FinanceMalta, Malta's public-private initiative set up to promote the country as an international financial centre, has announced the appointment of Rudolph Psaila as its new Chairman. He succeeds Kenneth Farrugia, who resigned from his post after serving in his role for the past eight years.

The appointment of Mr Psaila as Chairman of FinanceMalta was announced by Hon. Silvio Schembri, Parliamentary Secretary responsible for Financial Services, Digital Economy and Innovation during a meeting of the new Board of Governors held this afternoon.

Hon Silvio Schembri (centre) with the outgoing Chairman of FinanceMalta Kenneth Farrugia and the newly-appointed Chairman Rudolph Psaila (left)

Mr Schembri announced the composition of the new FinanceMalta board, which features governors appointed by the government and  by the financial services sector. The government-appointed governors are Mr Rudolph Psaila (Chairman), Mr Justin Spiteri, Mr Marvin Zammit, Ms Josianne Cascun Montebello and Mr Claude Abela.

The governors appointed by the private sector are Dr Wayne Pisani as President of the Institute of Financial Services Practitioners (IFSP), Dr Matthew Bianchi representing the Insurance Industry (MIMA, AIB, MIA), Mr Karol Gabarretta representing the Banking sector as Secretary General of the Malta Bankers Association (MBA), and Mr Kenneth Farrugia representing the Malta Asset Servicing Association (MASA).

FinanceMalta board of governors with Parliamentary Secretary, Silvio Schembri

Hon. Schembri said: "I thank Mr Farrugia for his long-standing service at the helm of FinanceMalta and wish the best of luck to Mr Psaila in his role. I believe that with his experience in the financial services sector, coupled with the great support of the new board and FinanceMalta's management team, he will be continuing on the steps of his predecessor in promoting Malta as a financial services jurisdiction across the world. FinanceMalta will yet again play a crucial role, in our pursuit to take Malta's financial services sector to the next level."

Outgoing Chairman Kenneth Farrugia said: "FinanceMalta has contributed significantly to the growth and importance of financial services to Malta's wider economy. We have experienced growth in every sector be it funds and asset management, insurance as well as wealth management. We have consolidated our initiatives in core markets, extended FinanceMalta's reach to new jurisdictions, and also carried Malta's proposition in new sectors such as blockchain and FinTech. In this respect I must thank all governors who over the years contributed tirelessly to face the challenges of a young jurisdiction, and the members for their unwavering support throughout the years, as well as management and staff for their contribution to ensure Malta is a jurisdiction of repute in financial services. I wish Mr Psaila every success in his new role, and he knows that he has my full support on the Board."

The new Chairman of FinanceMalta, Rudolph Psaila thanked Hon Schembri and Mr Farrugia for extending their wishes. "I'm grateful for being granted the opportunity to act as Chairman of FinanceMalta. Whilst we remain cognisant of the challenges present in the Financial Services and FinTech Industry, together with the Board of Governors, our members, the Government and all the private stakeholders, we will seek to consolidate our core traditional sectors and keep on evolving and innovating in order to remain globally connected and at the forefront in the respective industries."