on www.maltawaterproofing.com or

call on 27477647



Malta Business Review




Credit: MEW

During a press conference in Gela, Sicily,

Minister for Energy and Water Management

Joe Mizzi addressed the Malta-Sicily gas pipeline

with Gela Mayor Domenico Messinese, Vice-

Mayor Simone Siciliano, Council President

Alessandra Ascia, and other representatives

and counsellors from the region.

The press conference coincided with the

feast of Our Lady of Graces, currently

being celebrated in Sicily and traditionally

celebrated in Żabbar. Minister Mizzi noted

that this was a clear indication of the common

heritage and link between the two countries.

Minister Mizzi expressed gratitude to the

Municipality of Gela for its continuous

support in the last few months in relation

to the project for the development of a

gas pipeline between Malta and Gela - an

international energy project identified by the

European Union as a project of importance at

European level to ensure that the European

Gas Network is further extended to link Malta

to the European mainland.

The Minister also thanked the representatives

of the Municipality of Gela and the other

authorities and institutions involved for

their professionality and support in the

preparatory phase for the project especially

with reference to the public consultation

held in Gela last April aimed at understanding

the opinions and concerns of the citizens of

Gela with regards to the project to address

these concerns during the design and

implementation of the project.

Minister Mizzi concluded by once again

noting the importance of the geographical

and socio-cultural link between Malta and

Sicily and the mutual benefits that could be

reaped through collaboration.

“In this way the gas pipeline project can also be

seen as a catalyst for closer relations between

our populations and hence leaving a positive

effect on the daily lives of our citizens through

the promotion, coordination, and strengthening

of our mutual collaboration in areas of common

interest such as tourism, culture, artistic

heritage, youth and sports”. MBR

Creditline: The Ministry For Energy and Water




The world’s first convertible coin offering

platform was officially launched with Prime

Minister Joseph Muscat saying that the

blockchain technology will be a harbinger

of a new economic niche for the country

which in turn will create more jobs and

wealth. The offering by the company

Palladium saw its chairman Paolo Catalfami

saying that the project will create more

than 100 job opportunities. Palladium uses

blockchain technology to bond banking

with cryptocurrency and had its prospects

approved by the MFSA and is subject to

stringent EU laws. Malta is one of the

first countries worldwide to regulate this

technology creating an ideal ecosystem for

companies, start-ups, and investors. MBR

Creditline:Malta Stock Exchange, Valletta

Credit: DOI - Jason Borg



Equiom Malta recently organised a trip to

the zoo for the children of St. Rita Home

orphanage in Tarxien. Staff from Equiom

Malta accompanied 13 children from the

orphanage to the Wildlife Park in Rabat for

the day where the children observed the

animals and were treated to lunch.

The team at Equiom Malta also made a

donation of €500 to St. Rita Home through

a mix of fundraising activities and corporate

donations. In addition, they gifted toys to the

children in partnership with Playmobil.

Stephanie Sammut, Colin Gregory,

Edward Saliba and Tiziana Calleja from

Equiom Malta are pictured handing over

the cheque to the sisters at St. Rita Home.

Colin Gregory, Managing Director of Equiom

Malta commented: ‘I am pleased that we

were able to help out in such an important

way. Many of these children had never visited

the zoo before so it was a great experience

both for them and for the staff. I would like

to thank the team at Equiom Malta for giving

up their free time on a public holiday to make

this event happen. Special thanks also to

eCabs for providing the transport, Playmobil

for the toy donations and the Wildlife Park

for entry to the park free of charge for the

children. This was a great initiative and I am

looking forward to offering more support to

St. Rita’s in the future.’

St. Rita Home is an orphanage run by the

St. Ursuline Sisters. It is home to 16 local

children cared for by four nuns who dedicate

their lives to providing a safe and nurturing

environment. MBR

Creditline: Equiom



IMBank recently hosted a reception for its

local corporate clients which was held at the

Bank’s Head Office. The event served as an

excellent opportunity for the Bank’s clients to

interact with their Relationship Managers and

customer-facing employees. The Chairman

and CEO of FIMBank greeted the clients and

thanked them for their attendance.

Jason Zammit, Head of Real Estate stated that,

“FIMBank has built a reputation on its ability

to build strong relationships with its clients.

As a customer centric Bank which proactively

listens to its clients, we are committed

towards tailoring financial solutions to meet

their specific needs.” He also emphasised on

the importance of such events as it enables

the Bank to build a stronger rapport with its

growing local customer base. In addition to

FIMBank’s real estate finance proposition,

the Bank also offers a comprehensive

range of trade financing, factoring and cash

management services.

Describing the Bank’s client relationship

management approach, FIMBank’s Head

of Cash Management Chris Trapani said

that, “The Bank is strongly geared to offer a

wide range of Cash Management services

to businesses. Our strategy hinges on a

personalised approach, with a consistent

commitment to adapt to the latest technology

and innovation to provide added value to all

our clients.” MBR

Creditline: FIMBank

FIMBank Corporate Client Event






AWARDS 2018 ®

Leading the way, going the way and

showing the way

The Marsa Sports Club

Thursday 2O th September, 2018

For more information

Margaret Brincat on 9940 6743







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