MBR_ISSUE 43_LOWRES

COVER STORY
Integrity, Ethics & Resilience
Interview with Andre' Muscat from
SHIELD Consultants Ltd. p.06
ANALYSIS & DEBATE
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
MANAGEMENT PESPECTIVES
An interview with a marketing and
business leader
Interview with Marla Bace, who is an
active speaker and moderator p.20
CORPORATE INTERVIEW
The Whole is Greater Than The
Sum of Its Parts
Thomas Kraemer, Fund Manager,
Timberland Invest Ltd on a customer
driven culture p.22
MALTA BUSINESS REVIEW
ISSUE 43 | 2018
Newspaper Post

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Malta Business Review
CONTENTS
Issue 43
22
CORPORATE INTERVIEW OF THE MONTH
THE WHOLE IS GREATER THAN THE SUM
OF ITS PARTS
Thomas Kraemer, Fund Manager, Timberland Invest Ltd
on a customer driven culture
06
28
FEATURES
SINGLE DIGITAL GATEWAY: A TIME SAVER
FOR CITIZENS AND COMPANIES
Marlene Mizzi steers a legislation which will help
citizens and firms to access information and
administrative procedures online
06
COVER STORY
INTEGRITY, ETHICS & RESILIENCE
Interview with Andre' Muscat from SHIELD Consultants Ltd.,
who has recently finished his studies in Fire Engineering at
the University of Central Lancashire
TALKING POINT
08 WHY VLADIMIR PUTIN IS VERY, VERY HAPPY
Tunku Varadarajan on the 2018 World Cup through the
lenses of culture, politics, anthropology and the love of
the Beautiful Game
12
14
16
ANALYSIS & DEBATE
MALTESE PM AND WIFE CLEARED OF
WRONGDOING IN GRAFT CASE
Malta’s Prime Minister Joseph Muscat’s nightmare – is it
really finally over?
NELSON MANDELA’S 100 th BIRTHDAY
WALK TOGETHER WITH A SPARK OF HOPE
Honouring the Legacy of Nelson Mandela: Leading by
looking ahead and being disruptive
EUROPE START-UP STUDY
MALTA'S CONSTRUCTION INDUSTRY GREW BY
89% FROM 2016-2017
Paymentsense research reveals Malta’s construction
industry is booming with a growth of over 89%
30
32
FEATURES
12
22
AN ONGOING CONVERSATION ABOUT
ARTIFICIAL INTELLIGENCE AND THE KEY
GOVERNANCE AND INNOVATION ISSUES
FACING POLICYMAKERS
Feature Powered by ACCENTURE
THE HIDDEN VALUE OF NETWORKING –
AND HOW IT CAN CHANGE YOUR LIFE
Mike Kaeding tells us about the reasons behind
networking
20
28
MANAGEMENT PERSPECTIVES
20 AN INTERVIEW WITH A MARKETING AND
BUSINESS LEADER
Interview with Marla Bace, who is an active speaker and
moderator on a number of subjects,including business
operations and customer loyalty
OUR GOLDEN PARTNERS
36
FEATURES & STORIES
34 WHY GAMING MIGHT BECOME THE BIGGEST
THING IN THE HISTORY OF ENTERTAINMENT
Toan Nguyen, an Instagram influencer, discusses
gaming as a ritual of entertainment
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
4

MALTA
BUSINESS REVIEW
EDITORIAL
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!
PUBLISHER
MBR Publications Limited
OFFICES
Highland Apartment - Level 1,
Naxxar Road,
Birkirkara, BKR 9042
+356 2149 7814
EDITOR
Martin Vella
TECHNICAL ADVISOR
Marcelle D’Argy Smith
SALES DIRECTOR
Margaret Brincat
DESIGN
MBR Design
ADVERTISING
Call: 9940 6743 or 9926 0163/4/6;
Email: margaret@mbrpublications.net
or admin@mbrpublications.net
CONTRIBUTORS
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.
SPECIAL THANKS
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.;
MORGEN EUROPA; OPR; POLITICO SPRL;
Politico Global Policy Lab; PTV Group; Taylor &
Francis Group.
QUOTE OF THE MONTH
"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.
Disclaimer
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
Editor-in-Chief
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:
www.maltabusinessreview.net
5

Malta Business Review
COVER STORY INTERVIEW
INTEGRITY, ETHICS AND RESILIENCE
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
methods?
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
solutions?
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.
6

COVER STORY INTERVIEW
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
regulations?
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
www.maltabusinessreview.net
7

Malta Business Review
TALKING POINT
Why Vladimir
Putin is very,
very happy
The World Cup has been the
Russian president’s friend.
By TUNKU VARADARAJAN
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
outside.
Tunku Varadarajan, a contributing editor at
POLITICO, is a fellow at Stanford University’s
Hoover Institution. He helms The Linesman. MBR
Courtesy: POLITICO
8

Malta Business Review
FINANCE: FACTORING RANKING
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
Med
Factors
Malta
"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
#2
Service Quality
94%
Hellenic
Branch
Greece
Country Ranking
#1
Service Quality
100%
Factors Chain International
Worldwide Ranking
World Export
Factoring #12
Country Ranking
(Export + Import)
#2
Service Quality Score
98%
Overall
(Export + Import)
#30 Worldwide
FIMBank
Country Ranking
#2
Service Quality
96%
10

EXCLUSIVE INTERVIEW
Malta Business Review
FULL SPEED AHEAD TO MONACO
YACHT SHOW 2018
| 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
services?
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
jurisdiction?
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
registrations.
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
www.maltabusinessreview.net
11

Malta Business Review
ANALYSIS & DEBATE
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
economy.
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
12

COMMENTARY
Malta Business Review
LOCAL-EUROPEAN WRAP-UP
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
arrived.”
“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
www.maltabusinessreview.net
13

Malta Business Review
NELSON MANDELA’S 100TH BIRTHDAY
Leading by
looking ahead and
being disruptive
By Nic van den Bergh
A
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
HONOURING THE LEGACY OF NELSON MANDELA
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
14

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Malta Business Review
ESS: CONSTRUCTION
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
bust.
With 1,955,681 start-ups registered between
2013-2017, the construction sector is the
third biggest industry fuelling Europe’s startup
scene.
The type of companies that have started up in Europe between
2013-2017
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
16

Beyond Ordinary
Charter Experiences
00356 2778 2500 / charters@azureultra.com / www.azureultra.com

Malta Business Review
CASE STUDY
THE HIGH LIFE ON THE HIGH SEAS
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,”
18

CASE STUDY
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
Coca-Cola
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
www.maltabusinessreview.net
19

Malta Business Review
MANAGEMENT INTEVIEW
AN INTERVIEW WITH A MARKETING AND
BUSINESS LEADER
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
women)?
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
customers?
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.
MBR
Creditline: Editor of Leader's Edge.
20

Malta Business Review
CORPORATE INTERVIEW OF THE MONTH
THE WHOLE IS GREATER THAN THE
SUM OF ITS PARTS
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
brand?
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
22

CORPORATE INTERVIEW OF THE MONTH
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
opportunity?
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
retirement
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
business?
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
www.maltabusinessreview.net
23

Malta Business Review
DENTAL HEALTHCARE
EXTRACTION AND IMMEDIATE IMPLANT REPLACEMENT
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
DR JEAN PAUL DEMAJO
Dental and Implant Surgeon
24

WOOD BURNING - GAS - ELECTRIC - FUEL OIL - PELLET

Malta Business Review MALTA PRIDE 2018
Malta Business Review
MALTA PRIDE 2018
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
life
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
The
to theme to take place of Pride on on Saturday this year 15 will 15 September. ‘Pride in The
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
but
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
of
Malta headline Pride, supporters an event of of we
Malta believe Pride, to be an an a event highlight
we
believe in Malta’s to to be calendar! be a a highlight
GiG’s
in in Malta’s vision is calendar! to change GiG’s
the
iGaming vision is industry is to to change to make the
it
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
who
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
22
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
collaborating
for with for better rainbow-friendly sexual health, businesses collaborating
and coordinating
rainbow-friendly Malta Pride. businesses and co-
co-
with
ordinating Malta Pride.
“Studies are showing that countries that
“Studies support are LGBTIQ are showing rights that are countries better off that
in
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”-
collaboration
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
of
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
to
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
because
that there is is is fun fun a lot for for of all isolation all the the family, in our but but small because
islands
there that is makes is a a lot lot of it of isolation very hard in in for our our minorities small islands
like
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
an
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
be
spectacular available on acts. www.maltapride.org
More information MBR will will be be
available on on www.maltapride.org

MALTA PRIDE 2018
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.
gig.com/careers
www.maltabusinessreview.net
27

Malta Business Review
SINGLE DIGITAL GATEWAY
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
accessible
• 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.
Quote
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.
Background
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
28

EDITOR'S CHOICE
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
horlogerie.
The Genevan
manufacture
instantly
recognized the
potential of Louis
Cottier’s idea.
In the 1930s, the
Genevan master
watchmaker
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
repeater.
The melody of time for any place in the
world.
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
http://www.elcol.com/
Creditline: Edwards Lowell
www.maltabusinessreview.net
29

Malta Business Review
SPECIAL FEATURE: POLITICO CONNECTED
AN ONGOING CONVERSATION ABOUT ARTIFICIAL INTELLIGENCE AND THE KEY
GOVERNANCE AND INNOVATION ISSUES FACING POLICYMAKERS, SCIENTISTS,
INNOVATORS, INDUSTRIES AND ACADEMICS, POWERED BY OUR FOUNDING
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
takeaways:
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.
30

SPECIAL FEATURE: POLITICO CONNECTED
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
responsibly.
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
www.maltabusinessreview.net
31

Malta Business Review
NETWORKING
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
32

GAMING
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
www.maltabusinessreview.net
33

Malta Business Review
ENTERTAINMENT
Why gaming
might become
the biggest
thing in the
history of
entertainment
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
machines.
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
34

ENTERTAINMENT
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
generation
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
www.maltabusinessreview.net
35

Malta Business Review
CYBERSECURITY
CYBERSECURITY ACT:
build trust in digital technologies
By Gerardo Fortuna
• Safer “smart” appliances and connected
(Internet of Things) devices for EU
consumers
• A stronger European Cybersecurity
Agency
• 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
specifications.
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
programmes,
• 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
minimised.
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.
Quote
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
infrastructure.
36

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Malta Business Review
ECOMMERCE
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
38

Malta Business Review
MGA ANNUAL REPORT 2017
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
increase;
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
40

CORPORATE INTERVIEW OF THE MONTH
Malta Business Review
THE INNOVATION OF KARMAFY
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
MBR
www.maltabusinessreview.net
41

Malta Business Review
EU: EXTERNAL RELATIONS
• 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
conscience,
• 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
agreement
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.
Quote
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.”
Background
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
42

PRESS POINT
Malta Business Review
NOT IN OUR NAME
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
www.maltabusinessreview.net
43

Malta Business Review
EUROPEAN COUNCIL / ASYLUM / MIGRATION
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
Mediterranean.
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
Chamber.
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
44

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Malta Business Review
PLATFORM BANKING
PLATFORM BANKING IN THE US:
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?
KEY RESEARCH QUESTIONS
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?
ABSTRACT
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
INSIGHT DETAILS
Sector
Banking
Content Type
Reports
Focus
Digital, Industry Trends, Innovation & Emerging Technology, Technology trends
Location
North America
46

EU: MIGRATION
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.
President.Press@europarl.europa.eu
"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.
www.maltabusinessreview.net
47

Malta Business Review
BUILDING & CONSTRUCTION
WATERPROOFING WHEN THE HEAT IS ON
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.
48

BUILDING & CONSTRUCTION
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
www.maltabusinessreview.net
49

Malta Business Review
NEWSMAKERS
TWO NATIONS JOINED BY
COMMON HERITAGE
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
Management
WORLD’S FIRST CONVERTIBLE
COIN OFFERING PLATFORM
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 RAISES SMILES
AMONG LOCAL CHILDREN
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
FIMBANK HOSTS CORPORATE
CLIENT EVENT
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
50

Presents
MALTA’S BEST
ENTREPRENEUR
OF THE YEAR
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
margaret@mbrpublications.net
www.mbrpublications.net
SIMON
ESTATES
MALTA’S AWARD WINNING
FAMILY WINEMAKER