MBR_ISSUE 54

COVER STORY
ONE-ON-ONE
BITCOIN INTERVIEW
EXCLUSIVE INTERVIEW
A VAUE CHAIN DRIVEN CULTURE
MBR interviews Felipe Navarro
López de Chicheri, CEO of
MAPFRE Middlesea p.06
UNBLOCKING THE STANDSTILL
Interview with Brando Benifei,
who discusses the current political
crisis in Italy p.10
OFFERING A UNIVERSAL
CRYPTO AND FIAT GATEWAY
MBR speaks with the CEO and
co-founder of the firm, Adrian Kreter p.14
BARBERING IS AN ART
NOT JUST A SERVICE
Interview with Antonio Camilleri,
Managing Director of Antonio’s
Barbershop p.24
MALTA BUSINESS REVIEW
ISSUE 54 | 2019
Newspaper Post

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Together we thrive

Malta Business Review
CONTENTS
Issue 54
BLOCKCHAIN INSIGHTS
26 FCA UPDATE, FACEBOOK LIBRA AND A HINT
FOR THE FUTURE OF CRYPTO
SolutionsHub COO Nick Wright shares his thoughts about
the increased pressure on regulators to take a closer look at
cryptocurrencies.
27 DIGITAL MATTERS: THE EVOLUTION OF
BLOCKCHAIN FUNDING
Lee Hills, CEO of SolutionsHub. im. is the Isle of Man’s leading
authority in crypto and blockchain business and gambling
licensing.
COVER STORY
06 A VALUE CHAIN DRIVEN CULTURE
MBR interviews Felipe Navarro López de Chicheri,
CEO of MAPFRE Middlesea.
06
FEATURES AND STORIES
36 TOP 5 CHALLENGES FOR YACHT OWENRS AND
CAPTAINS
Chris Cini, Legal Director at Equiom Malta, discusses the
yachting industry from a client perspective.
ANALYSIS & DEBATE
08 INTRANSIGENT LEADER, INTRANSIGENT PARTY
An interesting analysis on how Adrian Delia and his
followers are likely to bring the very thing they all want
to avoid.
ONE-ON-ONE
10 UNBLOCKING THE STANDSTILL
Interview with Brando Benifei, an Italian politician who has
served in the European Parliament since 2014.
10 14
BITCOIN INTERVIEW
14 OFFERING A UNIVERSAL CRYPTO AND
FIAT GATEWAY
MBR speaks with the CEO and co-founder of the firm,
Adrian Kreter, who gives us his perspective on the world
of Bitcoin and cryptocurrencies.
EXCLUSIVE INTERVIEW
24 BARBERING IS AN ART NOT JUST A SERVICE
Interview with Antonio Camilleri, Managing Director of
Antonio’s Barbershop, pioneer of the Barber Shop
concept in Malta.
SIMON
ESTATES
OUR GOLDEN PARTNERS
24 42
42 6 OUT OF 10 SEEK TO MOVE ASSETS FROM UK
AMID BREWING OF A PERFECT STORM
Six out of 10 investors are now actively seeking to move
assets out of Britain as a perfect storm looks set to hit
the UK economy.
48 WARNING FOR INVESTORS: HOPES FOR A
BREXIT DEAL ARE OFFSET BY ESCALATING
TRADE WAR
A Brexit deal now appears to be offset by volatile global
financial markets, meaning investors should revise their
portfolios.
49 THE BIG GET TOGETHER: WHY GROUP
EXPERIENCES ARE IMPORTANT
Natalie Clarkson on sharing our experiences.
4

MALTA
BUSINESS REVIEW
Malta Business Review
PUBLISHER
MBR Publications Limited
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Martin Vella
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CONTRIBUTORS
Jacopo Barigazzi; George Carol; Natalie Clarkson;
Chris Cini; Jay Croft, Lauryn Duncan; Lee Hills;
Brandon Miller; Sheena McKenzie; Zoya
Sheftalovich; Nick Wright
SPECIAL THANKS
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Parliament Information Office in Malta; European
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Recently, Britain hosted a global conference on media freedom,
where the police threatened British journalists with possible criminal
action if they publish leaked government documents.
The move - which triggered outrage from members of the media and
senior politicians - is akin to something a Chinese, Turkish or Saudi
police force would do. Not one from a country that is supposed
to triumph democracy, a free press and free speech. In Malta,
journalists are also threatened with criminal action, at times even
if they report factual stories or cover cases of corruption or sleaze.
I am not saying the media is above the law and of course journalists should face
prosecution if they commit a crime. However, the ability to report on matters judged to
be in the public interest is a vital power and one that reinforces the right and freedom to
accurate information in a liberal and digital society. Inducing a veiled clampdown on press
freedom, through though unopposed legislation is certainly not the right approach and
manner, and is only one way to control freedom of speech, and gagging sources which
expose wrongdoing.
But it would send a dangerous chill through newsrooms if the police attempt to use
any adverse legislative measures to file charges against the journalist who received the
information and the newspaper or media that published it - having presumably deemed
publication to be in the public interest.
Jeremy Hunt, the foreign secretary and a champion of press freedom, wrote on Twitter
supporting the media even though publication of the Darroch memos “damaged UK/US
relations and cost a loyal ambassador his job”. He said: “I defend to the hilt the right of
the press to publish those leaks if they receive them and judge them to be in the public
interest: that is their job.”
Boris Johnson, a former journalist who is now the British Prime Minister, also rode in
behind the right to publish. “It is the duty of media organisations to bring new and
interesting facts into the public domain. That is what they are there for.”
But the right to a free press comes with responsibility, especially when information
is being used as a weapon by hostile foreign powers to harm other countries. It is a
delicate balancing act and perhaps the need for a free and unrestricted press should
reign supreme regardless. Therefore, any official curbing of media freedoms by the state
should be resisted.
Free, independent and pluralistic media based on freedom of information and expression
is a core element of any functioning democracy. Freedom of the media is in fact essential
for the protection of all other human rights. Instances of torture, discrimination,
corruption or misuse of power many times have come to light because of the work of
investigative journalists. Making the facts known to the public is often the first, essential
step to start redressing human rights violations and hold governments accountable.
Worrying signals of repression and violations of media freedom can be observed in a
number of European states. Different forms of control and pressure over the variety and
content of media hamper their independence and pluralism. Cases of journalists who are
deprived of their liberty because of their work continue to occur. Cases of harassment,
intimidation, violence - and even murder - have been documented.
There should be a wider discussion on this issue and a genuine consensus reached in
order support initiatives aimed at strengthening media professionalism and ethical
journalism and the establishment of self-regulatory mechanisms.
Wishing you a good read.
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
A VALUE
CHAIN
DRIVEN
CULTURE
By Martin Vella
MBR interviews Felipe Navarro López de
Chicheri, CEO of MAPFRE Middlesea who
has been at the helm of the company for
the past four years to find out about his
experiences in Malta
MBR: What can you tell us about your
personal experience of living in Malta
over the past four years?
NLC: From a personal perspective our
stay in Malta is proving to be a great
experience for our family. The change of
culture and surrounding- it’s been for us
the opportunity to go out of our comfort
zone and our neighbourhood in Madrid. I
feel to have grown immensely as a family:
the children acquired a new language, we
all have a more international mind and our
areas of interest are broader since we are
much more open minded. Malta is a perfect
country to have such an experience: the
country is welcoming, the Maltese culture
is close to the Spanish since we are sharing
much of our Mediterranean history and,
finally, the climate is another good asset
(even if some winters are surprisingly
humid and colder than expected).
MBR: What drives you on a daily basis
and is the main motivating factor?
NLC: Being the CEO of MAPFRE in Malta
is a thrilling experience that is helping me
to grow as a person and as a professional.
The good days are much more usual that
the bad ones, and I still find the right
push every morning that makes me to
look forward for the daily challenges with
enthusiasm and optimism. Since I arrived,
to Malta, I had the goal to transform of our
company is all the different aspects: HR,
IT, Technical and financial performance.
We have the responsibility to manage
the biggest company in the local market
and we strive to set our standards in the
high. Our shareholders deserve the best
performance of this company but I don’t
want to forget the other stakeholders:
We were the first insurance
company to launch a new
channel of communication
utilizing artificial intelligence.
Employees that need to be treated with
dignity and respect as a key element of
the value chain; Providers with whom
the company has to have a balanced
relationship helping them to grow and
to raise the standards; Customers that
have to be in the center of our activity
and perceived as the most important
motivation; and finally the society in
general that needs to perceive MAPFRE in
Malta as a partner and good citizen that
contributes to the common wellbeing.
MBR: What would you consider to be the
most important achievements registered
at MAPFRE Middlesea over these years?
NLC: The Company strived tirelessly to
improve services and ensure the best
possible relationships with clients whilst
maintaining a healthy financial position and
good return to its shareholders. We were
the first insurance company to launch a
new channel of communication utilizing
artificial intelligence, which improved our
service to clients by offering more options
on how to reach us. We continued offering
innovative products and benefits to our
clients. The roadside and home emergency
assistance services are available 24/7 to our
clients. We are the only insurance company
on the island which rewards customers
through a loyalty programme, which offers
customers discounts from several outlets.
We continued working on our IT systems to
improve efficiency and delivery of services.
6

COVER STORY INTERVIEW
Malta Business Review
MBR: MAPFRE is a global brand and
winner of Best Workplace in many
countries. What reasons would you
attribute to this recognition?
NLC: MAPFRE over the past years has
been working in a new direction, having
an organisation which is more flexible,
collaborative, transparent and agile, giving
more flexibility in terms of working-times
in order to enable our employees to
manage their time better. We have also
worked on technological mobility to create
a workplace which is moving towards more
remote working from any place and at any
time. We know that the most important
thing is no longer the actual presence of
the employee. It’s a completely different
culture, trust-based and results driven
where the mutual commitment, trust and
flexibility are vital. In addition to these
flexible measures, MAPFRE also provides
other employees’ perks such as health
insurance and pensions plan.
MBR: Recently MAPFRE Middlesea
launched a chat bot for clients' use, which
utilises Artificial Intelligence. Can you
give us some insight into this new tool?
NLC: Chatbot Emma has been designed to
address a number of customer queries 24
hours a day, seven days a week. Emma is
capable of addressing queries pertaining
to insurance quotes, claims, complaints,
contact information, and even queries
regarding the company’s benefits such as
MAPFRE Assist and their ‘Insure and Save’
Loyalty Scheme. The use of AI has enabled
MAPFRE Middlesea to place greater
importance towards more complicated
matters, while Emma is able to address the
simpler tasks and queries at hand.
Even though the introduction of AI marks
the beginning of an innovative digital
approach to customer engagement for
MAPFRE Middlesea, going forward, the
company will continue to place readilyavailable
customer support at the forefront
of their business practices in order to
ensure timely resolutions as well as
customer satisfaction for their clientele.
MBR: Why does MAPFRE Group rank
among the top 10 companies that
focus their efforts on Corporate Social
Responsibility?
NLC: The Group seeks to put into practice
CSR principles on a daily basis with its
own employees helping on the initiatives
supported by the company. MAPFRE is fully
committed to sustainable development
in the countries in which it operates,
supporting its social and economic
progress. The Volunteering Corporate
Programme and, in particular, Fundación
Innovation and service delivery are the focus
of MAPFRE Middlesea. We ensure that we
deliver the best service in the most convenient
way to our client, which is one of the reasons we
invested on AI to ensure a 24/7 service to
our customers.
MAPFRE, are essential assets in achieving
this goal. In the past decade, Fundación
MAPFRE has invested 500 million euros in
projects targeting society in 30 countries,
which have benefited more than 100
million people.
Last year, Fundación MAPFRE brought to
Malta a major exhibition of Picasso&Miró
on the occasion of Valletta being the
European Capital of Culture. The exhibition
was a great success and it was visited by
over 70,000 people.
MBR: How is MAPFRE Middlesea widening
service offerings and making its business
more service-oriented?
NLC: We offer reliable products at
competitive prices (not necessarily the
cheapest but good value for money). At the
same time, we continue being innovative
with new product offers. We have
synergies with MAPFRE Assist in order to
ensure quality delivery on the emergency
services and our customers are extremely
satisfied with the services provided by
MAPFRE Assist.
Innovation and service delivery are the
focus of MAPFRE Middlesea. We ensure
that we deliver the best service in the most
convenient way to our client, which is one
of the reasons we invested on AI to ensure
a 24/7service to our customers.
MBR: What will the main focus of your
work at MAPFRE Middlesea be in the near
future?
NLC: I will continue being a catalyst for
innovative solutions that safeguard people,
with products to protect their property and
savings, and that secure their future. My
aim is to provide close support to clients
whenever and wherever they need us, this
is core to our mission and I will strive to
make sure that we will continue delivering
an excellent service. My main priority
areas are to nurture our employees’
talent to deliver the best possible service
by excellence in technical and operational
management and never losing focus on
the client. I believe that only by putting
the client as the center of our activities
we will deliver profitable growth to our
shareholders. MBR
Editor’s Note
Mr Navarro López de Chicheri
holds a degree in Economics from
the Universidad Computense de
Madrid and an MBA from the
Universidad de Alcalá de Henares
in Spain. He joined the MAPFRE
Group in 2002.
www.maltabusinessreview.net
7

Malta Business Review
ANALYSIS & DEBATE
Delia and his followers
have generally seemed
more interested in
controlling the machinery
of the Nationalist Party
than in seeking office.
PN Leader Adrian Delia – most unpopular opposition leader after two years in recent decades
INTRANSIGENT LEADER
Intransigent Party
By George Carol
The intransigence of the Nationalist
Party counsellors and the
intransigence of its leader, in their
attitude, they are actually more
likely to bring about the very thing that
they want to avoid.
Firstly, the intransigence of the leader of
the Opposition to step down for various
reasons already highlighted by MBR is
betraying both his party and the country.
It was meant to be the Nationalist Party
that devoted this summer to a long, postelectoral
mortem on a humbling and
disastrous defeat and divisive leadership
contest. Yet somehow, in another twist to
the extraordinary political drama of recent
weeks, it is the Nationalist Party that faces
this crisis of introversion.
The Nationalist Party’s decline is a
parable of political bad decisions,
mismanagement, infighting, self-greed,
pride and vulnerability, the brittleness of
its own past success. Thirty years ago I
interviewed the late President Dr Guido
Demarco just following Labour’s sixteen
year tenure in Government. His objective
was to gain huge tracts of the political
spectrum, especially by appealing to
disenchanted Labour and Mintoffian
voters. “I can’t believe that if you are a
One-Nation PN looking at Labour this
week,” he said, “and then turning your
attention to the Nationalist Party next
week, that you can have any doubt where
you are better off.”
Fast forward to 2019, (New) Labour
sweeping to power with yet another
record landslide victory. Compare and
contrast Gonzi’s expansionist confidence in
2006 to Delia’s position in 2019. Far from
declaring an end of ‘politics of division’ and
feebly calling on detractors to join reform,
the Nationalist Party is now retreating into
a soggy little bivouac. Instead of appealing
to those who do not traditionally vote
PN, it is defending a shrinking electoral
base and also attempting to limit the
damage. Without a change of leadership
– and course – the party will struggle to
keep the 30 seats it presently holds in
the 2022 general election (and is already
expected to suffer losses as a result of the
party’s intransigence to open its doors, restructure,
re-build and attract). Next stop,
catastrophe.
How to explain this slump? Ideology has a
lot to do with it, in spite of the insistence
by mutinous MPs that it is all about
“competence”. The election of Delia this
year completed the transformation of the
Nationalist Party from a centrist Christian
democratic force to a radical grassroots
anti-democracy with no apparent
commitment to building a broad electoral
coalition, or to reconcile aspiration with
compassion and honesty. Indeed, Delia and
his followers have generally seemed more
interested in controlling the machinery
of the Nationalist Party than in seeking
office. This reflects a poverty of ambition,
certainly, but it positions them in a battle
over the PN’s nature that has lasted more
than a century.
Indeed, nobody knows better than the
former PN General Secretary, Dr Louis
Galea, how hard it is to drag the party from
one of its bouts of self-indulgence back
into the realm of responsible politics. By
refusing to resign — in spite of his MPs’
dissent, in spite of polling data suggesting
that he is by far the most unpopular
Opposition leader after two years in recent
decades — Delia is treating the PN as a
fiefdom rather than a precious trust. He is
betraying the very party history by which
he claims to be so moved.
As a veteran of the Fenech Adami-Gonzi
era put it to me: “I do wonder if the PN is
slowly dying.” His thesis was that the party
had fulfilled its historic mission, was now
bumping against the walls of redemption
and transformation like a zombie, and
that a new social democratic force would
emerge to take its place in its own time:
not a split, but a phoenix.
This is a bleak prospect, to say the least,
for those who need a PN government now.
The party may yet step back from the lip
of the abyss. But what struck me most
forcefully about the veteran’s prophecy
was its sheer plausibility. Only six years
since it left office, it is no longer absurd to
speak of the death of the PN. MBR
Ref: https://www.standard.co.uk/
comment/comment/matthew-danconajeremy-corbyn-s-intransigence-isbetraying-both-his-party-and-thecountry-a3300276.html
8

Years at the Forefront
of Global Trade

Malta Business Review
ONE-ON-ONE
I’m optimistic that a
new government, if well
assembled, could be
something that in the
Council unblocks the
standstill.
ONE-ON-ONE INTERVIEW
WITH BRANDO BENIFEI
Unblocking the standstill
Conte’s record
If Giuseppe Conte, the PM of the 5Stars-
League government, remains in office and
a new 5Stars-PD government holds on until
the end of its term, he would go down
as one of Italy’s longest-serving prime
ministers. That’s quite an achievement for
a lawyer who was a virtual unknown until
last summer.
Conte will be instrumental in convincing
reluctant 5Stars members to vote in favor
of the would-be tie-up with the PD on the
populist party’s Rousseau digital polling
platform. That’s a problem for the PD,
which wants a complete break with the
current government and thus has refused
to green-light a Conte prime ministership.
But the situation has evolved, according to
Brando Benifei, head of the PD delegation
in the European Parliament, and now
“I believe everything is possible,” the
33-year-old told Playbook. That said, the
chances of a PD-5Stars tie-up are still just
“50 percent.”
Competition’s on
Benifei said the previous government’s
ambition of getting the competition
portfolio remains intact. “It’s clear that Italy
has the political weight to get an important
position … it would then be natural to have
a key portfolio like competition and, to get
it, we need a government that is able to
regain authority — the old government
would have pushed us in a marginal role,”
Benifei said. Competition remains one of
Italy’s coveted portfolios, “but there are
also others — it’s something that has to be
discussed also with the president-elect,” he
said, but declined to reveal what they are
“because we are in a very delicate phase.”
Hope for asylum breakthrough
The Dublin reform of asylum rules is stuck
and diplomats expect it to regain momentum
only during the German presidency in the
second half of next year. With the League
in power, Italy had teamed up with Hungary
and Poland, which are against the reforms.
Budapest and Warsaw “are adversaries of
the Italian interest to build a more shared,
more collective management of migration
fluxes,” Benifei said, and thereby “I’m
optimistic that a new government, if well
assembled, could be something that in the
Council unblocks the standstill.”
A change of government also raises hopes
that Operation Sophia, the anti-smuggling
naval operation in the Mediterranean that
is currently blocked from using its vessels
after League leader and Italian Interior
Minister Matteo Salvini threatened to pull
Rome out of it, could soon set sail again.
The expectation is also that Rome will stop
harassing NGOs that rescue migrants in
the Med. “I believe these are all legitimate
expectations,” Benifei said, pointing to the
fact the PD has linked the formation of a
new government to a different approach
on these matters.
No pressure
Italian media reported the PD faced strong
pressure from EU governments and from
the Catholic Church to agree to team up
with the 5Stars and leave the Euroskeptic,
pro-Russia League behind. But Benifei
denied that: “I have had no pressure and
certainly this is not the ground on which
the PD took its decision.” MBR
Creditline: PLAYBOOK, POLITICO SPRL –
Jacopo Barigazzi, Zoya Sheftalovich;
Presentation by CEFIC
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Malta Business Review
BANKING REPORT
HSBC PROFITS INCREASE AS
STRATEGY GAINS MOMENTUM
Strategy Execution
n Successful risk management strategy has positioned the bank to
manage the range of risks facing the financial system, supporting
growth in profitability.
n Next phase growth actions gaining momentum with notable
progress in retail banking delivering record new customer
acquisition and home loan performance.
n Commercial Banking has stabilised following completion of risk
management actions. Outlook remains more challenging than
in retail. Quarter of a billion euro business fund launched to
accelerate revenue development.
n Good progress on cost management in the first half of the year.
n Strong capital position with dividend payout ratio sustained at 30%.
Financial Performance
n Reported profit before tax of €20.9m for the six months ended
30 June 2019, an increase of €4.8m or 30% compared with the
same period last year. 2019 results benefited from the non reoccurrence
of a significant expected credit loss taken in 2018.
n Common equity tier 1 capital ratio of 16.2% as at 30 June
2019, up from 14.6% at the end of 2018 well above regulatory
requirements.
n Recommended gross interim dividend of 1.7 cents per share (1.1
cents per share net of tax).
n Cost efficiency ratio improved to 73% for the six months ended
30 June 2019 from 74% for the same period in 2018.
n Return on equity of 5.8% for the six months ended 30 June 2019,
compared with 6.1% for the same period in 2018.
n Net loans and advances to customers were €3,183m, up €73m
compared with 31 December 2018.
n Customer deposits of €4,850m at 30 June 2019, down €38m
compared with 31 December 2018.
n The advances to deposits liquidity ratio increased from 64% at
31 December 2018 to 66%.
All three main business lines, Retail Banking and Wealth
Management, Commercial Banking and Global Markets, continued
to be profitable during the six-month period under review.
Andrew Beane, Director and Chief Executive Officer of HSBC Bank
Malta p.l.c., said: “These are a good set of results as the bank
emerges from implementation of its successful risk management
Andrew Beane, CEO, HSBC Bank Malta p.l.c.
Strategically we are now focused
on delivery of world-class customer
service to support growth.
strategy with increasing momentum. Strategically we are now
focused on delivery of world-class customer service to support
growth.
Progress in retail banking is ahead of expectations with significant
market share gains achieved in new customer acquisition and
home loans without increasing risk appetite. Retail Banking will
also benefit from a number of digital innovations the bank will
launch in the second half of the year.
Following completion of significant risk management actions,
Commercial Banking has now stabilised and the performance of
our Insurance company improved. Both of these divisions require
further work to increase profitability and are a strategic focus for
the Board. We have launched a quarter of a billion euro lending
fund to signal to the market that our commercial division has
returned to a growth focus.”
Continued on page 47
12

Malta Business Review
www.maltabusinessreview.net
13

Malta Business Review
INTERVIEW OF THE MONTH: BITCOIN & CRYPTOCURRENCIES
I have never been scared
of taking calculated risks
and chances.
Great opportunities lie in
niches and areas where
others are scared to take
the risk.
MBR: Can you tell us your story, the
reasons which prompted you to move
to Malta and decided to invest and
live here, and what excited you about
assuming your current role?
AK: I have travelled many times to Malta
before. I was always excited when coming
here. During the last years Malta has
been experiencing continuous growth
numbers and achieving excellent results
mostly in the financial services sphere.
Malta has always been a more business
focused jurisdiction. It’s a great place for
a start-up.
MBR: What can you tell us about the
two companies which you founded -
Arringo Ltd and Instacoins Ltd, and did
you always have the entrepreneurial
spirit and the desire to build your own
companies?
AK: I have never been scared of taking
calculated risks and chances. Great
opportunities lie in niches and areas
where others are scared to take the risk.
OFFERING A
UNIVERSAL CRYPTO
AND FIAT GATEWAY
By George Carol
Instacoins Limited is a decentralized platform that issues
stable Bitcoin currencies backed with crypto. MBR spoke
with the CEO and co-founder of the firm, Adrian Kreter,
to learn more about the project and also his perspective
on the world of Bitcoin and cryptocurrencies.
This is especially true with Instacoins Ltd.
I was one of the first to think and develop
a business in the blockchain Island. Back
then it seemed to me like a no brainer.
MBR: What do you think is the situation
with regards to Cryptocurrency regulation
in Malta, and what are the
main opportunities and challenges for a
Start-up company like Instacoins Ltd in
the current environment?
AK: There is still big uncertainty
regarding the situation post transitory
period. Furthermore, the biggest hurdle
we encountered from the outset was
the banking sector. In fact, it is close
to impossible for any cryptocurrency
company to find a decent and competitive
banking solution on the island. This is a
big let-down and challenge considering
Malta is supposed to be offering the
whole package as the blockchain Island.
14

INTERVIEW OF THE MONTH: BITCOIN & CRYPTOCURRENCIES
Malta Business Review
MBR: What opportunity did you see
for Arringo Ltd and Instacoins Ltd, and
what was your vision for creating both
companies?
AK: Instacoins’ mission is to become
a universal fiat - crypto, crypto - fiat
gateway. We made already a lot of
progress on the fiat - crypto side. Now,
we have to tackle the other side of the
coin.
Arringo is growing extremely rapidly
and I hope it will reach 1000 employees
by 2022. Both companies have now
well geared up and are in business
development stage of expansion and
consolidation.
MBR: Are your client base primarily
large global multinationals, gaming
and are you targeting governments
or are you also focused on small- and
medium-sized businesses?
AK: We don’t work with gaming at all.
Arringo’s clients are financial services
companies. Instacoins has clients
worldwide and a global exposure. Finally,
we don’t work with any governments yet.
MBR: Is it difficult to maintain culture
when you are growing so rapidly and
how important is it to keep culture at
the heart of the company?
AK: Culture is extremely important.
In both companies, through the
management, we want to create a
culture where all tiers of employees
must be incredibly self-critical and they
don’t get comfortable with short-term
success. It is vital to involve employees
as much as possible and to create a
corporate identity. The bigger you grow
the more difficult it gets but we are
trying to generate a tight bond inside the
companies via team building events as
an example.
MBR: Are you concerned about the
potential negative impacts of AI and
what are your views about AI?:
AK: I am not concerned about AI at all. It
creates big opportunities and should be
welcomed.
MBR: What are the main skills that
young entrepreneurs should have to
succeed in today’s economy and what
type of platform do you view the
forthcoming prestigious Malta’s Best
Entrepreneur Awards 2019?
AK: In my opinion this depends on
the sector but IT is one of the most
important skills in today’s time. The list
of nominated companies of the Malta’s
Best Entrepreneur Awards shows mainly
heavily IT focused companies. That is
already a big clue per se.
MBR: Are you are very committed to
philanthropy? What has made this so
important to you and do the skills that
made you a successful business leader
translate to your philanthropic efforts?
AK: At the moment both companies are
still very young so my focus lays there.
Still, we understand the importance of
Corporate Social Responsibility (CSR).
With this in mind, myself together with
my team we have partnered with a
series of local non-profit agencies to
help different strata of society. During
2018 we have created a CSR Team and
partnered with two different agencies.
We have organised a series of charity
events such as a cake bake sale to raise
funds for both. They were a complete
success.
n AAA Malta
n St Patrick Orphanage Sliema
The CSR team is continuously working to
find new partners that needs our help.
MBR: Can you reveal what is in the
pipeline for Instacoins Ltd in the near
future and if he has any other plan for
new companies and investments in
Malta?
AK: Instacoins will in the near future
launch a crypto Mastercard with which
you can hold your balance in Crypto and
benefit from the rally and exchange on
demand to EUR USD or GBP without
having to pay any fx fees. A great feature
for travellers and a further sign of the
various useful applications of crypto. We
have also other projects in the pipeline.
2019 will be an exciting year! MBR
Instacoins will in the near
future launch a crypto
Mastercard with which you
can hold your balance in
Crypto and benefit from
the rally and exchange on
demand to EUR USD or
GBP without having to pay
any fx fees.
www.maltabusinessreview.net
15

Malta Business Review
ONLINE PURCHASE SURVEY
THE COUNTRIES MOST – AND LEAST –
LIKELY TO BUY FROM EU SELLERS
Ecommerce revenues in the EU are growing by 14% each year.
Consumers in Malta are most likely to purchase online from other EU countries.
Consumers in Turkey are least likely to purchase online from other EU countries.
In the UK, 34% of consumers made online purchases from sellers in the EU in 2018.
Per an article by minutehack.com, ecommerce revenues in
the EU are growing by 14% each year, with consumers
more likely to buy from a company within their own
country. Subsequently, inter-country sales across the EU
continue to fall behind in-country sales.
However, British ecommerce retailer OnBuy.com has discovered
there are some EU countries that are more likely to buy online
from other EU sellers; with generous levels of cross-border online
sales recorded in 2018.
To achieve their analysis, OnBuy explored data delivered by the
Ecommercefoundation.org in the 2019 ‘European Ecommerce
Report’ and pulled together the countries in Europe most – and
least – likely to buy from other EU sellers.
OnBuy discovered, in the beautiful archipelago that is Malta, 89%
of consumers made online purchases from other EU countries in
2018 – the highest rate of every country analysed. This can be
compared to a fewer 62% of Maltese shoppers who made online
purchases from rest-of-the-world sellers in 2018.
Other countries with similarly high rates include Cyprus (83%),
Luxembourg (82%) and Austria (81%.) Strikingly, just 18% of
Austrians made online purchases from rest-of-the-world sellers in
2018, presenting one of the biggest disparities in how consumers
in this region shop online.
Over in Western Europe, 64% of Belgians made online purchases
from other EU countries in 2018, placing Belgium as the country
6 th most likely to buy from other EU sellers. Followed by Ireland
(60%), Finland (52%) and Portugal (51%.)
Rounding off the top 10 countries most likely to buy from EU
sellers is Denmark and Spain.
In Denmark, almost half (49%) of Scandinavian shoppers made
online purchases from other EU countries in 2018. Moving across
to Europe’s Iberian Peninsula, 48% of Spanish shoppers made
online purchases from other EU countries in 2018.
Comparably, consumers in Greece are buying far less from other
EU sellers. In 2018, just over one third (35%) of Greek consumers
made online purchases from other EU countries.
This can be compared to a fewer 19% of Greek shoppers who
made online purchases from rest-of-the-world sellers in 2018.
Other countries with similarly low rates include the UK (34%),
Montenegro (28%) and Germany (24%.) Interestingly, in
Montenegro, a whopping 77% of Montenegrins made online
purchases from rest-of-the-world sellers in 2018, presenting a big
disparity in how consumers in this region shop online.
In the Czech Republic, 19% of Czechs made online purchases from
other EU countries in 2018, placing the country 6 th least likely to
buy from other EU sellers. Followed by North Macedonia (18%),
Romania (13%) and Poland (12%.)
Rounding off the top 10 countries least likely to buy from EU
sellers is Serbia and Turkey. In Serbia, just 8% of Serbian shoppers
made online purchases from other EU countries in 2018. Moving
further into Eastern Europe, just 7% of Turkish shoppers made
online purchases from other EU countries in 2018 – the lowest
rate of every country analysed.
Cas Paton, managing director of OnBuy.com, comments:
“In today’s climate, it’s more important than ever to keep business
inclusive. Europe is a vast market, with every country holding
businesses which should not be hidden behind closed borders. By
keeping our borders open, we welcome consumers and traders to
make the most of the potential the European market holds – and
we encourage the rest-of-the-world to do the same. But we must
ensure we put the right procedures in place to make buying and
selling as safe and straightforward as possible.” MBR
Credit: www.onbuy.com
16

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Malta Business Review
BLOCKCHAIN & AI EVENT
NEW CONFERENCE
TO TAKE THE
MYSTERY OUT
OF BLOCKCHAIN
AND ARTIFICIAL
INTELLIGENCE
Working Town Events is hosting the
‘Blockchain & AI: Where are they taking us?’
conference in October
A
new conference organised by Working Town Events on
10 and 11 October promises to explore the worlds of
Blockchain and Artificial Intelligence (AI) by engaging
with active practitioners in the fields.
‘Blockchain & AI: Where are they taking us?’ will feature a number
of expert speakers who will discuss the impact these innovative
technologies are having, and may yet have, on the world. While
debating the various current and future applications of Blockchain
and AI, the conference will also look at the relevant legal
frameworks, particularly regarding Malta.
“We are delighted to be hosting the ‘Blockchain & AI: Where are
they taking us?’ conference,” says Mark Azzopardi from Working
Town Events. “Blockchain and AI are set to change our lives – but
what do we know about these technologies and what can we
expect their impact to be? Have they already had a profound and
irreversible effect? This useful and enjoyable conference hopes
to answer these questions and more, for those looking to deliver
services related to these sectors as well as those who just wish to
learn the basics.”
The two-day event will include talks, forums and panel discussions
with experts including Helen Burrows, Aviya Arika, Soulla Louca,
Godfrey Baldacchino, Joseph Anthony Debono, Claudia Borg,
Gordon Pace, Stephanie Fabri, David Galea, Philip Maurice Mifsud,
Luis Pallares, Abigail Mamo, Béatrice Collet, Denise De Gaetano,
Luis Pallares, Helga Pizzuto, Mark Mallia, Darren Parkin, François
Grech, Leonard Bonello, Malcolm Falzon, Ian Gauci, Damian
Mifsud and James Muscat Azzopardi. It will be compered by
business journalist and PR strategist Jo Caruana.
‘Blockchain & AI: Where are they taking us?’
will feature a number of expert speakers
who will discuss the impact these innovative
technologies are having, and may yet have,
on the world.
Working Town Events is an Azure Rock Partners brand and it will
host the conference in media and PR partnership with Blockchain
Island Magazine, Zeta, Meta Luminor, the Academy of Business
Leaders, Write Me Anything, and Coin Rivet. The event is also
accredited by the Malta Institute of Accountants for 8.25 hours
of Professional Development in terms of the Accountancy Board’s
CPE Scheme. MBR
‘Blockchain & AI: Where are they taking us?’ will be held on
Thursday 10 and Friday 11 October 2019 at Villa Bologna,
Attard. Tickets are priced at €300 excluding VAT, or €225
excluding VAT for members of certain relevant organisations.
More information, registration and ticketing details may be
found online at www.workingtown.com/events or at www.
ticketline.com.mt.
18

Malta Business Review
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19

Malta Business Review
ONLINE SERVICES
The choice of services found
in the eSeller platform
gives businesses the ability
to reach a global target
audience and deliver their
products to consumers in
Malta or abroad.
MaltaPost outlines eSeller
success for online retailers
MaltaPost’s recently unveiled eSeller platform for business has given local companies
the chance to substantially boost their online sales, with some indicating that their
international orders have doubled, if not tripled, since the facility was introduced.
The platform offers services primarily designed to help
businesses overcome the logistical challenges of sending
goods overseas, and it was crafted with SMEs in mind,
although some larger companies are also benefiting,
Charles Cilia, MaltaPost plc’s Head of Logistics and e-Commerce
Services said.
“The choice of services found in the eSeller platform gives
businesses the ability to reach a global target audience and deliver
their products to consumers in Malta or abroad,” explained Mr
Cilia. “It uses a harmonised system that facilities the process of
delivering products to their customers, both locally and abroad,
without them worrying about how much they are sending and
how often.”
This extremely convenient service uses a labelling system
that reduces the time for companies to label each product.
Beyond that, all of the related administrative tasks can be
carried out online from each business’ base or office, using the
MaltaPost dashboard. Once any product is ready for delivery,
the company can simply drops its items at a post office in bulk,
or order a courier pick-up at a time to suit its needs. Pick-up
fees remain the same whether there is one or more packages
to be collected, and MaltaPost handles everything from the
pick-up point onwards, while keeping the sender in the loop
continuously.
Among the businesses successfully using eSeller is Mdina Glass, a
company set up in 1968 as Malta’s first glass making company that
produces a wide array of glassware and decorative items made of
glass, and sells them locally and abroad.
Agreeing that eSeller has helped with their international trade too,
Mark Warner, Marketing Manager for Mdina Glass, explained that
the service has been both cost-effective and logistically sensible.
“Tourists often come into our shops and see things they like but
won’t be able to take back with them because of size or weight
restrictions, so a good postal service is vital to us,” he said. “Plus,
our e-commerce site ships across the world too, so it’s equally
important that we know how much things are going to cost to ship
and how long they will take to reach their destination.”
Mr Warner explained that, in the past, Mdina Glass’ logistics team
would pack a number of items and have them on standby, before
asking their driver to take them to the post office in Rabat or to
the MaltaPost headquarters in Qormi. This meant that a number
of people needed to be involved. “We would even cause a backlog
in the post office when we got there with our 20-or-so boxes,”
Mr Warner said. “Now, we just let our contact at MaltaPost know
when we have packages to be picked up, and they courier them
for us. This means our driver is free to do other things, while
the packages get on their way far quicker than they would have
in the past, and we even have the tracking numbers in-hand
immediately,” he asserted.
“With all of this in mind, we have certainly found eSeller to be very
well streamlined, and it has improved both our efficiency and our
international profitability. We now feel very confident about sending
shipments all over the world – safe in the knowledge that they will
arrive in good condition, for a reasonable amount of money, and in a
predictable amount of time. We would highly recommend it to other
businesses eager to boost their international output,” he added. MBR
For more information visit www.maltapost.com/eseller
20

SECTION HEADER
Malta Business Review
EXTEND
YOUR
ONLINE
SELLING
POTENTIAL
business@maltapost.com
www.maltapost.com/eseller
www.maltabusinessreview.net
21

Malta Business Review
BANKING REPORT
FIMBANK
ANNOUNCES HALF-
YEARLY PRE-TAX PROFIT
OF USD9.6 MILLION
The FIMBank Group has announced
a pre-tax profit of USD9.6 million
for the first six months of 2019,
an increase of 38 per cent on the
USD7.0 million registered during the same
period in 2018. These figures emerge from
the publication of the Group’s Interim
Financial Statements for 2019, which were
approved at a meeting of its Board of
Directors, on the 8 th August 2019.
At 30 th June 2019, Total Consolidated
Assets stood at USD1.77 billion, down by
5 per cent when compared to the USD1.87
billion reported at end-2018. Total
Consolidated Liabilities stood at USD1.48
billion, or 7 per cent less than the USD1.59
billion reported at end 2018. On the other
hand, deposits from corporate and retail
clients increased by USD65 million.
During the period under review, the
Group’s net operating income saw a
marginal decrease of 2 per cent, from
USD28.3 million to USD27.8 million. Net
interest income increased by 19 per cent
to USD16.0 million, as improvements in
the liability structure of the Group offset
the reduction in interest income resulting
from lower asset levels.
Due to the Group maintaining adequate
coverage on non-performing exposures
identified in 2018, net impairment charges
for the first six months of 2019 amounted
to USD0.6 million, compared to the USD2.1
million charged in 2018. In the current
year, net impairments are inclusive of the
successful recovery of a fully provided
exposure, amounting to USD3.0 million.
Commenting on the financial results,
FIMBank Group CEO Murali Subramanian
stated that the strong performance
registered during the first half of 2019 was a
further reflection of FIMBank’s risk-balanced
business model transformation. He
explained that the Group has “successfully
completed a de-risking exercise of its main
portfolios, aimed at strengthening its varied
exposures across the different products and
geographical presences, thereby reducing
concentrations, and ensuring sustained
growth in the years to come. This has led
to a short-term reduction in the size of
the balance sheet, as key portfolios have
readjusted their client and market profile,
refining structuring and increasing risk
mitigation.”
FIMBank Group Chairman Dr John C. Grech
expressed the satisfaction of the Board with
the results of the first half of 2019. He stated
that FIMBank’s positive performance, which
has now extended into its fourth year, comes
in the context of a “critically important
transformation of the underlying portfolios
of the Group during this period, the result
of which places FIMBank in a position of
strength, as it makes its business model
fundamentals even more attractive.” Dr
Grech commented that FIMBank’s expertise
in structuring transactions across the traderelated
product portfolio, together with the
ability of its people to pursue and maintain
the building of business partnerships with
the Bank’s diverse client base, remained key
to FIMBank’s reputation.
The FIMBank Chairman stated that while
the return to asset growth would be a
priority going forward, “we will remain
vigilant on risk, controls and governance
in order to ensure that the expansion of
the business is executed in a sustainable
way.” He explained that FIMBank “has
sufficient business pipeline, funding, and
resource structures in place to support this
path. Under the leadership of CEO Murali
We will remain vigilant
on risk, controls and
governance in order
to ensure that the
expansion of the
business is executed
in a sustainable way.
Subramanian and his management team,
with the right mix of talent and focus on
client delivery, and operating within a
risk-balanced approach, we are confident
of FIMBank’s ability to generate higher
value and returns for the benefit of all
stakeholders.”
Meanwhile, FIMBank’s Board of Directors
will not be recommending an interim
dividend for the period under review.
For more information about FIMBank plc,
please visit www.fimbank.com MBR
22

SECTION HEADER
Malta Business Review
YOUR EVENT IS ONLY AS
GOOD AS YOUR SUPPLIERS.
Quality, reliability and service
are not just words to us.
EQUIPMENT RENTALS AND EVENT MANAGEMENT
21382876 / 79476491 www.audiomalta.com info@audiomalta.com fb.com/audiomalta
www.maltabusinessreview.net 23

Malta Business Review
Q&A INTERVIEW
Passion and dedication, it’s not what
you do but how passionate you are
about what you are doing and keep
striving to be the very best.
NOT JUST A SERVICE By
George Carol
Have you ever wonder what it is like to be the owner of an Old School Barbershop?
Well Antonio Camilleri, Managing Director of Antonio’s Barbershop, is the
one you should learn from. Not only do his staff get to work for themselves in
this constant growth trade, they get to revive an old tradition while serving
upscale clientele with professionally-trained employees, all with the support
of the latest technology, proven operating philosophy, and an experienced
management team at the client’s disposal.
In this brief interview, Mr. Camilleri was asked a series of questions pertaining
to his work atmosphere, personal goals, and personal thoughts about his
establishment.
MBR: Can you run our readers through
your beginnings as one of the pioneers
and trade leader that brought the
‘Barbershop’ concept and how you
always wanted to put your ‘stamp’ on
Antonio’s Barbershop?
AC: My initial vocation was to be a chef,
following my father’s footsteps into the
catering industry. Working nights and away
from my family was taking the toll, so I
decided to follow my grandfather’s trade
as he was a barber in the NAVY. I moved to
the UK to train and become a certified level
4 Old School Barber and trainer, while also
opening a Barbershop in Leicester. Once
I was established and well experienced, I
decided to move back to Malta and open
the very first Old School Barbershop in
Malta, founding what is now the most
respectful barbershop in the island.
MBR: What, in your own opinion, would
make another successful in this position
and what skills do you need to work long
hours?
AC: Passion and dedication, it’s not what
you do but how passionate you are about
what you are doing and keep striving to be
the very best. Long hours come with the
job, but when you are meeting people time
flies and before you know it the day is over.
MBR: In its current state and with
consumers turning to lower cost
barbershop competition, have your
business felt a slowdown?
AC: Honestly? No. We cater to a niche
audience, in today’s day and age not
everybody can afford to spend 1/2hours
waiting for their turn, as time is money. Our
strategy is appointment based, making our
in-time appointment what differentiate us
from the competition thus enabling the
majority of our barbers to be regularly
fully booked. The easiest way to tell if a
barbershop is worth its salt is to see how
difficult it is to get an appointment there.
MBR: What does your company do to
retain existing customers?
AC: The primary strategy is customer care
and service with a smile. I am honoured
that each barber that works with me can
build a relationship with each client and
become their confidante and friend.
MBR: Why is it significant to have barbering
awards in Malta and how do these awards
highlight the diversity of barbers and
show there is room for everybody in the
industry?
AC: The award can be of a stimulus for other
barbers to up their game, and ultimately
influence improvement in the industry. For
me it’s more for my personal satisfaction
to be recognized for the hard work and the
impact I have made through my work and
charity towards the local community. I feel
that through my small business I managed
to employ 20 individuals and create a
nice working environment, thus crafting a
relaxed atmosphere for all our clientele.
‘Barbering is an art, not just a service’. MBR
24

SECTION HEADER
Malta Business Review
est. 2006
More than just a haircut...
Antonio's barbershop
21 Triq Birbal, Ħal Balzan
Franks Gentlemen Essentials
Level 2, The Plaza, Bisazza Str, Sliema
+356 9937 4443
w w w . a n t o n i o s b a r b e r . c o m
www.maltabusinessreview.net
25

Malta Business Review
BLOCKCHAIN INSIGHTS
FCA UPDATE, FACEBOOK
LIBRA AND A HINT FOR
THE FUTURE OF CRYPTO
The introduction of Facebook Libra has
increased the pressure on regulators to take a
closer look at cryptocurrencies, according to
SolutionsHub COO Nick Wright.
The Financial Conduct Authority has moved to
“provide clarity” on crypto with the publication of
its latest guidelines on cryptoassets.
Mr Wright is a director at SolutionsHub, a company
specialising in blockchain regulation and licensing. He said
the latest FCA update was a sign that digital technology is
increasingly being taken seriously by the authorities.
He said: “My personal opinion is that the recent
announcement by Facebook regarding the introduction of
Libra is putting pressure on regulators to examine, review
and form positions on their own appetite to regulate (or
not) digital assets and tokens.
“There is an argument to say that the additional clarity
offered by the UK FCA should be considered as an acceptance
that digital assets are here to stay and that regulation will
at some point try to adapt to market sentiment and new
technologies.”
The team at SolutionsHub offer unrivalled expertise in
blockchain and cryptocurrency regulation and licensing
– book a consultation to discover how your business
capitalise on the power of blockchain
When is a token not a token?
Christopher Woolard, executive director of Strategy and
Competition at the FCA, said the guidance “will help clarify
which cryptoasset activities fall inside our regulatory
perimeter.”
The latest guidance (PS19/22) deems Bitcoin and Etherum
‘exchange’ tokens, meaning they do not fall within the FCA’s
remit. However, other forms of tokens do.
Mr Wright said: “While Bitcoin and Ethereum have been
classified as ‘exchange tokens’, and therefore outside their
remit and scope, other digital tokens/assets have not been
so lucky.
“Security and utility tokens will be captured and regulated
in some form with the former considered ‘digital assets
that provide rights and obligations akin to shares or debt
instruments’.
“The issuance of utility tokens, depending on their nature
and structure, may meet the definition of e-money in certain
circumstances. These tokens will also likely fall under the
umbrella of the European Union’s 5 th AML Directive which
is being merged into UKL law in the latter stages of 2019.
“PS19/22 also provides recommendations for wallet
providers, exchanges and trading platforms and that
an updated e-money token category, falling within the
E-Money Regulations, should be created.
“Despite the recent publication of PS19/22 the UK FCA
have already conceded that further clarity will be required
for actors and operators within the sector so as to ensure
that regulations are clear and that no laws are being
contravened.” MBR
26

BLOCKCHAIN INSIGHTS
Malta Business Review
digital
matters:
THE EVOLUTION OF
BLOCKCHAIN FUNDING
ICOs – Initial Coin Offerings
The original flagship of blockchain funding
was an ICO.
An ICO is a concept of crowdfunding
cryptocurrency and blockchain companies
and projects. ICO stands for Initial Coin
Offering, (sometimes referred to as a
“token-generation event” or “crowdsale”).
An ICO involves a company creating its
own cryptographic tokens and selling them
in exchange for cryptocurrencies with a
purpose of funding the development of
technologies and/or operations. It usually
releases a certain number of cryptotokens
and then sells those tokens to its
intended audience, most commonly in
exchange for Bitcoin, or Ether. As a result,
the company gains capital to fund product
development, expansion and marketing
and the purchasers get access to services
at a discount, or preferential rate to
alternatives.
There are parallels between the concepts
of Initial Public Offering and an ICO.
However, there are several key differences,
the most meaningful of which is that an
IPO involves selling equity in a company,
whereas an ICO is usually the sale of “utility
tokens”, equating to a discount on goods
or services, although often purchased for
high-risk, high-reward speculation.
Within an ICO, the instigating party will
establish a smart-contract (an immutable
piece of code that is published publicly
online) and those willing to participate
will send BTC, or ETH and receive a token.
That token can denote anything (generally
royalty rights, equity, shareholding,
voting rights, or rights to a product, or
service). IPOs are sophisticated fundraising
mechanisms, heavily regulated and limit
participation to a relatively small number
of parties. They require significant
independent review, engagement of legal
firms and other professional parties.
They also carry severe consequences in
the case of non-compliance. Conversely,
ICOs were new and largely untouched by
government regulation during the peak of
their popularity. This meant any project
could launch an ICO, at any time, with little
preparation, and any person could take part
in it and contribute their money. However,
following the 2018 crypto market crash
and subsequent bear market, ICOs have
become very unpopular, with the average
size of ICO and percentage of successful
ICOs falling dramatically.
This is unlikely to change, at least until
there is significant liquidity in the alt-coin
(alternatives to Bitcoin and Ethereum)
market. Even with a buoyant alt-coin
market and significantly restricted supply
of utility tokens, it is difficult to see
many projects offering the immediate
widespread adoption required to underpin
the token price long-term. So, as with any
startup, it is those who have spent funds
wisely, delivered usable products, made
meaningful partnerships and gathered a
sticky userbase, that will survive and thrive
long-term.
STOs – Securities Token Offerings
Overlapping the fall in ICOs, securities
token offerings (STOs) ballooned.
These offer securities represented by
cryptographic tokens.
STOs are much more akin to an IPO than
an ICO, as they often represent partial,
or full shareholder rights. I would argue
that STOs are a natural evolution for a
sector seeing the bottom fall out of tokens
with commonly limited, or no, pegged
value, but also with the steady influx of
sophisticated and institutional investors
engaging with blockchain startups. Seeing
the opportunity in blockchain technology,
these investors are looking to support
the right projects, but demand similar
protections to those they are used to in
traditional funding rounds.
There has been a slower uptake in STOs,
but this is inevitable when one considers
that launching an STO requires finding a
permissive jurisdiction and engaging a full
suite of professional advisors. However, these
factors also have the natural by-product of
weeding out the weaker propositions, and
those solely interested in raising as much
capital as they can, with limited realistic
chance of delivering value for all parties.
IEOs – Initial Exchange Offerings
However dressed, an Initial Exchange
Offering is an ICO, but with the swap for
BTC or ETH made on exchanges.
The advantage to purchasers is assurance
regarding a market for their tokens,
rather than trying to arrange listing on an
exchange with reasonable volumes post-
Continued on page 28
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27

Malta Business Review
BLOCKCHAIN INSIGHTS
Continued from page 27
The truest answer to why
Bitcoin has seen such
a resurgence is quite
possibly the simplest;
sentiment. The general
consensus is that the
bear market is over and
this consensus is driving
positive sentiment.
ICO. Unfortunately, many have not learnt
from the lessons of ICOs being susceptible
of the same business risks as any startup.
I recently saw a LinkedIn video from
industry “experts” promoting a funding
model called the “IEO Ladder”. Essentially,
they are advising potential clients pay
them $300,000 to IEO a limited amount
of tokens on a small exchange, then use
the profits to IEO mass tokens on a large
exchange.
Don’t get suckered in. If your interest
is solely in high-risk/reward investing,
participating in IEOs can be excellent
potential revenue stream while preparing
for the Bitcoin halving (when the reward
to Bitcoin miners is cut in half every four
years), but if your interest is in supporting a
project long-term, or receiving discounts on
future services, then an IEO may not be for
you. This said, some of the more reputable
exchanges are offering protections of
proper due diligence and feasibility studies
on projects and experience-based advisory
on the token economics, that can prove
extremely beneficial. Unfortunately, many
are simply interested in taking a high
percentage of the crypto raised with little
concern for their users.
As with doing due diligence on ICO’s,
one should ensure they do not take an
IEO listing as proof of project validity.
Instead, do due diligence on the project,
tokenomics, the exchange, the exchange
IEO eligibility criteria and the related fees.
State Of The Market
So, what’s it like out there today?
Clarity regarding regulation is providing
confidence for all parties, as is the
development of regulatory frameworks
where there were previously none.
Investor hope has certainly returned,
but the appetite and profile of investor
has changed significantly. In 2017 we
saw new investors flood into the market.
These were individuals attracted by the
astronomic rise in Bitcoin, Ethereum and
the plethora of alt-coins. Most of these altcoins
were new exchange listings from only
recently finished initial coin offerings and
pumping significantly, especially through
the fourth quarter of 2017. Unlike initial
public offerings, access to ICOs and trading
was largely unrestricted and anybody with
an interest could join.
This influx of new capital served to swell
the markets, but in the subsequent crash
and bear market, many got caught holding
illiquid tokens, or saw their BTC holdings
slash in value. It is important to remember
the real use case for crypto is low-cost,
(near) instant, borderless transactions
and we are closer than ever to the critical
mass and development of the technology
to make this a reality. Large financial
institutions making significant moves into
the space is extremely positive, as is on/
off ramps becoming more accessible, a
clearing bank happy with crypto entering
the market, multi-chain technology more
reliable and the overall UX of purchasing,
storing and transferring crypto much
better than ever before.
However, the truest answer to why
Bitcoin has seen such a resurgence is
quite possibly the simplest; sentiment.
The general consensus is that the bear
market is over and this consensus is driving
positive sentiment.
For the Bitcoin purists, 2019 may be a
year solely focused on preparation for the
Bitcoin halving in 2020, an event which
sees the reward for Bitcoin miners reduced
to 50% of what it used to be. Every time
this has happened it has had a positive
impact on the price.
From a broader perspective, it is an exciting
time with the emergence of blockchain,
internet of things, artificial intelligence
and augmented reality. It is especially
heartening to see how widely blockchain
technology is accepted for its properties of
efficiency and transparency. MBR
Lee Hills is CEO of SolutionsHub.
im. Based in Douglas, it is the
Isle of Man’s leading authority in
crypto and blockchain business and
gambling licensing.
28

FINANCIAL ANALYSIS
Malta Business Review
Bitcoin
TO HIT $15,000 AS
CONSENSUS GROWS
ON SAFE-HAVEN STATUS
The devaluation of China’s currency that is rattling global financial markets has
revealed that Bitcoin is now becoming a safe haven asset.
The analysis from the CEO of one of the world’s
largest independent financial advisory organisations
comes as investors piled into the Bitcoin and other
cryptocurrencies this week amid growing trade
tensions between the U.S. and China.
The Chinese renminbi fell to under 7 to the U.S. dollar on
Monday – the lowest in more than a decade – igniting drops
in stocks and emerging market currencies and driving a rally
in government bonds.
Nigel Green, chief executive and founder of deVere Group,
notes: “The world’s largest cryptocurrency, Bitcoin, jumped
10 per cent as global stocks were rocked by the devaluation of
China’s yuan as the trade war with the U.S. intensifies.
“This is not a coincidence. It reveals that consensus is growing
that Bitcoin is becoming a flight-to-safety asset during times
of market uncertainty.
“Bitcoin is currently realising its reputation as a form of digital
gold. Up to now, gold has been known as the ultimate safehaven
asset, but Bitcoin - which shares its key characteristics
of being a store of value and scarcity – could potentially
dethrone gold in the future as the world becomes increasingly
digitalised.”
He continues: “With the Trump administration now officially
labelling China a currency manipulator, escalating the tensions
between the world’s two largest currencies economies,
investors are set to continue to pile in to decentralized, nonsovereign,
secure currencies, such as Bitcoin to protect them
from the turmoil taking place in traditional markets.
“The legitimate risks posed by the continuing trade dispute,
China’s currency devaluation and other geopolitical issues,
such as Brexit and its far-reaching associated challenges, will
lead an increasing number of institutional and retail investors
to diversify their portfolios and hedge against those risks by
investing in crypto assets.
“This will drive the price of Bitcoin and other cryptocurrencies
higher. Under the current circumstances, I believe the Bitcoin
price could hit $15,000 within weeks.” MBR
Cryptocurrencies are now almost
universally regarded as the future of
money – but what has become clear is
that they are increasingly regarded a safe
haven in the present.
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31

Malta Business Review TALKING POINT
The President of Venezuela, Nicolas Maduro, meets with Russian president
By Bertrand Venard
In November 2018, a former national treasurer of Venezuela
was sentenced in the United States to 10 years in prison for
taking more than $1 billion in bribes. Rather than the usual
lone fraudster ending behind bars, this case is an example of
the effect of corruption on a democracy, when the elites think
only of putting cash in their pockets and threaten the population
when reforms are demanded. Indeed, in recent years, corruption
have skyrocketed in Venezuela and at the same time, democracy
became a myth, with increasing signs of tyranny every day. Is this
something specific to Venezuela’s situation, or is there something
inherent in corruption that can kill democracy?
Venezuela is not alone in simultaneously seeing increased rates of
corruption and decreased democracy. Transparency International’s
2018 Corruption Perception Index clearly shows the magnitude of the
phenomena – the least-corrupt countries have all had a long exposure
to democracy. At the top of the ranking is Denmark, followed other
strong democracies: New Zealand (2), Finland (3), Singapore (3),
Sweden (3), Switzerland (3) or Norway (7). At the extreme opposite,
the most corrupted nations are Somalia (rank 180), Syria (178), South
Sudan (178), Yemen (177), North Korea (176), Sudan (172), Guinea
Bissau (172), Equatorial Guinea (172), Afghanistan (172), Libya (170),
Burundi (170), Venezuela (168) and Iraq (168).
The situation is so bad in these most corrupted countries that their
populations face a combination of insecurity, resource shortage, a
weak and even absent state, poor infrastructures, declining health
and low-quality education.
Transparency
International’s
2018 corruption
perception index.
Darker colours rank
as more corrupt.
Vladimir Putin in 2015. In the 2018 Transparency International report,
Venezuela ranks 168 and Russia ranks 138. The least-corrupt country in the
world is Denmark, followed by strong democracies such as New Zealand,
Finland, Sweden and Switzerland.
services since bribes – the most common form of corruption –
lead to misallocation of resources, the decision makers being
more interested to get the higher level of bribes, not to make the
best decision. To make the matter worst, corruption also increases
the cost of public services. As a result, the corrupted countries
have fewer investments and become poorer.
Culture of democracy to its minimum
In addition, the increased corruption leads to a declining trust in elites
and the state. In a country with high corruption levels, the population
has no confidence in their politicians and civil servants. With suspicion
and even fears of elites, the population can’t invest itself in voting,
being involved in the civil society or participating to the public debates.
As the result, the culture of democracy begins to crumble.
Finally, the worst case is the capture of the state, which can lead to a
complete tyranny. For example, when the population of Venezuela
started to demand reforms after years of economic decline and rising
corruption, the response of the elites has been the imprisonment of
opponents, physical threats, and isolation to the world.
Thus, the latest corruption index should be a warning sign to pay
attention to dramatic effects of corruption on the core functioning
of democracies. In addition to Venezuela, other cases include
Guatemala, Turkey, Hungary and even in the United States. These
and others show that democracy is a jewel that needs continuous
protection.
Credit: The Conversation, Audentia Business School
Corruption as the abuse of power for private gains
Several reasons explain why corruption is so grievously damages
a democratic system. As a principle, when the elites are highly
corrupted, they are not really concern with the rest of the
population, or even their country. Indeed, corruption is usually
defined as the abuse of power for private gains against the public
good. Corruption breaks the link between collective decision making
and people’s power to influence decisions (normally through votes
and participation), this very link that defines democracy.
Furthermore, for a country to be a democracy, a minimum of
public services is necessary. Without good education, health and
a measure of security, the participation of people to the political
debates is minimum. Clearly, corruption implies poor public
Editor’s Note
Bertrand Venard,
Professor, Audenci
Bertrand Venard, professor at Audencia (France) and the
University of Oxford (UK) is conducting several research projects
about frauds such as cybersecurity and corruption. He is doing
a major research project about cybersecurity behaviour, funded
by the European Union (Project Number: 792137). He received
funding from Anti-Corruption Commission of Bhutan. Indeed, he
directed two major research projects to fight corruption in the
mining industry and human resource management in the civil
services of Bhutan.
32

GLOBAL WARMING
Malta Business Review
Greenland
is melting
THAT’S EVERYONE’S
PROBLEM
By Sheena McKenzie, CNN Reporter
Sean Gallup/Getty Images
Free-floating ice floats jammed into the Ilulissat Icefjord during
unseasonably warm weather on July 30, 2019 near Ilulissat, Greenland.
Extreme heat bowled over Europe in July, smashing records in its wake. Now, the heatwave
that started in the Sahara has rolled into Greenland – where more records are expected to
crumble in the coming days.
That means the heatwave is now Greenland’s problem,
right? Not quite. When records fall in Greenland, it’s
everyone’s problem. Greenland is home to the world’s
second-largest ice sheet. And when it melts significantly –
as it is expected to do this year – there are knock-on effects for sea
levels and weather across the globe.
Greenland’s ice sheet usually melts during the summer. This year,
it started melting earlier, in May, and July’s heatwave is expected
to accelerate the melt. The country’s mammoth ice sheet rises
3,000 meters above sea level. Forecasters predict that its summit
will be particularly warm, at just below zero degrees. “It’s a very
warm temperature for that altitude,” said Ruth Mottram, climate
scientist at the Danish Meteorological Institute.
Now 2019 could come close to the record-setting year of 2012,
said Jason Box, professor and ice climatologist at the Geological
Survey of Denmark and Greenland. During that “melty year,”
he said, Greenland’s ice sheet lost 450 million metric tons – the
equivalent of more than 14,000 tons of ice lost per second.
Global effects
What happens in Greenland will be felt across the world. Box said
that this year’s melt is flooding the North Atlantic with freshwater,
which could affect the weather in northwestern Europe. The
result could be stronger storms, he added, citing flooding in the
UK in 2015 and 2016. “Whatever happens in Greenland radiates
its impact down,” he said.
During a year like 2012 or 2019, water produced by Greenland’s
ice sheet adds more than one millimeter to global sea levels,
according to Box. But countries in the tropics could see a rise of
two millimeters or more, he said.
Extreme is the new norm
It will still be some time before the full “meltiness” of 2019 is
measured. But it’s already poised to rival the proportions of 2012
– and we haven’t even reached the end of summer.
In July alone, Greenland’s ice sheet lost 160 billion tons of
ice, according to Clare Nullis, spokeswoman for the UN World
Meteorological Organisation. That’s roughly the equivalent of 64
million Olympic-sized swimming pools.
One of the most remarkable things about the 2019 heatwave is
not just the number of records it broke across Europe – but the
margin by which it did so, she said.
“Normally when you get a temperature record broken, it’s by a
fraction of a degree,” said Nullis. “What we saw was records being
broken by two, three, four degrees – it was absolutely incredible.”
And it’s not just the heat that’s breaking records. Last year,
Greenland experienced it’s coldest year in decades, said Box.
According to Nullis, intense heatwaves such as the one bringing
up temperatures in Greenland “carry the signature of manmade
climate change.” It’s a view shared by a group of European
scientists, including scholars at the University of Oxford, who
earlier this month concluded in an analysis published in World
Weather Attribution that recent French heatwaves had been
made five times more likely because of climate change.
The researchers also said that the world is “very likely” to see more
extreme heatwaves in the future due to climate change. MBR
CNN's Isabelle Gerretsen contributed to this report.
People cool off next to the fountains at the Louvre Museum in
Paris on Wednesday, July 24.
Vehicles in a flood caused by rising sea levels on a highway in
Central Java, Indonesia on February 2.
www.maltabusinessreview.net
33

Malta Business Review
CLIMATE CHANGE
THE PLANET HAS
ONLY UNTIL 2030 TO
STEM CATASTROPHIC
CLIMATE CHANGE,
EXPERTS WARN
By Brandon Miller and Jay Croft, CNN
New climate change report issues stark warning. Governments
around the world must take “rapid, far-reaching and
unprecedented changes in all aspects of society” to avoid
disastrous levels of global warming, says a stark new report
from the global scientific authority on climate change.
The report issued by the UN
Intergovernmental Panel on
Climate Change (IPCC), says
the planet will reach the crucial
threshold of 1.5 degrees Celsius (2.7
degrees Fahrenheit) above pre-industrial
levels by as early as 2030, precipitating the
risk of extreme drought, wildfires, floods
and food shortages for hundreds of millions
of people. The date, which falls well within
the lifetime of many people alive today, is
based on current levels of greenhouse gas
emissions.
The planet is already two-thirds of the way
there, with global temperatures having
warmed about 1 degree C. Avoiding going
even higher will require significant action
in the next few years.
“This is concerning because we know there
are so many more problems if we exceed 1.5
degrees C global warming, including more
heatwaves and hot summers, greater sea
level rise, and, for many parts of the world,
worse droughts and rainfall extremes,”
Andrew King, a lecturer in climate science
at the University of Melbourne, said in a
statement.
Global net emissions of carbon dioxide
would need to fall by 45% from 2010 levels
by 2030 and reach “net zero” around 2050
in order to keep the warming around 1.5
degrees C.
Sea ice is seen from NASA’s Operation IceBridge research aircraft off the northwest coast of
Greenland. Scientists say the Arctic has been one of the regions hardest hit by climate change.
Lowering emissions to this degree,
while technically possible, would require
widespread changes in energy, industry,
buildings, transportation and cities, the
report says. “The window on keeping
global warming below 1.5 degrees C is
closing rapidly and the current emissions
pledges made by signatories to the Paris
Agreement do not add up to us achieving
that goal,” added King.
Consequences of past inaction
The report makes it clear that climate
change is already happening -- and what
comes next could be even worse, unless
urgent international political action is taken.
“One of the key messages that comes out
very strongly from this report is that we
are already seeing the consequences of 1
degree C of global warming through more
extreme weather, rising sea levels and
diminishing Arctic sea ice, among other
changes,” said Panmao Zhai, co-chair of
IPCC Working Group I.
Even if warming is kept at or just below 1.5
degrees C, the impacts will be widespread
and significant. Temperatures during
summer heatwaves, such as those just
experienced across Europe this summer,
can be expected to increase by 3 degrees C
says the report. More frequent or intense
34

CLIMATE CHANGE
Malta Business Review
droughts, such as the one that nearly ran
the taps dry in Cape Town, South Africa,
as well as more frequent extreme rainfall
events such as hurricanes Harvey and
Florence in the United States, are also
pointed to as expectations as we reach
the warming threshold. Coral reefs will
also be drastically affected, with between
70 and 90% expected to die off, including
Australia’s Great Barrier Reef.
Countries in the southern hemisphere
will be among the worse off, the report
said, “projected to experience the largest
impacts on economic growth due to
climate change should global warming
increase.”
The report underlines how even the
smallest increase in the base target would
worsen the impact of recent natural
disasters. “Every extra bit of warming
matters, especially since warming of 1.5
degrees C or higher increases the risk
associated with long-lasting or irreversible
changes, such as the loss of some
ecosystems,” said Hans-Otto Pörtner, Co-
Chair of IPCC Working Group II. The report
cites specific examples of how impacts of
global warming would be lessened with
the 1.5 degrees C increase, compared to
the 2 degrees C increase:
n Global sea levels would rise 10 cm lower
by 2100. The likelihood of an Arctic Ocean
This chart from the IPCC shows how global temperatures would respond to a sudden and drastic
reduction of greenhouse gas emissions. Even with immediate action, global temps will still overshoot
the goal, but could reduce back to the target over time.
free of sea ice in summer would be once per
century, instead of at least once per decade.
n Coral reefs would decline by 70% to 90%
instead of being almost completely wiped out.
‘Possible with the laws of
chemistry and physics’
Monday’s report is three years in the making
and is a direct result of the 2015 Paris
Climate Agreement. In the Paris accord,
197 countries agreed to the goal of holding
global temperatures “well below” 2 degrees
C above pre-industrial levels and to pursue
efforts to limit it to 1.5 degrees C.
The United States was initially in the
agreement, but President Donald Trump
pulled the country out a year and half later,
claiming it was unfair to the country. To limit
global warming to 1.5 degree C is “possible
within the laws of chemistry and physics,”
said Jim Skea, co-chair of IPCC Working
Group III. “But doing so would require
unprecedented changes.” “International
cooperation is absolutely imperative to limit
emissions and therefore global warming and
its impacts, as well as coordinating effective
and widespread adaptation and mitigation,”
said Sarah Perkins-Kirkpatrick, a fellow at
the Climate Change Research Center at the
University of New South Wales. “The next
few years will be critical in the evolution of
these efforts.”
One key issue will be negative emissions,
large scale carbon-scrubbing technologies
that can reduce the amount in the
atmosphere and act to counter continued
pollution. According to the report, there
are two main ways of removing carbon
from the atmosphere: increasing natural
processes that already do this, and
experimental carbon storage or removal
technologies. However, all methods “are
at different stages of development and
some are more conceptual than others,
as they have not been tested at scale,”
the report warned. They will also require
considerable political engagement globally,
as will reducing the amount of carbon being
emitted. Despite the report’s dire warnings,
there is no indication such cooperation will
be doable, particularly given the Trump
administration’s stance on this issue.
“Today the world’s leading scientific experts
collectively reinforced what mother nature
has made clear -- that we need to undergo
an urgent and rapid transformation to a
global clean energy economy,” former US
Vice President Al Gore said.
“Unfortunately, the Trump administration
has become a rogue outlier in its
shortsighted attempt to prop up the
dirty fossil fuel industries of the past. The
administration is in direct conflict with
American businesses, states, cities and
citizens leading the transformation.” MBR
Courtesy: CNN/Weather Report
www.maltabusinessreview.net
35

Malta Business Review
YACHTING PERSPECTIVES
TOP 5
THE
CHALLENGES FOR YACHT OWNERS AND CAPTAINS
As the 2019 Monaco Yacht Show – a premier event on the yachting calendar – approaches,
Chris Cini, Legal Director at Equiom Malta, examines the industry from a client perspective
by looking at five challenges yacht owners and captains face.
1. Complexity
The whole set up of owning a yacht can be complicated. It’s about
knowing who to contact for advice, who to trust and who to use
for the various components to ensure a smooth operation.
2. Taxes
The environment around taxes, VAT and customs is continuously
changing and it is vitally important to keep up to date with all
changes to manage any tax liabilities.
3. Crewing and social security
Paying national insurance contributions for yacht crew is
becoming more demanding, as different countries seek to impose
localised regulations. You have to know your obligations, when to
pay and where it is required.
4. Finance
The ability to obtain finance to purchase a yacht is becoming
very challenging. Yacht owners need to ensure that the relevant
security for the loan-to-value (LTV) is in place and the choice of
jurisdiction for yacht ownership is favourable from a compliance
and risk perspective.
5. Security
Security is becoming an increasing risk for owners and ensuring
protection and privacy on board is often something overlooked.
The considerations when owning and operating a yacht are
numerous and constantly changing. That is why it is advisable
to engage a trusted provider who will pro-actively advise on and
deal with any challenges on your behalf, making for a smoother
process.
If you have any concerns about the challenges you or your clients
might be facing in relation to owning and operating a yacht,
contact Chris on chriscini@equiomgroup.com or +356 2226 0610
or if you happen to be visiting the Monaco Yacht Show later this
month, arrange to meet with Chris at the show. MBR
www.equiomgroup.com/yachting
Chris Cini,
Legal Director at
Equiom Malta
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Malta Business Review
DIGITAL SIGNAGE
Introducing LED signage
to your establishment
Digital Signage
Software
It has been identified that when it comes to hardware one
must give importance to the location of where the screen
will be set up as finally the purpose of digital signage is to
communicate the right message, at at the right place, at the
right time. However, being able to communicate the message
requires a software that gives the user the ability to create and
refresh content to keep it relevant, engaging and informative.
There are three main software components to any given solution
which we’ll be exploring into more detail below:
1. Software that resides on a media player (or inside a display)
2. Content management/distribution software
3. Device management software and content creation software
Media Player Software
This plays back media files, utilising both the CPU and GPU on
the computer the software resides on. Different media players
support various types of media through codecs, which decode
digital files such as images, videos, web pages and IPTV screens,
and presents them visually on digital signs.
Content Management and Distribution Software
Content management system (CMS) companies typically offer the
ability of a User Interface (UI), which allows users to upload and
organise content, organise the content into a playback schedule
(such as identifying the time when certain adverts would be aired
on various screens placed around your establishments), create
rules and conditions around playback, and distribute the content
to a media player or groups of media players.
Device Management Software
Uploading, managing and distributing content is only one part of
running a digital signage network. If you’re looking at deploying
multiple screens across various locations, it will be critical to
your success to be able to manage the network remotely. The
best device management platforms are very powerful tools that
collect information on the devices, report that data and are able
to take action.
n The successful download and playback of media assets, gathering
the playback data from media player software
n Checking on the health status of the media player: free disk
space, memory usage, temperature, network status, etc.
n Check on the status of the screen the media player is either
attached to or embedded in
n Capturing screenshots of what a media player is playing to
ensure everything is working as expected
n Updating components of the system: software updates for
media players and firmware updates for screens
n Taking action against information on the network, for example
turning the screen on and off, rebooting the device, etc.
n Create alerts around information on the network through email
communication
n Content Creation Software
In next month’s issue we will be expanding on how one should
manage the content that is to be showcased on the digital
signage screens. MBR
About the Company
Mark Vella, Managing Director and Owner of Powerhouse Audiovisuals and Events is one of the
pioneers of Malta’s exciting events sector.
Powerhouse are specialists in Digital signage, would be able to provide you with either the screen of
your choice and/or also content management – just get in touch with us at by sending us an email on
info@powerhousemalta.com or by giving us a call on +356 7949 9432
38

WE ARE RECRUITING
Job Details
ACCOUNTS AND ADMINISTRATIVE EXECUTIVE
Full-Time/Part-Time
Candidates must conduct a number of jobs, typically in an office setting. They type reports, maintain office records
and invoicing, and may handle accounts payable. They are also responsible for scheduling meetings and maintaining
work calendars for colleagues in the office. They answer phones and help coordinate requests for supervisors. The
candidate must also handle day-to-day management of the office, including maintaining office supply levels, having
familiarity with light hardware maintenance (such as installing new toner in copiers and printers), and arranging for
any necessary repairs to office equipment.
SAGE familiar & qualified in accountancy. High school diploma or GCE, and several years of work experience in a
similar position is typically necessary.
The Accounts & Administrative Executive will be required to be fluent in all common office software applications,
and they must possess the ability to work quickly and skillfully with word processors, spreadsheets, and database
software.
Tasks
• Perform a wide range of complex secretarial and administrative duties.
• Assist the Administrative Director with special projects, event planning and activities.
• Screen and channel incoming calls and visitors to the Administrative Director’s Office.
• Schedule all correspondence and necessary documents for the Administrative Director’s action.
• Schedule appointments and meetings for the Administrative Director.
• Must have a valid driving licence and preferably own a car
• Must be qualified up to A-Level standard
Contact Martin Vella:
martin@mbrpublications.net
admin@mbrpublications.net
Tel: 2149 7814;
Mob: 9926 0162/9940 6743/ 9926 0164

Malta Business Review
LED DIGITAL SIGNAGE
40

SECTION HEADER
Malta Business Review
THE RIGHT MESSAGE AT THE RIGHT
PLACE AT THE RIGHT TIME
ELEVATE YOUR BRANDING,
ENGAGE VISITORS,
AND REDUCE YOUR COSTS WITH
LED DIGITAL SIGNAGE
POWERHOUSEMALTA.COM
INFO@POWERHOUSEMALTA.COM
www.maltabusinessreview.net
41

Malta Business Review
BREXIT: THE CONSEQUENCES
British PM Boris Johnson
6 OUT OF 10 SEEK TO
MOVE ASSETS FROM
UK AMID BREWING
OF PERFECT STORM
Six out of 10 investors are now actively seeking to move
assets out of Britain as a perfect storm looks set to hit the
UK economy, reveals a new poll.
The survey of more than 740 clients
carried out by deVere Group, one
of the world’s largest independent
financial advisory organisations,
which has $12bn under advisement, comes
as the pound plunged to its lowest level
for a decade late on Sunday amid growing
fears the UK is heading for a no-deal Brexit.
It also follows Monday’s report by the
Office for National Statistics (ONS) that
finds the outlook for the general economic
situation for the year ahead is worse than
at any point since the final quarter of 2011.
Nigel Green, the CEO and founder of
deVere Group, notes: “There is a legitimate
and growing sense amongst those who
were polled that in order to build and
safeguard wealth, assets should be moved
outside of the UK.
“It comes amid a slew of negative official
data and public sentiment regarding
Britain’s economic outlook over the next
few years. Clients have expressed that
they feel there’s a closing ‘window of
opportunity’ to transfer their UK-based
financial assets within the next few
months.”
He continues: “Investors are seeing a
perfect storm brewing: the UK’s slowing
economy, weak global economic growth,
the pound at a 10 year-low, the increasing
possibility of an interest rate cut and the
risk of a no-deal Brexit pushing the UK into
a recession.
“Increasingly they’re now actively looking
to take action to mitigate the risks to
their wealth – as well as benefitting from
the opportunities – through established,
international financial planning solutions.”
It’s not just individuals and families. It has
been widely reported that firms in the City
of London alone have already committed
to moving many billions out of the UK
to prepare for Brexit – and this figure is
expected to increase with many leaving
details of their plans unpublished until the
Brexit deadline on October 31.
Last month, Nigel Green noted: “There is no
end in sight to the embattled British pound’s
plight with both the current Prime Minister
Boris Johnson and the leader of the official
opposition Labour Leader Jeremy Corbyn
promoting policies that will deliver fresh –
and serious – blows to the currency.”
The deVere CEO concludes: “The poll
underscores that the UK is no longer an
attractive place for investors. “The UK
is now at a critical point – perhaps the
most critical since the global crash. Many
are simply not prepared to risk their
wealth and are considering international
options.” MBR
42

CRYPTOCURRENCY
Malta Business Review
Instacoins Ltd is thrilled
to announce that
it is now a registered
entity with U.S. FinCEN!
Instacoins Ltd, a cryptocurrency brokerage based in Malta, has
recently announced its registration with the United States
Financial Crimes Enforcement Network (FinCEN), which is the
U.S. Bureau that combats domestic and international money
laundering, terrorist financing, and other financial crimes.
Instacoins Ltd has registered with FinCEN as a money transmitter
business in July 2019 with registration number 31000150701616.
The company, which has been operational for almost a year, is
looking to be one of the first service providers to be regulated
under the Virtual Financial Assets Act in Malta and has submitted
an application to the Malta Financial Services Authority to be
categorised under a Class 3 Licence.
In a statement, Instacoins Ltd CEO Jean Paul Bonnici said, “Our
mission is that of making virtual currencies accessible. Instacoins
Ltd provides a secure platform for consumers to easily buy bitcoin
via their credit or debit card or through bank wires. The registration
with FinCEN was a mandatory step in making our operations more
transparent and in line with current regulation”. MBR
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43

Malta Business Review
EDITOR’S CHOICE
TUDOR – OFFICIAL TIMEKEEPER
FOR THE RUGBY WORLD CUP
2019 IN JAPAN
As part of its major partnership with World
Rugby TM , TUDOR is the official timekeeper for Rugby
World Cup 2019, which will take place in Japan
from 20 September to 2 November. Rugby is an
uncompromising sport with noble values, a sport for
the bold, a true reflection of the spirit that has driven
this watchmaking brand since its inception.
With 30 strapping players
on the field each battling
to score a try against their
opponents, rugby is the
ultimate team sport. Requiring speed,
power and daring, it also demands excellent
team spirit. Faced with increasingly wellorganised
defences, direct contact is not
always the right approach, which is where
a more free-flowing style comes into its
own. And although the sport has become
professionalised over the past 20 years, it
has lost none of its authenticity. Whether
in terms of respect for your opponent
or for the referee, both on and off the
pitch, rugby has managed to maintain its
tradition of teamwork and camaraderie.
It was these noble values and the sport’s
robust image, which together reflect the
uncompromising watchmaking philosophy
that has defined TUDOR since 1926, that led
the Swiss brand to join forces with World
Rugby in 2017 as part of its #BornToDare
campaign. In addition to the men’s and
women’s Rugby World Cup TM and World
Cup Sevens, TUDOR also supports the
annual U20 World Cups, which provide an
international platform to the sport’s future
stars. TUDOR has also partnered with
World Rugby Awards, which recognise the
season’s best teams, players and officials
every year. This year, they will be held in
Yokohama City on 3 November, the day
after the final of Rugby World Cup 2019.
Finally, TUDOR supports the Rugby Hall of
Fame, an institution established in the town
of Rugby, in the UK, where the sport was
born in the 1820s, celebrating those who
have contributed towards its reputation.
Another Rugby World Cup for
TUDOR’S ambassadors?
For the very first time, the 9 th edition of
Rugby World Cup – the world’s third largest
sporting event, held every four years – will
take place in Asia. The sport, already well
established in Japan, has seen rapid growth
since the unexpected success of its national
team at the last Rugby World Cup in 2015.
This September, 20 teams will compete for
the title of Rugby World Cup 2019 Champion,
with TUDOR as official timekeeper.
The competing teams include the famous
All Blacks, proudly representing New
Zealand as three-time World Champions
(1987, 2011, 2015), and looking to lift
the Webb Ellis Cup again. The All Blacks
are TUDOR ambassadors and enjoy a
reputation that goes far beyond the limits
of rugby. The Haka, an extraordinary
traditional Māori challenge by which they
honour their opponents before a match,
only adds to their legendary status. They
remain one of the most successful teams of
all time in any sport, with a win-rate of over
75%. Their collective strength and bold
free-flowing style make them contenders
again this year, but at Rugby World Cup
2019, anything could happen: every week
is different, and the gap between nations
narrows a little more each year.
Referees on TUDOR time
This year’s Rugby World Cup 2019 referees
will be able to count on the robustness and
precision of TUDOR chronographs to keep
time during their matches. A special edition
of the Black Bay Chrono model has been
produced for the event to be used by all 23
Rugby World Cup 2019 match officials. This
high-performance chronograph powered
by the Manufacture Calibre MT5813, with
a column wheel, silicon balance spring
and a 70-hour power reserve, will be fitted
exceptionally with a black rubber strap
for greater comfort in action. It will also
feature a commemorative engraving on the
back. What’s more, the player substitution
boards used by referees will display the
TUDOR crest, symbolising the extraordinary
robustness of the brand’s watches.
About TUDOR
TUDOR is a Swiss-made watch brand, offering
mechanical watches with sophisticated style,
superior quality and unique value for money.
The origins of the TUDOR brand date back to
1926, when ‘The TUDOR’ was first registered
on behalf of the founder of Rolex, Hans
Wilsdorf. He created the Montres TUDOR
SA Company in 1946 to offer watches with
the quality and dependability of a Rolex,
at a more accessible price point. Over the
course of history, TUDOR watches became
the choice of daring individuals worldwide
on land, ice, in the air and underwater. Today,
the TUDOR collection includes flagship
lines such as Black Bay, Pelagos, Glamour
and 1926. Since 2015, TUDOR has offered
exclusive mechanical Manufacture Calibres
with varied functions.
About World Rugby
World Rugby’s mission is to promote rugby
and its character-building values across
the world, in order to grow and strengthen
the sport for everyone. The global rugby
community boasts 9.1 million players
and 338 million fans, connected through
121 national member federations in six
regions. MBR
All Blacks, winners of the
Rugby World Cup 2015
valletta - T. +356 21 24 7447
st. julian’s - T. +356 21 38 4503
info@elcol.com - www.elcol.com
Japan vs South Africa, Rugby World Cup 2015
44

CRYPTO HACKING
Malta Business Review
CRYPTOCURRENCY
EXPERT CALLS FOR
BETTER PROTECTION
An Isle of Man-based cryptocurrency security expert is
calling for action after another hacking scandal saw
32m dollars stolen from an exchange.
Japan-based Bitpoint, which allows users to buy currencies
including Bitcoin, was reportedly forced to halt trading after
irregular activity was spotted earlier this month. It is not
the first time crypto exchange users have lost their money,
with Binance being targeted by hackers earlier this year and
QuadrigaCX collapsing after the death of its chief executive meant
no one was able to access the stored funds. (Binance is a global
cryptocurrency exchange that provides a platform for trading
more than 100 cryptocurrencies.)
Justin Short, co-founder of MetaVault – a fully insured ’digital
asset custodian’, based in Douglas – said crypto users deserve
better protection. He said: ’This kind of event simply should not
be happening at this stage of the industry’s development and
exchanges have too much to gain from continuing to bend the
rules. This kind of news embarrasses professionals in this industry
and delays mainstream adoption and utility. Exchanges don’t make
their money from storing tokens, their interest is in customers
trading them so, sometimes, the security of the tokens they hold
is not a top priority.’
Mr Short believes further controversies are avoidable – and
crypto users have a role to play in affecting change. He said: ’The
good news is that this problem is, right now, completely solvable.
However, customers need to start loudly demanding solutions
by voting with their wallets. Exchanges should strongly consider
using independent cold storage solutions that are fully insured.
Not only does this almost completely eradicate the risk of tokens
going missing but also, in the unlikely event that it does happen, it
means customers are guaranteed to get their funds back – unlike
with so-called ’’self-insured’’ solutions. If crypto is to become
truly mainstream, then controversies involving millions of dollars
vanishing clearly need to stop. It’s time for the industry to get
serious.’ MBR
need to more effectively integrate fighting climate change into
the Bank’s mandate.
MEPs also asked Ms Lagarde how the negative effects, such as extra
low interest rates, stemming from the exceptional measures taken
by the ECB could be mitigated, especially through its quantitative
easing programme, the need to review the ECB’s code of conduct,
the role of the Euro as a reserve currency, and how the ECB’s
decisions can be better explained to the public.
Next ECB president: ECON hearing with Christine Lagarde
Lagarde sets out her stall to
MEPs in Economics and
Monetary Affairs Committee
By John Schranz
Christine Lagarde on Wednesday presented what her
priorities would be for the European Central Bank were
she to be confirmed as its President. Throughout most
of the morning, Ms Lagarde fielded questions from
committee MEPs during a hearing intended to judge her suitability
for the post of President of the European Central Bank (ECB).
There were recurrent questions on whether the ECB should
prioritise its secondary objectives and better integrate
including through a review of its monetary framework, and the
In her replies, Ms Lagarde agreed that it was time to review the
ECB’s monetary framework to address new challenges such as
non-bank lending, fintech, crypto currencies, and climate change.
She stressed that she would champion climate change becoming
a “core concern” for the ECB, given it could pose “macro-critical
risks”. Financing the ecological transition would be something all
economic actors, including the ECB, would need to prioritise.
Ms Lagarde also said that while the ECB’s quantitative easing had
indeed led to certain negative effects, its overall results were
positive and that she saw such a “highly accommodative stance
continuing for a long time”.
Ms Lagarde told MEPs that communicating and explaining
decisions taken to people would be her primary role as future ECB
President. “The ECB needs to understand and explain to people,
not only the markets”, she said.
Next steps
Committee MEPs will vote at 18:00 on whether to recommend
Ms Lagarde or not for the post. After this, a plenary vote on her
suitableness is expected during the session of 16 to 19 September. It
will then be up to the European Council to take the final decision. MBR
Credit: EP/Econo
www.maltabusinessreview.net
45

Malta Business Review
GAMING
WAZDAN LAUNCHES LATEST
NEW GAME
game to fill the entire screen. Players
and operators can get their first spin of
Dragons Lucky 8 right here.
“Dragons Lucky 8 is a fun-packed slots
game with special features aplenty, in
addition to high-class graphics, animation,
audio and navigation. It’s been a busy year
for our team, but we have maintained our
commitment to regularly releasing new
games, ensuring that players and operators
continue to see and experience all that
Wazdan has to offer. We look forward to
more announcements soon,” says Andrzej
Hyla, Head of Sales, at Wazdan.
Keep up to date with the latest Wazdan
news at www.wazdan.com MBR
Wazdan have announced
yet another hit game with
Dragons Lucky 8 making
up the latest slot for
Wazdan players and operators to enjoy.
Dragons Lucky 8 brings together the
greatest fortunes of the East, combining
a dragon-themed adventure, the most
revered creature in Chinese culture, with
the number eight, deemed to bring good
fortune and good luck. The resulting slot
game is a fun-packed play delivering a
multitude of special features combined
with top-notch graphics and animations.
Dragons Lucky 8 is a 6-reel slot with 20
paylines and a fantastical dragon theme
that takes players on a journey into a mystic
realm where dragons roam free. The game
features Wilds, Scatters, Free Spins and
Variable Win Multipliers and will be available
in Wazdan-powered online casinos with the
MGA, UKGC, SGA and Curacao licences.
Thanks to the Wild Symbol and Scatters
triggering up to 30 Free Spins, the
gameplay of Dragons Lucky 8 is already
wildly entertaining, but it is the Variable
Win Multiplier, which can reach up to x8,
that ups the thrills to soaring heights.
Completing the game, are the Unique
Wazdan Features that make Wazdan
games so dearly adored. The world’s
first Volatility Levels open up options
for players to adjust the volatility of
their game to meet their preference of
gameplay. Double Screen Mode brings
players back to the feeling of a landbased
slot machine, as the paytable can
be viewed at all times. Energy Saving
Mode and Ultra Lite Mode work to boost
the experience of players on mobile - the
first extending the battery life by up to 40
per cent, and the latter decreasing the
time taken to load the game. The Unique
Gamble Feature offers the chance for
players to double their win in an instant,
while Ultra Fast Mode puts the game on
increased speed. Then finally, the latest
addition to the Wazdan Unique Features,
Big Screen Mode, zooms the reels of the
ABOUT WAZDAN
Wazdan is a popular game producer,
developing innovative casino games
that deliver an original, fun and truly
omni-channel player experience.
Offering an extensive game library of
over 110 HLML5 slots, table games
and video poker games, Wazdan is
gaining popularity in the iGaming
market thanks to the great quality of
their games, interesting themes and
engaging gameplay. Wazdan’s game
portfolio consists of such popular
titles as Magic Stars 3, Great Book of
Magic Deluxe, Magic Target Deluxe,
9 Lions and Fruit Mania Deluxe as
well as amazing new and upcoming
slot games, including Los Muertos,
Space Spins, Magic Stars 6 and Larry
the Leprechaun amongst others.
Wazdan releases new, exciting titles on
a regular basis and equips them with
Unique Wazdan Features: innovative
Volatility Levels, exciting Unique
Gamble Feature and mobile-friendly
Energy Saving and Double Screen
Modes, Ultra Lite Mode, Ultra Fast
Mode, as well the brand new Big
Screen Mode. Wazdan holds a number
of European trademarks including
a trademark for their world’s-first
Volatility Level. Their extensive
portfolio of clients includes some of the
top gaming operations in the industry.
The company is headquartered in
Malta and holds licenses issued by the
MGA, the UKGC, Romanian National
Gambling Office ONJN and Curacao
eGaming, and is certified to offer their
products in Sweden, Estonia, Latvia
and Lithuania. Furthermore, their
games use the RNG certified by the
GLI, which ensures reliable, fair and
secure gameplay.
46

BANKING REPORT
Malta Business Review
(from left) Emma Nuttall, Chief Financial Officer, John Bonello, Chairman, and Andrew Beane, CEO, HSBC Bank Malta p.l.c.
Continued from page 12
He added: “Progress on costs is encouraging and the bank is
committed to further reduce its cost efficiency ratio over time.
Additionally, HSBC’s signature credit discipline has delivered
further reductions to the risk profile of our portfolio. While
Malta’s economic performance and outlook remain positive, we
are positioning the bank for the long-term economic cycle and
remain cautious in growing exposure to higher risk sectors such as
corporate real estate.
We welcome actions being taken by the local authorities to reform
corporate insolvency practices and augur this be completed
at pace. The bank’s capacity to better use its capital to support
lending into the economy and, if appropriate, higher dividends will
significantly increase once these reforms are concluded.”
Concluding, Andrew Beane said: “Finally, as is the case with all
Domestic Systemically Important Banks in the Single Supervisory
Mechanism, HSBC is in early stage discussions with the European
Central Bank Single Resolution Board to understand the
requirements that will apply for new Required Eligible Liabilities,
commonly known as MREL. MREL is likely to further increase capital
requirements for the sector and the bank intends to provide more
detail with the 2019 annual results as these requirements become
clearer.”
Financial performance: Commentary
Profit attributable to shareholders amounted to €13.6m resulting
in earnings per share of 3.8 cents compared with 4.0 cents in the
first half of 2018. The Board proposes to maintain the current
dividend payout ratio of 30% and recommends an interim gross
dividend of 1.7 cents per share (1.1 cents per share net of tax).
The interim dividend will be paid on 18 September 2019 to
shareholders who are on the bank’s register as at 16 August 2019.
HSBC Life Assurance (Malta) Limited reported a profit before tax
of €2.4m, 39% higher than the same period of 2018. The increase
Progress on costs is encouraging
and the bank is committed to
further reduce its cost efficiency
ratio over time.
was partly driven by positive market movements in 2019 which
were not seen in the first half of 2018. In addition, the insurance
subsidiary registered a 2% increase in premium income, as a result
of the growth in pensions post the launch of the new Employee
Pension Plan to all HSBC Bank Malta employees in December
2018.
Financial position and capital
Net loans and advances to customers stood at €3,183m, €73m
higher than at 31 December 2018 with strong growth across the
RBWM mortgage portfolio and marginal growth in the commercial
lending book.
The bank’s financial investments portfolio increased by €53m
to €958m and composed of highly rated securities and is
conservatively positioned with the lowest investment grade of A-.
Customer accounts were €4,850m as at 30 June 2019, €38m or 1%
lower than at 31 December 2018 with increases in Retail deposits
offset by reduction in Commercial Banking deposits. The bank
maintained a healthy advances-to-deposits ratio of 66% and its
liquidity ratios were well in excess of regulatory requirements.
The bank’s common equity tier 1 capital was 16.2% as at 30 June
2019, up from 14.6% at the end of 2018 well above regulatory
requirements. Total capital ratio increased to 18.8% compared to
17.0% at 31 December 2018. MBR
www.maltabusinessreview.net
47

Malta Business Review
BREXIT
Warning for investors:
Hopes for a Brexit deal are
offset by escalating trade war
A Brexit deal now appears more
likely than a U.S.-China trade
de-escalation – but global
financial markets are still to
remain volatile in the near
term, meaning investors should
revise their portfolios.
This is the warning from the CEO
and founder of one of the world’s
largest independent financial
advisory organisations. Nigel Green
comments: “Global financial markets are
likely to fall on Monday and remain highly
volatile in the near-term on geopolitical
headwinds. This means investors should
revise their portfolios to safeguard their
wealth whilst simultaneously taking
advantage of the buying opportunities.”
He continues: “There does seem to be a
glimmer of hope of the UK securing a Brexit
deal with the EU. This is largely due to fears
that a no-deal Brexit will seriously hit EU
economies, many of which are already
on the brink of a recession, including the
largest one – Germany.
“The last thing the EU needs is the UK to
crash out in a no-deal scenario, dragging
down its own vulnerable economies.
As such concessions towards UK Prime
Minister Boris Johnson’s approach
seems increasingly likely.” He goes on
to say: “However, this chink of light in a
major geopolitical issue will be offset by
escalating trade tensions between the U.S.
and China. “The increasing trade dispute
A good fund manager will
help investors seek out
the opportunities that
turbulence creates and
mitigate potential risks
as and when they are
presented.
between the world’s two largest economies
is impacting not only their own economies,
but also economies across the world. And
as further tariffs, punitive sanctions on
firms and, possibly, currency devaluations
are likely, the situation can be expected to
create further market turbulence in the
near-term.”
The deVere Group CEO said investors could
also capitalise on the current geopolitical
climate. He noted: “Investors should
embrace some volatility as important
buying opportunities. “Fluctuations can
cause panic-selling and mis-pricing.
Sought-after stocks can then become
cheaper, meaning investors can top up
their portfolios and/or take advantage
of lower entry points. This all typically
results in better returns. “A good fund
manager will help investors seek out the
opportunities that turbulence creates and
mitigate potential risks as and when they
are presented.”
Mr Green concludes: “Investors need
to stay invested, carefully monitor the
geopolitical factors that drive returns,
ensure portfolios are properly diversified
and revise their portfolios where necessary
in order to sidestep the risks and benefit
from the major buying opportunities.”
deVere Group is one of the world’s largest
independent advisors of specialist global
financial solutions to international, local
mass affluent, and high-net-worth clients.
It has a network of more than 70 offices
across the world, over 80,000 clients and
$12bn under advisement. MBR
Twitter: @PriorConsults
48

PSYCHOLOGICAL SCIENCE
Malta Business Review
THE
We often think that what
matters in social life is being
together with others, but
we have found it also really
matters what those people
are doing.
big
By Natalie Clarkson
get together:
Why group experiences
are important.
Many things are more fun when
experienced with others: celebrating
your team’s win at a football
match, or smashing a pub quiz, for
example. But why else should we
share experiences?
A
study published in Psychological
Science found that having
incredible experiences like going
on a cruise on your own or roadtripping
solo across America can leave
you feeling left out with others who have
not done those things and even make
you unpopular. According to the report’s
authors: “Extraordinary experiences are
both different from and better than the
experiences that most other people have,
and being both alien and enviable is an
unlikely recipe for popularity.”
So does that mean you should not have
incredible experiences by yourself? Of
course not. It simply means that you will
enjoy them more in the long run if you have
people to share them with. For example,
sitting through someone showing you their
holiday pictures is fairly dull – but if you
were there and share those memories,
you will love seeing all the pictures and
reminiscing over the fun you had.
But the same can be said for more
everyday experiences such as listening
to music or eating a meal. Research has
found that experiences such as these
are more intense when they occur with
other people. “We often think that what
matters in social life is being together with
others, but we have found it also really
matters what those people are doing,” says
psychological scientist and lead researcher
Erica Boothby of Yale University. “When
people are paying attention to the same
pleasant thing, whether the Mona Lisa or a
song on the radio, our research shows that
the experience is much more pleasurable.”
Other research has also found that there’s
a mental health benefit from doing
sports with other people. The benefits of
exercising to help reduce panic attacks or
mood and sleep disorders have been well
publicised. But new research has found that
team sports may be even more beneficial
than other forms of physical activity. Adam
Chekroud, one of the study’s authors,
explains there are biological, cognitive and
social aspects of mental illness. “Some
sports might just be hitting on more of
those elements than other sports. If you
just run on a treadmill for example, it’s
clear that you’re getting that biological
stimulation. But perhaps there are other
elements of depression that you are not
going to be tapping into.”
So if you are looking to benefit from exercise
in more than one way this summer, grab
some friends and hit the park for a game
of football or rounders, or gather your gym
buddies and work out together. MBR
Creditline: Virgin
www.maltabusinessreview.net
49

Malta Business Review
NEWSMAKERS
A Courtesy Visit to the Deputy Prime Minister
Maltese Jurisdiction Pioneer in European Medical Cannabis Industry
Dr. Nata Menabde, Executive Director of the World
Health Organisation Office in New York, who, come next
September, will be contesting the post of Regional Director
for the WHO European Region, paid a courtesy visit to Deputy
Prime Minister and Minister for Health Dr. Chris Fearne.
At the forefront of her agenda is the accessibility for all citizens
to appropriate health services and products, including affordable
medicines among others. In this regard, Dr. Chris Fearne referred
to the hard work that our country has done with the establishment
of the Valletta Declaration; as a number of European Union
Presentation of the Cooperative Audit Report
During the 19 th Assembly Meeting of the INTOSAI Working
Group on Environmental Auditing, held in Bangkok on 6 – 9
August 2019, Mr William Peplow (Senior Audit Manager –
National Audit Office, Malta) and Mr Akis Kikas (Senior Principal
Auditor - National Audit Office, Republic of Cyprus) delivered
the presentation on the cooperative audit: ‘Are mechanisms in
place for the designation and effective management of Marine
Protected Areas (MPAs) within the Mediterranean Sea?’ One
hundred and fifty delegates from 49 Supreme Audit Institutions
(SAIs) participated in this assembly meeting.
This cooperative audit based its findings and conclusions on seven
individual national audit reports which were compiled by the SAIs
of Albania, Cyprus, France, Greece, Malta, Portugal, and Slovenia.
SAIs Malta and Cyprus coordinated this project.
The focus of this cooperative audit was to determine the extent
to which countries in the Mediterranean region are effectively
conserving marine biodiversity to attain the targets set in national
legislation and international protocols. The audit identified that the
necessary mechanisms for designating and effective management
of MPAs were not always in place to achieve the desired equilibrium
between the sustainability of MPAs and blue growth.
The National Audit Office Malta presented the national and
cooperative audit reports to Parliament on 30 January 2018 and
10 July 2019 respectively. Both reports are available on the NAO’s
portal: www.nao.gov.mt. MBR
Photos (NAO)
member countries are working together to improve access and
affordability of medicines.
The WHO European Regional Committee will be meeting in
Copenhagen, Denmark, between 16 and 19 September. Present
at the meeting with Deputy Prime Minister and Minister of Health
Dr. Chris Fearne is Charmaine Gauci, Superintendent of Public
Health, and Dr. Dennis Vella Baldacchino, Government Chief
Medical Officer. MBR
Courtesy: Ministry for Healthcare
Are mechanisms in place for the designation and effective management of
Marine Protected Areas (MPAs) within the Mediterranean Sea?
50

IN COLLABORATION WITH
PRESENTS
Malta Business Review
MALTA’S
BEST
ENTREPRENEUR
OF THE YEAR
AWARDS
2019
MALTA’S BEST
ENTREPRENEUR
OF THE YEAR
AWARDS 2019
Building a business community
where aspirations take flight
SMARTCITY, KALKARA
20 SEPTEMBER 2019
ARE YOU LOOKING FOR A
NATIONAL PLATFORM TO
TELL YOUR COMPANY’S
SUCCESS STORY?
Then Malta’s Best Entrepreneur of the Year Awards is
for you. Whether your company is a huge corporation or
a small start-up, if you are headquartered in Malta then
these awards offer you a chance to showcase your success
and raise your profile in front of an audience of media,
politicians and potential investors. The awards celebrate
businesses that combine creativity and innovation with
results, and recognise companies that set new standards
of excellence within their industries.
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MALTA
MALTA BUSINESS REVIEW
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For more information contact Margaret Brincat:
Mobile: 9940 6743/9919 6510 | E-mail: margaret@mbrpublications.net
www.maltabusinessreview.net
Visit our website at www.mbrpublications.com
51