Marina Grech, Partner, Ganado Advocates
As a Partner within Ganado Advocates’ investment services and funds department, Marina Grech has built a career advising clients across Malta’s financial services industry.
Her expertise spans company service providers, management companies, brokers, and investment structures including venture capital, real estate, and private equity funds.
For Marina, the digital transformation of financial services has been the defining force of recent years. “The adoption of the Virtual Financial Assets Act in 2018 was the starting point,” she explains. “By the time MiCA came into force last year, Malta already had a well-prepared crypto market, giving local operators a clear head start.”
The arrival of a harmonised EU regime under MiCA, combined with the passportability of crypto-asset services, has positioned Malta strongly in the European market. The simultaneous introduction of DORA, meanwhile, has raised the bar for digital operational resilience.
“It’s also brought a renewed appreciation for compliance,” she adds. “DORA is no longer just about avoiding breaches but about investor confidence and credibility. It has brought a renewed appreciation for compliance”
In her practice, DORA has had the most immediate impact. Its broad scope requires financial entities to examine their systems and controls to ensure resilience against ICT-related disruption.
In parallel, the forthcoming AIFMD II is already influencing structuring decisions for both new and existing operators. “It’s the first major reform of the alternative asset management framework since the directive came into force, and it’s already shaping the landscape.”
Looking ahead, Marina believes Malta’s early leadership in crypto regulation will continue to pay dividends.
“With the experience gained under the VFA Act, we’ve entered MiCA with maturity and readiness. As standards rise, we’ll see market consolidation and a gradual institutionalisation of the crypto sector.”
“At the same time, there is opportunity in Malta’s fund industry. The reforms under AIFMD II, coupled with the Notified AIF regime, the launch of Notified PIFs, and a strengthened compliance culture, can make Malta attractive again for fund promoters and family offices.”
To sustain progress, she says, the industry must prioritise efficiency.
“We need to keep improving systems and timelines, ideally through AI integration. Our competitive edge lies in maintaining high standards with fast turnarounds. That’s what will keep Malta ahead.”
Bernice Buttigieg
Chief Strategy Officer, FinanceMalta
Dr Bernice Buttigieg serves as FinanceMalta’s Chief Strategy Officer and is heavily involved in implementing the strategy set out by the Malta Financial Services Advisory Council (MFSAC). Her role places her at the heart of one of the most transformational phases for Malta, as the country seeks to reshape its financial services landscape and strengthen its position as a trusted, competitive jurisdiction.
Reflecting on recent years, Bernice highlights regulatory reform and coordinated public and private collaboration as having the greatest impact.
“When Malta went through its brief greylisting period, it was a wake-up call for the sector as a whole. This challenging period was followed by a rapid realignment of regulatory and supervisory frameworks, restoring significant trust in our jurisdiction,” she notes.
She also points to the transformative role of digital and AIenabled process improvements introduced under MFSAC’s Simplification and Speed pillars. These innovations have begun to fundamentally shift how financial services are delivered and regulated, increasing efficiency while reinforcing compliance.
“In my leadership position at FinanceMalta, I have moved away from a purely operational mindset toward strategic orchestration. Working hand-in-hand with stakeholders across government, regulators, industry, and advisory bodies, we are finally pulling the same rope,” she explains.
FinanceMalta brings together a diverse range of financial and credit institutions, including insurance and reinsurance companies, family offices, private wealth managers, fintech firms, investment funds, and asset management companies, reflecting the breadth of Malta’s financial services industry.
While the sector remains anchored in asset management, investment funds, insurance, private wealth, and corporate services, it has also embraced emerging areas such as fintech, blockchain, e-payments, and specialised niches including aviation, yachting, and maritime services.
“Across the board, we are fostering a culture of resilience, agility, and continuous improvement; a mission reflected in all pillars of the MFSAC strategy.”
Looking ahead, she anticipates that the next few years will be defined by the convergence of niche specialisation, sustainable finance, and deep technology adoption.
“Malta’s strategic focus on sectors such as aircraft leasing, insurance-linked securities [ILS], family office services, and fintech/AI continues to align with the MFSAC roadmap, which will drive the country’s differentiation,” she says.
Dr Buttigieg identifies the biggest opportunities in leveraging Malta’s cross-border gateway status and regulatory credibility to attract high-quality specialised business. The greatest challenge, she observes, is stakeholder convergence and sustaining momentum: keeping standards aligned with global expectations, reducing bureaucracy, and maintaining strong talent pipelines.
“My guiding principle is a clear one: specialisation and sustainability must come first across all stakeholder actions. Only then will Malta remain not just competitive today but resilient and trusted tomorrow.”
Alexia Farrugia,
Managing Director, Actaco Financial
With over 25 years in Malta’s financial services industry, Alexia Farrugia has seen the sector evolve from a small, domestic ecosystem into a sophisticated international hub.
Today, as Managing Director of Actaco Financial, a firm she founded in 2016, she helps licensed companies navigate the complex worlds of governance, operations, compliance, and risk management.”
“Malta’s financial industry has demonstrated extraordinary resilience,” she reflects.
“We’ve weathered global recessions, shifting regulations, and increased scrutiny, yet we have continued to grow and innovate. This adaptability has become one of our defining strengths.”
Alexia points to the past decade as one of fundamental transformation.
“We moved from a landscape dominated by investment services towards one driven by financial institutions, payment service providers, and e-money operators. Malta was one of the first jurisdictions to introduce a legal framework for virtual assets through the Virtual Financial Assets Act, and that forward-looking step, now reinforced by the EU’s MiCARegulation, positioned the island as an early leader in this space.”
Looking ahead, she believes that technology will remain the single biggest driver of change. “Artificial intelligence, crypto, and e-money are reshaping how finance operates,” she says.
“Traditional models are being challenged by tech-led approaches, and boards have had to learn to balance opportunity with risk. Those who adapt will thrive.”
New initiatives, such as the family office framework and the notified investment funds regime, could further diversify Malta’s offering, she adds.
“These measures open doors to new types of investors and demonstrate that Malta remains forward-thinking in an increasingly competitive market.”
“Compliance and governance are essential, but they should enable business, not dominate it,”
But success, she cautions, depends on maintaining the right balance.
“Our biggest challenges today are competition, rising costs, and reputation. Investors want stability and predictability. We must continue to build credibility without imposing excessive regulatory burdens that deter investment.”
If given the chance to shape the future of Malta’s financial services, Alexia is clear about her priority: “Efficient regulation. Compliance and governance are essential, but they should enable business, not dominate it. Regulation must protect investors and uphold Malta’s reputation while still allowing companies to grow and innovate.”
It’s a philosophy that underpins her work at Actaco Financial—one that sees governance and risk not as constraints, but as the foundation for sustainable success.
Lucienne Pace Ross,
Senior Partner, PwC Malta
With more than two decades’ experience at the forefront of Malta’s financial services industry, Lucienne Pace Ross’s career has been shaped by industry change and by her belief that Malta’s strength lies in its ability to adapt and maintain an innovative approach.
A Senior Partner at PwC Malta, Lucienne has had a front-row seat to the sector’s transformation from a local market into a sophisticated European jurisdiction competing on a global stage.
“In recent years, we’ve seen a more concerted effort to identify what truly differentiates Malta as a financial services centre,” she says.
“Our focus on fintech, technology-driven banking, electronic money issuance, and payment services has given us momentum. At the same time, we are starting to carve out our space in the world of asset and wealth management. When it comes to private and family wealth, our story is a credible one, and initiatives such as the single family office and the special limited partnership fund have real potential.”
Lucienne believes digitalisation and artificial intelligence will define the industry’s trajectory.
“AI and digital tools are transforming not just how financial services are delivered and supervised, but actually shape how all stakeholders operate,” she explains.
“We need to keep investing in these areas, both in terms of infrastructure as well as understanding how Malta can leverage its agility to capture new opportunities.”
The financial services sector is currently operating in a highly volatile context. However, she also sees an advantage in Malta’s strategic location in terms of the increasingly complex geopolitical environment.
“Malta’s agility, talent pool and geographical location as an EU jurisdiction, but also a gateway between Africa, East and West can create opportunities to attract firms seeking regulatory certainty and a Mediterranean base.”
Referring to the challenges that persist, Lucienne notes how the sector is feeling the strain of higher costs, resource constraints, and tighter regulation.
“These pressures also create space for us to provide specialised, high-value adding services. Our size gives us flexibility to offer customised solutions, and this can be a real competitive edge.”
If she could make one change, Lucienne says it would be greater unity and clarity of purpose.
“We need to work better together as a jurisdiction, communicating a consistent and evolving strategy to the market. At the same time, we must safeguard the strong fundamentals that built our reputation: sound regulation, a solid tax and accounting framework, and a commitment to quality.”
“Those principles remain the foundation of Malta’s success.”
Elena Grima Tortell
Senior Manager, Business Tax Team, Deloitte
As a young professional building a career in law, tax and advisory services, Ms Grima Tortell is a Senior Manager within Deloitte Malta’s Business Tax team, having joined the firm in 2017.
Her legal credentials, including an LLM specialising in Corporate and Securities Law from the University of London are focusing her career on complex corporate transactions, group restructuring, and the use of trusts as bespoke wealth management tools.
In her opinion, Malta’s regulatory developments, particularly the introduction of family office rules, have been a decisive step in positioning the island as a credible hub for private wealth management.
“We are witnessing the largest intergenerational wealth transfer in history, where trillions are being moved between generations. This brings unique challenges and opportunities for families and their advisors.”
According to her, Malta’s framework offers a compelling combination of legal certainty, speed to market, and robust governance and AML standards, making it an attractive jurisdiction for both EU-based and non-EU family offices.
Her work with trusts and foundations reflects Malta’s growing sophistication in wealth management.
“Trusts are incredibly versatile,” she explains. “They allow families to manage risk, ensure support for dependents, and structure distributions in ways that reflect each family’s priorities. Foundations, on the other hand, are ideal for philanthropic or social initiatives, combining transparency, continuity, and control.”
Ms Grima Tortell believes the future of Malta’s financial services sector will be defined by agility, technological awareness, and innovative thinking.
“Advisory services are evolving rapidly, and professionals must blend traditional legal and financial expertise with digital literacy, data insight, and creative problem-solving. Those who can anticipate changes, provide value-driven advice, and guide clients through complexity will shape the industry’s future.”
“Malta’s promise lies in its combination of strong fundamentals and the ability to embrace change. Our legal and regulatory framework is robust, but we must also remain flexible and forward-looking. That balance is what will continue to make Malta a credible, competitive, and dynamic financial services jurisdiction.”
Clare Farrugia
Head of Strategy, Policy and Innovation, MFSA
Over the past 15 years, Clare Farrugia has been part of the Malta Financial Services Authority’s transformation into a more sophisticated and internationally respected regulator. Today, as Head of Strategy, Policy, and Innovation, she plays a key role in shaping how the Authority responds to new market realities and prepares the financial sector for the future.
Clare describes Malta’s financial sector a more mature, resilient and trusted ecosystem.
“The sector’s evolution has been shaped by a sustained commitment to strengthening oversight and aligning with European and international standards,” she explains.
Among the most defining milestones, she highlights the shift toward risk-based and, more recently, outcomes-based supervision, which has enabled a more targeted and proportionate regulatory approach.
“Our enhanced engagement in international fora and the Authority’s organisational transformation, including investment in technology and capacity building, have been pivotal in strengthening Malta’s credibility and adaptability.”
Balancing regulatory integrity with innovation is central to Clare’s role and she believes these priorities are not opposing forces but complementary ones.
“The creation of the Strategy, Policy, and Innovation function reflects our efforts to identify gaps, anticipate future developments, and create an environment where innovation can flourish responsibly.”
Through active dialogue with industry, the MFSA continues to refine its approach to emerging areas such as fintech and sustainable finance, ensuring that growth occurs within a framework of transparency, consumer protection, and market stability.
Her broad experience across authorisation, supervision, and policy development has shaped a holistic understanding of the financial ecosystem.
“Strong entry standards, effective oversight, and pragmatic regulatory design are fundamental,” she notes. “These principles help us set forward-looking priorities that support both resilience and sustainable growth.”
As Malta’s financial sector continues to evolve amid rising costs, increased competition, and ongoing consolidation, she tips digitalisation, sustainable finance, and talent development as the key forces that will shape the industry’s future.
“The MFSA is aligning its regulatory agenda with EU developments and investing in digital capabilities and infrastructure to enhance efficiency and supervise these developments effectively.”
Clare believes that as the sector grows more sophisticated, developing the right talent within both the MFSA and the industry will be critical to sustaining growth and competitiveness.
“Ongoing promotion of financial literacy will also ensure consumers remain well-informed.”
“Through proactive strategy and product development, effective supervision and ongoing stakeholder engagement, the MFSA is positioning the sector to remain robust and diversified, supported by effective regulatory frameworks.”
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