MONEY ISSUE 71

BUSINESS

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LIFEST YLE

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DESIGN

THE NEW BEGINNINGS EDITION ISSUE 71

COVER STORY

MONEYBASE: MALTA’S FIRST DIGITAL PAYMENTS APP Alan Cuschieri (14)

FIGHTING FOR TRUTH & JUSTICE Roberta Metsola (10)

A LAWMAKER IN THE MAKING

Joe Giglio (16)

TWO’S COMPANY; THIRTY’S A CROWDFUND

Karolina Rostkowska & Nicole Borg (20)

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WELCOME

Editor’s letter — We’re in the third month of the

just had Elon Musk buying Twitter – what’s

COVER

Ukraine-Russia conflict, and sadly it shows no

the reason behind that? Is it part of a larger

Alan Cuschieri

signs of abating. Every day we read about more

scheme? The latest buzzword to be bandied

Read the full story on P.14

horrific actions coming out of that region –

about is the metaverse. Theo Dix believes that

mass graves uncovered, women being used as

it’s a paradigm shift in the technological

discards of the war, and cities being bombed.

world and could change our lives just as the internet and smartphones did, as he explains

You’ll read quite a lot about this ongoing

in his article.

conflict from different angles and viewpoints in this issue. First, EU President Roberta

And when one puts Malta and technology

Metsola explains the actions of the EU briefly

together, the result is undoubtedly fintech. Of

in the context of this humanitarian crisis. At

course, Malta’s relationship and dependence

the same time, Jordan Portelli delves into

on financial services remain strong. Still, it

the economic impact of the war and the

realised that it needed to reignite the spark

repercussions that the ongoing fighting is

and add something extra to keep it alive,

likely to have (and to be fair, we are already

especially after the greylisting fiasco’s

experiencing it) on the European market and

beating. Technology seemed to fit the bill

the prices that we as consumers must bear.

as fintech is alive and kicking on the island,

Furthermore, Giorgio Saronne and Daniel

with many people trying to stake a claim on

Galea explain everything between Europe and

this innovative and exciting sector. As far

E D I T O R Anthony P. Bernard

the United States to reduce and eventually

as the merging of sectors goes, finance and

[anthony@moneymag.me]

eliminate Europe’s reliance on Russian gas.

technology make a lot of sense together – it can lead to greater efficiency, more

D E S I G N BloomCreative

It’s a sad state of affairs that Europe finds itself

transparency, and increased reliability. Still,

[bloomcreative.com.mt]

in. While regular people on the street are doing

one thinks back to the not-at-all distant past

their utmost to gather resources for displaced

and questions: Is this going to be another

Ukrainians, much more needs to be done at

Blockchain Island scenario?

the higher levels of the people who have some

P R I N T I N G Print It D I S T R I B U T I O N JD Distributors

semblance of power. Of course, we will do

One hopes not because innovation is the

what we can and gather clothing, blankets,

crux of many exciting projects and new

and uniforms; help people find jobs and

developments that allow people to be curious,

accommodation; be altruistic European people

creative and try something new. We see a vivid

MONEY is hand-delivered to businesses in Malta,

who come together to help their fellow people.

example of this through the crowdfunding

including all managers and directors of the TOP 300

But ultimately, that is just applying a plaster to

article whereby an EU project allows youth

the wound and not tackling the source, which

to dream and be their boss. Furthermore, JP

is what we need our country leaders to do.

Fabri looks at the start-up ecosystem in Malta

and rooms (where allowed), embassies and Maltese

– one that is flourishing and could provide

embassies abroad (UK, Rome, Brussels and Moscow);

companies; iGaming, yachting and boating businesses, marinas, all 5-star hotels and boutique guesthouses including their business centres, executive lounges

all government ministries and entities.

The tech world is constantly moving along

a tremendous economic and creative boost

at a rate that no one can keep up with. We’ve

– while Adrian Galea tackles the individual

For information regarding promotion and advertising:

behind the start-up – the passionate, risk-

(+356) 2134 2155 · [hello@moneymag.me]

taking entrepreneur.

Some amazingly talented people in Malta have what it takes to set up a successful business, so providing them with the proper infrastructure is conducive to their growth and success and, ultimately, a triumph for

Money is published by Be Communications Ltd, No. 81, Howard Street, Sliema, Malta SLM 1754

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the island.

All rights reserved. Reproduction in whole or in part

Finally, a happy 20th Anniversary to you and us, our loyal readers and supporters, for helping us achieve this milestone through

is strictly prohibited without written permission.

Opinions expressed in Money are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor

your encouragement and patronage. Here’s to

and publishers cannot be held responsible for errors

many more!

or omissions in articles, advertising, photographs or illustrations. Unsolicited manuscripts are welcome but cannot be returned without a stamped, self-addressed envelope. The editor is not responsible for material submitted for consideration.

06

ISSUE 71

MONEY

A new destination to elevate Malta's urban landscape.

mercury.com.mt

CONTENTS

10

20

34

Fighting for truth and justice

Two’s company; thirty’s a crowdfund

Creating entrepreneurs by deliberately seeking uncertainty

Crowdfunding can be a disruptive and powerful instrument for starting a social innovation project, collecting funds, and engaging citizens. Giselle Borg Olivier delves into an EU project that aims to help young people make their voices heard through the medium of crowdfunding.

EU President Roberta Metsola has had her plate full since her election.

Giselle Borg Olivier asks her about the EU’s stance on the Ukrainian war, the EU’s green policy, and what is the EU doing for Malta.

14

26 Tonya’s serendipity

COVER STORY

16 A lawmaker in the making Widely recognised as one of the country’s top criminal lawyers, Joe Giglio entered the political arena with a landslide win in the recent elections. Speaking to Lea Hogg, he shared his views on a range of topics and the motivation to eschew the dignified environs of the law in favour of the murkier waters of politics.

08

40 The metaverse: tech’s next frontier

When Tonya Lehtinan talks to Victor Paul Borg about how she ended up in Malta, Gozo, she’s doing something that would be offbeat in a big city, let alone Gozo.

Malta’s first digital payments app, leading the way in the local fintech sector

MONEY speaks to Alan Cuschieri, co-CEO of Calamata Cuschieri and founder of Moneybase, to learn more about the new brand and platform’s offering.

What makes an entrepreneur?

Adrian Galea considers the world of entrepreneurship as he seeks the root cause of what differentiates an entrepreneur from a regular worker.

30 Never say never, Jason Zammit Earlier this year, our radio waves fell silent to the bright and bubbly XFM breakfast show with Jason Zammit and Corrine Muscat. Were they on strike? Had they both quit in a dramatic showdown? Were they work victims of the pandemic? Whilst the rumour mill is still in full swing, Dayna Camilleri Clarke caught up with the popular presenter and station manager Jason Zammit to find out more.

ISSUE 71

The paradigm shifts that technological innovation brings are much more disruptive and transformative.

They take place at a slower pace but, when they do, we often look back and contemplate how different our lives would be otherwise. In Theo Dix’s lifetime, two such innovation paradigms are front of mind: the mainstreaming of the internet and, later, smartphones and social media. Yet we may be on the cusp of a new one: the metaverse.

44 Start-up ecosystems: the key to the future The concept of Malta serving as a proofof-concept or beta island has long been mentioned, and JP Fabri believes that we have the right ingredients to do so.

MONEY

CONTENTS

52 Ukraine’s war economic impacts The ongoing tragic events unfolding in Ukraine, suffering solely because of the sovereignty’s right to progress, have shocked the global economy.

Moreover, as Jordan Portelli points out, its repercussions might have severe prolonged implications.

54 Cutting the cord As part of an initiative referred to as REPowerEU, the principal objective of the Task Force for Energy Security is to diversify LNG supplies per climate objectives, ultimately reducing demand for natural gas. Giorgio Saronne and Daniel Galea explain.

56 Time to reevaluate your communications for Millennials and Gen Z

Giselle is a marketing professional, and independent writer and proofreader. She runs

and adding to her fridge magnet collection.

R A D I O P.30

Content for Success.

P O L I T I C S P.10 | C R O W D F U N D I N G P.20

Theo Dix is a senior manager leading EYParthenon, the global strategy consulting arm

There was a time when marketing was very firmly divided. If you wanted to market to consumers, you had a free reign to do anything. But the minute you tried to market to businesses, you had to be sober. Richard Muscat Azzopardi explains.

Lea produces and hosts a popular current affairs TV show. She provides multi

Mr Cool

assessment reporting for a number of

MONEY

JP is a founding partner at Seed,

international corporates.

a multi-disciplinary advisory practice.

N E W B E G I N N I N G S P.16

E C O S Y S T E M S P.44

Jordan is an economist and CIO / portfolio

with more than two million words and

manager for a local financial services

hundreds of pictures to his name, in books,

company.

magazines, and newspapers in every corner

E C O N O M Y P.52

of the world.

U P C Y C L I N G P.26

Richard is the CEO of Switch — Digital & Brand, a marketing agency that forms

Dayna is a senior speech therapist by day

Summer is all about investing in the right fabrics. MONEY showcases a summer wardrobe.

M E TAV E R S E P.40

media content, analysis, forecasting and

Victor is an investigative journalist

64

of EY in Malta.

part of ICOM, the world’s largest network of

and feature writer by night. When she’s not

independent agencies.

busy fixing words, she is travelling the world

M A R K E T I N G P.56

THE NEW BEGINNINGS EDITION

09

POLITICS

FIGHTING FOR TRUTH & JUSTICE EU President Roberta Metsola has had her plate full since her election. Giselle Borg Olivier asks her about the EU’s stance on the Ukrainian war, the EU’s green policy, and what is the EU doing for Malta.

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ISSUE 71

MONEY

POLITICS

You are the first EU president to deal with a war in Europe - and only a few weeks after your election. How has this affected the more typical responsibilities associated with the role?

I was prepared to assume all responsibilities of being President of the European Parliament, but of course, the outbreak of the war in Ukraine has not made it any easier.

A few months ago, we thought a world pandemic was the worst thing that could happen to us, but now we are again facing the horrors of war on our continent. The scenes we had hoped would forever be confined to the pages of our history books have returned to Europe. The important thing now is to put all our efforts into helping all the people who have been affected by this brutal, senseless invasion. This means that we must continue to isolate Putin and his allies with massive sanctions, provide military equipment to Ukraine and help all those forced to flee their homes. That is the focus of all our efforts now. The task is enormous, but it

developed a bilingual EP/RADA web space to give Ukraine’s

is real and necessary.

democratic voice an online presence. Hope is what Ukraine needs to sustain. Belief in Europe. Belief in pushing back

How is the EU aiding in the humanitarian crisis that

against Putin’s massive war machine.

affects Ukraine and other Eastern European countries Where do the relations between the EU and Russia

due to the war?

stand currently? And how do you think they will evolve?

Since the start of the war, over 4.3 million women, men and children have been forced to leave Ukraine, with a further

Putin and his allies continue to launch brutal and senseless

6.5 million Ukrainians being internally displaced. I am proud

military attacks on a neighbouring sovereign state, distort

that the European Union has already done so much by

all democratic principles, and disregard international

welcoming millions of Ukrainians into our countries, homes

law. This is not what the EU stands for. Now, EU member

and hearts. It has been the best of Europe on display.

states largely depend on Russian gas, but this must stop.

The European Union is committed to doing everything

We simply cannot continue funding - directly or indirectly

to help Ukraine, including granting displaced Ukrainians

- Putin’s war machine. We need to become independent

emergency protection within our Union. Moreover, the EU

through the self-sufficiency that investing in renewable

has allocated €95 million for humanitarian aid programmes

energy can bring. Therefore, we must urgently work to

to help civilians affected by the war in Ukraine. This

diversify our energy sources away from Russia. Our long-

includes €85 million for Ukraine and €8 million for Moldova,

term target must be zero gas from the Kremlin.

the latter of which is hosting hundreds of thousands of fleeing Ukrainians. The European Parliament has also given

Recently, there was the European Council Summit?

part of its premises to the Ukrainian Civil Society Hub and

What tangible outcomes will result from it?

We exchanged views with the President of the United States on transatlantic cooperation in the Russian military aggression against Ukraine in security, defence, and energy. This is a global challenge that necessitates a global response. The European Union is committed to ensuring continuous and uninterrupted electricity and gas flows to Ukraine. We will continue to provide coordinated political, »

Our long-term target must be zero gas from the Kremlin.

MONEY

THE NEW BEGINNINGS EDITION

11

POLITICS

Press freedom plays a crucial role (in a democracy), and neither I nor Malta will ever forget the assassination of investigative journalist Daphne Caruana Galizia. The European Parliament will always seek to protect and defend the pillars of our democracy.

financial, material and humanitarian support to Ukraine

sustainable and clean energy sources. This is important to

and its people. The EU has adopted significant sanctions

attain our climate goals but also in terms of security. The

that have a massive impact on Putin and his allies, and it

Green Deal is our main roadmap regarding green policies,

remains ready to move quickly with further coordinated

including economic sanctions for those Member States

robust sanctions.

that will not achieve the European goals set on this matter.

How is the EU implementing a green policy among

On a local level, how can the European parliament

member states? And what are the consequences

protect Maltese democracy?

for those countries that don’t reach the necessary results?

One of our Union’s great strengths is that its influence cuts across all strata of political life, from the local level to the

12

We must remember that energy is and always has been

highest world leaders, spreading democratic values to the

political in this crisis. Therefore, one of our aims is to

farthest corners of the world. Regarding democracy, press

increase the share of low carbon and renewable energy

freedom plays a crucial role, and, on this matter, neither I

in our energy mix by implementing the Fit for 55 package

nor Malta will ever forget the assassination of investigative

faster. The European Parliament has been a strong

journalist Daphne Caruana Galizia. We remember what

proponent of renewable energy objectives, increasing

she stood for, what she died exposing and reaffirm our

interconnections between the Member States, stepping

commitment to media freedom everywhere in Europe. The

up our storage capacity and reducing reliance on single

European Parliament will always seek to protect and defend

suppliers. We must move away from fossil fuels to more

the pillars of our democracy.

ISSUE 71

MONEY

YOUR HOME YOUR WAY

Get in touch | bov.com/homeloan |

@bovofficial

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Bank of Valletta p.l.c. is regulated by the MFSA and licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta). | COM 2635

COVER STORY

MALTA’S FIRST DIGITAL PAYMENTS APP, LEADING THE WAY IN THE LOCAL FINTECH SECTOR MONEY speaks to Alan Cuschieri, co-CEO of Calamata Cuschieri and founder of Moneybase, to learn more about the new brand and platform’s offering.

As consumer demand for digital services continues to rise, financial

and order a physical one. At the same time, you can freeze, unfreeze or

institutions have made efforts to reduce the need for individuals to visit

cancel it whenever you want, and set up customised permissions, such

their local banking branches. However, Fintechs have emerged as the

as restricting ATM withdrawals, Internet or Swipe payments. You can

ultimate challenger, bringing innovation and disruptive technology to

also view your PIN. With Moneybase, you can send and receive money to

the table.

friends quickly and instantly at no cost, whereas customers also save when spending across the globe thanks to our competitive currency rates.

A pioneer of the local financial services industry and innovation has always been at the heart of the Group. Calamatta Cuschieri is trailblazing Malta’s fintech sector as it unveils Moneybase, the island’s

On the other hand, our investing app, previously known as CCTrader,

first neobank.

has become Moneybase Invest. It forms part of the same ecosystem and continues to provide access to 20,000 investments across 40

What is Moneybase all about?

exchanges, including top-rated stocks, ETFs, funds and bonds, and

Moneybase is Malta’s first Digital Payments App. We are focused on

investments on the Malta Stock Exchange.

making finance easier and are on a mission to redefine how you grow and manage your money. As a new robust platform for all things finance,

When did Moneybase become part of your vision?

we offer a multitude of services, including SEPA payments, instant

My vision for Moneybase started over a decade ago with CCTrader.

payments, physical and virtual cards, and access to over 20,000

I wanted to create a platform that made investing online easy and

investments all under the same ecosystem.

cost-effective whilst providing a wide choice of investments across all devices. Since then, CCTrader has won awards, becoming a market

With SEPA payments, you can send and receive payments in 34

leader and a household name. However, it eventually became clear that

countries using your Moneybase IBAN. With cards available directly

we could take this to the next level and offer an experience that would

in-app, you can create a virtual Mastercard the minute you onboard

result in something unique when combined with our existing investment offering.

From a vision to becoming a reality, Moneybase results from years of development of our next-generation core banking system that we made possible thanks to a dedicated and talented team passionate about what we do.

Who can make use of Moneybase’s offering?

Moneybase is currently offered to individuals of any nationality over 18, and primarily our service is offered to EU residents. You can download the app from Google Play for Android and the App Store for IOS. You can generally open a Moneybase account in just a few minutes. Doing so is free of charge, while the onboarding process is simple, easy and fast, allowing new customers to get up and running in just a few minutes.

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ISSUE 71

MONEY

COVER STORY

At the very core of our values lies our strong belief that managing your finances should be simple, easy and straightforward.

With this in mind, Moneybase was born.

Is there a fee to use Moneybase?

to our clients’ finances. Moneybase is also community-driven, and

Moneybase is free to use with no monthly fee. Currently, users get

everyone is invited to be part of the journey. Our public roadmap

free deposits, complimentary transfers to their bank accounts, free

is available for everyone to see and contribute. People are

instant person to person payments, a free virtual card, free investment

suggesting features, expressing their ideas, and shaping the next-

research and great FX rates.

generation financial platform. Our clients have been responsive and supportive via our ever-growing Facebook community and

In the not-so-distant future, we aim to offer three different plans, each

Trello page.

with its unique perks. Once launched, users will be able to pick the plan that suits their needs and upgrade instantly with a just few taps

Moneybase is a proprietary system that gives us tremendous

on their phone.

flexibility in what we can do. Although the most challenging part was building the system and integrating the Swift Payments and

How is Moneybase different from other offerings out there?

card components, we now have a solid foundation to scale and

One of the unique things about Moneybase is that whilst we provide a

build new features faster. In the shorter term, we will be adding new

100% digital experience, we also offer ISO certified phone support seven

features such as person to person payments, new advantageous

days a week. We are the only Digital Payments App internationally to

plans and facilities for businesses to accept payments more

offer an ISO9001 customer service combined with a one-stop shop for

efficiently. Our ambitions for Moneybase are pan-European. We

payments and over 20,000 investment opportunities.

are also interested in the areas of open banking and also providing some forms of credit facilities.

Our customers also benefit from the best security features available today, including encryption and 3DS2, which provides a seamless and

Finally, as we grow, we continue to look for talented people who

easy way to approve payments in-app when shopping online by sending

have the passion and drive to challenge the status quo and make

a push notification to the mobile app.

money simple.

Where do you see Moneybase heading into the future?

We invite you to join the ever-growing community at

We are constantly pushing forward to develop ingenious solutions

www.moneybase.com. Together, we can make money simple.

MONEY

THE NEW BEGINNINGS EDITION

15

NEW BEGINNINGS

16

ISSUE 71

MONEY

NEW BEGINNINGS

A LAWMAKER IN THE MAKING

Widely recognised as one of the country’s top criminal lawyers, Joe Giglio entered the political arena with a landslide win in the recent elections. Speaking to Lea Hogg, he shared his views on a range of topics and the motivation to eschew the dignified environs of the law in favour of the murkier waters of politics.

Joe Giglio is vociferous when condemning the government’s failure to address rampant political corruption, myopia, and self-interest, contributing to Malta’s greylisting. In addition, he criticises government incompetence, arrogance, a sense of entitlement and the cronyism that led to weakened institutions resulting from crucial appointments based on allegiance rather than merit.

Giglio’s legal credentials, professionalism, work ethic and integrity are undisputed. With three decades of experience ensuring the law is upheld and cases dealt with in a fair and non-discriminatory manner, he believes his political involvement will bring about positive change.

Still, will these attributes serve him well in a realm where trade-offs and compromise are like currency? “As a criminal law specialist, you always must remain clinical, whatever the case,” says Dr Giglio. He contends that remaining dispassionate and objective will enable him to promote his Party’s agenda. Over the past year, he contributed to creating a far-reaching Nationalist Party programme that encompasses “every aspect of society, economy, environment, and institutions” and promises an “alternative Malta, resilient, united and forward-looking”.

“We have testing problems that must be addressed, from the environment and urban sprawl to the general neglect of public services. The government has constantly been firefighting one scandal after another. Thus, Malta’s reputation has been tarnished internationally by a government mired in corruption.” Correcting the malaise starts, Joe Giglio believes with responsible leadership that can be trusted to make decisions in the public’s interest and not those “of a chosen few”. »

MONEY

THE NEW BEGINNINGS EDITION

17

NEW BEGINNINGS

Buoyed by his resounding election victory, Giglio’s mission

avoid it. He is an ardent Juventus and Sliema Wanderers

is to provide his constituents, and the people of Malta with

supporter and enjoys spending quality time with family

good governance focused on creating the right policies and

and holidaying at his favourite destinations in Italy and

environment in which society and the economy can thrive.

beyond. Giglio acknowledges that his downtime and privacy

In addition, he aims to build resilience and future proof

will be severely affected. He will be subjected to greater

the economy by developing the infrastructure and skills

scrutiny, accepting that it is one of the most challenging

needed to negotiate green and digital transformation.

considerations when entering politics.

A man with a deep sense of family, Giglio expresses his

Giglio is free from personal or family business interests.

personal views on the contentious issue of abortion,

With an impeccable ethics record, he invites the spotlight

asserting that he is “pro-life” and arguing that “we should

as it serves his objective of effecting meaningful and

enhance the availability of the M-A-P and provide free

sustainable change for good. Despite such towering

contraception.” He believes a more realistic sex-education

ambitions, Joe Giglio vigorously denies his aspirations to

policy is needed, “advocating abstention is not in sync with

take on a leadership role. Instead, he has repeatedly stated

modern-day realities”.

that the Party can and ought to bring about the muchneeded changes without another leadership campaign. He

His views on the environment are no less unambiguous.

intends to drive those changes by creating new economic

Dismayed at the ravaging of Malta’s built and natural

sectors working with the private sector to consolidate

The Party can and ought to bring about the much-needed changes without another leadership campaign.

environment, he wants urgent action taken to redress the

strengths and tap into new opportunities. Simultaneously

damage done to a country he can now barely recognise.

he plans to address policy and system anomalies within

Similarly, concerning Malta’s cultural heritage, he intends

existing sectors. In terms of a manifesto, he spurns

to ensure that the government, stakeholders, and society

ideologies, deeming them irrelevant. Instead, he argues

works harder to reclaim and preserve it.

that “there should be one clear direction - how can we improve people’s lives?”

Malta has been a significant recipient of EU funding, but some argue that the enforcement of EU law has been

So, what else can we expect from Dr Giglio MP? Given his

too great a price to pay. Dr Giglio’s views are that joining

pedigree, we can anticipate a laser focus on controversial

the EU has advantages and disadvantages. However, he

legal incongruities. Malta and Bulgaria are the last

contends that the pros outweigh the cons believing that

remaining countries in the EU that sell citizenship in

while “EU law may seem too pedantic and cumbersome,

return for cash. While the government has suspended its

implementing EU directives and transposing them into our

cash-for-passports scheme for Russians, they remain

legislation is beneficial in the long run.”

the primary purchasers of Maltese citizenship. Perhaps his legal expertise will determine whether operating an

18

Renowned for taking on a heavy caseload and

investor citizenship scheme violates EU law. The inevitable

responsibilities, we can expect no less when Giglio enters

legal wrangling surrounding the possible imposition of EU

the political fray. He accepts that it is inevitable that it

sanctions on Russians and their businesses domiciled in

will impact his family life, no matter how much he tries to

Malta will be possibly more problematic.

ISSUE 71

MONEY

CROWDFUNDING

TWO’S COMPANY; THIRTY’S A CROWDFUND Crowdfunding can be a disruptive and powerful instrument for starting a social innovation project, collecting funds, and engaging citizens. Giselle Borg Olivier delves into an EU project that aims to help young people make their voices heard through the medium of crowdfunding.

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ISSUE 71

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CROWDFUNDING

Erasmus+ is an EU programme for education, training, youth and sport – it is synonymous with student life and embodies the essence of opportunity.

You probably know someone (or yourself!) who has participated in an international exchange programme for a semester during their university days; however, Erasmus+ programmes aren’t limited solely to students, as the scope of this setup provides opportunities to various cohorts.

A currently-running Erasmus+ EU Project called InCrowd (Inclusion through Crowdfunding) by the Foundation for the Promotion of Entrepreneurial Initiatives (FPEI) is giving young people between the ages of 18 and 30 the chance to get their ideas off the ground through a new and innovative form of self-expression and economic determination: crowdfunding.

Participants receive training on crowdfunding and entrepreneurship at a local level. They network and enhance their learning at an international crowdfunding academy and run their crowdfunding campaign locally to raise capital to launch their idea.

Through InCrowd, four applicants will be taking a fully-funded trip to an international crowdfunding academy in Brussels, Belgium, from 13-15 May, for workshops alongside other young entrepreneurs from Belgium, Italy and Croatia. Their projects will launch on Zaar, Malta’s only rewardbased crowdfunding platform, receiving expert support and external resources to build their campaign.

Two entrepreneurial women took up the challenge to benefit from

Karolina Rostkowska (by Justine Ellul)

this fantastic opportunity to learn from experts at the crowdfunding academy, network with like-minded people from other countries, and support women and children, and members of the LGBTIQ+ community

turn their idea into reality.

to feel safer in Malta’s streets.

Nicole Borg, a former journalist and activist with various local VOs and NGOs, launched Sikura, a line of devices for women in Malta to use in

Nicole’s passion for activism was a significant motivating factor in

abusive or life-threatening moments of crisis.

the success of her campaign, and her involvement in the InCrowd project will allow her to showcase her efforts to a broader audience and

As she explains in her crowdfunding campaign, the project followed yet

potentially gain more traction for her project.

another assassination of an innocent woman in Malta’s streets.

Another entrepreneur who discovered the excitement and thrill tied to “The killing of Paulina Dembska, and shortly after that of Rita Ellul,

a crowdfunding campaign is Karolina Rostkowska, a Polish-born but

has seen an uproar in Malta with many people demanding action to be

Malta-based creative who set up her artisanal shop il-Lokal in Valletta,

taken and insisting things should change. I wanted to say something

providing an outlet for other creatives to distribute their art.

too; however, from my experience working with several NGOs on several relevant causes, I found that change doesn’t come from saying that it

Karolina realised that, due to its popularity, il-Lokal was outgrowing its

should happen. Change starts with those people who stand up and do

location, and she sought a new place, always within the capital city, that

something about it and through the support of those who believe in

could house her growing enterprise. She found the ideal location, but

what they do. No person is too small to make the world a better place or

the space needed some work to make it accessible and required some

at least their immediate surroundings. So that is why I decided to start

renovations, so Karolina sought help from the public.

working on a project that would help women feel safer in the street until we take the proper time to educate society, including our men, that

“For us, moving to the larger space feels like a dream, but it comes

killing or harming women just because they are women is not ok.”

with a reality check: we cannot open a new creative hub in the heart of Valletta without help,” she said.

The Sikura project aims to create a line of trendy and subtle devices for women that find themselves in an abusive or life-threatening crisis. The

“Our mission is to elevate and promote the work of amazing designers,

brand will aim to offer as many devices and services as possible that

artists and makers whose talent and passion make Malta a happier »

MONEY

THE NEW BEGINNINGS EDITION

21

CROWDFUNDING

Change starts with those people who stand up and do something about it and through the support of those who believe in what they do.

Nicole Borg

and more colourful place. Through the Zaar campaign, we can support the local creative community with the help of the Maltese public to provide a comfortable space to meet, exchange ideas and share skills with others. As a result, we will not be just a gift shop anymore – we will finally have the space to host creative workshops, book launches, talks, and many other exciting activities!”

Through a very artistic and heavily-promoted campaign, she successfully raised the funds required to start the renovations, and her dream project is now a reality.

The InCrowd experience helped Karolina fully appreciate the ability of a crowdfunding campaign, and she is looking forward to meeting other

knowledge and advice to help project owners reach their funding goals

like-minded people at the academy to share experiences and learning

and engage support from the Maltese and international markets.

outcomes.

InCrowd will be opening a second call for participants to embark on “It was a fantastic learning experience, too, and I will be recommending

this educational and engaging experience in mid-2022. Applicants

crowdfunding to all my collaborators as I think it can work especially

will attend a training programme, and four successful candidates

well with art and craft projects,” she said.

will be chosen to attend a crowdfunding academy in Padova, Italy, in November.

Having introduced crowdfunding to Malta through Zaar, the FPEI makes accessing funding to start and scale-up easier for local entrepreneurs.

Established by the Malta Business Bureau (MBB) and the University of

Crowdfunding offers an alternative means of financing projects from

Malta, the FPEI aims to promote all forms of entrepreneurship in Malta

different backgrounds with donations from their target audience,

through collaborating with local and international partners to create

or ‘crowd’. Campaigns launched on Zaar also benefit from specialist

initiatives and provide the tools to succeed.

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A hospitable approach to business Robert Debono, CEO at db Group, speaks to MONEY on how the business kickstarted the different sectors of operations and the Group’s hospitality franchises, including a recently opened boutique hotel.

Your father, Silvio, started the business

Your appointment as Group CEO was not

new positions. In terms of new initiatives,

from nothing. Tell us a bit about the birth of

just a run of the mill succession planning

we are already well on the way to expanding

the db Group.

exercise. Your three siblings also took on

abroad.

critical roles in the Group.

Under its wing, the Group now has some

From a humble background, my father started working at 14, collecting glass bottles from

Our parents always left us free to choose our

of the best known global hospitality

Ghadira Bay. He then became a bartender and,

life paths. But as luck would have it, each

franchises. Can you walk me through the

aged 18, started his first business - taking over

found one which converged with the others

business strategy here?

that same bar. His next venture was a small

at the right time and the right place. I studied

guesthouse, and he has not looked back since.

business management and became the CEO.

We strive for excellence in everything we offer,

My father has a knack for anticipating where

David is a lawyer, the Group’s chief legal officer,

from the moderately priced services to the

the market is heading. So, when he introduced

and oversees the HR Department. Alan studied

more upmarket ones. We have already proved

the all-inclusive hotel concept to Malta, few

accountancy and is the chief procurement

our mettle by making a success of global

believed it would work. Not only was he proven

and accounting officer, and Victoria went for

brands like Hard Rock Café and Starbucks. In

right, but the success he made found few local

marketing and is now the brands’ manager.

parallel, we are also striving to create equally

competitors. It was a masterclass: creating

So, our parents created the Group’s next-

high-end brands. The all-inclusive db hotel

something new is only half the story. Staying

generation, literally. Also, as luck would have

and resorts chain, for instance, is recognised

at the top of the game is the other half.

it, the succession was perfectly in line with our

as one of the best in Europe by multiple

father’s vision. So, naturally, we transitioned

global client review sites like Trip Advisor and

Hospitality remains the beating heart of

to our respective posts prudently, giving

tour operators. Likewise, our contemporary

the db Group. Yet you have branched out to

ourselves enough time to learn the ropes.

Japanese restaurant, Aki, strives to be one of the best in Malta and beyond.

other, even unrelated, sectors. So, what’s the thought here?

We primarily branched out to contract catering

Should we expect any changes in the Group’s direction following this

Going somewhat granular, the Group is

succession?

expanding the range of its restaurants and cuisines at a faster rate than before. Which

for airlines, homes and other public and

market trends are you responding to?

private institutions, property development

We strongly believe that our people at all levels

and healthcare services. Not placing all the

make the Group what it is with their drive,

eggs in one basket is fundamental to a prudent

creativity, and team spirit. But, crucially, they

We closely monitor evolving palates, cuisines

business expansion. The choice paid off,

treat the company as their own, and we are

and niche tastes worldwide to identify real-

notably as it coincided with the onset of the

constantly on the lookout for such men and

time trends. Today, diners are constantly

pandemic. When tourism went belly up, we

women as the Group expands. We are also

seeking novel ideas and new cross-cultural

could cushion the blow through our operations

redefining our corporate structure to make it

combinations. Japanese cuisine, for instance,

in other sectors, particularly healthcare which

more agile and sturdy to sustain this growth.

is still robust, but a lot of experimentation with

came into its own during the pandemic.

Concretely, this is leading to the opening of

unrelated flavours is also on the move. This

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passionate search for the new has led us, for

the post-pandemic future of tourism and

instance, to open a South American-themed

hospitality in Malta?

that captures your Group’s raison d’etre?

I don’t think I can put it better than our mission

restaurant at the end of April.

The bottom line is that today travel is an

statement.

Recently, you inaugurated Melior, an 18-

integral part of people’s lives more than

room boutique hotel on Republic Street,

ever, and post-pandemic, most will seek

There is…

Valletta. Quite a difference from your

it even more. We have already witnessed

One word which captures the essence of

much larger operations in this sector.

this. Whenever restrictions were reduced,

success in our business. One word which

What’s the logic?

bookings flooded in. The future for us? So far,

always reminds us of how we got here. One

2022 will be very close to 2019, which was the

word which has guided us for three decades.

best one ever.

One word which inspires all our new

This project started with an idea and ended up

ventures. One word which distinguishes us

as a different yet better one. Initially, we were looking for a site to house the first Starbucks

I understand that you are also bolstering

from others. One word which explains our

Reserve outlet in Malta. So, we opted for

your Corporate Social Responsibility.

staying power. One word which defines who we are. One word which is our future.

Valletta and made a beeline to Republic Street.

We found a relatively large house with a ground

We have had a solid and diversified CSR

floor that fit the bill. But what were we to

programme for some time now. Now we are

do with the top floors? And thus, the Melior

taking it a notch higher. For instance, through

Boutique Hotel was born, with walls that pay

Starbucks Global, we will be allocating funds to

tribute to Maltese art.

local NGOs, and we have more in the pipeline.

What do you see in the crystal ball about

Which would you say is the word or phrase

Excellence.

Where will the db Group be in five years?

We want to be as global as much as we are local.

From left to right: David Debono, Chief Legal Officer; Robert Debono, Chief Executive Officer; Victoria Debono, Brands Manager and Alan Debono, Chief Procurement & Accounting Officer

MONEY

THE NEW BEGINNINGS EDITION

25

UPCYCLING

TONYA’S SERENDIPITY When Tonya Lehtinan talks to Victor Paul Borg about how she ended up in Malta, Gozo, she’s doing something that would be offbeat in a big city, let alone Gozo. She talks matter-of-factly to the point of sounding enigmatic by understatement.

Tonya originally came in 1992 on a sailing boat

much of a plan. So, for some time, she worked

a vintage shop,” she says. “I have cheap and

– “and never forgot the charm of Valletta” –

as a kitchen hand in a café-restaurant.

luxury stuff, but vintage is part of my style.”

and came years later to watch the Middle Sea

Eventually, she found her project: a shop

Race. She later bought a place and stayed,

of “curated” second-hand clothes, ranging

The way she found her project is much like

letting out various reasons she wanted out

from vintage to more commonplace stuff,

how she ended up in Malta – serendipity.

of South Africa. Her children lived in different

including clothes that would be hard to locate

But not random serendipity, more like

countries in Europe, and Tonya sought to

elsewhere. Yet most styles in the shop are

serendipitous encounters with events that

be somewhere in Europe but not in frigid

retro.

resonate with her ethos.

“I want to make my collection accessible to

It all started when she began to do clothes

all sorts of people, so I did not just want to do

swaps to raise funds for the environmental

northern climes.

That was four years ago, and she didn’t have

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UPCYCLING

NGO Flimkien Ghal Ambjent Ahjar. This effort

It is the serendipity at play again, and it

then evolved into the shop.

extends to where she chose to live and open

concept have moved in.

her shop. She lives in Rabat, Gozo, in an old

Tonya’s concept is a lot more than curated

“There was no culture of second-hand

townhouse in the old part of town. And the

second-hand clothes. Instead, the drive is on

clothes aside from charity shops, which

shop is a five-minute walk away on Palm

upcycling, which in this case is reinventing or

have a stigma attached to them,” Tonya said

Street, a small, funky corner shop with a long

reimagining old clothes to create clothes of

when discussing why she decided to open

history of hosting offbeat, stylish concepts.

higher value than the old item.

the shop. “But it was not clothes and fashion

Decades ago, it was a shop of musical

per se that I wanted to do. It was more of

instruments – for many years the only such

Tonya is cagey about the sources of her

an attraction to doing something in the

shop in Gozo – and more recently, it was a

clothes, possibly to avoid letting the

community.”

gallery of offbeat art. Now Tonya and her

competition know her sources and »

MONEY

THE NEW BEGINNINGS EDITION

27

UPCYCLING

methodology. She would only say that she

Was doing the fan a kind of statement or

doesn’t “import anything” and that the

a form of provocative marketing? Would

clothes “come my way”.

anyone buy it? “I had those fans in my garage and found them very aesthetic,” she said.

She also says that she is very selective. “The

“I wanted them to make a statement about

amount of stuff that I get in versus what I put

waste and upcycling – part of my fashion

in the shop are two different things – I do a

show – I call them Fan Bags.”

lot of curating. So, it’s quite an effort to give She added that it’s something that “would sell

away the clothes I pass.”

in Europe, but it would be difficult to sell here.”

The shop’s name is in keeping with the

Yet there are plenty of funky, alluring clothes

upcycling concept: Vogue Xchange.

in her shop – never mind the Fan Bag. Tonya herself is a walking example of what can be done with well-chosen second-hand clothes.

Of late, she has been putting effort into organising workshops. She has started doing a range of them on upcycling and other

She said: “I have not bought new clothes for

skill-sets (including workshops for MCAST

20 years.”

I have not bought new clothes for 20 years.

students). She also writes a regular blog for APS Bank’s sustainability forum, and she is a member of Fashion Revolution Malta.

Last March, she took part in a fashion show at Klabb Hawaj, an arts hub and cultural community centre in San Gwann. The theme was sustainable fashion.

“I had to make it count,” Tonya said. “And I thought that I could not separate the concept from inclusion and gender issues. So, I selected people of colour to be my models. I had guys in skirts and girls in suits. I wanted to make a statement.”

It was well-received, and there were curiosities or oddities among the well-chosen models’ costumes or wear. One of them was a bag made from the frame of a fan.

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bloom@bloomcreative.com.mt The design studio behind MONEY and some of Malta’s biggest brands.

bloomcreative.com.mt

New beginnings have never looked better.

RADIO

NEVER SAY NEVER, JASON ZAMMIT

Earlier this year, our radio waves fell silent to the bright and bubbly XFM breakfast show with Jason Zammit and Corrine Muscat. Were they on strike? Had they both quit in a dramatic showdown? Were they work victims of the pandemic? Whilst the rumour mill is still in full swing, Dayna Camilleri Clarke caught up with the popular presenter and station manager Jason Zammit to find out more.

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“It was the right moment to take a break and recharge our batteries. Whilst taking some time out, we both decided to move on. It’s as simple as that,” begins Zammit. “Things have been very amicable. It’s just time to begin a new chapter”.

Zammit has been a mainstay on local radio stations for over thirty years, twenty of which have been spent at the popular English speaking station XFM. He’s also crafted a highly successful dual career in voice-over work, voicing commercials for the largest network in the UAE, Radio 1 in Abu Dhabi and Dubai, so what lies ahead for Zammit?

“Right now, I am working for Untangled Media, specialising in E-commerce consultancy. It’s a refreshing change but a welcome one. I must admit it’s taken me a little while to get used to not having to get up for the breakfast show!

However, it’s been utterly fantastic to be able to do the little things in life that mean the

It’s just time to begin a new chapter.

world to me, such as taking the kids to school and being able to pick them up. More family time has been awesome and a real positive for me.”

After decades in the radio sector, one would assume it would be difficult to step away from it completely. But, Zammit replies, “Never say never. Maybe I’ll work on some podcasts; who knows? But, of course, radio is in my blood; I can’t rule out involvement in the radio sphere to some degree entirely. It will always be a passion of mine”. That’s not forgetting the hordes of loyal fans who religiously followed

been very vocal about the duo’s departure.

start of the pandemic had nothing to do

the daily breakfast show. “We had built a

“Promoting local talent has always been

with money or his mental health. It was

real community, and the audience made it a

integral to our success at XFM; for me, artists

just a business decision, and he has his

success. All the side jokes, the characters and

shouldn’t be relegated to specific timeslot

own company that he needs to focus on. To

daily snippets wouldn’t be anything without

but always be pushed on the airwaves. We

this day, we are still great friends,” Zammit

our fans. We have kept up the momentum

have an incredible amount of local talent, and

explained.

with our Facebook page, and we don’t plan on

it’s great to have played a part in kickstarting

letting that go just yet. We hope to drop some

several artists’ careers by giving them the

As for Corinne, Zammit added, she too

fun events on there and keep the sense of

exposure they deserve”. Zammit also adds

has decided to take a step back from radio

togetherness going. So, watch this space!”.

that many of these artists have also become

presenting for the time being and focus

great friends over the years.

on personal projects. Fellow presenter comedian Steve Hili has also gone to

Zammit still speaks with a heavy Toronto accent despite living in Malta for decades. “I

The pandemic brought about much change

Australia to pursue his comedy career with

guess I have managed to keep that by working

at the station; with the departure of David

his wife and baby. XFM remains present on

in English. However, I speak Maltese, and

Ozi Borg in 2020, veteran presenter and radio

the airways but with no presenters delivering

sometimes people are amazed to hear that. I

host Corrine Muscat stepped in to fill the role

daily shows. What the future holds for the

can’t say I am perfect when speaking Maltese,

of breakfast show host with Jason Zammit.

much-loved station remains to be seen.

“As COVID-19 did to so many companies,

If anyone wishes to reach out and discuss

we took a knock, particularly with our

e-commerce, you can contact Jason at

Not just an army of fans are missing the daily

advertising revenue. However, I can

jason@untangledmedia.com or join the Jay

show, but the artists themselves have also

guarantee you that Oz’s departure at the

and Cor Facebook group.

it’s not an easy language by any means, but I always strive to be better”.

MONEY

THE NEW BEGINNINGS EDITION

31

PROMO

eBIZNIFY

Upskilling for success in eCommerce The rapidly-evolving eCommerce space

training programme takes participants step-

Each module also includes access to

is as brimming with opportunities as it is

by-step through eCommerce essentials, with

resources, including an online library and

with competition. For businesses to remain

seven carefully structured modules. This

interviews with industry leaders sharing

relevant, they must continue to invest in

makes it possible for anyone to follow the

best practices and local expertise. Starting

eCommerce and their digital knowledge base.

course, including individuals with no prior

from the basics and adopting a practical

Likewise, business professionals themselves

experience or training in online selling.

approach, the course introduces students to

need to be equipped with the digital knowhow and skills to compete in the job market, generate success for their business, and remain valid in ever-evolving digital trends.

Considering these realities, the Malta Communications Authority (MCA) has been facilitating the shift towards a digital society and supporting individuals in acquiring the necessary online skills. Over the past few years, a cornerstone initiative has been eBiznify – an online eCommerce learning platform offered by the MCA in partnership with the eSkills Malta Foundation. Fully funded by both entities, eBiznify offers comprehensive, hands-on training to equip individuals with in-demand digital skills, helping them become proficient in eCommerce.

No one is impervious to the advantages – or more so today, to the necessity - of having an eCommerce front. The reality is that now consumers instinctively turn to online channels to browse and compare information and often purchase directly from them. The COVID-19 pandemic has prompted even the most reluctant of businesses to set up an online presence, with many going that extra step and investing in fully-fledged eCommerce platforms or channels. Despite facets of the pre-Covid reality slowly re-emerging, the digital shift has certainly irrevocably shaped the business landscape.

This has resulted in several eBiznify participants registering for the programme with the intent to become more adept in eCommerce practices due to their business operations shifting online. In helping individuals learn how to manage online commerce activity successfully, the eBiznify

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eCommerce’s key concepts and fundamentals to help them better understand online market dynamics and lay the foundations for the subsequent modules.

The course puts an acute focus on digital marketing, going into detail about how businesses can drive customer traffic to their website, search engine optimisation (SEO), social media promotion, affiliate marketing and a variety of other digital media channels.

The programme also tackles the process of product delivery and customer experience, addressing the complexities of logistics and distribution, integrated sales channels and

customer relationship management. Other

for Application Administration at another

topics addressed include Content Design and

banking institution - commented that “the

Development, Cross-border eCommerce, and

course was professionally delivered and the

Data Analytics.

content featured is relevant in today’s highly competitive business market. Moreover,

After following the course, students acquire

the insights provided by the entrepreneurs

more confidence. Thus, they are more likely

featured in the video content, who share

to succeed in the digital space, whether

what works and what does not, add real value

competing in an increasingly digitally-oriented

to the course.”

job market, proposing practical suggestions for pushing online sales, or even embarking on

Individuals can choose between an MFHEA

their eCommerce endeavours.

accredited course – eBiznify Certified - to open for registrations towards the end of

Feedback on eBiznify has been encouragingly

the year and a more flexible unaccredited

positive, with students commenting on the

course, eBiznify Lite, which is available all year

practicality of the course content and how

around. While both courses follow the same

they have could put the knowledge acquired

modules, eBiznify Lite is ideal for working

into practise and apply their newfound skills

professionals who require a more flexible

to real-life business cases. For example, one

learning schedule. It has no fixed timetable for

participant, Noemi Cavallaro, Team Head of

tutorials, assignments or deadlines, allowing

Corporate Banking at a local bank, shares how

participants to study entirely at their own

she has been “able to assist [her] circle with

pace, with a certificate awarded following

their businesses, giving recommendations

completion of the modules.

on their websites or SEO/SEM campaigns after completing the course. Thus, I can

Individuals interested in eBiznify are

contribute to the marketing strategy adopted

encouraged to register for free or learn more

more effectively, especially when it comes

on www.ebiznify.com.

to data management, customer relationship management, translating the sales requirements into marketing material and strengthening the online presence.”

Another participant, Kevin Cutajar - Manager

MONEY

THE NEW BEGINNINGS EDITION

33

ENTREPRENEURSHIP

CREATING ENTREPRENEURS

BY DELIBERATELY SEEKING UNCERTAINTY

What makes an entrepreneur? Adrian Galea considers the world of entrepreneurship as he seeks the root cause of what differentiates an entrepreneur from a regular worker – wanting to discover what makes an entrepreneur tick and gaining insight into the mindset of those who opt for the risky and unpredictable path.

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ENTREPRENEURSHIP

Profit through uncertainty

uncertainty and produce a clear competitive

Individual characteristics of entrepreneurs

Early explorers may have had no way to

edge. Finally, it must brave the uncertainty to

In the broadest economic sense,

predict what was across the ocean, but once

build a company.

entrepreneurs buy inputs low, transform them through risk, and sell them high. The

they sailed there, they knew. But if you’re like most people, you aren’t going out looking for

When Steve Jobs was raising venture capital

key is having significant challenges to solve1.

uncertainty, per se. Instead, you are looking

for Apple Computer, Neuman explains that

Underdeveloped or expanding economic

at an idea you like and figuring out why no

he envisioned every household in America

regions present significant challenges in

one else has tackled it. You’ll either find that

would own a personal computer. But, even in a

education, health, finances, agriculture

they haven’t because it’s a bad idea or some

probabilistic way, there was no way to know if

and the environment. These challenges,

significant uncertainty preventing them from

this goal was achievable. Moreover, he couldn’t

rather than problems, are opportunities for

knowing whether it’s a good idea. If it’s the

even know if the problem, “who will own a

entrepreneurs. Technology adoption provides

Entrepreneurship becomes a positive addiction, one in which the venture junkie likes to get others hooked as well.

latter, great! Now figure out how to overcome

the natural habitat for tech companies to

the uncertainty.

emerge, finding their way by providing access to convenience or better services in core

According to Jerry Neuman, entrepreneurship

economic sectors. No one is better qualified

lecturer at Columbia University, novelty

to find a solution than the individuals who live

uncertainty is when there are things you

amongst the problems.

don’t know, even after doing all your research and thinking things through to their logical

The individual characteristics of

conclusions. It is common when someone

entrepreneurs are considered a significant

does something for the first time. Doing the

factor affecting start-ups success, which is

thing creates the knowledge, so this kind of

closely related to the entrepreneurial process

uncertainty is mitigated through doing things.

and output. For example, an academic journal discussing “Nature or Nurture”2

This is how you mitigate uncertainty by

said that self-esteem and a proactive

creating new knowledge. This may include

personality, combined with either a family

observation, deduction, and induction but

entrepreneurial background or a healthy

often has at its core the generation of new

personal computer?” made sense because

attitude towards entrepreneurship education,

facts through trial and error. You do it and see

the industry was still defining what a personal

create entrepreneurial intention. That is

what will happen. If it is about how to reach a

computer was.

the intrinsic willingness to challenge the

desirable state of the world, you try different

adversity of entrepreneurial endeavour. Yet,

things and see if they get you closer to it. If

An entrepreneur is a person who is continually

the entrepreneurial ecosystem that those

they don’t, you try something else.

pursuing economic value through growth

individuals are surrounded by is what spurs

and, thus, is constantly dissatisfied with the

them into entrepreneurial behaviour.

The uncertainty should be about something

status quo. Entrepreneurship is aspirational,

that would benefit the company or its

and risk-taking is intrinsically contrarian. Risk

Entrepreneurial ecosystems

customers if it resolves in a certain way. A

is intrinsic to entrepreneurship because an

The typical problem with entrepreneurs in

start-up takes on uncertainty but must then

entrepreneur engages in an activity that will

fragile ecosystems say, “I do this business

manage to eventually dispense with the

only generate value, if any, later.

alone, and I don’t know about other start- »

MONEY

THE NEW BEGINNINGS EDITION

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ENTREPRENEURSHIP

ups in town”. “I don’t know investors here,

and the SME teams in the banks won’t lend to

entrepreneurship occurs in “fertile soil” –

and there is only old money from family

them because they can’t provide sufficient

economic and social environments conducive

corporations, so I go to London to find an

collateral. So, start-ups typically become

to entrepreneurial activity. And in some places,

investor”. The investors themselves say:

service providers rather than bolt onto new

these environments – or ecosystems – are

‘I don’t find any prospective start-ups in this

technologies and scale globally.

much better at generating and supporting entrepreneurial activity than others.

region, so I go to London to find companies to invest in’. Weak entrepreneurial ecosystems

To establish a market, which is essential

are characterised by high entropy, the

for sustained involvement by the finance

Yet, the real world is messy. The diversity of

infamous “silo” effect, where lack of teamwork

providers, the deal flow quality must undergo a

entrepreneurs and their changing needs on

among the public, academic and private

natural selection mechanism where the market

the entrepreneurial journey means that there

entities prevails.

distinguishes between the deserving and the

also must be a diversity of support available

Success stories inspire new generations and make society more tolerant of risk, failure, and wealth creation.

From the entrepreneurial “supply side,” there

undeserving. The policy objective should not

for these ecosystems to be effective. Local

are many talented people eager, in principle, to

be to have a high venture survival rate but to

funds struggle to reach critical mass. Although

try out exciting ideas in the marketplace but

have high potential ventures survive and low

they are the best positioned to support the

who don’t have the resources or knowledge

potential ventures fail. The sooner, the better.

entrepreneurs, especially in the earlier stages, many do not have enough capital to allocate to

base. When you dig deeper3, they invariably

several financing rounds.

complain that they need seed financing (or

The geography of entrepreneurship 4 is “spiky”,

human resources or customers), and no one

meaning that from region to region, there are

is willing to give them time, let alone finance

significant variations in rates of start-ups and,

Development banks and government players

them. The private investors are nervous

in particular, “scale-ups” – new businesses

will need to help develop the venture industry.

or make rapacious demands, getting small

that are evolving into larger enterprises. This

In South America5, multilateral institutions

government grants or loans takes forever,

can be explained by the fact that successful

such as the regional development bank took on a strategic role by establishing an investment fund to start investing in seed/early-stage ventures back in the 90s. The objective was to support first-time fund managers in building a successful track record and jointly developing a local venture industry for companies without access to conventional financial services.

In Israel,6” Yozma” leveraged public money to attract private investment, transforming the country into a global research and development hub. Between 1993 and 1998, the government offered to provide 40% of the money offered by private investors in combined funds, supporting more than 40 companies. The value of Yozma increased from $100 million in 1993 to $250 million by 1996, and the project is regarded as a rare example

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MONEY

ENTREPRENEURSHIP

of government venture capital success.

Lighthouses

entrepreneurship “addicts” become angel

Eventually, the government was out with a $50

Successful entrepreneurs become leaders or

investors, advisors, venture capitalists, board

million gain.

lighthouses11. These leaders create and shape

members, or likely a combination, feeding

the various cultural, social and material factors

back their experience and wealth to generate

In Europe7, approximately €1 out of every €3

that make up an ecosystem. Their example

more entrepreneurship. They become public

comes from government agencies. Therefore,

helps entrepreneurs find a route through the

speakers or guest lecturers, inspiring others to

the key to growing the industry in Southern

dangerous waters of business venturing and

follow in their footsteps.

Europe and the MENA region is to have the big

make their start-up successful. Moreover, their

family offices, pension funds, and insurance

success radiates beyond a region to attract

Successful entrepreneurship thus has

companies allocate a portion to venture

additional resources and human capital. If you

broad spillover effects on the economy,

capital. The industry would have incredible

have one case in the media that people talk

strengthening all its domains. Human capital

growth in the region if pension funds and

about that influences, motivates people, and

is upgraded through training and experience.

insurance companies allocated a minimum of

inspires people to do the same.

Success stories inspire new generations and make society more tolerant of risk, failure, and

1–2% of AUM to venture capital.

This supports the idea that legitimacy

wealth creation.

Entrepreneurial cohorts

is contagious and that the legitimacy of

Social Capital amongst entrepreneurs is a

successful start-ups can foster that of their

“When we started in 2008, as we described

critical element8. Entrepreneurs arrive at

affiliates. Among entrepreneurial cohorts,

the business model of Altaro to the industry,

the resources through the relationships and

leaders will emerge. These are then in an ideal

we were met with the mindset that innovation

interactions of their networks. However,

position to help the emergence of other start-

is something that happens somewhere else.

what matters more for entrepreneurs is the

ups like the lighthouses they helped create.

Most companies were service providers

density of connection within the mass of

Lighthouses also strengthen and reinforce

and resellers of imported products, with

entrepreneurs9. These interactions created an

organisations that have helped them, such as

one notable exception: for us, a significant

environment in which they not only could learn

incubators and academic institutions, creating

lighthouse was GFI. I’m not sure what would

from their peers but also support each other

ideal conditions for start-ups with a similar

have happened had such global software

emotionally through the rough and uncertain

focus to flourish.

companies not existed locally in the first place, but there’s a good chance we would have been

journey they, as entrepreneurs, were facing.

Creating an ecosystem means constantly

According to Daniel Isenberg,

too apprehensive about taking the plunge.

talking to new people about your project,

entrepreneurship researcher, lighthouses play

Nevertheless, I’m sure (and hopeful) that

making them understand your ambition well

a role in building a reputation for what makes

Altaro is now acting as a lighthouse to others,

before needing their help or services.

a good investment. Based on this reputation,

so in a way, I feel indebted and obliged to

investors focusing on related business

support others that are in the early stages by

An entrepreneurship ecosystem should

models are attracted to the region. The most

sharing the highs and lows of my experiences

present a mixture of budding and

significant spillovers stem from the numerous

in the hope of increasing their chances of

experienced entrepreneurs. Secondly, it

successful entrepreneurs who like to create

success.” said Julian Pace Ross, co-founder of

must foster interaction between the cohort

more entrepreneurship. Entrepreneurship12,

Altaro Software.

of entrepreneurs. Entrepreneurs learn from

it turns out, when successful, becomes like a

other entrepreneurs and mentors who have

hobby or sport which entrepreneurs pursue for

The existence of one tangible, local, visible

entrepreneurial experience10.

a mix of motives, often for the challenge or the

success can be a robust root cause. In most

adrenaline rush long after their material needs

societies where there is a step-change in

The policy implication is that any public

are taken care of many times over. It becomes

entrepreneurship, you will find one or two

venture funds should distribute smaller prizes

a positive addiction, one in which the venture

successes that ignited the imagination of a

so that a group of entrepreneurs can become a

junkie likes to get others hooked as well. So,

generation of entrepreneurs.

cohort and learn from one another. This should then be supported by a host of activities, meetups, fairs and conferences focused on

[1] medium.com/included-vc/a-story-of-resilience-how-has-the-latam-venture-capital-ecosystem-grown-

entrepreneurial events to encourage cohort

d83d610ca98 [2] https://francis-press.com/papers/4196 - Nature or Nurture: Factors of Entrepreneurial

interaction. Quality resources will then

Behaviour by Peijian Wua, Hanhui Chen, Dong Yang, Deliang Sun [3] Principles for Cultivating Entrepreneurship

become concentrated locally and attract

by Dr Daniel Isenberg, Babson Global [4] It Takes an Ecosystem to Raise a Successful Start-up by Colin Mason,

each other: human, capital, information, and

Michaela Hruskova, Adam Smith Business School, University of Glasgow [5] medium.com/included-vc/a-

markets will gravitate toward one another. In

story-of-resilience-how-has-the-latam-venture-capital-ecosystem-grown-d83d610ca98 [6] apolitical.

addition, the signal effects are more potent

co/solution-articles/en/government-venture-capital-fund-boosted-israels-start-economy [7] PitchBook

when they are proximal, and the spillovers into

AnalystNote: VC in southern Europe [8] Colombelli et al. (2019) [9] Creating Social Value Through Collaboration

the broader economy are also more robust. At

and Co-creation by Jokin Cearra, María Saiz-Santos and Jon Barrutia [10] Building Your Ecosystem Should

the seed stage, investors would increase their

Be an Entrepreneurs Priority by Patrick Joubert [11] The Lighthouse Effect: How Successful Entrepreneurs

expected return by broadly indexing into every

Influence Entrepreneurial Ecosystems by Sarah Tiba, Frank J. van Rijnsoever, Marko P. Hekkert [12] Principles for

credible deal within a cohort.

Cultivating Entrepreneurship by Dr Daniel Isenberg, Prof Babson Global

MONEY

THE NEW BEGINNINGS EDITION

37

PROMO

METAVERSE IN EDUCATION

PROMO

Metaverse is an avatar-guided virtual reality.

know that we’re most likely to remember

immersive learning experience using the

The avatar, guided by a human, can shop,

something we’ve learnt by doing.

metaverse in education. Its immersive virtual reality technology can catapult you

work, play and - most importantly - learn in a virtual world. These virtual spaces are

The current use: the gaming industry

anywhere and in any time-space. Imagine

either immersive virtual realities or three-

Today, the metaverse is widespread, mainly

being projected, through your avatar, in a

dimensional worlds, and in education, the

in the gaming industry. However, some

two-thousand-year-old scenario in ancient

metaverse can actively involve the student

companies are already using metaverse in

Greece. You could walk amidst the most

in the learning process. In other words, the

their workforce, especially in medical and

famous monuments in the polis, see how

metaverse might become the revolutionary

military training. It is believed that soon other

they’re being built (extremely useful for

turning point in education. Besides, we all

industries will use meta, and it won’t take long

architecture students) or listen to a lecture

until it arrives in the education sector.

by Plato. Imagine glancing at the planets and zooming in to discover the rings of Saturn or

What is essential is the exponential growth

assisting a virtual assemblage of a car engine,

of several important factors contributing to

or even assisting in heart surgery.

the metaverse technology. The latter include NFTs, cryptocurrency, blockchain and reality

About the immersive virtual learning

simulation software. For example, games such

experience

as Fortnite include events and even music

The behaviour of the medium follows

concerts in its games, or Minecraft, which is all

standard practices and models that are

about building.

conventional. Besides, the education industry has not always favoured virtual spaces, and

What is interesting is that digital ownership

the education crisis during the COVID-19

is something people spend their money on.

proved this. And since video calling platforms

For example, people buy accessories for and

are limited, the first immersive virtual learning

characterise the features of their avatars by

spaces will make up for these limitations.

paying for them in bitcoin. Moreover, in this

Indeed, they will presumably be done during

virtual reality, people also purchase digital

on-campus activities and class lectures

assets such as real estate, music, etc. Finally,

through practical three-dimensional tasks.

people have arrived at the point of buying actual moments or experiences such as NBA

Learning by doing is the best way to learn new

hotshots.

things, and since technology is constantly changing and improving, there is but one

Using metaverse in education

thing left. That is for the staff and students

Of course, you must remember when a new

to adapt to this new method of teaching

practice enters a medium, it copies the old one.

and learning. Of course, it is individual, but

Like the movie industry, when the first films

the team should be trained and prepared

were made, they used to copy the previous

to deliver metaverse lessons. While gaming

ones until directors began to edit movies.

might have already introduced the young

Likewise, everyone created web pages until

generation to the metaverse, it would be

people realised that the web could be dynamic,

appropriate for all students to receive the

and the so-called web 2.0 was created.

proper training.

For instance, the pandemic forced teachers

ACS ASOMI College of Sciences is

and educators to use Zoom or similar

continuously updating its metaverse courses.

platforms, enabling them to video chat with

It is already delivering online or blended

their students online. Even though institutions

lessons using the latest and the most avant-

might have encountered difficulties initially,

garde technological and digital tools.

online streaming lessons will unavoidably be the future of education. The COVID-19

If you are interested in receiving more

pandemic did nothing more than accelerate

information on available courses, call [+356]

this process, shifting education from physical

9913 8113 or email info@acs-college.com.

classrooms to virtual ones.

Zoom and other similar platforms are now missing the opportunity of interacting outside of a mere video call. We’re lucky to be moving towards a more authentic and undoubtedly

M E TAV E R S E

THE METAVERSE: TECH’S NEXT FRONTIER The paradigm shifts that technological innovation brings are much more disruptive and transformative. They take place at a slower pace and are often on the point of going mainstream for a while. But when they do, we often look back and contemplate how different our lives would be otherwise. In Theo Dix’s lifetime, two such innovation paradigms are front of mind: the mainstreaming of the internet and, later, smartphones and social media. Yet we may be on the cusp of a new one: the metaverse.

Facebook’s quest for the metaverse started in 2014, when it bought Oculus (now Meta) for $2 billion

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ISSUE 71

MONEY

M E TAV E R S E

The metaverse will also transform learning — why read about the Colosseum when you could visit it?

come with certain benefits or IP

Often, a paradigm shift occurs in how we

Lens. Facebook acquired Oculus in 2014 and

live our lives that fundamentally reengineer

rebranded as Meta late in 2021. Microsoft will

industries, economies, and societies.

roll out Microsoft Mesh in 2022, a mixed reality

used in their ecosystem to acquire items

Sometimes these are unforeseen — an example

platform that allows people to appear at an

such as skins, garments, pets, land and the

being the COVID-19 pandemic, which brought

event via ‘holoportation’, where 3D capture

like and where you can encompass games

a massive change in the way we lived, worked

technology ‘sends’ a lifelike image to the

within the metaverse

and learned almost overnight. Yet despite all

event. While EPIC games purchased Serbia

the debate over how the post-COVID-19 world

based 3Lateral in 2019, a studio is developing

Tech companies are not the only ones

will never be the same, many of us have gone

innovative technologies that enable the

venturing into this space. Various fashion

back to living our lives in a similar fashion to

digitisation of human appearance and motion

and consumer brands, including Adidas,

before, with hybrid working for white-collar

at an unprecedented level of realism for

Gucci, Dolce & Gabbana and Coca-Cola, have

professionals likely to be one of the few lasting

incorporation into games, movies or other

launched digital NFT collections recently. But

changes.

virtual worlds.

the possibilities that the metaverse presents

Touted as the successor to the internet, the

The metaverse economy has skyrocketed over

metaverse refers to a shared, persistent,

the last year, reaching $350b in 2021, and it

The metaverse presents an enormous

three-dimensional virtual realm where people

is forecasted to increase to $800b in just two

opportunity for the tourism industry. Potential

interact with objects, the environment and

more years. It can be broadly classified into

visitors can have a truly immersive tourism

each other through digital representations of

three areas:

experience before setting foot in their

•

Gaming: Video games that allow NFTs to be

are boundless and go well beyond collectables.

destination or hotel, taking the try before you

themselves or avatars.

Persistent Ecosystems: An immersive

buy concept to a new level. Imagine being able

The metaverse is not a new concept and has

space in a shared virtual universe, where

to walk the streets of a virtual Valletta, view St

featured prominently across sci-fi books,

users’ avatars can interact and construct

John’s co-cathedral or even purchase a piece

movies, and series for decades. Early versions

experiences, where assets (represented by

of virtual land and create a business selling

already exist across various video games, and

non-fungible tokens or ‘NFTs’ in short — see

items to virtual visitors.

the large technology companies have been

explainer) are virtual objects and land

The same technologies will allow for far

Collectables: Digital collectables, such as

more engaging virtual meetings – Bill Gates

art, images, music, video or other objects,

believes that within 2 to 3 years, most will

where NFT assets are usually unique, rare

move from the current 2D camera image grid

Google was one of the early ones to

or limited-edition copies of a virtual or

to a 3D space with digital avatars and virtual

experiment with Google Glass and now Google

physical item and often (but not always)

whiteboards. »

•

making significant investments in metaverse hardware and software tools in recent years.

MONEY

•

THE NEW BEGINNINGS EDITION

41

M E TAV E R S E

Adidas earn $23 million from its Metaverse NFT series

Some of the most useful applications will be in

new product and service development,

Although the opportunities are endless,

the induction and training of employees. Many

virtualisation could enable the faster creation

companies often scratch their heads on where

people can join a giant virtual training room

of better customer outcomes and experiences,

to start. At EY, we work with multiple clients

or multiple interactive training rooms to learn

yet with less real-world resource consumption.

on metaverse related projects across various

more quickly and efficiently. The metaverse will

Substituting resource-intensive physical

sectors, assisting with ideation through

also transform learning — why read about the

goods and real-world experiences with digital

strategy, design and development. The

Colosseum when you could visit it?

and virtual alternatives in the metaverse could

journey’s starting point is usually the same,

drive substantial sustainability benefits while

kicking off with identifying use-cases (setting

also breaking down barriers to market entry.

out a specific situation in which a product

From testing to assembly and dismantling,

The metaverse economy has reached $350b in 2021, and it is forecasted to increase to $800b in just two years.

42

ISSUE 71

MONEY

M E TAV E R S E

or service could potentially be used) and assessing why and how they can add value.

What are non-fungible tokens (NFTs)?

The next step is typically the co-development

NFTs are best defined as certificates of

of a robust business case, identifying what

ownership that exist on a blockchain.

financial (revenue / EBITDA) or other benefits

Characterised by their non-fungible

(new customers registered, site impressions,

nature, they are 100% unique,

engagement, cross-selling) can be delivered.

irreplaceable and non-interchangeable.

Once these are defined, a prioritisation process

They are created when a digital file

would assess where to focus before concept

is ‘minted’ with unique identification

validation, development, operational set-up,

codes and metadata recorded in

testing and launch. With a simple NFT driven

a blockchain ledger, representing

concept, this whole process, from ideation to

the ownership and authenticity of

launch, can be undertaken in as little as eight

an associated unique tangible or

weeks and with limited resources.

intangible asset. Almost anything can be represented by an NFT – genuine

While still in its infancy, the sector is developing

artworks, actual property titles, houses,

rapidly, and businesses, governments, and

cars, bottles of wine, and digital assets

society are exploring how to take advantage

such as images, documents, videos,

of the unique opportunities. However,

or virtual representations of those

The men’s Glass Suit, one of five pieces

successful experiences in the metaverse will

above. The rights and legal protections

that also is a physical creation, designed

be contingent on the ability to understand and

afforded by NFTs vary, and potential

and executed by Dolce & Gabbana, with

adapt to changing customer behaviours and

acquirers of digital assets should look

virtual iterations by UNXD

expectations and ensure a suitable framework

into these aspects carefully.

and ecosystem to underpin it.

REGISTER YOUR DESIGN BEFORE YOU MAKE IT PUBLIC

MONEY

THE NEW BEGINNINGS EDITION

43

ECOSYSTEMS

START-UP ECOSYSTEMS the key to the future

The concept of Malta serving as a proof-of-concept or beta island has long been mentioned, and JP Fabri believes that we have the right ingredients to do so.

Undoubtedly, start-ups are vital ingredients

other start-ups that surround them. This is

for research, innovation, and future

what we refer to as a start-up ecosystem.

economic growth. Moreover, start-

Start-up ecosystems are springing up in

ups worldwide contribute to economic

all corners of the world, and Malta needs

development and are founded on solving

to develop a start-up ecosystem based on

society’s challenges and can therefore be

innovation, research, and development.

critical for a community or country.

The concept of Malta serving as a proofof-concept or beta island has long been

Start-ups do not and cannot exist in

mentioned, and I believe that we have the

a vacuum. They are born in a specific

right ingredients to do so.

context as parts of an entity – a network,

44

a system – much larger than themselves.

Of course, there is no recipe for exactly

Entrepreneurs are supported by a

what should go into the pot when building

community of people, organisations and

a start-up ecosystem. However, there

ISSUE 71

MONEY

ECOSYSTEMS

are a few key ingredients that each local

Funding providers

ecosystem needs to thrive.

If talent is the most crucial resource for start-ups, money is a close second. Few

Start-ups

start-ups survive for long without an investor

Start-ups themselves, of course, are

or a financial institution to back them – which

an indispensable part of any start-up

is why they’re an essential pillar of every

ecosystem. They determine the face of the

start-up ecosystem. It is critical for financing

local ecosystem and play an essential role

mechanisms through the Malta Development

in economic growth, too. Moreover, a high

Bank and for venture capital to thrive in

concentration of start-ups can also impact

the country, ensuring that start-ups can

the cities where they set up shop. Therefore,

continue to grow. The ecosystem requires

governments should incentivise start-ups

the availability of patient finance, which can

ups in industries like biotech and robotics,

as these can become critical economic

significantly support riskier investments

they can be their most important partners.

determinants. Through Malta Enterprise, the

and support start-ups since the financial

But research organisations can also affect the

government has launched several schemes

institutions are reducing their risk appetite.

start-up ecosystem by providing the insight

supporting start-ups and entities like Tech.mt

Unfortunately, the venture capital ecosystem

needed to spot trends, address challenges and

and Gaming Malta, provide focused attention

is not present, and the market size might be a

focus on strengths.

on crucial sectors.

structural issue for this ecosystem to kick off.

Hence, the Malta Development Bank or other

Talent

Educational institutions

state-guaranteed funds need to address this

Start-up ecosystems are great talent magnets.

It would be hard to argue with the stance

market failure.

As start-up hubs mature, they bring the best, and the brightest business minds, developers,

that schools provide one of the most critical resources for start-up ecosystems around the

Incubators and accelerators

designers, investors…the list goes on. Cities

world: talent. Colleges, universities, and other

Incubators and accelerators are programmes

benefit enormously from this influx: highly-

education institutions play a fundamental

that help start-ups succeed by providing

skilled workers soon change projects, cross-

role in nurturing talent and setting the next

them with mentorship, guidance, training,

pollinate organisations, and start-up up their

generation of entrepreneurs and start-up

strategy, partnerships, R&D and funding.

own companies. It becomes a virtuous circle

employees on their paths. In the age of

They’re instrumental in getting start-ups,

– innovation and the economy booms. For this

accelerated technological development,

especially early-stage ones, off the ground.

reason, a start-up VISA should be considered

environmental threats, and tumultuous global

Having access to an accelerator’s resources

especially building on the success of the

politics, it is more important than ever before

and network can make or break a start-up that

digital nomad VISA.

for institutions to be forward-thinking and

hasn’t cemented itself within the ecosystem.

equip their students for the challenges of the

Gaming Malta last year launched one such

Regulatory frameworks

modern world. Start-ups will take on many of

incubator, which is attracting several start-

Start-ups are usually the pioneers of

those challenges – and they will be launched

ups, and government needs to model more

innovation, and therefore regulation needs

by students studying at these institutions

of these incubators that are thematic and

to provide the necessary support and ability

today. Although the university and MCAST

focused. In parallel, access to an international

for this to happen. Therefore, governments

have their start-up incubator, diverting more

accelerator will surely help.

must provide sound and robust regulatory frameworks that do not stifle innovation

resources to these entities will support the commercialisation of research projects. Here

Research organisations

or make it hard for start-ups to operate.

the MCST has also launched some excellent

Research organisations contribute to the

Regulatory sandboxes can be a crucial

schemes which have supported such projects.

start-up ecosystem in many ways. For start-

component, and Malta already has experience in this segment.

Focused efforts on improving access to funding and reducing bureaucracy need to be given priority in line with infrastructural investments.

Start-ups are critical for any country and its future growth trajectory. This is even more so in a post-pandemic world. Start-ups do not happen automatically but need an ecosystem that supports their growth and allows them to thrive and flourish. Malta is already on the path to creating an enabling environment, and additional initiatives can genuinely transform it into a regional start-up ecosystem. However, there is no room for complacency. Focused efforts on improving access to funding and reducing bureaucracy need to be given priority in line with infrastructural investments.

MONEY

THE NEW BEGINNINGS EDITION

45

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KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

LOVE TIFFinterview with the

OCTOBER 2010. ISSUE 14 8. FMLIFEST Y LE.COM

OCTOBER 2007 - ISSUE 125

FM Issue 177 - 1

Exclusive Next Top Model winner of Britain’s

FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM

Esimit Europa 2 takes line honours NEW YEAR FASHION RESOLUTIONS

ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION

HISTORY

BUILD

Sir Francis Chichester

Lupo Di Mare

INTERVIEW

THIS MONTH'S TOP 10

Patrick Pollacco

Yachts and Powerboats

IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012

TROUSERS VS SKIRTS RECYCLING YOUR LOOK

MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE

CHRISTMAS IN PURPLE

Winning the Rolex Middle Sea Race

NOVEMBER 2007 - ISSUE 126

JUNE 2007 - ISSUE 123

May 2017

May 2018 / Issue 06

ISSUE 8 - MAY 2015

REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP

Renzo Grottesi – a sailor’s life

the Malta team

PRINTS AND ACCESSORIES

AND THE GUEST WORE...

ISSUE 31 - DECEMBER 12

14

GETTING A SPRING COMPLEXION

BACK TO THE 1990s

ISSUE 27 - DEC 11

// Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 //

VOLVO OCEAN RACE BARCELONA WORLD RACE

// Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //

April 2016 / Issue 01

18

ISSUE 2 - AUGUST 2013 BUSINESS | LIFESTYLE | DESIGN

THE CREATIVITY AND DESIGN ISSUE ISSUE 27 OCTOBER/NOVEMBER 2014

TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED

START-UPS INTERVIEWS:

CONTAGIOUS CAMPAIGNS

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat

YEARS

July 2016 / Issue 02

MAY 2009 – ISSUE 137

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

Chefs with tattoos / The cocktail hour cometh / Recipes for success

ISSUE 9 - AUGUST 2015

JUNE 2016

Special Cannes review

BEACH FASHION

VOLVO OCEAN RACE:

A SPECTACULAR FINISH

Winter 2020 / Issue 14

Trying out new recipes?

BUY YOUR GROCERIES ONLINE AT

FEM EMME ME MAG MA AZI A NE | NOV AZ N OV ISS S UE 164 | FML FMLIFE IFESTY TYLE. LE COM

BUSINESS

Issue 08 July/August 2011

INTERVIEW:

KEN READ

SEALINE F530 AND JEANNEAU 54

HOLIDAY WARDROBE

JUNE 2006 - ISSUE 115

MAY 2007 - ISSUE 122

FEMME MAGAZINE

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COOL OFFICE WEAR

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181

Cheers for cocktails / Summer recipes / Tasting Tokyo / Street Food

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Maltese flavours in Mexico / Christmas: food that sings / Nuts for coconut / A fish called lampuka

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SUMMER COLOURS

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MALTA FASHION AWARDS OFFICIAL MAGAZINE

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ANNIVERSARY COVER STORY

A WEALTH OF EXPERIENCE Alistair Muscat

(1 6)

POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8) SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

TIFFANY PISANI

WINTER WARMERS

ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

5

reasons why you should SHOP on myfood.mt

Easy to use

WIN A CANON FULL HD CAMCORDER

Next day delivery

€3 Voucher when spending €50

Free delivery over €75

€7 Voucher when spending €100

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1970s: THE DECADE OF FASHION LOVE

APRIL 2015

ISSUE 14

ISSUE 11

RUFFLES HER FEATHERS

177

CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT

The Foodist Elsa Messi p.8 // Endorsing local seafood JD Farrugia p.12 Food Art Rachel Zammit Cutajar p.16 // Oh, dear summer, where have you gone? Trevor Diacono p.45

0033-CE20 myfood Q4 Campaign September 2020 Ad 265x210.indd 3

Chef Zoran Bogdanovski Elsa Messi p.10 // Xmassing Cranberries Rachel Zammit Cutajar p.19 Tongue-In-Stew Nick Diacono p.37 // It takes two to Mango Trevor Diacono p.45

09/10/2020 15:41

OCTOBER 2007 - ISSUE 125

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December 2018 / Issue 08

Since our launch in 2002, our blend of compelling content and superb photography with features on business, politics, yachting, tech and social issues continues to make each beautifully crafted magazine a collectors’ item. The years quickly established a reputation as a dynamic, high-end publishing house brought together by an emerging set of designers, photographers, stylists and writers tied by a search for creativity and authenticity. And as we celebrate our 20th anniversary, we’d be nothing without the support of all our advertisers with who we’ve been lucky enough to work with over the years.

ISSUE 6 - JULY 2014

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

NOVEMBER 2010. ISSUE 1 4 9. FMLIFEST Y LE.COM

SPECIAL MIDDLE SEA RACE FEATURE

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

LOVE TIFFinterview with the

Exclusive Next Top Model winner of Britain’s

FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM

Esimit Europa 2 takes line honours

NEW YEAR FASHION RESOLUTIONS

ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION

HISTORY

BUILD

Sir Francis Chichester

IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012

TROUSERS VS SKIRTS

Lupo Di Mare

INTERVIEW

THIS MONTH'S TOP 10

Patrick Pollacco

Yachts and Powerboats

RECYCLING YOUR LOOK

MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE

CHRISTMAS IN PURPLE

Winning the Rolex Middle Sea Race

NOVEMBER 2007 - ISSUE 126

JUNE 2007 - ISSUE 123

May 2017

May 2018 / Issue 06

ISSUE 8 - MAY 2015

REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP

Renzo Grottesi – a sailor’s life

the Malta team

PRINTS AND ACCESSORIES

AND THE GUEST WORE...

ISSUE 27 - DEC 11

ISSUE 31 - DECEMBER 12

14

GETTING A SPRING COMPLEXION

BACK TO THE 1990s

/ Festive Twists Alex Mattei / p.10 // Unwrapped Victor Paul Borg / p.22 // // Say Cheese! Chef Dario / p.40 // I Can Feel It Ramen...Fat Louis’s / p.46 //

ISSUe 08

ISSUE 30 - OCTOBER 12

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

Eat rEligiously

ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

OCTOBER 2010. ISSUE 1 4 8. FMLIFEST Y LE.COM

ISSUE 3 - OCTOBER 2013

// Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 //

VOLVO OCEAN RACE BARCELONA WORLD RACE

// Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //

April 2016 / Issue 01

18

ISSUE 2 - AUGUST 2013

THE CREATIVITY AND DESIGN ISSUE ISSUE 27 OCTOBER/NOVEMBER 2014

OFFICE DESIGN

bemags.com

TECHNOLOGY AT SEA MALTA CRUISING CLUB TROPHÉE BAILLI DE SUFFREN LATEST MOTOR BOATS REVIEWED

START-UPS INTERVIEWS:

CONTAGIOUS CAMPAIGNS

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

Make No Misteak Victor Paul Borg p.16 // Starry nights with Vincenzo Guarino Rachel Zammit Cutajar p.20 Feeling Puckish Nick Diacono p.38 // Never Too La[t]te Trevor Diacono p.44

ISSUE 12

Chefs with tattoos / The cocktail hour cometh / Recipes for success

GAME CHANGER Peter Valentino on MSF and the Olympic Games • TOP TIPS Stay safe when sailing at night AT THE HELM Peter Valentino speaks to Mario Aquilina • AMAZONS A swim-wear shoot that's surely to rock your boat

July 2016 / Issue 02

MAY 2009 – ISSUE 137

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

BUSINESS | LIFESTYLE | DESIGN

Winter 2019 / Issue 12

ISSUE 9 - AUGUST 2015

181

Cheers for cocktails / Summer recipes / Tasting Tokyo / Street Food

JUNE 2016

FM IS ThE MaLTa FaShIOn awardS OFFICIaL MagazInE Special Cannes review

BEACH FASHION

REVIEWS:

SEALINE F530 AND JEANNEAU 54

CITADEL KEELBOAT SPRING SERIES INTERVIEW:

KEN READ VOLVO OCEAN RACE:

A SPECTACULAR FINISH

HOLIDAY WARDROBE MAY 2008 - ISSUE 130

JUNE 2006 - ISSUE 115

MAY 2007 - ISSUE 122

FEMME MAGAZINE

THE ECO AND IT ISSUE

COOL OFFICE WEAR

ROLEX FASTNET RACE

June 2010. ISSUE 1 4 6. FMLIFES T Y LE.COM

Maltese flavours in Mexico / Christmas: food that sings / Nuts for coconut / A fish called lampuka

October 2019 / Issue 11

SUMMER COLOURS

FMLIFEST YLE.COM

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 1 4 5. FMLIFES T YLE.COM

FEMME MAGAZINE

Winter 2020 / Issue 14

Trying out new recipes?

BUY YOUR GROCERIES ONLINE AT

FEM EMME ME MAG MA AZI A NE | NOV AZ N OV ISS S UE 164 | FML FMLIFE IFESTY TYLE. LE COM BUSINESS

Issue 08 July/August 2011

|

LIFEST YLE

|

DESIGN

THE FINANCE EDITION ISSUE 69

COVER STORY

A WEALTH OF EXPERIENCE Alistair Muscat

(1 6)

POLITICAL AND ENVIRONMENTAL IMPERATIVES IN A POST-COVID-19 REALITY Colin Lawrence & Paul Bonello (8) SOFT POWER: THE DIPLOMATIC FRONTIER Hon Evarist Bartolo (3 0) FINANCING GREEN & GREENING FINANCE JP Fabri (3 6)

APRIL 2015

July 2019 / Issue 10

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU WINTER WARMERS

RUFFLES HER FEATHERS

ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

5

reasons why you should SHOP on myfood.mt

Easy to use

WIN A CANON FULL HD CAMCORDER

Next day delivery

€3 Voucher when spending €50

Free delivery over €75

€7 Voucher when spending €100

ISSUE 14

ISSUE 11

177

CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT

The Foodist Elsa Messi p.8 // Endorsing local seafood JD Farrugia p.12 Food Art Rachel Zammit Cutajar p.16 // Oh, dear summer, where have you gone? Trevor Diacono p.45

TIFFANY PISANI

Normal Delivery Service Charge Monday to Sunday €5.00

1970s: THE DECADE OF FASHION LOVE

0033-CE20 myfood Q4 Campaign September 2020 Ad 265x210.indd 3

09/10/2020 15:41

ISSUE 6 - JULY 2014

ISSUE 3 - OCTOBER 2013

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

SPECIAL MIDDLE SEA RACE FEATURE

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

NOVEMBER 2010. ISSUE 1 4 9. FMLIFES T Y LE.COM

ALEX THOMSON: EXCLUSIVE INTERVIEW KAYAKING ADVENTURES

The Foodist Elsa Messi p.10 // Will Malta shine in fine dining? Rachel Zammit Cutajar p.12 A different kettle of fish Nicholas Diacono p.18 // Beat the heat Emma Mattei p.24

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

LOVE TIFFinterview with the

Exclusive Next Top Model winner of Britain’s

OCTOBER 2010. ISSUE 14 8. FMLIFES T Y LE.COM

OCTOBER 2007 - ISSUE 125

FM Issue 177 - 1

BACK TO THE 1990s AND THE GUEST WORE...

ISSUE 27 - DEC 11

ISSUE 30 - OCTOBER 12

May 2017

14

FEMME MAGAZINE | DEC ISSUE 165 | FMLIFESTYLE.COM

Esimit Europa 2 takes line honours ROLEX MIDDLE SEA RACE 2012 SPECIAL EDITION

NEW YEAR FASHION RESOLUTIONS HISTORY Sir Francis Chichester INTERVIEW Patrick Pollacco

BUILD

TROUSERS VS SKIRTS

Lupo Di Mare

THIS MONTH'S TOP 10 Yachts and Powerboats

RECYCLING YOUR LOOK CHRISTMAS IN PURPLE

MONSOON ACCESSORIZE CATALOGUE PULLOUT INSIDE

IIG Bank Gozo Race RMSR 2012 in pictures Taking line honours RMSR 2012 the Malta team

Winning the Rolex Middle Sea Race

NOVEMBER 2007 - ISSUE 126

JUNE 2007 - ISSUE 123

ISSUE 31 - DECEMBER 12

May 2018 / Issue 06

ISSUE 8 - MAY 2015

Renzo Grottesi – a sailor’s life // Strawberry Fields / p.20 // Breakfasts From Around The World / p.33 // // Think Outside The Sandwich Box / p.42 // Ditching Plastics / p.49 //

REVIEWS THOMAS MEACHEN RC44 VALLETTA CUP

VOLVO OCEAN RACE BARCELONA WORLD RACE

GETTING A SPRING COMPLEXION

PRINTS AND ACCESSORIES

Chef Zoran Bogdanovski Elsa Messi p.10 // Xmassing Cranberries Rachel Zammit Cutajar p.19 Tongue-In-Stew Nick Diacono p.37 // It takes two to Mango Trevor Diacono p.45

PROMO

UNDERSTANDING INSURANCE-BASED INVESTMENT PRODUCTS The Malta Financial Services Authority has launched a consumer education campaign on Insurance Based Investment Products (IBIPs), providing information on how these products work and what consumers should look out for before purchasing them.

Choosing the right insurance and investment products can be daunting and often prevents or delays financial decisions. Traditional financial instruments, like mutual funds, help you grow or create wealth. In contrast, an insurance policy would ordinarily offer you protection against predefined unforeseen eventualities. IBIPs are products which combine an element of insurance cover with long-term investment in the financial market.

When you buy an IBIP, you obtain life cover while investing your money in financial instruments. Therefore, an IBIP’s value is exposed to market fluctuations. For this reason, the amount of money you get at

products. ‘With-Profit’ products allocate

necessary, such as switching or changing the

maturity, or if you surrender the policy before

your contribution to an investment made

financial instruments to which your policy is

maturity, may not be guaranteed and will

by the insurance company in a ‘with-profits

linked.

depend on market conditions.

fund’ and may provide you with annual and, possibly, terminal bonuses calculated on your

With Single Premium IBIPs, premia can be

There are various IBIPs available for

investment value and based on the fund’s

made through a lump sum before the policy

purchase, each with their own set of risks and

performance. In addition, the initial amount

starts (you may be allowed to top up your

opportunities. Therefore, distributors must

invested may be guaranteed. The same applies

investment during the policy term). On the

provide buyers with a standardised, consumer-

to bonuses. However, the amount of these will

other hand, in Regular Premium IBIPs, the

friendly Key Information Document (KID) in

depend on the performance of the underlying

client may elect to make regular periodical

good time before purchasing the product

with-profits fund. Such guarantees will usually

payments, usually on a monthly or annual

to help them make informed decisions and

be subject to certain terms and conditions,

basis.

easily compare products offered by different

which should be clearly outlined in the policy

providers.

and explained before purchasing the product.

The KID provides details on the product’s

‘Unit-Linked’ products invest your money

contained in the KID is central to selecting

features. For example, it includes a risk

directly in financial instruments offered by

the most appropriate product. Lastly, before

indicator from 1 to 7, with 1 being the lowest

third parties. You can choose among different

committing yourself to purchasing an IBIP,

and 7 being the highest risk level, the total

investment instruments whose value depends

make sure you fully understand its features.

costs you pay, their impact on the return and

directly on their market performance. In Unit-

If in doubt, you may wish to obtain advice on

the recommended holding period.

Linked products, your premium (investment)

whether such a product is suitable for you.

Before committing to an IBIP, consider the pros and cons of available options. The information

is not guaranteed. Therefore, monitoring the IBIPs are mainly classified into two types:

value of the funds linked to your insurance

For more information, visit the MFSA’s

‘With-Profit’ products and Unit-Linked

policy is essential to take any action

consumer portal at www.mfsa.mt/consumers.

MONEY

THE NEW BEGINNINGS EDITION

47

PROMO

SERVICING THE PENSION SCHEMES GROWING SECTOR The prudent concept of saving and putting

Malta’s framework incorporates the first and

The Bank has positioned itself as a genuinely

money aside for rainy days has never been

third pillars.

independent Custodian. Accordingly, it does not intend to act as a Retirement Scheme

as necessary as today. However, while we go about life, thinking of the present, the

Due to an ageing population (straining first

Administrator or Investment Manager in terms

tendency for one to delay saving for retirement

pillar pension pay-outs due to a significant

of the RPA. Hence, the Bank minimises any

is very prevalent, especially where this

increase in the economic old-age dependency

conflicts of interest, focusing on safekeeping

concept is still relatively new and burdensome

ratio) and further encouraging private saving,

of assets, record keeping, monitoring and

as it is not yet adequately institutionalised and

in 2014, the Government of Malta introduced

reporting.

the culture is still lacking.

incentives to enhance the appeal of a third pillar pension scheme. The scheme provides

Currently, the Bank offers its services as

Initiatives locally are becoming visible to

the opportunity to save for a pension through

Custodian to:

develop a culture around protecting and

private pension packages offered by financial

providing for retirement. Thus, we see

institutions, including banks and life insurance

legislation, products, and services emerge

companies. It is formally referred to as the

that will hopefully contribute to the maturity

Personal Retirement Scheme, supplemented

this sector deserves. This is important as

by the option of an Individual Savings Account.

i.

Occupational Retirement Schemes that are defined contribution schemes in terms of the RPA;

ii. Personal Retirement Schemes that are defined contribution schemes in terms of

retirement (unless properly planned) may have

the RPA.

a server impact on income generation at a time

In 2017, incentives were also introduced to

when, ironically, one has more time to spend

encourage voluntary occupational pension

on leisurely activity. Hence, enjoying this time

schemes by employees and employers. This

Like the functions the Bank undertakes as a

could prove to be an expensive event.

is where Sparkasse Bank Malta plc recently

Depositary to Collective Investment Schemes;

identified an opportunity in servicing the

obligations of a Custodian of Retirement

Pensions are generally categorised into three

market in so far as acting as Custodian to such

Schemes include:

pillars, and the World Bank describes these as

schemes. Under this system, funds are put

follows:

aside in an expense account by the employer,

•

which is tax-free. Furthermore, tax credits

•

1. A mandatory first pillar - links contributions to varying earnings to replace some portion

borrowing restrictions;

such schemes.

are typically financed on a pay-as-you-go

The Bank sees the development of retirement

basis.

schemes in Malta as an area of potential

•

Timely settlement;

•

Verifying income and, most importantly, cash flow monitoring.

growth. The Bank can deploy its expertise and

an individual savings account, a defined

resources and complement the current Custody

Therefore, the Bank can rely on its existing

contribution plan, with a broad set

and Depositary Services under the Bank’s

adequate infrastructure to extend its

of design options, including active or

Investment Services and Depositary Licences.

dedicated suite of services already offered to its niche customers. The efficient banking and

passive investment management, choice parameters for selecting investments and

In 2021, Sparkasse Bank Malta plc recognised a

investments infrastructure, including systems,

investment managers, and options for the

supplementary niche service, custody services

custody network and an experienced team

withdrawal phase.

to occupational pension schemes, which it

of professionals, enables the Bank to offer

could provide to benefit a growing area of

solutions to the needs of its customers and

contributions can take many forms, such as

interest and need within the financial services

has established it as the Bank of choice within

individual savings for retirement, disability

market. Thus, the Bank obtained authorisation

the local market.

or death; employer-sponsored; defined

from the Malta Financial Services Authority to

benefit or defined contribution; and is

act as Custodian of Retirement Schemes under

essentially flexible and discretionary to

the Retirement Pensions Act (Chapter 514 of

For more info, contact Sparkasse Bank at

complement the first pillar pension.

the Laws of Malta) (‘RPA’).

info@sparkasse-bank-malta.com.

3. A voluntary third pillar - pension

48

Undertaking an oversight function that involves monitoring investment and

apply to employers and employees opting for

of lifetime pre-retirement income. These

2. A mandatory second pillar - is typically

The duty of safekeeping assets;

ISSUE 71

MONEY

PROMO

CHANGING FACTORS AND DISRUPTORS IN HIGHER EDUCATION Higher education institutes must consider

from local farmers for school canteen meals

website, and it is not just about digital

many different factors, such as climate

would reduce their carbon footprint. ASOMI

libraries. But, for instance, textbooks could

change, technology, and other disruptors in

College of Sciences respects the environment

be digital, and a possible solution is to

today’s modern world.

and adapts ways to reduce its impact on

move into ERP systems or use cloud-based

nature. In addition, we believe the educational

structures. Server farms, for example, have a

Sustainable solutions, for instance, is a critical

community should play a key role in tackling

lower environmental impact than the average

factor that all institutions must consider in the

climate change.

systems used for storing data in a university or college. This makes the technological

educational industry. For instance, universities could introduce resources such as solar panels

Technology plays a vital role in our everyday

option the best one for everyone. ACS

for renewable energy or keep their recycling

lives and higher education. Technology is

Asomi College of Sciences uses innovative

rate high. For example, ordering raw produce

not only about having a college or university

technological means to provide the best possible service for its users and the environment.

The closure of universities and colleges due to the Coronavirus pandemic has enabled big multinational companies such as Google and Microsoft to become essential for higher education. ASOMI College of Sciences provides online lessons that can be followed everywhere and at any time without the need to cope with lockdowns or similar restrictions.

Colleges and universities worldwide have been using web platforms belonging to big online realities companies to cope with the world pandemics.

Higher education institutes must consider multiple factors, including climate change and technology. For example, the coronavirus pandemic has it that they must collaborate with big multinational companies such as Google or Microsoft to continue providing lessons to their students or for internal communication.

If you are interested in receiving more information on available courses, call [+356] 9913 8113, email info@acs-college.com or visit acs-college.com.

MONEY

THE NEW BEGINNINGS EDITION

49

NETWORKING

THE POWER of NETWORKING Seasoned business advisor Luke Cann needs no introduction within the local business sector. In 2021, he joined consulting firm NOUV, purposely to head its corporate finance arm, 36N Capital. Recently he was appointed chief business networking officer. Together with his growing team, Luke assists business owners in mergers and acquisitions, raising finance, and complex re-financing projects.

“Most of what I do at NOUV consists of

also get exposed to many fresh ideas which

“I have built my career on the notion of

supporting our clients through the strong

in turn, help you think outside the box and

networking and by leveraging its many

networking proposition we bring. Experience

approach situations differently.”

advantages. The most crucial aspect has been being able to curate a reputation built

keeps showing me that the advantages that you can obtain from engaging in regular

“Besides making it easier to advance in one’s

on trust, so when I need to bring people

networking are not only many but also

career, meaningful networking also helps you

together, both sides know that their business

extremely beneficial. Networking constantly

raise your profile within different professional

relationship is already about to start from a

helps me take my business relationships to the

circles. Hence, growing your reputation as

trustworthy point of reference. And as we all

next level.”

knowledgeable, reliable, and supportive,

know, trust in business is everything.”

especially when you can offer useful Luke points out that networking is a ‘give and

information to your contacts.”

“Reputation built on trust is crucial, and we depend on it. So, when, for instance, a client

take’ question.

Luke believes that businesses not only trust

needs some help with his banking matters

“There is a lot of giving, of course; you share

his ‘good judgement’, but they see value in his

– and we all know how challenging dealing

business contacts, help open doors, facilitate

strategic consultancy because it goes beyond

with banks has become – they know that

new contacts, and lend your experience.

the business deals.

we can facilitate the communication line,” adds Luke.

However, beyond the element of giving, experience keeps showing me that networking

“My work is based on creating a safe place of

is also very much an exercise in ‘taking’.”

mutual trust, understanding and a developed

“Banks know us, and they know what we

close relationship. I like to describe myself as

stand for. So, when we refer a client to them,

“You do open doors for others, but you also

a builder of networks,” says Luke, whose team

we do it because we vouch for our client’s

open new doors for yourself through the new

at NOUV’s 36N Capital is about to employ more

trustworthiness. However, banks also know

contacts you make. Through networking, you

consultants.

that they can trust our clients because we

50

ISSUE 71

MONEY

NETWORKING

Networking... helps to understand what a client might want and pre-empt what their expectations could be.

are referring them. All this took years of hard

“Nowadays, we have become too dependent

work, reputation building, and networking,” he

on social media, tending to rely exclusively

added.

on it for most of our interactions. However, networking is not only to develop and

One of the best advantages of networking is

nurture professional relationships but

that one gets to know people more personally.

also to build some of the strongest and

This helps to understand what a client might

most long-standing friendships from work

want and pre-empt what their expectations

connections – because where there is true

could be.

friendship, there is mutual trust. Effective networking with long-lasting benefits can

“When I see an opportunity for a client seeking

never be possible only through simple online

a business partner, I would have already

interactions. It needs to be as human and

thought of a match. Because I would know

engaging as possible.”

them both well enough to know there will be good synergy between them. I would also

“I concede that my networking style might

already know that bringing the two sides

have helped me advance my career. But this

around the same table to discuss business

was only a means to an end because my

will be easy and the outcomes, potentially

ultimate focus remains on my clients. I build

positive.”

and nurture my networks because I love seeing people come together around a table and

Luke highlights the importance of human

succeed in turning their ideas into successful

interactions in networking which he believes

business outcomes. My job is so much more

are crucial.

than a job. It is a passion.” concluded Luke.

MONEY

THE NEW BEGINNINGS EDITION

51

ECONOMY

UKRAINE’S WAR EC Discussing the war’s impact on the global economy in 2022 is something that we all thought would be only read in history books rather than being experienced in what should be a civilised world. However, the ongoing tragic events unfolding in Ukraine – suffering solely because of the sovereignty’s right to progress and protect its nation, have shocked the global economy. Moreover, as Jordan Portelli points out, its repercussions might have severe prolonged implications.

and designed to reduce harmful emissions for engines running on petroleum – has, on a year-to-date basis, shot up by more than 60% amid concerns over supply disruptions from Russia, the metal’s top producer. At one point, Palladium futures traded at an all-time high of around $3000 an ounce. Russia accounts for 40% of the global production, and the metal is always transported by planes. However, airspace is closed for Russian planes in many countries due to the sanctions.

Aluminium, notwithstanding a correction to around $3,550 per tonne as investors unwound some long positions following a massive rally

The issue with supply disruptions and thus supply-demand

from a record level of $4,100, remains above historical averages

imbalances within commodity markets isn’t merely an idea we’ve

amid solid fundamentals, which continue to be supported by fears

just been faced with. The unprecedented coronavirus pandemic,

of further supply-chain disruptions and low inventories. The world’s

which took the world by storm, also put us through something similar.

most significant shipping lines suspended cargo shipments to and

However, at that time, an increasing level of demand accompanied

from Russia in response to Western sanctions.

it spurred on by predominantly China (the first to recover from the pandemic owing to its zero-tolerance stance) and its moves toward a

Nickel, used in stainless steel and electric-vehicle batteries, traded

return to normality and revitalisation of its economy.

briefly above the $100,000 mark for the first time and almost tripled in value as Western sanctions sparked concerns over supplies from

The spike in energy prices following the invasion has already

Russia. Indeed, the surge in the said commodity prices has black-

triggered uncertainty about the implications the global economy

shadowed the recovery brought about by the pandemic, and thus

might face. Undoubtedly, this was inevitable, given that Russia is a

negative economic implications are inevitable.

crucial supplier of energy, metals, and agriculture and has proven itself as a commodities powerhouse over the years. Thus, the global

Apart from the spike seen in commodity prices, the contribution of

reliance on Russia, especially in Europe, poses unique risks, namely

both Russia and Ukraine in other sectors is significant. For example,

in the region. Currently, Russia supplies 25% of Europe’s crude oil

Russia and Ukraine are essential exporters of grains and sunflower

and 40% of the bloc’s gas, with Germany, Italy, and several central

oil, accounting for about 30% of the global wheat trade. Since it

European countries particularly reliant.

invaded its neighbour in February, Russia has continued shipping wheat, but sanctions have complicated payments, leading to supply

Moreover, the invasion will inevitably delay what many countries

uncertainties. This had its toll on the global food process, which

plan to achieve in the green energy transition. The price of industrial

has soared at the fastest monthly rate over the past 14 years. For

metals key to the green energy transition, used amongst others in

example, looking at March, the food price index from the UN Food

producing battery electric vehicles, solar panels, and wind turbines,

and Agricultural Organization rose to its third record high in a row,

has since such geopolitical tensions rose and surged. Practically

jumping by 34% from last year, after the war shut down supply lines

speaking, the price of Palladium – used in vehicle catalytic converters

between Ukraine and Russia.

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ECONOMY

CONOMIC IMPACTS Unfortunately, what is more of a concern is that the war will

How people plan to spend their lower disposable income

undoubtedly also cause socio implications apart from the economic

Source: Momentive

implications. In many poorer countries, which have been struggling given the impact of Covid-19 and who highly rely on both Ukraine and

cancel a monthly subscription

cut back on driving

Russia for their grain and vegetable oils, the rise in prices, specifically food inflation, has helped spur protests in several countries. Most

borrow money or take on credit card debt

delay buying a car

50%

notably is Sri Lanka, where the issue has helped create a severe economic and political crisis. Moreover, a more extended socioeconomic shot would be that a prolonged period of higher food prices

25%

will shift from the middle to the low class and eventually push people into poverty.

0

52% cut back on dining out

The crux of it all is the segregation of classes and the quantum of how

42%

40%

36%

cancel a trip or vacation

32% switch to a generic product

26%

20%

16%

delay buying a home

12% skip paying my bills

the current situation will impact each class. Each will have its weight on the pace of negative implications in the global economy. Surely the lesser pinched at this point will be the high-class, while the middle-class and its sensitivity to the economy will have a higher weight on economic

income taxes have been deducted. This will inevitably impact consumer

implications. Practically speaking, the rise in basic needs, namely food

discretionary spending, given that disposable income has been pinched

prices, will condition disposable income, i.e. the available income after all

by the higher prices experienced in the consumer staples space.

Moreover, the current uncertain situation will also have a psychological impact on how people plan to spend their lower disposable income. For

Food Price Index

example, a fascinating online survey held in early April in the U.S. by

Source: FAO

Momentive showed that people would reduce their budget on nonnecessities which can easily be delayed.

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Although we seem to be all emphatic, we still discuss the implications

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we face from a situation we are not complacent with. On a human

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level, the situation in Ukraine is so brutal and grievous that discussing

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the economic impact might be egoistic. However, not being in their

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shoes deviates our discussion from what matters. At times, being more

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emphatic and more forceful in pushing toward not accepting any form

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of the regime should supersede any challenging economic situation. So

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economic implications apart, let’s pray and hope that the situation can

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be resolved very soon and that common-sense reigns for the ultimate benefit of the people in Ukraine.

THE NEW BEGINNINGS EDITION

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ENERGY

CUTTING the CORD As a result of the extensive impact of the Russia-Ukraine turmoil on the entire economy, in March 2022, the European Union and the United States agreed to the supply of liquefied natural gas (LNG) to reduce Europe’s reliance on Russian energy, following concerns over the security of supply and Russian President Vladimir Putin’s order to switch gas contract payments to rouble denomination. U.S. President Joe Biden and European Commission President Ursula von der Leyen announced the formation of a joint task force to steer clear of a supply squeeze and even higher gas prices. As part of an initiative referred to as REPowerEU, the principal objective of the Task Force for Energy Security is to diversify LNG supplies per climate objectives, ultimately reducing demand for natural gas. Giorgio Saronne and Daniel Galea explain.

As things stand, Russia supplies Europe with around 40% of its gas.

European Gas Storage Capacity

However, the EU plans to cut its dependence on Russia by two-thirds

Source: Gas Infrastructure Europe

this year (equating to around 100 billion cubic meters of natural gas per year) and end all Russian fossil fuel imports by 2027. Thus, the

100

% full

U.S. and a handful of other countries will be supplying Europe with an additional 15 billion cubic meters of LNG per year, over and above the 22 billion cubic meters of gas supplied last year. The newly combined total of import supplies will represent approximately 24% of the gas currently imported from Russia, with the eventual aim for the U.S.

2019 80 2020 60 2021 40

and international partners to deliver 50 billion cubic meters per year 2022

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Russia is not the only objective. By 2030, the EU envisions that it

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However, under the REPowerEU initiative, minimising reliance on

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Jan

to the EU.

will be able to save some 170 billion cubic meters through efforts targeted at adopting more significant renewable energy sources and enhancing the functionality of energy efficiency methods.

perspective, last summer, European storage sites were filled at 77%

Developments on the wind and solar front will push towards a

of their capacity, but are now down to 25.6% as of the 21st of March,

reduction of a further 20 billion cubic meters. At the same time,

approximately 25% below average (see Figure 1).

concerning superior efficiency, the Biden administration believes immediate reductions may be achieved via smart thermostats and

However, this requirement has come under heavy criticism. It

heat pumps – effectively replacing 15.5 billion cubic meters by the

essentially implies that market participants engaged in the utilities

end of the year. This would very much depend on the adoption rate of

and storage operation sectors are obligated to buy gas over the

consumers regarding installing the new heating sources, which could

summer, regardless of market price, to avoid a spike over the winter.

typically cost twice as much as a conventional boiler.

Analysts believe this factor to be one of the many overly ambitious assumptions the goals of this initiative are flawed with, fearing

Under the new scheme, gas storage sites in the Eurozone must

that the aim of this partnership will not materialise as expected.

be filled at 80% of their total capacity by the 1st of November this

Firstly, the U.S. can only do so much in terms of its supply, and it is

year, subsequently rising to 90% in preceding years. To put this into

worth noting that Europe will also be competing with several other

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ENERGY

countries for imported LNG cargo. As things stand, Algeria and Qatar

Renewable Energy Required

have heavily been competing for their share of LNG supplies, which

Investment Rates vs Current Rates ($billion)

has also been pushing up prices.

Source: BloombergNEF, Schroders — March 2022

Furthermore, as the name suggests, liquefied natural gas is delivered in liquid form, meaning that it would need to be transformed into gas – a process known as regasification. The issue lies in that Europe has minimal spare regasification capacity left, and LNG supplies will only be increasing over time. Compared to Q1 2021, European LNG imports have doubled by the end of February 2022 and are now close to their

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theoretical capacity. Therefore, Europe will undoubtedly be looking

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to increase its LNG supply via existing pipelines, which could be very

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difficult without further field development. Currently, the only known

0

expansion project under construction is that of operator Sonatrach’s Tinhert project. No other major gas field expansions are planned, and it would typically take two to three years to build a production facility

Clean energy generation

Transmission and distribution

Required annual run-rate to 2050

Batteries and storage

Energy efficiency

Clean mobility

Current annual run-rate

from scratch. Therefore, Europe may have no choice but to re-direct existing supplies rather than increase capacity.

Using a seven-year fuel-hedging agreement with Azerbaijan’s stateWhile moving toward wind and solar energy is a step in the right

owned oil and gas company Socar, which supplied gas to Malta via

direction, the REPowerEU’s objective of replacing 20 billion cubic

Electrogas’ LNG power station, the country was able to fix its gas price

meters of gas with renewable energy sources is an additional

at €9.40 per unit. Following the agreement’s expiry in March, the local

milestone which may not be reached instantly. Capital expenditure

government has announced that they plan to freeze prices this year.

and its associated investment relative to the generation of renewable

However, the road ahead remains unclear, specifically since the island

The issue lies in that Europe has minimal spare regasification capacity left, and LNG supplies will only be increasing over time.

power sources is significantly below what is required to meet existing

will need to step up its efforts to reduce its dependency on natural

2030/2050 targets (see Figure 2).

gas. In 2021, Malta was the EU Member State with the highest reliance on natural gas imports, ranking first in terms of the most significant

Moreover, while financing is undoubtedly an obstacle, the bigger

increase in the dependency rate on natural gas compared to 2020.

picture shows that the main issue lies in the logistical aspect of the project, particularly the transportation of equipment from the

Overall, it is increasingly evident that Europe is heavily reliant on

factory to the project site. Adding to the headache surrounding

imported LNG volumes to meet its energy requirements. The EU-U.S.

supply chain bottlenecks, the re-emergence of Covid-19 in China

action plan will aid in speeding up the motion in the direction of new

has meant that many Chinese cities have been placed on lockdown,

suppliers of lower risk. Since the U.S. has substantial resources based

significantly hindering the supply of raw materials. On the other end

out of the Texas, Permian and Appalachian regions, it is poised to

of the spectrum, more than half of the world’s neon, a critical element

emerge as a leading exporter of natural gas, much of which is likely to

used in the production of semiconductors, is produced by a handful

feed into Europe. However, this will be no easy task for U.S. President

of companies in Ukraine. With chip shortage issues already prevailing

Joe Biden. He will need to strike the right balance between evolving

for months, this hurdle will only act as a further headwind for the

into a critical player in the natural gas market while upholding his clean

construction industry.

energy agenda and ensuring that conflicts are kept to a minimum.

Since penning this article, futures prices for natural gas contracts

From a local perspective, Malta gets approximately 17% of its power

have risen from under $1.82 two years ago to $6.95. Long-term pricing

from the European grid through the Malta-Sicily interconnector. Power

may trend upwards as the U.S. increases its significance as a critical

plants and renewable sources make up 73% and 10%, respectively.

global gas supplier.

MONEY

THE NEW BEGINNINGS EDITION

55

MARKETING

TIME TO REEVALUATE YOUR COMMUNICATIONS FOR MILLENNIALS AND GEN Z

There was a time when marketing was very firmly divided. If you wanted to market to consumers, you had a free reign to do anything. You could be serious; you could be emotional; you could use humour or tug on heartstrings - everything was on the table. Richard Muscat Azzopardi explains. But the minute you tried to market to businesses, you had to be sober. You had to be as humourless as possible, leaving your humanity at the door before you checked into work.

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You can still do all the above for direct to

communications, but that time is gone. You

several channels in different phases of their

consumer marketing, but you’re not limited

should write for businesses just like anyone

workday (and their lives). So, think like a

to being boring for B2B communications,

else because, ultimately, it’s a human at the

B2C marketer and apply your message to

especially if you run an SMB. A Trustradius

other end of the screen (or page). (You can

as many channels as you can reasonably

study from 2019 showed that millennials

read more about this on our site)

maintain. For example, speak to them on Instagram with the aspect of your business

make up 59% of B2B buyers, and Gen Z is Radical candour

that’s the most aesthetically pleasing,

Be as honest as possible with these

use stories for behind the scenes content,

As misguided as it was, the concept is

audiences. They’ll see through your

put out thought leadership on LinkedIn

probably a product of a younger generation

attempts at deception, erm, I meant they’ll

and write in-depth articles on your blog.

of marketers (millennials at the time) who

call your bullshit when they see it. So, be

This approach will give you an element of

were planning campaigns for older people,

honest (well, we’d advise being honest

certainty, which is excellent, but it will also

baby boomers, and Gen X buyers. People

always), don’t sugarcoat stuff. But, on the

help you seem far more relatable.

they looked up to as their seniors, people

other hand, please don’t pretend that your

who generally saw business to business

offering is perfect. It isn’t. So, the best way

communications as serious business. And

to win over millennials and Gen X B2B buyers

this is true. There is a certain kind of B2B

are by helping them make an informed

communications that should remain serious.

choice, even if it means sending them

Some subject matter can’t be joked about,

over to your competition. If you

you can’t trivialise it, and it can’t be made

win their trust by sending them

conversational.

over to your competitor when

filling in a significant chunk of the rest.

their offer is better at doing I don’t want to read about the latest

something that you don’t

breakthrough in heart replacement valve

excel at, they’ll be back

technology in the tone of voice that’s more

for your services when

suited to an Australian beer brand. But it’s

they need something

not black and white. It’s not even 50 shades

that you can offer

of grey. It’s a continuum, and there are so

them.

many ways of communicating with B2B audiences that you can’t just go out with an

Cut the crap and be

“it’s B2B, so it’s serious and detached”.

yourself Like the point above,

B2B is human

younger generations

Our first and entirely predictable piece of

don’t take kindly to

advice is to keep an element of humanity

discovering that they

in your B2B communications. There was

were treated differently

a long period when you’d be expected to

when being marketed to.

sanitise any element of humanity for B2B

Don’t pretend that your offering is perfect. It isn’t.

It’s better to not close a sale because of a potential culture mismatch before you get them than to lose a client after you’ve started working with them.

Be as transparent as possible with your communications, and wear your heart on your sleeve. It will reduce the number of

The same goes for the channels in which

enquiries you generate, but it will increase

you accept to do business. Don’t build

your closing rate.

barriers because of preconceived notions of a process that suits your administration

MONEY

Think like a B2C marketer

team. For example, if your customers want

B2B marketing, especially for SMBs, can

to speak to you on Instagram or Messenger,

sometimes feel like a single-channel affair.

then offer those as proper channels for

Still, your customers are, most likely, using

doing business.

THE NEW BEGINNINGS EDITION

57

Photography

Styling

Models

Marvin Grech

Peter Carbonaro

Ben & Michael

Shot on location at Mercury Towers by Zaha Hadid Architects mercury.com.mt

All items by Dan John.

Left: T-shirt by Charles & Ron, trousers by Dan John.

Right: Shirt by Charles & Ron, trousers by Dan John.

Left: All items by Charles & Ron Right: All items by Dan John

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FA SHION

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MONEY

THE NEW BEGINNINGS EDITION

65

NEWS

THE CAWNPORE CUP Polo is one of the fastest ball games and boasts of being a royal sport of sheer adrenaline, excitement, team player skills and precision. It is exhilarating to play and beautiful to watch.

Malta Polo Club is home to a professional polo academy, prestigious seasonal tournaments, social events, and corporate activities that bring polo enthusiasts and passionate spectators together to enjoy this genuinely royal sport’s experience, excitement, and beauty.

Founded in 1868, the Malta Polo Club is the second oldest club worldwide behind the Calcutta Polo Club of India, founded only six years previously.

Polo was first introduced in Malta through the British Army officers stationed on the island and by officers who were either on their way to or returning home from India. Together with the Royal Navy’s Mediterranean fleet officers, the Cavalry regiments were the first teams to play on the island.

One of the many famous past presidents of the Malta Polo Club was Prince Louis von Battenberg, who served in Malta in the Royal Navy. His son, Earl Mountbatten of Burma, was also a keen supporter of the sport and, later, also became president of the Malta Polo Club.

The Earl introduced several Maltese players to the game of polo and personally taught the game to many who were interested in this novel

the Royal Navy and British Army teams, winning the Cawnpore Cup

sport. It was during this period that the Maltese Cats team was formed.

for seven consecutive seasons. The Cawnpore Cup is still the most

‘The Maltese Cats’ were a solid team that regularly played against

prestigious match of the year, decades later.

Several members of the British royal family have played polo in Malta, too, with Edward VIII – while he was still the Prince of Wales – the Duke of Edinburgh and Prince Charles among them. King Alfonso of Spain was also a famous player at the Malta Polo Club and, in 1928, presented the club with the King of Spain Cup, which is still played today.

Polo is officially played between October and June on Wednesdays and Saturdays. However, the club offers tuition and Club Chukkas 365 days a year. Thirteen Cups are played annually to qualify for the Cawnpore Cup, which is contested by the eight highest handicapped players and has (except for the war years) been held in June of each year since 1901.

The Cawnpore Cup is one of the oldest trophies globally, manufactured in India in 1901.

The annual Cawnpore Cup event is held in aid of The Malta Community Chest Fund Foundation under the patronage of the president of Malta and will be held on 11th June at Marsa Racecourse.

For more info visit the Malta Polo Club’s Facebook page (@maltapoloclub) and website (www.maltapoloclub.com).

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