Read our insights, reports and more

Malta’s GDP went up by 7.5 per cent or €281 million in the third quarter of 2018, according to the National Statistics Office (NSO). Furthermore, according to the European Commission Winter 2019 Economic Forecast, it is estimated that Malta’s economy will grow by 5.2% growth in 2019 and 6.4% in 2020, making Malta the fastest growing economy in the EU zone, followed by Ireland.

On 25 January the Malta Financial Services Authority issued an update on the Virtual Financial Assets Framework to update the public on the progress of the implementation of the regulatory framework.

The Malta Financial Services Authority has recently launched a consultation paper highlighting its vision for the coming years. Labelled as MFSA's Vision 2021 it outlines the authority’s aim to strengthen its processes and paving the way for the future of the financial services industry. Concurrently, the MFSA also launched a consultation document on the MFSA's FinTech strategy, proposing the introduction of a regulatory sandbox and innovation hub.

Even if many believe the world is getting harder to predict, that hasn’t stopped international publications from trying to forecast the year ahead. Here we round up some of the predictions making headlines around the world

How manage the hidden complexities of indirect taxation? It’s not just the immediate demands of VAT/GST that are complex and challenging, but the extent to which it forms part of wider shifts in how businesses are taxed.

Grant Thornton were appointed as corporate advisors to assist with raising finance on Prospects MTF

Progress in finance has facilitated the exchange of value to an automated process, but behind the scenes it has been a centuries’ long process to get where we are today.

The IASB decided to replace IAS 39 in response to strong criticisms of that Standard in the aftermath of the global financial crisis of 2007/8. IFRS 9 fundamentally rewrites the accounting rules for financial instruments, particularly since it introduces a new approach for financial asset classification; a more forward-looking expected loss model; and major new requirements on hedge accounting.

Only around half of businesses have a clear strategy and business case for enhanced digital transformation within the finance function. Is your organisation ready to make better business decisions?

Many predict that DLT is reinventing and transforming key industries and creating new business models, making every transaction transparent, democratic, decentralized, efficient and secure. The belief in blockchain’s potential is so widespread that financial and tech entities have invested an estimate of $1.4 billion in 2016, which is expected to go up to $2.1 billion in 2018.

Business First is a one-stop shop for entrepreneurs and SMEs, though which one can obtain from business related services related to VAT, employment and licenses matters, amongst others..

AI has slowly been working its way into businesses. Business Intelligence (BI) systems generate and automatically process a wealth of digital data providing the necessary metrics to efficiently run an organization. Machine learning and AI solutions have the potential to further crunch such data creating unprecedented opportunities for improvement across health, lifestyle, transportation, education and practically every human activity.

Malta plans to develop a National AI Strategy, putting the island amongst the top 10 nations that have taken such an approach to artificial intelligence . A key advantage of Malta is its size, making it similar to a cosmopolitan city that could allow companies to test their products in a real-life scenario.

No doubt that blockchain technology presents many opportunities that will keep transforming the financial space. The disruptive technology is exponentially opening up international markets the same way the internet transformed access to information. For those that recognize what blockchain technology has to offer, its potential has no barriers, both for entrepreneurs and consumers who will be able to gain access to any service or assets they need where they are and when they need them.

The Financial Intelligence Analysis Unit (FIAU) has published a document for consultation which covers the application of Anti-Money Laundering and Countering the Funding of Terrorism (AML/CFT) obligations by the Virtual Financial Assets (VFA) sector. The guidance notes will apply to VFA agents, VFA issuers and VFA licence holders.

Monday 22 October 2018 marks the presentation of the 2019 budget of this government aimed at stimulating economic growth, reducing government debt and delivering a budget surplus year on year.