MONEY ISSUE 74 by BE.COMMUNICATIONS

BUSINESS

LIFEST YLE

DESIGN

THE BUSINESS EDITION I S S U E 74

COVER STORY

Pierre-Etienne Cizeron (20)

A NEW DAWN Josef Bonnici (12)

NURSING THE ECONOMY

Tony Zahra (16)

SUPPLY & DEMAND Miran Sapiano, Alona Andruk, Alan Cuschieri (32)

RECOGNISING & REWARDING LOCAL BUSINESSES

Banking | Custody | Investments

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Sparkasse Bank Malta plc, 101 Townsquare, Ix-Xatt ta’ Qui-si-Sana, Sliema SLM3112, Malta. Sparkasse Bank Malta plc is a public limited liability company registered in Malta with registration number C27152 and registered office at 101 Townsquare, Ix-Xatt ta’ Qui-si-Sana, Sliema SLM3112, Malta. Sparkasse Bank Malta plc is licensed by the Malta Financial Services Authority to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta), and to provide investment services and custody and depositary services in terms of the Investment Services Act (Cap. 370 of the Laws of Malta).

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WELCOME

We’re back here – the run-up to Christmas.

COVER

Carols are playing whilst you stroll down the

Pierre-Etienne Cizeron

supermarket aisles, roundabouts have sprouted

Read the full story on P.20

metal decorations often lit up in red and green, and our inboxes are once again filling up with invitations to Christmas networking drinks because we’re determined to see the back of the pandemic and get back to hugging and drinking with friends. Another clear indication that Christmas is coming is that we’ve experienced another Black Friday. Black Friday’s history has been around since the 1950s, when workers would call in sick the day after Thanksgiving to have a longer holiday period. Black Friday is a shopping day for several reasons. The first day after the last major US holiday before Christmas is now recognised

E D I T O R Anthony P. Bernard

as the unofficial beginning of the Christmas

[anthony@moneymag.me]

shopping season. Black Friday only hit Malta in

An in-depth look at the Malta Development Bank

the last few years because it only hit the UK in

shows its role throughout the pandemic and

D E S I G N BloomCreative

recent years, too – and we like to follow what

how its schemes are designed to bolster the

[bloomcreative.com.mt]

the UK does. Thankfully not when it comes to

local economy. But, of course, not everyone is

decisions like Brexit, though.

all about money, as we saw when speaking to a

P R I N T I N G Print It

businessman who chose an NGO over According to the media, local retailers said that

a corporation.

D I S T R I B U T I O N JD Distributors

this year’s Black Friday wasn’t as successful as the ones gone by, and I suppose it’s easy to

Our cover story portrays Pierre-Etienne Cizeron,

blame it on two main factors – the weather and

the recently appointed CEO of Epic – we wanted

the internet.

to see his views and where he sees the company

MONEY is hand-delivered to Malta’s businesses,

going and growing.

including managers and directors of the country’s top blue-chip companies, iGaming companies, all

Malta is being hit by torrential rain storms

5-star hotels, including their business centres,

accompanied by gusty winds, the likes of which

What about the issues within the FinTech,

we may need to become accustomed to as

investment, and gaming sectors? Have a read

foreign embassies and Maltese embassies abroad

‘typical Maltese autumnal weather’.

through this issue because you’re going to

(the UK, Rome, Brussels and Moscow). All government

encounter them all. As a country and culture, we are highly affected

executive lounges and rooms (where allowed), all

ministries and entities. For information regarding promotion and advertising:

by the weather, and stormy weather often stops

So, whether you’ve got chestnuts slowly

us from continuing our daily lives – including

roasting on the fire or not, I wish you, our

shopping. So, then we turn to the internet to

readers, a happy and healthy festive season.

fill that gap and order our presents, groceries,

Let’s be good to each other after the two

and food. It often doesn’t cross our minds that

disruptive years that we’ve all experienced; be

the weather we don’t want to go out in is the

mindful of the decisions that we make and how

same weather that delivery drivers need to

they affect others; be sustainable in our options

battle through. But I suppose that’s a debate for

when it comes to choosing gifts and packaging

another time…

material, and be grateful to all those people who

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

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

! " · [becommunications.com]

work hard throughout the holidays to ensure

Although perhaps we should think about these

that we can celebrate safely in the knowledge

is strictly prohibited without written permission.

factors before making decisions that are based

that we are being cared for.

on convenience. In this business issue, we speak to several industry people who share their views

those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor

Happy Holidays!

and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs or

and opinions on several sectors, including the

illustrations. Unsolicited manuscripts are welcome

hospitality industry and the way it’s developed

but cannot be returned without a stamped, self-ad-

in Malta – is there such a thing as too many

dressed envelope. The editor is not responsible for

accommodation options?

Opinions expressed in Money are not necessarily

material submitted for consideration.

I S S U E 74

MONEY

Your Technology Solutions Partner With GO Business, your team can make a success of every opportunity. Find out more about our solutions at

go.com.mt/business

Winter 2019 / Issue 12

April 2016 / Issue 01

ISSUE 2 - AUGUST 2013 BUSINESS | LIFESTYLE | DESIGN

THE CREATIVITY AND DESIGN ISSUE

THE TOURISM ISSUE

ISSUE 27 OCTOBER/NOVEMBER 2014

Issue 13 June/July 2012

¤5 WHERE SOLD

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

START-UPS INTERVIEWS:

CONTAGIOUS CAMPAIGNS

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

Travel essentials The best cars for overland travel

Creating niche markets Exceeding visitor expectations 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 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

1%= ³ -779)

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

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

ISSUE 9 - AUGUST 2015

181

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

JUNE 2016

SUMMER COLOURS COOL OFFICE WEAR

*1 -7 8,) 1%08% *%7,-32 %;%6(7 3**-'-%0 1%+%>-2) Special Cannes review

BEACH FASHION

CITADEL KEELBOAT SPRING SERIES

ROLEX FASTNET RACE

June 2010. ISSUE 14 6. FMLIFEST Y LE.COM

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

*10-*)78 =0) '31

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 1 4 5. FMLIFEST Y LE.COM

FEMME MAGAZINE

INTERVIEW:

KEN READ

REVIEWS:

SEALINE F530 AND JEANNEAU 54

VOLVO OCEAN RACE:

A SPECTACULAR FINISH

FEMME MAGAZINE

THE ECO AND IT ISSUE

MAY 2008 - ISSUE 130

*5.%

MAY 2007 - ISSUE 122

)335%

October 2019 / Issue 11

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)

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

TIFFANY PISANI

WINTER WARMERS ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

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

Normal Delivery Service Charge Monday to Sunday €5.00

1970s: THE DECADE OF FASHION LOVE

APRIL 2015

July 2019 / Issue 10

ISSUE 14

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

FM Issue 177 - 1

December 2018 / Issue 08

ISSUE 6 - JULY 2014

ISSUE 3 - OCTOBER 2013

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

NOVEMBER 2010. ISSUE 14 9. FMLIFES T 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

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

ISSUE 31 - DECEMBER 12

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

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

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

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

Eat rEligiously

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 ISSUE 30 - OCTOBER 12

// 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 //

Winter 2019 / Issue 12

April 2016 / Issue 01

ISSUE 6 - JULY 2014

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

CLUB EVENTS EXCLUSIVE INTERVIEW: VOLVO OCEAN RACE TEAMS

KURT ARRIGO NEW MODEL REVIEWS LOCAL AND INTERNATIONAL NEWS

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 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

1%= ³ -779)

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

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

ISSUE 9 - AUGUST 2015

181

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

JUNE 2016

COOL OFFICE WEAR

*1 -7 8,) 1%08% *%7,-32 %;%6(7 3**-'-%0 1%+%>-2) Special Cannes review

BEACH FASHION

CITADEL KEELBOAT SPRING SERIES

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

SUMMER COLOURS

*10-*)78 =0) '31

MALTA FASHION AWARDS OFFICIAL MAGAZINE

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

FEMME MAGAZINE

INTERVIEW:

KEN READ

REVIEWS:

SEALINE F530 AND JEANNEAU 54

VOLVO OCEAN RACE:

A SPECTACULAR FINISH

FEMME MAGAZINE

THE ECO AND IT ISSUE

MAY 2008 - ISSUE 130

*5.%

MAY 2007 - ISSUE 122

)335%

October 2019 / Issue 11

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)

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

TIFFANY PISANI

WINTER WARMERS ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

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

Normal Delivery Service Charge Monday to Sunday €5.00

1970s: THE DECADE OF FASHION LOVE

APRIL 2015

July 2019 / Issue 10

ISSUE 14

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

FM Issue 177 - 1

December 2018 / Issue 08

ISSUE 6 - JULY 2014

ISSUE 3 - OCTOBER 2013

FEMME MAGAZINE | ISSUE 172 | FMLIFESTYLE.COM

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

May 2017

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

ISSUE 31 - DECEMBER 12

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 30 - OCTOBER 12

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

ORACLE TEAM USA CONQUERS AMERICA ROLEX MIDDLE SEA RACE

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

Eat rEligiously

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

// 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 //

Winter 2019 / Issue 12

April 2016 / Issue 01

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

July 2016 / Issue 02

1%= ³ -779)

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

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

ISSUE 9 - AUGUST 2015

181

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

JUNE 2016

COOL OFFICE WEAR

*1 -7 8,) 1%08% *%7,-32 %;%6(7 3**-'-%0 1%+%>-2) Special Cannes review

BEACH FASHION

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

SUMMER COLOURS

*10-*)78 =0) '31

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 1 4 5. FMLIFEST YLE.COM

FEMME MAGAZINE

REVIEWS:

SEALINE F530 AND JEANNEAU 54

CITADEL KEELBOAT SPRING SERIES INTERVIEW:

KEN READ VOLVO OCEAN RACE:

A SPECTACULAR FINISH

FEMME MAGAZINE

THE ECO AND IT ISSUE

MAY 2008 - ISSUE 130

*5.%

MAY 2007 - ISSUE 122

)335%

October 2019 / Issue 11

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)

APRIL 2015

July 2019 / Issue 10

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

TIFFANY PISANI

WINTER WARMERS

RUFFLES HER FEATHERS

ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

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

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

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 YLE.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 1 4 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

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

Winter 2019 / Issue 12

April 2016 / Issue 01

ISSUE 9 - AUGUST 2015

ISSUE 2 - AUGUST 2013 BUSINESS | LIFESTYLE | DESIGN

THE CREATIVITY AND DESIGN ISSUE ISSUE 27 OCTOBER/NOVEMBER 2014

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

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

START-UPS INTERVIEWS:

CONTAGIOUS CAMPAIGNS

HARLEQUIN DESIGN, DUNCAN BONE, NOMAD

ROLEX FASTNET RACE REVIEWS:

SEALINE F530 AND JEANNEAU 54

CITADEL KEELBOAT SPRING SERIES INTERVIEW:

KEN READ VOLVO OCEAN RACE:

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

A SPECTACULAR FINISH

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

1%= ³ -779)

December 2016 / Issue 03

JUNE 2008 - ISSUE 131

OFFICE DESIGN

ISSUE 9 - AUGUST 2015

181

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

JUNE 2016

SUMMER COLOURS COOL OFFICE WEAR

*1 -7 8,) 1%08% *%7,-32 %;%6(7 3**-'-%0 1%+%>-2) Special Cannes review

BEACH FASHION

CITADEL KEELBOAT SPRING SERIES

ROLEX FASTNET RACE

June 2010. ISSUE 14 6. FMLIFEST Y LE.COM

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

*10-*)78 =0) '31

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 1 4 5. FMLIFEST Y LE.COM

FEMME MAGAZINE

INTERVIEW:

KEN READ

REVIEWS:

SEALINE F530 AND JEANNEAU 54

VOLVO OCEAN RACE:

A SPECTACULAR FINISH

FEMME MAGAZINE

THE ECO AND IT ISSUE

MAY 2008 - ISSUE 130

*5.%

MAY 2007 - ISSUE 122

)335%

October 2019 / Issue 11

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)

WINTER WARMERS ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

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

RUFFLES HER FEATHERS

Normal Delivery Service Charge Monday to Sunday €5.00

1970s: THE DECADE OF FASHION LOVE

APRIL 2015

Winter 2019 / Issue 12

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

TIFFANY PISANI

177

CLEAN TECHNOLOGY / GREEN FINANCE / INTERVIEW WITH MINISTER AUSTIN GATT

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BUSINESS

Issue 08 July/August 2011

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THE FINANCE EDITION ISSUE 69

COVER STORY

A WEALTH OF EXPERIENCE Alistair Muscat

(1 6)

APRIL 2015

July 2019 / Issue 10

WHAT YOUR HAIR COLOUR SAYS ABOUT YOU

TIFFANY PISANI

WINTER WARMERS

RUFFLES HER FEATHERS

ROCK THE BAROQUE LOOK

BERLIN FASHION WEEK

reasons why you should SHOP on myfood.mt

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ISSUE 30 - OCTOBER 12

JUNE 2007 - ISSUE 123

ISSUE 31 - DECEMBER 12

May 2017

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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

MALTA FASHION AWARDS OFFICIAL MAGAZINE

MAY 2010. ISSUE 1 4 5. FMLIFEST YLE.COM

FEMME MAGAZINE

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

CONTENTS

Nursing the economy

It’s not all about the money

Malta’s food swing

When the Malta Development Bank was being planned, few could have anticipated the impact its schemes would have once COVID-19 and the Ukraine crisis hit. Its chairman, Josef Bonnici, explains to Vanessa Macdonald how much has been achieved over the past few years.

16 Supply and demand The recent carrying capacity survey commissioned by the Malta Hotels and Restaurants Association raised quite a few eyebrows. But the MHRA president Tony Zahra told Vanessa Macdonald it highlighted the need for a clear vision for the tourism industry.

20 A new dawn COVER STORY

According to recent research, the pandemic has made more people interested in foods that benefit their immunity, metabolism, and mental state, which has solidified the plantbased sector. However, is this the case in Malta?

Giselle Borg Olivier chats with Matthew Caruana, who identifies himself as a “mentor and advisor” who is passionate about entrepreneurship and start-ups and explains why he chose to work for an NGO rather than a corporation. Dayna Camilleri Clarke spoke to leading nutritionist Dr Antonella Grima and Smoothie Fruits director Mauro Portelli to find out more.

28 Finding investment opportunities in everday life “What if I said you could turn €20k into €20 million using nothing but Twitter and a zero-commission trading app?” Owen Zammit asks. You would probably think he’s some dodgy scammer trying to sell a pyramid scheme... However, this is not a fib – it turns out that one guy did just that, creating a new investing school of thought in the process.

32 The future of design and urban planning Pierre-Etienne Cizeron was recently appointed CEO of Epic. MONEY caught up with Cizeron to learn more about Epic’s new era, growth opportunities, and the importance of customer satisfaction.

With the Malta Business Awards announcing its winners at the end of last month, Lyndsey Grima caught up with three award winners from different categories to get to know them as business owners and what made their business idea unique.

I S S U E 74

42 Business shift and strategy We always knew how vital transformation was to an organisation’s enduring success. But in what timescale? If we don’t keep up, will we survive? Should we shift our focus? Are we ready? Theo Dix asks.

44 Future proofing the gaming sector Today, accounting for over 15% of GDP, the remote gaming sector is a crucial pillar of Malta’s diversified economic fabric. However, such a pillar needs to be constantly nurtured. JP Fabri explains.

MONEY

CONTENTS

46 Malta Future Realised The 18th edition of the Malta Attractiveness Survey was based on the results of over 120 foreign direct investment companies. The results offer an in-depth exploration of Malta’s attractiveness to foreign investors. Specifically, it looks at the most vital sectors, identifying those set to accelerate in the coming year and understanding what drives these preferences.

50 A socio-empathic budget on the back of global turmoil As populism reins, budgets a priori a general election are more benevolent, while those in the initial years after an election are the more stringent. So, no surprises about the budget cycle over the last legislators. Jordan Portelli explains.

54 Have we let a crisis go to waste?

Dayna is a senior speech therapist by day

Lyndsey is a freelance writer and social

and feature writer by night. When she’s not

media marketeer. When she’s not typing away,

busy fixing words, she is travelling the world

you will find her focusing on her training at

and adding to her fridge magnet collection.

the gym.

HEALTH P.36

BUSINESS P.32

Giselle is a marketing professional, and

Richard is the CEO of Switch — Digital

independent writer and proofreader. She runs

& Brand, a marketing agency that forms

Content for Success.

part of ICOM, the world’s largest network of

ENTREPRENEURSHIP P.24

independent agencies. REMOTE WORKING P.54

JP is a founding partner at Seed, a multi-disciplinary advisory practice.

Theo Dix is a senior manager leading EY- Parthenon, the global strategy consulting

GAMING P.44

arm of EY in Malta. Jordan is an economist and CIO /

BUSINESS P.42

portfolio manager for a local financial

I’m not a fan of the man as a politician, even though I respect him as a wartime leader, but I love Churchill’s quote, “Never let a good crisis go to waste.” Richard Muscat Azzopardi explains.

MONEY

services company.

Vanessa had every intention of retiring but so far has been caught up by exciting

BUDGET P.50

freelance projects and voluntary work. BANKING P.12 · TOURISM P.16

THE BUSINESS EDITION

BANKING

NURSING THE ECONOMY When the Malta Development Bank was being planned, few could have anticipated the impact its schemes would have once COVID-19 and the Ukraine crisis hit. Its chairman, Josef Bonnici, explains to Vanessa Macdonald how much has been achieved over the past few years.

I S S U E 74

MONEY

BANKING

Consider this: during the bleak COVID-19 years,

guarantee loans on viable projects, reducing

the Maltese economy – at least as represented

banks’ risk on their balance sheet.

through lending – appeared to grow gently

Through this scheme, we ensured

as if there were no pandemic. According to

“The risk is transferred to the MDB – and the

data published by the Central Bank of Malta,

government – but if this leads to economic

business lending in 2020 grew by an annual

growth and makes the economy more dynamic,

rate of 9%. Without the Malta Development

then it is a very worthwhile investment,” Prof.

Bank’s intervention, there would have been a

Bonnici explained.

opportunity, where

The MDB was ready to launch its schemes

students, regardless

drop in lending of 2.5%. Perhaps now, with the benefit of hindsight, we

in 2019, one of which is the Further Studies

can look back to understand how the country

Made Affordable, an innovative financial

managed to help so many companies remain

instrument to help students access financing,

viable and to lose so few jobs.

which was recently selected for the second time by the European Commission as a best

MDB chair Josef Bonnici, a former CBM

practice example of how EU funded grants and

Governor and a former member of the

guarantees can be blended effectively.

European Court of Auditors, points to a chart

He admitted that he faced considerable

which shows the most likely scenario without

scepticism as to whether there was a need for

the COVID Guarantee Scheme: “It could have

student loans, given that there were already

resulted in a serious cash flow crisis for

stipends and scholarships for overseas

businesses, with consequential ripple effects,”

study. Nevertheless, he persevered, and the

he said in his understated way. “And keep in

first phase has already helped almost 300

mind that the companies MDB assisted – which

students, representing around €12 million

range from SMEs to large ones – employ some

worth of loans.

40,000 people.”

an equality of

of their financial background, can develop their potential without relying on the financial possibilities of their parents or relatives.

The scheme – set up at the behest of the Prof. Bonnici, also a former economy minister,

Education Ministry – used money from the

deserves much of the credit for the concept

European Social Fund in part to subsidise the

of a development bank. He started work on it

interest rate payments while the person is

while still Governor at the CBM and presented

studying and the rest as a guarantee against

a proposal to the government recommending

a commercial bank loan – in this case, Bank

the setting up a national promotional bank in

of Valletta won the tender to provide the

2013. The idea of a development bank which

loans. These can be paid back over ten years,

would tackle gaps in the financial system was

with a moratorium for capital and interest

put into the electoral programmes of both

payments while they are still studying.

parties, then negotiating with the European

“Through this scheme, we ensured an equality

Union through the minefield of State aid rules

of opportunity, where students, regardless

before work could start on the legislation.

of their financial background, can develop

A working group was set up, mandated to

their potential without relying on the financial

prepare recommendations for the setting up

possibilities of their parents or relatives.”

of the new institution, and at the request of the Commission, the Ministry for European

Another scheme, also taken up by BOV, was

Affairs in 2015 commissioned a study to

the SME Invest Scheme, which has already

identify and quantify the funding gaps in Malta

helped companies to the tune of €50 million

and a blueprint describing the role of the new

through guarantees against commercial

development bank in bridging such gaps.

lending. A more attractive version of that scheme is now being launched, providing even

The ‘gap in the financial system’ affected not

more risk coverage with the backing of the

only SMEs but also mid-caps, which were

European Investment Fund.

held back because of lacking or inadequate collateral or because their projects fell

In addition, the second scheme is being

outside the risk appetite of commercial

launched, which will be even more creative as

banks. The solution, which had already been

a financial instrument, and involves splitting

adopted in other countries, was to have a

the loan between the MDB and the bank while

development bank with its own capital – from

still guaranteeing 60% of the bank’s loan. An

the government – which it could then use to

important aspect is that the beneficiary »

MONEY

THE BUSINESS EDITION

BANKING

needs to provide some of the investment itself,

companies needed, which not only made the

to ensure that it has a vested interest in its

overdrafts and loans easier to get but also

own success.

reduced the risk and therefore the interest rates, against a nominal fee. In addition, given

“It is a complex financial instrument, but one

the uncertainty of how long the pandemic

which allows us to optimise our resources in

would last and how slow recovery would be,

combination with EU resources to support

the scheme offered an 18-month moratorium.

sizeable projects, up to €10 million,” “There was considerable pessimism about the

he explained.

possible default rates, but we have not had While these schemes were being set up and

a single case so far. But, of course, there are

prepared for launch in 2020, the unthinkable

some cases that may have an issue

happened, requiring a complete re-evaluation

going forward.

of priorities: COVID-19. Investment demand dried up, and many businesses went into

For example, if a company had a retail outlet

survival mode while infrastructure projects

that had to close down, it might not be able to

were put on the back burner. As a result,

get that space back, so it would have lost the

companies in various economic sectors saw

revenue it generated. This means companies

their revenue streams dry up, forced to rely on

might have to diversify and find other

expensive overdrafts – which were not always

revenue streams.

easy to come by. It was very important for us that companies

The solution was the COVID Guarantee

realised this was not a grant. We learned from

Scheme, which ensured that they could get

other jurisdictions and structured it so that

support for their working capital by offering

there is an incentive not to default, as that

guarantees for 90% of the amounts that

would impact all their other loans, making it

I S S U E 74

MONEY

BANKING

much harder for them to access funding. From

companies operating close to the war zone

a business perspective, defaulting would not

also required assistance.

be a problem if you were going to shut up shop,

About The MDB’s operations are funded from

but not if you still wanted to operate in any

Momentum is also building up concerning

the paid-up capital provided by the

activity,” Prof. Bonnici stressed.

infrastructural projects, which take longer to

government in terms of Article 10 of the

conclude and to become profitable. It might

MDB Act. After being launched in 2017

The COVID Guarantee Scheme pumped nearly

not be attractive to commercial banks unless

with an initial paid-up equity of €30

€778 million into the economy and reached a

they are structured in the most feasible way.

million, the bank’s paid-up capital was increased by €10 million in each of the

peak of €500 million outstanding at one point, although the MDB is already seeing some loans

The MDB is involved in a multimillion public/

three subsequent years to reach €60

being repaid.

private partnership to provide accommodation

million in 2021, in line with the bank’s

for university students, looking after the

business plan.

His background in the European Court of

residential side while the commercial banks

Auditors has clearly made him very aware

handle parking, office space, etc.

The MDB supplements the paid-up capital with bilateral borrowing from

of the need for corporate governance given the vast sums involved, finding the balance

Another exciting project is affordable housing,

international development institutions.

between ensuring that schemes are not overly

although the pilot project in Fgura was held up

To this effect, in 2019, the MDB signed a

restrictive but are nevertheless managed

for two years because archaeological remains

€45 million global loan agreement with

in a way that was appropriate – something

were found while preparing the foundations.

the KfW Group. In addition, toward the

confirmed following an audit by the National

However, this has now been given the green

end of 2019, another loan agreement

Audit Office.

light to proceed.

of €50 million was signed with the European Investment Bank under the

It is a complex financial instrument, but one which allows us to exploit not only the government fund but the European Guarantee Fund.

Five years after the legislation created the

Multiple Beneficiary Intermediated Loan

MDB, it can look back at its operations with

(MBIL) programme. On 11 December

satisfaction, with 716 business borrowers

2020, this EIB loan was topped up to

benefitting from its schemes, according to a

€60 million.

recent parliamentary question. It now has built up a team of 23 experienced personnel and has

The MDB will utilise these funds to

generated enough income for the first year to

finance the facilities to support SMEs,

cover its costs.

mid-caps and infrastructure projects by private and public-sector entities.

Looking ahead, the MDB is now looking at how grants from the European Union – notoriously

The support of the EIB and KfW enables

prone to abuse – can be leveraged with loans.

a transfer of benefit in the form of lower

This has already been tried with projects

interest to the final beneficiaries.

through the Malta Council for Science and Technology. Viable projects might get a grant of €40,000-€50,000, but that is not enough to get a business going. However, the situation changes dramatically if the grant is

Just as COVID-19 seemed to be coming to an

complemented with a loan of

end, the Ukraine crisis exploded, and although

€200,000-€300,000.

this did not affect the Maltese economy to the same extent, there were pockets of concern.

“It makes the project a little bit more feasible

As a result, the Ukraine Scheme was launched

as it also ensures that the proposal is not

to ensure supplies of oil and grain, as the island

being designed to absorb that grant without

was forced to abandon its approach of buying

a clear way forward after that. Loans require

according to demand to avoid outlay and

very serious proposals and a good chance of

storage costs.

success. So this is an excellent development,” he explained.

“But given the instability in the grain and oil market, it was decided – very wisely, in my

“In the end, I am delighted that we have

opinion – to have a programme to build up

created an institution that is fairly advanced

sufficient stores for three to six months. Grain

in terms of its capacity to deal with the

feeds animals and ensures egg, milk, and

European Commission while creating new

bread production. You cannot afford to run

financial instruments that were not previously

low on such things,” he said, adding that other

available.”

MONEY

THE BUSINESS EDITION

TOURISM

SUPPLY & DEMAND it’s all economics

The recent carrying capacity survey commissioned by the Malta Hotels and Restaurants Association raised quite a few eyebrows. But the MHRA president Tony Zahra told Vanessa Macdonald it highlighted the need for a clear vision for the tourism industry.

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Your sector comprises business people who know how to do their

What about the extra two storeys? You said it is a free market, but

calculations. So why would they be building hotels if they did not

policymakers can also nudge investment.

think there would be demand for them?

The carrying capacity report was carried out by an independent

You have to ask them why. The Malta Hotels and Restaurants

company, Deloitte, which is responsible for the accuracy of its findings.

Association is a lobby group working for the tourism industry. As part

But the government is the institution that has to take the decisions.

of our planning and to help our members, we commissioned Deloitte to

What vision does it have? If it wants everyone to build 100 storeys, then

conduct a carrying capacity survey. Until then, we thought abstractly

so be it. But we will not decide for the government: that is up to them.

and did not have a holistic view. It was all theoretical or anecdotal. Now,

We will give all the necessary tools, advice, and help, but eventually, it

through this exercise, we know that the hotel rooms that are already on

is up to them.

the market as well as those that have been applied for – some of which have already been granted a permit, and some of which are still in the

Can we go back to boutique hotels? One of the theories was that

process – if they are to reach 80% occupancy (which is what we had in

these would spread the impact of tourism across different areas

2019), we would need 4.79 million tourists.

which are not seen as tourism zones and are not usually the beneficiaries of tourist spending.

After that report, I know that several business people behind these

Again, this is a government vision. It has to decide whether it wants

projects were rethinking their investment. We run a free economy.

to spread tourism around or whether to have areas specifically for

People can make their own decisions, and if they think their projects

tourism. We are not going to put up that vision ourselves. That is why

are superb or particular and, therefore, successful, then who am I to

we elect the government. The MHRA is a lobby group for the industry; it

tell people not to go ahead with their projects?

is not elected.

The competition from an oversupply of rooms could force hoteliers to reduce their prices perilously close to the profitability threshold, or it could favour those who offer a better quality product, forcing out those who do not. I recently talked to someone who said that his product was coming to

We are looking at around 2.5 million tourists (for 2023).

the end of its shelf life and decided to close down and redevelop the We talk a lot about the supply of hotel rooms, but that depends on

hotel as real estate.

whether we can supply the tourists. The main bottleneck was seat The fact that we produced this report gives people in the industry an

capacity on airlines. What is the situation? How does that compare

opportunity to ask whether their projects still make sense. And we are

with some years ago, pre-COVID-19?

not only talking about new projects but also existing hotels.

2019 saw the highest arrivals – yes, arrivals and seat capacity go hand in hand. In 2022, we will end up with just over 2 million arrivals. But the

Should hoteliers exit before all these new projects come onto the

first three months were still COVID-19, and arrivals were still down. This

market? New investors should ask themselves whether they have a

winter, we will have 80% of the arrivals we had in winter 2019, so we are

unique selling point to justify going ahead.

still below the best years. Interestingly, even though the seat capacity is 80%, the seat occupancy was higher, encouraging airlines to broaden their operations.

Apart from the two years of COVID-19, the issue of hotel profitability has always been sensitive. What would be the benchmark occupancy for survival?

Currently, for 2023, we are looking at around 85% of 2019. Since the

The 80% occupancy that we saw in 2019 would be heaven. That was

first three months of the year will be better than 2022, we are looking

very unusual. You do not need that level of occupancy across the year

at around 2.5 million tourists.

to be profitable – it all comes down to your efficiency, room rate, etc. Another aspect has been the shortage of human resources, not

But it is all about whether you run a tight ship.

just in hotels but also in restaurants. What is the situation? We have had two trends over the past years. First, the Planning

The situation is the same here as it is abroad. What is happening here is

Authority had allowed hotels to build two extra floors – so we are

not unique.

seeing hotels which are expanding vertically as well as horizontally – and secondly, we are seeing boutique hotels which are now

But we have virtually zero unemployment in practical terms.

cropping up everywhere. What does the MHRA think about this

Although, of course, other countries might have more jobseekers…

segmentation of the market?

I agree with you. But remember that countries might have localised

We agree that there should be a variety of accommodations because

unemployment, so you could have someone seeking a job in the north

there is a variety of clients. Not everyone wants to go into a big

when the jobs are in southern resorts, for example, which might not

hotel. Some prefer a personal touch. Some prefer facilities like a big

be suitable.

swimming pool and various bars. So, it was a good idea. It spurred a considerable investment boost in Valletta and ensured that all those

In general terms, we are very active members of HOTREC, the umbrella

beautiful rundown palaces could get a new lease of life and be restored

association for the hospitality industry in Brussels. We get constant

to their former glory.

updates on what is happening abroad. For example, during COVID-19,»

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TOURISM

New investors should ask themselves whether they have a unique selling point to justify going ahead (with their investment).

there was a shift of people going out of the hospitality industry and into other sectors. This was not 1 or 2% but an enormous one. If I had to guess, I would say it was closer to 50%. And hospitality is not only hotels and restaurants but, for example, airport staff. In the UK, I was on a plane delayed by 45 minutes because there was no one to load the luggage. The industry lost people quickly, and it will take time to resolve. In addition, we must import thirdcountry nationals, which is another problem as they are not always fully qualified or experienced. You might have someone available, but that does not mean they give the appropriate service. As an association, we have been training large numbers of people regularly. We have taken training to a different level and are on-site when possible. You said it was up to the government to outline its vision, but if I were to ask you, Tony Zahra, personally, what is your vision? My vision is not important. My thoughts are not quite aligned with what some might want. I formed my vision a long time ago – and by that, I mean when the British were still here – which was to be the best in Europe. The best in Europe is Switzerland: it is the most competitive. Not because it is cheaper but because it is very competitive.

I S S U E 74

MONEY

SWITCH NOW, GO ECOO NO EARLY REPAYMENT FEES

HOME ENERGY FINANCE

Get in touch | bov.com/homeenergy |

@bovofficial

All loans are subject to normal bank lending criteria and final approval from the Bank. The term of the loan must not go beyond retirement age. Issued by Bank of Valletta p.l.c. 58, Triq San Żakkarija, Il-Belt Valletta VLT 1130. 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).

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EERE Malta is co-financed by the Republic of Malta, the European Union under the European Regional Development Fund.

01/12/2022 10:02

A NEW DAWN COVER STORY

Pierre-Etienne Cizeron was recently appointed CEO of Epic. MONEY caught up with Cizeron to learn more about Epic’s new era, growth opportunities, and the importance of customer satisfaction. 20

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Congratulations on your new role! How has your experience

ensure that our customers’ questions or issues are answered and

prepared you?

solved in the shortest, smoothest way.

Thank you! I’ve had the opportunity to work in various countries and in very challenging markets with fierce competition, such as Romania,

What does Epic offer businesses to help them grow and take

Egypt, and France. These diverse and rich experiences have helped

advantage of growth opportunities in the B2B segment?

me adapt quickly to this new environment, build our strategy, and act

Epic for Business is our dedicated unit for business customers, offering

swiftly in executing our plan to reinforce our position in Malta.

fixed connectivity and managed services to empower businesses to be future-ready.

How has your first month been? Energising, exciting and full of new discoveries! I’ve also got to hand it

This year we also launched The Scrum, conceived by Epic for Business,

to the Epic team, who greeted me with electrifying collective energy.

as a platform of innovation aimed at SMEs on how to supercharge with

To have the chance to work with such a fantastic, motivated team

the best connectivity for their digital transformation. Together, we

challenges and inspires me.

work with our clients as their connectivity consultants to design new business models to enable them to unlock their full potential.

How would you describe your leadership style? As a leader, learning to bring out the best in others is one of the most

Also, bear in mind that Epic has a global DNA as part of the fastest-

important things. I approach this by being direct with a participative

growing family of telco operators through its shareholder, Monaco

approach that aims to encourage the entire team’s talents. After all, it’s

Telecom. This means that we can, and do, bring global expertise to the

the people at Epic who have the skill set to understand our customers

local market. To put it into figures, Epic’s extended presence translates

best and drive our success. So my role is to support and bring out the

into servicing 50 million customers and 1 million businesses.

best in the team to collectively achieve our goals within the dynamic and disruptive environment that I found at Epic. What do you see as the biggest strengths of your organisation right now? Above all, I believe an organisation is only as good as its team, and ours is Epic’s biggest asset, along with all the expertise, eagerness and enthusiasm that are our trademark! The second is our shareholders, who bring a clear long-term vision to the table and have developed a new way of running telecom players that is essentially very agile, fast, and efficient in its execution. The third one is to be part of one of the largest telecom groups in Europe, which means we can tap into the most advanced expertise in the telecommunications field. Epic recently got €20 million in funding from the European Investment Bank to speed up the launch of new services and ensure its infrastructure is ready for the future. So what does this mean for Epic and Malta?

I believe an organisation is only as good as its team, and ours is Epic’s biggest asset.

Epic is aligned with EIB’s objective of bringing digital access to every person, home, and organisation for a fully connected world. This funding will support Epic’s transformational journey to continue its mobile network modernisation programme, including the continued

Customer experience and a customer-led approach are vital

development of its state-of-the-art 5G mobile infrastructure.

functions for any operator. So what is Epic’s approach?

Supporting the need for improved connectivity is ongoing, with

Now more than ever, telecom companies are reimagining their business

considerable investment in both full-fibre network infrastructure

models, finetuning the ability to adopt new technologies to deliver

across the country and 5G.

new innovative products at speed while continuing to meet evolving regulatory requirements. And here at Epic, we are excited about our

Keeping customers satisfied is vital to telco operators. So, where

strategy to bring super speeds at a great value to our customers,

would you say Epic ranks in customer care service?

delivering the next generation of connected services. Our investment

Well, the proof is in the numbers. We’re so happy that our efforts have

in one of the most potent Customer Premises Equipment (CPEs)

been recognised in this area, as seen from the Malta Communications

available in the market today is a case in point. It contains the most

Authority’s recent survey on the customer care performance of

diverse connectivity options to ensure the best speed at a great value

telco providers in Malta. The analysis revealed that Epic’s Care Team

is available to all customer devices at home and for businesses.

ranks first, answering 78% of incoming calls within just 2 minutes. As a company, we understand and value the importance of providing

This single-box solution combines optical and gateway functions into

excellent customer care services to all our customers. We’re

one box – so there is less clutter and fewer cables, and it’s Wi-Fi 6

continuously working on enhancing and improving our processes to

certified, the latest generation of Wi-Fi. In addition, Epic worked »

MONEY

THE BUSINESS EDITION

COVER STORY

closely with its partners to introduce features such as parental

those players who embrace disruption, reimagine network services

controls, as well as achieving environmental credentials with 100% of

capabilities, and drive growth, and Epic is wholly aligned with this. We

the casing made from recyclable plastic. And, of course, as part of a

remain focused on our journey of connecting Malta to the future with

global family, we’re constantly introducing international best practices

our ongoing investment in building the strongest network.

and expertise to the local market. Equally important is the investment and work we put into optimising How do you see Epic evolving in the next year, two years, or five

the customer experience, not least in digital. Lastly, Epic is going

years? What will Epic be focusing on as key milestones?

beyond mobile, bringing a fresh alternative for home or office fixed

Opportunities in our industry are greater today than ever before for

connectivity to the market.

ABOUT

fixed telephony, internet, and specialised ICT business solutions.

Pierre-Etienne has more than 20 years of experience in the telecom

Epic Telecommunications Limited has a network of sales points in

industry and extensive knowledge of the mass market in developed

Malta, operating sixteen outlets all over the island with technology

and emerging countries. He was formerly handling the Consumer

products, accessories, and telecommunication solutions. The

Business Unit for Orange Romania, where he successfully led

company employs over 300 professionals, all with vast knowledge

the acceleration of convergent services with the acquisition and

and expertise in the field of telecommunications and technology.

integration of Telekom Romania and the digital transformation with the launch of Yoxo, an alternative pure digital player. Before

By offering a great network at a great value, in 2021, the company

this experience, he was a chief commercial officer and deputy CEO

has announced a €40 million investment to build the most robust

for Orange in various markets, such as Egypt and the Caribbean.

network ever. This will provide its 250,000 customers with broader

He also spent three years at the Orange Group in Paris and

coverage wherever they are, superfast speeds, and technology that

London as a VP of consumer marketing, driving and supporting

is generations ahead, ensuring a quantum leap into Malta’s digital

Orange’s operations in Europe and Africa in their marketing and

future to help businesses and consumers unlock their full potential.

commercial activities. Pierre-Etienne holds a Master of Science in

The announcement complements the launch of Malta’s fastest fibre

Telecommunications and an MBA from HEC Paris.

network, with download speeds reaching 2000 Mbps earlier in the same year. Epic belongs to Monaco Telecom and is a member of a

Epic Communications Ltd. is one of the largest telecommunications

dynamic European telecom family comprising telecom providers

providers in Malta and Cyprus. It provides integrated mobile and

operating in France, Italy, Switzerland, Ireland, Monaco, and Malta.

I S S U E 74

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IT’S NOT ALL ABOUT THE

MONEY

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Over the years, and primarily since the diffusion of the internet to

needed to get close to the market, and we definitely needed to expand

all households as a necessity and not a luxury, we’ve heard about

our business network in this field.

businesses that “started from nothing” and made it big. The startup phenomenon is an exciting space to be in because it promotes

Seeing people working on their dreams keeps me in the sector despite

innovation, forces people out of their comfort zones, and occasionally

the odds against them. When someone has an idea that they are willing

sees a small idea become a household name – and that’s what keeps

to dedicate a lot of time and money towards to get it off the ground,

the excitement brewing.

sometimes leaving their job and the comfort of a steady income to take the plunge, it’s motivating to be part of that. When I help people to

If one were to consider the “start-up space” and the field of

follow their passion in some small way, the satisfaction that I get when

entrepreneurship on a local level, many old and established Maltese

they come to say, “thank you for that contact/introduction/exposing

businesses would probably fit within the basic definition of what

me to that opportunity” is very rewarding. Even more so when you

constitutes a start-up - “to embark on a venture or undertaking,

see the business growing and expanding in international markets, it’s

especially a commercial one” - though we might not realise it as readily

satisfying to say that you contributed to someone’s dream

because it’s become commonplace to classify start-ups as primarily

coming true.

falling within the tech industry. Did you ever think of starting your start-up? One person well attuned to the world of start-ups and entrepreneurship is the current CEO of JA Malta, Matthew Caruana,

Yes, many times. I had many ideas over the years, but it ultimately boils

who explains where his love for this sector came from and why joining

down to timing and skillsets. Sometimes you have a good idea, but you

an NGO made perfect sense to him.

know that you need to find other partners because it’s not something you can deliver yourself, so it just doesn’t materialise. In other

You’ve long been known as someone passionate about

instances, it’s just not the right time to take the plunge because of life’s

entrepreneurship, especially locally, but when did this

circumstances. And, sometimes, you’re willing to take the plunge but

passion start?

need the right idea. Again, it’s about finding the right recipe. I usually encourage people to embark on their entrepreneurial journey early in

It all started when I left PwC Malta to join a small firm still setting up. I

life. Often the mentality tends to be, ‘find a job, settle down and make

was engaged in developing and designing the software, and once this

sure that you’re established or have a steady income and savings…

was done, we realised that it had the potential to be sold as its product

and then you take the plunge.’ I’m more inclined to see it the other way

rather than being just used internally. From that, we had an offshoot

around. When you’re younger and have fewer commitments, it’s easier

start-up where I was involved in setting up the team from scratch –

to take the plunge and try it out. When I say this, I’m talking about

the first recruits, establishing the brand, continuing developing the

giving it your all, not just dipping your toe in and treating it as a hobby.

software, etc. That was my first experience in a start-up.

If it doesn’t work out, you can say, “at least I tried”. It’s happened to me, and definitely other people too, that one remains with the regret of not

After that experience, I got excited about the idea of kicking off

having tried or that lingering “what if?” question. But, if you try, give it

something from zero and building it up. I then moved to the UK to

your best, and if it doesn’t work out, you can move on to something else

join a company that, while not a start-up, was about to embark on a

with minimal regrets.

complete restructuring, so I got involved in that, which was like setting up from scratch. While I was in the UK reading for my master’s degree

Is setting up your business something that you’d still want to do?

in e-commerce, I would hear success stories of start-ups and, at that time, e-commerce sites, which were becoming top-rated proposals

Yes, I think so. Given the right timing, opportunity, idea, and team,

and businesses in their own right. So I always kept in touch with that

I would be willing to take the plunge. I’ve seen both successes and

sector and looked at the crowdfunding space that was gaining ground

failures throughout my time in the sector. I’m now at a stage where

in England then. I was then approached by a local company, Malta

the opportunity must be solid for me to take it because I’m aware of

Business Bureau (MBB), to set up a crowdfunding platform in Malta. It

what works and what doesn’t, and when I get into something, I go in

was distinctly a start-up but also something that other start-ups could

wholeheartedly to do a good job. It would need to be an opportunity for

use. This appealed to me because it was something new for Malta and

me to take it on seriously, not simply as a side hustle.

me, so I returned. In a nutshell, it started with my master’s degree, followed by the experience of dealing with a start-up and just keeping

In the meantime, you developed Zaar Crowdfunding and decided to

up with all the news within that sector.

move on after several years. What future pathway were you looking for?

So you came back to Malta and set up Zaar, the crowdfunding platform, which threw you even deeper into the world of start-ups.

Change is good for both organisations and individuals. I had been at

What is it about the sector that excites you?

Zaar for over five years, so it was time for me to move on to give space to the organisation to try different things and engage new mentalities

Zaar threw me into the whole start-up ecosystem, which required some

and ideas. It was a natural progression on both sides as it allowed the

deep diving into understanding the needs of start-ups. We needed to

organisation to have new energy and for me to take on a new challenge

understand where they were currently getting their financing from, we

and new opportunities. »

MONEY

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ENTREPRENEURSHIP

What swayed you to take the JA Malta job over the IT

What challenge were you looking for?

transformational job? Initially, I was going to a position different from what I had been doing, although it was a throwback to my IT days. I was going to join

It was the fact that I could have an impact and influence a sector

an established firm looking into an effective digital transformational

of society that is the future of this country. In the IT position, there

program where I would be heading and running the program, which

would have been an impact on a large corporate, which is also

sounded like an exciting challenge.

rewarding because you can see a corporation or a firm developing and growing. Still, the impact on youth, the educational system, and

I saw that as an opportunity to return to my IT roots and the

the overall development of this sector is far more rewarding. I saw it

transformational task and influencing change in a significant firm in

as an opportunity to make a difference in what irritates me. And the

Malta. That looked appealing at the time, but as things panned out,

educational system in Malta bothers me. The way we teach, the way

just 12 hours before I was going to call them to accept the job offer,

we handle exams… I believe a lot needs to change, and this job put me

I received a phone call from JA Malta to inform me there was an

in a position where I can be part of the change – no matter how small.

opportunity to be the new CEO of the organisation.

If I spend so much time working, I might as well opt for something that will have a long-term impact. To pursue this passion, I had to forego a

This piqued my interest because it dealt with start-ups and even more

lucrative remuneration package that would have come with the other

with entrepreneurship while also focusing on the youth and education

job offer. One cannot compare a large corporation that was heading

sectors. The educational system in Malta is lacking in several aspects,

towards further growth and had multiple resources to an NGO that

so if this was going to allow me to help improve the system, then I

has limited resources, and that is funded through sponsorships and

wanted to be involved.

donations.

When I was in Sixth Form, I followed the Young Enterprise programme,

At JA Malta, the funding is different, and the resources are different.

and I recall its impact and influence on my life. Thinking about

We’re a small team, so we all have to be resourceful and enterprising in

it now as I’m speaking to you, I was probably involved in Young

our tasks – job descriptions are relatively flexible! Although I’m sure I

Enterprise and Scoops, where the initial foundations of my interest in

would have enjoyed the other job, I genuinely believe that it wouldn’t

entrepreneurship were laid.

have provided me with the personal satisfaction I currently get. Money is necessary because one has to live, but I chose based on the bigger

I appreciate the value of those educational programmes and am aware

picture and my values, which supersede the financial reward.

of the effect they left on me, and I believe that every youth should participate in these programmes. But, of course, it’s not about wanting

I’m confident that many people have found themselves in my same

everyone to open up a business because that’s neither feasible nor

position having two (or more) options and needing to choose. I’d like to

sustainable. Still, it allows students to experience and develop their

believe that many people choose based on their ambitions to give back

enterprising skillset that is so much needed in today’s world.

to the community and not their ambitions to make more money.

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FINANCE

FINDING INVESTMENT OPPORTUNITIES

IN EVERYDAY LIFE “What if I said you could turn €20k into €20 million using nothing but Twitter and a zerocommission trading app?” Owen Zammit asks. You would probably think he’s some dodgy scammer trying to sell a pyramid scheme not too dissimilar to the random ads you get while browsing the internet. However, this is not a fib – it turns out that one guy did just that, creating a new investing school of thought in the process.

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Investing traditionally revolved around two key styles – fundamental

due diligence and product reports, which Chris acknowledges by

and technical analysis. The former involves a deep understanding

sending cash rewards. In essence, the Dumb Money trio has further

of a business’s operations and how economic and sector conditions

enlarged its network with various sub-communities in Europe and Asia

influence its financial performance. Fundamental analysts aim to

and specific niches such as crypto, collectables, and fintech.

Camillo’s trading strategy depends on monitoring social trends in everyday life and how they can translate into stock movements

gauge a company’s intrinsic value to determine whether its share price

Besides the initial online research, Chris frequently makes trips to

is under or overpriced. Conversely, technical analysts use statistical

brick-and-mortar stores, speaking to employees to gain immediate

trends to try and chart future stock price movements. Both styles have

insight and validate his thesis.

their merits and demerits, as well as die-hard purists. Camillo’s other tool in the arsenal was TickerTags, a social data Enter Chris Camillo, a Texan who has effectively created a new market

intelligence company he founded back in 2015. The scope was to

analysis and trading style, which he coined ‘social arbitrage.’

gather as much data as possible by scraping Twitter and other social media channels to have a more refined signal in making investment

Camillo’s trading strategy depends on monitoring social trends in

decisions. The company was acquired in 2018.

everyday life and how they can translate into stock movements. He can understand which stocks he can invest in by tracking thousands of

Recent opportunities

word combinations, ignoring a company’s technical and fundamental

I was intrigued by the concept and the channel, and I promised myself

aspects. With his two friends, Dave and Jordan, he has created a

to be more conscious of opportunities and trends in my everyday life.

Youtube channel called Dumb Money, symbolising an antithesis to the

Soon enough, one idea cropped up. Back then, I worked in healthcare

bankers on Wall Street.

whilst the COVID-19 pandemic was wreaking havoc. As a result, the market was tumbling like crazy, with the Dow Jones index dropping

Chris is the pack’s leader in terms of noise and risk-taking. In one

31.7% from its peak on February 12 to its bottom on March 16, 2020.

interview, he described how he started arbitraging social information

During this volatility, however, resilient sectors such as healthcare and

at a young age, using his brother’s trading insight. For example,

software stocks were seen as safe havens, given the nature

following a trip to a local 7-Eleven store to get his usual Snapple iced

of lockdowns.

tea, a young Chris noticed a shortage in inventory. The store clerk mentioned that they would not be storing so much Snapple due to

The one product that was staring at me all the time (and selling like

increased competition from other brands. Armed with this information,

crazy)? Surgical gloves.

he shorted the Snapple stock, making a few hundred dollars and kickThe combination of the pandemic and the disposable nature meant

starting a lifelong interest along the way.

that this was a decent shot at a social arbitrage trade. After a quick Key tools

online search, I found that two of the biggest suppliers were publicly

The original story goes that the trio primarily used Twitter and a zero-

traded companies. Top Glove is one of the leading disposable glove

commission trading app (such as RobinHood in the US). Since then,

manufacturers based out of Malaysia (ticker symbol TOPGLOV).

multiple other tools have evolved to provide even further sources of

Mercator Medical is a Polish manufacturer of gloves and single-use

information. Chris has admitted to spending long hours going down

medical materials traded on the Polish Stock Exchange (ticker

rabbit holes on TikTok, Instagram, Reddit and Google Trends to deeply

symbol MRC).

understand consumer behaviour before Wall Street takes note. As the Dumb Money channel grew, the trio spawned a separate Discord

Top Glove’s stock price ballooned from 2 MYR (Malaysian ringgit) to a

channel full of raving fans. Multiple superusers tend to perform deep

staggering 9.33 MYR per share within a few months, representing »

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THE BUSINESS EDITION

FINANCE

a 466.5% increase. Their Polish counterpart, Mercator Medical, fared

Denmark and has a more diversified portfolio, focusing on infectious

even better, growing from around 16 PLN (Polish zloty) to 664 PLN at its

diseases and cancer immunotherapies. In the wake of the outbreaks,

peak on October 16, 2020, representing a 4,150% increase.

their respective prices both shot up nearly 200% across three months, providing pockets of outperformance in a macro-dominated market.

Investing one thousand euros in each of these two stocks at the start of the COVID-19 pandemic would have netted a clean €45,000 profit.

Risks and limitations

Unfortunately, writing this now still hurts since I did not partake in this

Hindsight is 20/20. Trading using this strategy comes with multiple

trade, primarily since both stocks were not tradeable on

risks and limitations. Judging when to exit a trade is equally important

local platforms.

as knowing when to commit. Chris admits it all depends on what he calls “information parity.” This occurs when the social chatter turns

Fast forward to 2022, and a near-identical opportunity arose again

into the news on the main street. Timing this perfectly is easier said

in healthcare. In May, the US reported its first case of monkeypox in

than done. Another potential limitation to the strategy is that a trend

Boston. Chaos ensued, with most news outlets painting a picture

might account for a small portion of a company’s revenue share,

similar to the COVID-19 pandemic. The disease, typically characterised

meaning that even if there is a boom in sales, it might not move the

by rash, fever and muscle aches, quickly became outbreaks across

needle in terms of stock price. Despite the novelty, the essence of

multiple countries. The cherry on the cake? There was no known

trading is psychological, requiring knowing your edge and hedging

significant supply of vaccines against monkeypox.

your risks.

However, this was not the case for the diligent investor. Another

Further reading

search would have produced two publicly traded pharma companies –

Chris’ story is further explained as part of Jack D. Schwager’s book

Bavarian Nordic and SIGA Technologies. The latter is a small-cap stock

titled Unknown Market Wizards: The Best Traders You’ve Never Heard

based in New York and specialises in developing smallpox, cowpox, and

of. Peter Lynch’s bestseller, One Up On Wall Street, also discusses ways

monkeypox vaccines. On the other hand, Bavarian Nordic is based in

to use what you know to make money in the market.

Disclaimer: This is not financial advice. Be sure to conduct thorough research before purchasing or selling financial products.

I S S U E 74

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RECOGNISING & AWARDING

Alan Cuschieri

Alona Andruk

Miran Sapiano

LOCAL BUSINESSES 32

I S S U E 74

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BUSINESS

The Malta Business Awards is the largest

I had many contacts with fashion brands

However, when I received my redundancy

business event held nationally and aims

that used to sponsor my cycling activity,

package, I used this money to invest in a new

to recognise and award local businesses.

and I became interested in fashion buying.

business. My dad was already working in this

Presented by the Malta Chamber of SMEs and

However, I soon noticed a disparity between

industry, so I started considering joining him.

Malta Enterprise, these awards allow local

what many fashion brands were selling and

entities to showcase their achievements and

what the customers were looking for. As a

The more I thought about it, the more my idea

success stories. The winners were announced

result, many brands were losing revenue on

took shape and gradually became a step-by-

with four categories and 24 awards on the

the stock they could not sell, making it bad for

step plan on how to set up my new company

28th of October.

their business and the climate.

almost from scratch.

Among these winners were Miran Sapiano

The fashion industry is known for having an

AA Honestly, I believe there is no right

from Celebrate Life, winner of Start-up

unstainable business model. Approximately

time to start a business. What matters is

Business of the Year; Alona Andruk from

100 billion pieces of clothing are produced

perseverance, determination and clarity

Take-Off, winner of Young Entrepreneur of

yearly, with 49 billion of these garments never

about the project you want to pursue. Indeed,

the Year; and Alan Cuschieri from Moneybase,

being sold. Along with the abundance of stock

my athletic mindset helped me immensely to

winner of Best Financial Institution.

that doesn’t sell, each year, 5 billion pounds

have a clear focus and to pursue my dream,

of waste is generated simply through returns.

whatever it takes.

What’s the story behind your company?

Sadly, most of these materials are being

How did you come up with your

destroyed or sent to landfills and contributing

AC As CCTrader grew and evolved, it became

business idea?

to the textile waste problem, which affects 5%

clear that our customers wanted a solution

of global landfills.

that allowed them to make payments and manage their finances from one place, hence

MS I am a pharmacist by profession.

the name Moneybase.

Pursuing a career in healthcare (pharmacy)

With all this in mind, I started my company in

was a natural choice I made when I was

Malta with a mission to make a positive impact

still young, as I felt this would enable me to

on this planet, solving the fashion industry’s

What are the differentiating factors that

connect to people/patients in times of need.

supply problem. In 2015, Take Off was born.

set your business from all the rest?

Being blessed with a substantial degree of

AC Moneybase was born to make money

MS I can humbly confirm that I am currently

emotional intelligence helped me excel in

simple for individuals and businesses.

the only healthcare professional on the island

my career for many years; I put patients at

who is a certified thanatologist working

the centre of everything I did. However, life

a web application for desktop, Moneybase

in the funeral industry. Women working in

had different plans for me and losing my job

provides customers with payments and

this industry are few and far between, and I

during the pandemic was an opportunity to

investment services in a single ecosystem,

always felt that a woman plays a crucial role in

evaluate my options.

allowing them to manage all their finances

these delicate circumstances.

digitally. Services include cards, bank After a few days of shadowing my father in his

transfers, paying friends instantly, investing

I feel that having a female lead role was a

job as a funeral director, I quickly realised that

in local and global markets, multicurrency

huge turning point in the ‘Celebrate Life’ story

there was a huge unmet need in the industry:

wallets, and more.

and the funeral industry in Malta.

being handled as a purely transactional

The Moneybase platform was built locally by

Apart from getting the practicalities for the

job, dismissing the raw and deep emotions

a team of talented FinTech experts. This is

actual ceremony done, which my company

that families experience when requiring the

an evolution of the same team that built and

does very effectively, I also cater for the

services of a funeral director. This is what led

launched the very successful CCTrader in

emotional needs of the families who choose to

me to my new calling – becoming a funeral

2011, known today as Moneybase Invest. At

trust me during their most difficult moments.

director and setting up my own company.

the time, CCTrader pioneered online investing,

I felt that this job, in all its sensitivity, was

AA My road to becoming an entrepreneur is

locally winning the Best Ecommerce Platform

I feel this aspect is a bit lacking in the island

Award and becoming a leader in the field.

funeral industry, and I give a lot of importance to it. I take care of the families who approach

not a typical one. At 15, I began competing as a professional cyclist in Ukraine and Italy.

Why did you think it was the right time to

me and offer my support before, during,

start your company?

and after the funeral. I become part of their family, and I feel truly accomplished when the

But, like many athletes, there comes a time

families keep in touch with me.

when you must hang up those boots and

MS In 2020, the pharmaceutical company

re-focus that discipline and passion on a

I worked for closed its local doors and I,

new endeavour. I wanted to start my own

together with all other employees, became

I offer personalised funerals. I don’t believe

business, but coming from a background in

redundant. It was quite a shock at the time as

in a one-size-fits-all approach. I believe

sports, I had no experience in the business

I was pregnant with my second child, and it

that funerals should be ceremonies planned

world, but I’ve always loved a challenge.

was not the time to end up unemployed.

and organised with the family members, »

MONEY

THE BUSINESS EDITION

BUSINESS

respecting their wishes and the wishes of

and the market leaders in the Eastern

What has been your most significant

the deceased. I offer bespoke celebrations,

European region.

achievement?

and I take pride in personalising everything, including the tiny details which sometimes

AC Moneybase clients have the comfort of

MS Without a doubt, people’s trust. I was

go unnoticed.

local, ISO9001-certified customer support

entrusted with organising big and important

provided seven days a week, second to none.

funerals when I had just started and hence had little experience in the industry.

AA Since its launch, Take Off has become the

market leader in Eastern Europe and emerging

Furthermore, Moneybase offers the

countries, hosting more than 160 fashion

opportunity to invest in over 20,000

This is the ultimate goal of my business – to

brands and distributing more than 25 million

bonds, funds, stocks and ETFs, including

be trusted by anyone in the community

fashion and accessory items. Take Off’s

all instruments and IPOs on the Malta

from all walks of life and to be deemed

business model connects different markets to

Stock Exchange. On the investment side,

approachable as the person to reach out to in

sell unsold stock.

Moneybase also offers fractional shares and

moments

pre-post-market trading for more

of need.

Our unique background and ability to speak

advanced investors. This year I was honoured to have won the

multiple languages, English, Ukrainian, Russian, and Italian, have been vital in our

Moneybase also allows customers to switch

award of Start-up Business of the Year. This

ability to connect Western and Eastern

between their joint and personal accounts

was the first time that the funeral sector was

Europe, providing immense opportunities

and to have two different cards linked to each

recognised nationally, and for this, I am truly

to stakeholders.

account which is incredibly convenient for

honoured. I was also awarded first runner-up

couples and groups of friends.

of Young Entrepreneur of the Year.

This enables European brands to access new markets with minimal risk and maximum

The Moneybase Mastercard also offers

AA The road to get here has been

reward, and it gives Eastern European

competitive FX rates and multicurrency

challenging, but today I am happy to

retailers access to premium stock to sell. Our

wallets, which allow customers to save money

announce that Take Off has a team of 40

strength is being a genuinely omnichannel

when travelling. In addition, customers are

employees (with seven people joining as of

company, focusing on channels such as

in complete control of their cards, being able

January 2023 and 10 open positions), and we

online, retail, flash sales and marketplace. We

to view their PIN, freeze and unfreeze their

will close this year with a turnover of

are global, present in 35 countries worldwide,

cards, and much more.

40 million.

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The tremendous growth we have experienced

to sell it. Your ability to sell it relies on your

Business success is generated by how much

since the beginning of this journey has

understanding of the market and knowledge

value you can add to what you do, since I

allowed us to expand our team internationally.

that you will sell the items you buy within

believe in an ethical world and ethical finance,

In addition, I am proud to have founded a

these alternative markets.

and also by what you can give back to the

company where female employees are the

community where your business operates.

58.54% of the total, with a 54.55% segment

To be successful, you need to be willing to

in high-level management. Speaking of

take risks and trust your judgment. Luckily for

AC I think it is safe to say that we have

achievements, this year, I won the Best Young

me, this judgment paid off and Take Off has

already been successful in many ways.

Entrepreneur of the Year award at the Malta

always been able to self-finance through our

However, our ultimate goal is to continue

Business Awards and reached the final round

cash flow and is currently cash positive.

to grow our client base at a steady rate

for the EY for Entrepreneur of the Year award.

which will allow us to continue to invest in AC COVID-19, Malta being placed under

diversifying our services into new

increased monitoring by the FATF, Brexit, the

offerings and expanding both locally

AC Our most significant achievement was

Ukraine war, and inflation have been nothing

and internationally.

the launch of Moneybase itself. The results

short of a perfect storm which put our

are very satisfying when considering the

capabilities to the test. At the same time, we

scale of Moneybase and the fact that it was

proved to be resilient and grew more potent

built from the ground up. This is something

as a result.

Where do you see the business in 5 years? MS I see Celebrate Life Malta as a team

that has never been seen locally, and even by

of healthcare professionals. I aim for a

international standards, it is a very ambitious

What does success mean to you and your

professional setup of people from different

project. We are obviously delighted to be the

company?

sectors of the healthcare industry, all of

Best Financial Institution award winner too!

whom assist families in their time of need. MS Celebrate Life made it to the Malta

With time, I hope to have a foundation set

Business Awards in less than two years.

up which will be able to finance funerals for

That is already a considerable achievement;

people who cannot afford a funeral (which

MS I started this new job when I was heavily

needless to say, winning these prestigious

costs a substantial amount of money) or for

pregnant with my second child. It was not

awards is a massive success for me.

people without a family. I feel this is one way

What has been your biggest struggle?

I can give back to society. I also aspire to

easy to overcome the initial challenges while also dealing with the changes that a second

What I consider ‘success’ is receiving positive

set up an academy that offers thanatology

child brings to a family.

feedback from satisfied families after the

to healthcare professionals. This would be

funeral. Being told that they felt I was truly

a new area in the local science industry

The funeral industry is a male-dominated

there for them is the best success I could ask

where thanatology would be part of the

sector, which was another struggle I faced;

for as a funeral director. I believe that that is

courses offered to healthcare professionals.

I had to prove myself on several occasions,

my most significant responsibility, apart from

At present, healthcare professionals do not

and I do come across challenges on a day-to-

coordinating the smooth running of

get training on speaking to relatives when

day basis. However, I mentally accept these

a ceremony.

someone passes away, approaching relatives with bad news, and so on.

challenges as part of my growth process and the process of challenging the status quo.

However, the biggest compliment I’ve received so far was being approached after

AA Reports suggest that the next ten years

My biggest continuous struggle as a wife and

the funeral with evident surprise that I was

will see the off-price market grow much faster

mother to two young children is that my job

actually the funeral director and not a family

than traditional retail, with the resale market

has no routine. I never know the exact plan

member. This has already happened three

expected to be twice the size of fast fashion

for any given day, be it a weekday or weekend,

times, and for this, I’m genuinely grateful.

by 2030. We are determined to make Take Off

holiday, or someone’s birthday. When I

a reference in the off-price sector.

get a call, at any time of day, I must leave

Another success for Celebrate Life Malta is

immediately, and I never know what time I will

the small community I am gradually building.

I have big plans for Take Off and its sister

return home.

I bring together people passing through grief,

company Bundlex, which include organic

and slowly but surely, people stay in touch,

growth, expanding to North and South

and the netwvork grows.

America, marketplace project development

AA After launching Take Off as a single

and M&A. My biggest goal is going public in 5

founder, I worked incredibly hard to build Take

to 7 years.

Off’s reputation within the fashion ecosystem,

AA I worked hard on creating a corporate

making calculated decisions along the way.

culture that prioritises innovation,

Financial risk is one of the significant risks you

confidence, professional growth, ethics, and

AC In 5 years, Moneybase’s offering will have

need to combat within the resale market.

a dedication to making our customers happy.

significantly evolved. We plan to continue to

As a leader, I work to inspire through action. I

reinvent ourselves, innovate and continue

Each decision you make when purchasing

encourage my team to experiment with new

to lead the way with new products

a brand’s excess stock relies on your ability

ideas and business practices.

and services.

MONEY

THE BUSINESS EDITION

H E A LT H

MALTA’S FOOD SWING

— Are local consumer trends shifting toward health and wellness? According to recent research, the pandemic has made more people interested in foods that benefit their immunity, metabolism, and mental state, which has solidified the plant-based sector. However, is this the case in Malta? Dayna Camilleri Clarke spoke to leading nutritionist Dr Antonella Grima and Smoothie Fruits director Mauro Portelli to find out more.

I S S U E 74

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The findings from nutrition giant ADM’s

was coupled, over time, with an increase in

We’ve noticed an increase in home deliveries

OutsideVoice research portal showed that

healthier ‘grab-and-go’ food options, with

from year to year. We can base our statistics

77% of consumers want to do more to stay

both catering establishments and food shops

on the local market, mainly home deliveries

healthy in the future after the pandemic. But,

providing a great choice of more wholesome

and the popular smoothie packs available

with the steady rise of healthy food eateries

food items. Needless to say, it is not only

at retail shops. We believe that tourism

emerging across the islands, will we ever

about the quality of the food but also about

usually justifies the smoothie increase in

shake off our startlingly high obesity rates for

the quantity and calorific content. As a result,

consumption at various eateries. We have

good, or is this just a trend?

people are often frustrated that they struggle

noticed that more healthy eateries are being

to maintain a healthy weight, even though

introduced into Malta’s catering industry. The

Dr Antonella Grima believes accessibility to

they actively make healthier food choices and

advantage of this is that other eateries, such

quick, healthy food-to-go options is essential,

avoid things like fast food and sweets. This

as fast food outlets, have also started offering

Access to affordable, healthy food when we are out and about helps us make better dietary choices when hungry and pressed for time. Antonella Grima

as well as quality. She also saw that her

can be addressed by reducing portions, being

healthy options like our smoothies. The

patients were learning more about how food

more aware of hidden calories in foods that

ultimate goal is to improve a healthy mentality

works than before. Grima explained, “Access

appear healthy and appropriate at face value,

at the eateries and even for our household

to affordable healthy food when we are out

and moving more rather than giving up and

consumers. We strongly believe a healthy

and about helps us make better dietary

reverting to old, unhealthier ways.”

mentality starts at home.” Why did Portelli

choices when hungry and pressed for time.”

decide to go into this venture? “A smoothie Smoothie Juice director Mauro Portelli added,

is the perfect healthy product you can

“Over the past years, I have noted that clients

“My goal was always to have a company that

consume at any time of the day. Starting with

are more knowledgeable about the properties

promotes innovative products. Since 2008,

breakfast as a replacement for soft drinks

of the food they eat, and they actively try

Natura Foods has been supplying healthy

throughout the day and as a pre- and post-

to choose food that is more nutritious and

IQF smoothie packs all over Malta and Gozo.

workout beverage, we decided to dive into the

helps them work towards a healthy weight.

Hence, we are known as Smoothie Fruits.”

smoothie business, as there is a gap between

This need, and in turn, demand for more

Has he seen a rise in demand within the

cheap, unhealthy options and expensive,

accessible, quick, and healthier food options,

healthy beverage sector? “In short, yes!

colourful smoothies. Our smoothies are »

MONEY

THE BUSINESS EDITION

H E A LT H

We strongly believe a healthy mentality starts at home.” Mauro Portelli

made with IQF fruit, meaning all our fruit is individually quick-frozen. The most important benefit of the IQF process is that it keeps the nutrients in fruits and vegetables that have just been picked. When fruits are at their best, they are picked, cleaned, and blast-frozen so that they keep all the vitamins and nutrients of fresh fruit. Our products do not have any additives, no added sugar, and are just as raw as if you had picked the fruit at the right time and eaten it immediately. We understood that the end consumer would find it too expensive to live a healthy lifestyle by buying expensive branded smoothies daily, so we chose to sell the raw product directly to them. A raw product that has been mixed, weighed, and packaged into the perfect serving for a smoothie. Most consumers would choose the cheap option for their daily treat, although they are fully aware there are better choices than this one. We also understood the barriers many people encounter when building their smoothie at home, with all the preparation and different fruits it entails to create a tasty smoothie. Here we came up with the idea of having pre-packaged sachets of mixed Individually Quick Freezing (IQF) fruit that are affordable, easy to make, healthy, and tasty. As for the future, as a society, we need to work more on promoting healthy products through education. With the rise in consumer trends locally, we hope that healthy choices will eventually be the leading go-to option”. Overall, the need for more education is the vital driver for Malta’s food shift, though whether we can truly put aside our love affair with all things pastry remains to be seen.

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IO T I D E R INTE

! W O N T U O

PROMO

DEMYSTIFYING FINTECH The financial sector continuously evolves

Digital finance is more closely linked to well-

a solution should: (i) provide, create, or

through the rapid development and adoption

established digital processes and products.

support the provision of financial products or

of new technologies. Therefore, it is essential

At the same time, FinTech focuses on novel

processes, (ii) rely fully or partially on existing

to understand FinTech and its implications for

products and business processes that may

or emerging technology, (iii) be new, unique

the broader financial market. Such a new era

disrupt and challenge the financial sector,

or disruptive, and (iv) provide identifiable

was coined as the “FinTech Revolution”.

which has yet to be widely adopted.

value added by addressing an issue or bring

Despite the 2008/09 Great Recession and the

So, all FinTech products are digital finance

2019 global pandemic, companies offering

products, but not all digital finance products

The Benefits and Risks of FinTech

FinTech products and services have raised

are FinTech products. This implies that the

The implications of FinTech on the financial

at least USD 1 trillion (Jarvis, 2021). FinTech

existence of FinTech has always been in

services landscape, financial stability, and

and digital finance have become more popular

parallel with digital finance. Moreover, it

the broader economic context should be

recently, but they are not novel phenomena.

is essential to understand that FinTech is

assessed on a case-by-case basis. That being

considered a “horizontal phenomenon” across

said, various benefits and risks have been

Although FinTech was prompted following

the entire financial sector rather than as a

identified in the literature.

the 2008/09 financial crisis, Deloitte (2017)

separate industry.

benefits to the consumers.

Benefits

posits that interest in FinTech has spiked since early 2015 to stay abreast of emerging

The FinTech definition applied by the MFSA

» Consumer and Investor Protection

technological advances (Deloitte, 2017) and

within Rule 3 of the MFSA Act (Chapter

» Safeguarding Market Integrity

accelerated even further due to the Covid-19

330 of the Laws of Malta) conforms

» Higher Degree of Market Inclusion

pandemic.

to the latest definition adopted by the

» Efficiency and Automation

European Commission FinTech Action

» Greater Convenience and Customer Services

Digital Finance Vs. FinTech

Plan, the European Banking Authority, and

While a comprehensive definition of digital

the Financial Stability Board, defined as

finance has yet to be available, it generally

“technologically-enabled financial innovation

Risks

refers to the digitalisation phenomenon

that could result in new business models,

» Fintech operator fraud or misconduct

happening within the financial sector. It

applications, processes, or products with

» Platform/technology unreliability or

encompasses utilising financial services

an associated material effect on financial

products, services, or processes that are

markets and the provision of financial

» Consumer disclosure and transparency

allowed via technology-enabled devices and

services.”

» Increased risk of product unsuitability, the

vulnerability

knowledge and experience to assess such

the internet. Therefore, digital finance refers

products

to a broader spectrum of digitalisation when

The graph pinpoints the main characteristics

compared to FinTech within the

of FinTech based on the literature

» Unknown risks from novel offerings

financial sector.

surrounding the topic. To classify as FinTech,

» Ethical Issues

A solution should provide,

A solution should rely

create, or support the provision

Technology-

on new and/or emerging

of financial products or

Financial

enabled

technology, fully or

processes.

Services

Division

partially.

A solution should provide, identifiable value added by

Material

Innovative

addressing a problem or bring

A solution is expected to exhibit at least one of the criteria: Novel | Unique | Disruptive

benefits to the consumers and/ or finanical sector.

Key FinTech Characteristics

MONEY

THE BUSINESS EDITION

BUSINESS

BUSINESS SHIFT AND STRATEGY in unstable times We always knew how vital transformation was to an organisation’s enduring success. But in what timescale? If we don’t keep up, will we survive? Should we shift our focus? Are we ready? Theo Dix asks. Business transformations are critical to

impact their company’s performance and

of pandemic disruption, including new

improve operational performance and drive

growth. Furthermore, that majority includes

lockdowns and supply chain pressures, is

sustainable growth. For decades, significant

16% who identified inflation as the biggest

seen as the most significant risk to growth by

changes in business processes would happen

threat to their company’s revenue

more than four in 10 (43%) CEOs.

every few years. Episodic shifts in market

and margins. In an increasingly uncertain and opaque

sentiment or stakeholder demands would push leaders to make incremental changes to

Global energy prices have risen sharply,

environment, CEOs must revisit their

adapt or to reimagine their organisation from

primarily due to Russia’s invasion of Ukraine.

existing business strategies and challenge

the ground up entirely.

In April 2022, the World Bank warned that

the implicit assumptions underpinning

expensive food and energy costs would be

them. For example, will the local economic

However, over the last few years, there has

with us for the next three years, stoking fears

growth trajectory persist if Europe enters

been a shift in both the nature and speed of

of weak growth and high inflation as in

a recession? How and to what extent will

transformation. According to 82% of board

the 1970s.

external factors impact different segments of our customer base, and what are the

members and CEOs in the EY 2021 Global Board Risk Survey, market disruptions have

Inflation in Malta has remained well below

implications for our revenue and competitors?

become more frequent and impactful. The war

the European average, supported by over

Should we focus on investing in our existing

in Ukraine is only the latest in an increasing

€1 billion in forecast government subsidies

business to accelerate growth organically,

number of unexpected disruptions impacting

across 2022 and 2023 for energy, fuel

or should we harness M&A to drive inorganic

the global economy, and it won’t be the last.

and food costs to help maintain a positive

growth when company valuations are down?

Rampant inflation fears, geopolitical tensions

business environment. However, government

Will we be able to find the financing or re-

and the shadow of the COVID-19 pandemic

support cannot cover all fronts, and many

financing we need to support growth and

are the critical threats occupying the minds

companies are seeing significant price

business operations, and if so, at what cost?

of CEOs. As a result, business leaders need to

increases across raw materials, components

What return do we need to generate from

act fast to enable their companies to mitigate

and finished goods imported for resale.

our investments when the cost of capital is higher? Which new KPIs and related business

the challenges and seize the opportunities ahead. To keep pace, companies have begun

Inflation is not the only challenge business

drivers do we need to identify and prioritise to

to transform more frequently. The typical

leaders need to grapple with. Geopolitical

drive our strategy forward?

transformation timescale is 7 to 10 years

disruption and volatility are set to persist,

under a “business as usual” trajectory. Now,

affecting global economic growth. Indeed,

Strategy development is a complex

transformation plans need to happen in 7 to

multiple disruptive forces shape the

process compounded in times of volatility

10 months.

global operating environment, including

and uncertainty. Unfortunately, the part

climate change, technological innovation,

that follows, strategy execution and

Findings from the EY CEO Outlook Pulse –

demographic shifts, talent shortages,

implementation, is often just as complex and

October 2022, a global piece of research

supply chain disruption and the rising

where we see many companies fail.

conducted by EY, show that most CEOs see

influence of non-state actors. This creates

inflation as a critical risk, with the majority of

a highly uncertain outlook for the future

In 2021, EY and the University of Oxford’s

respondents (69%) predicting it will negatively

of globalisation. A continuation or return

Saïd Business School formed a research

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The need to transform successfully — and to do so continuously in the face of disruption — is now critical for organisations to survive. collaboration. Our research highlighted that

rooted in human emotions. These findings are

right mindset needed to drive change. Where

85% of senior leaders had been involved

broadly consistent regardless of industry

legacy cultures embraced a command-and-

in two or more significant transformations

or geography.

control, top-down hierarchical approach, leaders set the vision and workers execute,

in the last five years alone. Two-thirds (67%) of those we surveyed said they had

The transformation journey is dynamic

today’s constant transformation requires

experienced at least one underperforming

and challenging. There will be twists and

interdependency and collaboration.

transformation during this time. It’s a

turns along the way. The key is to embrace

staggering, if unsurprising, statistic. More

change in a structured way, create a culture

The need to transform successfully — and to

staggering is that companies continue

of discipline and experimentation, use

do so continuously in the face of disruption —

to accept this failure rate as the price of

technology to realise the vision quickly,

is now critical for organisations to survive.

change. This level of performance would be

and learn as you go. Effective programme

utterly unacceptable in any other context

management is critical, as is prioritisation

Business leaders face the challenges of

and by any other standard. Our research

and delivering those evident successes that

navigating in the dark, accelerating already

highlights that complex factors influencing

make a significant positive difference to your

urgent transformation plans, and building

a transformation’s success or failure are

staff or customers. These wins cultivate the

resilience for impacts that may yet strike.

25%

30%

35%

A continuation/return of pandemicrelated disruptions (e.g., lockdowns,

40%

45%

43%

supply chain disruptions) A further increase in geopolitical tensions

35%

Climate change impacts and pressures to build sustainability

34%

A sustained period of higher input prices and inflation

34%

Increasing cybersecurity risks

31%

A regionalization/fragmentation of the

30%

global economy

More restrictive regulatory environments in key markets

Scarcity and cost of talent with the right skills to accelerate growth

Uncertain monetary policy direction and an increase in the cost of capital

30%

29%

Which of the following do you consider to be the greatest risks to the growth of your business? Respondents selected up to three priorities.

MONEY

THE BUSINESS EDITION

GAMING

FUTURE-PROOFING THE GAMING SECTOR

During November, all lights are on the remote gaming sector as one of the most significant global events, a locally home-grown festival, attracts thousands of visitors to our shores to display the emerging trends, challenges, and risks to the gaming sector. Today, accounting for over 15% of GDP, the remote gaming sector is a crucial pillar of Malta’s diversified economic fabric. However, such a pillar needs to be constantly nurtured. JP Fabri explains.

I S S U E 74

MONEY

GAMING

Future-proofing an economic sector is

GamingMalta, the foundation tasked with

in building this. One would expect several

challenging to say the least. However, various

promoting the sector, together with MGA,

gaming companies to morph into financial

elements can support this process.

should set up a specific skills council for

institutions in the coming years.

the gaming industry, which is tasked with Although the gaming sector is primarily

ensuring that the right skills are being

Related to this is the ability to attract start-

based on Malta’s jurisdictional innovation

developed and the pipeline of talent going

ups to Malta. The gaming sector has proved

back in the day, today, it is lesser so. This is

through the educational system is adequate.

very lucrative in market consolidations,

because the gaming landscape has changed,

mergers and acquisitions. Technological

and most European states require a national

development has also led many start-ups

license, too, thus reducing the attractiveness of the Maltese licence. However, the island’s attractiveness remains because an ecosystem has developed, and several companies have significant operations out of Malta. And the secret to future-proofing this sector is widening and deepening

The vision, whilst ambitious, is clear: to have these industries

the ecosystem.

reach 1% of local GDP

An ecosystem is a dynamically stable network

by the year 2030,

of interconnected firms and institutions within a bounded geographical space. Taking such a systems approach means that focus is given to both the individual components of the system as well as on the

creating 2,500 jobs in the process.

to focus on this sector. Attracting them to Malta will be critical for the sector to deepen further. The recently announced start-up visa and the recently launched BaseCamp, an incubator for the gaming sector, are all steps in the right direction. However, a well-oiled start-up ecosystem with favourable grants and assistance, global accelerators and venture capital access will be central. A diversified ecosystem into ancillary and closely related sectors is also imperative to further widen the ecosystem. The Maltese government has also set a schedule for two other verticals: video gaming and eSports. The vision, whilst ambitious, is clear: to have these industries reach 1% of local GDP by the

sum of the parts. This is believed to yield

year 2030, creating 2,500 jobs in the process.

maximum results when building economic sectors and visions. One will naturally ask,

Talent is nurtured by educational institutions,

what are the components of a successful

which also need to collaborate with

GamingMalta embraced this vision and set out

ecosystem-based approach to economic

the private sector to develop research,

on various initiatives, such as the partnership

design and planning? An excellent regulatory

development and innovation. Here,

with ESL, the world’s largest eSports

and legislative framework is central to any

collaboration agreements between industry

organisation. The PlayCon festival was also

ecosystem, associated governance, and

and academia are central to sustaining

a vibrant showcase of the potential of the

institutional mechanisms. In our experience,

future-proof growth. Moreover, creating

sector to flourish in Malta.

building proactive and innovative regulators is

business parks close to universities can

critical to the ecosystem’s long-term success.

translate into significant innovation cross-

Finally, the general business and market

Regular regulatory reviews and legislative

fertilisation and spill-over, adding to the

environment must support the ecosystem.

changes to cater for new developments and

vibrancy and dynamism of the

Tax systems that are simple and attractive,

trends are fundamental for a sector to remain

ecosystem itself.

together with investment support schemes, are fundamental building blocks. General

competitive and attractive. Also, regulatory Clusters also thrive on access to finance

infrastructure, which is sector-supportive,

as it serves as the blood for the system to

such as telecommunications, data centres

In line with this, human talent is also a

grow and develop. Here, innovative financing

or air connectivity, will also be necessary.

vital pillar of any ecosystem. The power

solutions and products can enhance a

Access to international markets aided by

of the ecosystem to attract investment to

sector’s attractiveness and linkages to start-

double taxation agreements is having an

it depends very much on the availability

ups. The availability of seed financing, venture

essential role in developing a sustainable and

of skilled and required talent. This means

capital, private equity, capital markets, and a

attractive ecosystem.

that educational partners need to be fully

responsive banking sector will be critical for

onboard in the design of the ecosystem to

any ecosystem to thrive. It is here that Malta

Economic sectors require a systems-thinking

ensure that the right qualifications and other

needs to up its game. Access to financing

approach. They depend on the sum of parts

training programmes are being offered. It

has long been a challenge, and this has been

and on having all elements aligned and well-

is here that Malta needs to concentrate its

compounded by access to banking services.

functioning. Designing economic sectors

effort. With the demand for jobs outstripping

Many payment solution companies and

start with a vision or realisation that there

the supply, the gaming sector and broader

electronic money institutions have filled

is a gap in the local and, more importantly,

industry require a specific employment

this gap. However, Malta needs to be more

regional space to attract a nascent or fast-

strategy which will outline career pathways,

attractive in the FinTech space. A forward-

growing sector. Maintaining it and making it

educational requirements, and the design of

looking approach towards regulation and

attractive depends on the well-functioning of

specific courses that the industry requires.

compliance will be an essential dimension

all elements.

capacity building needs to be regular.

MONEY

THE BUSINESS EDITION

SURVEY

MALTA FUTURE REALISED The 18th edition of the Malta Attractiveness Survey was based on the results of over 120 foreign direct investment companies. The results offer an in-depth exploration of Malta’s attractiveness to foreign investors. Specifically, it looks at the most vital sectors, identifying those set to accelerate in the coming year and understanding what drives these preferences.

I S S U E 74

MONEY

SURVEY

This year’s report on resilience in a time of

Attractiveness Scoreboard

disruption shed light on the effects of external

Source: All 2022 respondents

factors like the FATF grey-listing, COVID-19, inflation, and the war in Ukraine. This constant

Corporate taxation

71%

20%

Stability of social climate

69%

24%

Telecommunications infrastructure

68%

24%

change in our surrounding world captures the growing need for adaptation and flexibility in today’s business environment. To properly gauge these effects, the report was split into five main parts: attractiveness,

Potential productivity increase for your company

sustainability, skills, technology, and the future. The insights into Malta’s economic

Level of protection of intellectual property rights

43%

Flexibility of labor legislation

41%

Local labor skills level

40%

standing are widely regarded by business people, politicians, the media, and significant public stakeholders as the benchmark for the country’s attractiveness for investment on both the national and sectoral levels.

Labor costs

35%

Domestic or regional market

35%

Attractiveness Malta’s attractiveness for FDIs has increased from the 2021 survey but is still at pre-2020 levels.

54%

Stability & transparency of political, legal & regulatory environment

This year’s Malta Attractiveness Survey was carried out just after the country was taken

30%

R&D and innovation environment

positive news appears to have lifted investor sentiments. At 58%, the overall country FDI

24%

12%

19%

41%

16%

26%

32%

42%

19%

28%

2% 2%

22%

28%

31%

Transport and logistics infrastructure

off the FATF grey list in June 2022. This

31%

30%

18% 41%

23%

41%

42%

19%

6% 15%

attractiveness rating bounced back to the results seen in 2020.

Attractive combined

Neither

Not attractive combined

Not relevant

Corporate taxation (71%) remains Malta’s top parameter to attract FDI, followed by

from 2021. The three parameters that cover

Sixty per cent were impacted as a result of

the stability of the social climate (69%) and

labour previously ranked fourth to sixth on

increased operating costs due to inflation

telecommunications infrastructure (68%).

the attractiveness scoreboard are now in

following the war in Ukraine. Fifty-eight per

sixth to the eighth position.

cent were impacted due to increased logistic

The stability and transparency of the

The most significant impact on financial

costs as a result of COVID-19 and ongoing

political, legal and regulatory environment, a

performance was due to increased costs

supply chain challenges. On the other hand,

parameter that used to score highly on Malta’s

(excluding logistics) as a direct result of

29% are experiencing a loss of revenue from

attractiveness scoreboard, is now seen to be

COVID-19, which impacted 66% of investors to

source markets due to the war in Ukraine.

attractive by 31% of respondents, up 14 ppts

a large or some extent. EY-Parthenon’s view Removal from the grey list has helped to restore investor sentiment. Although back

Attractiveness Index

Yes

Don’t Know

Source: All 2014 - 22 respondents

on the right path, it is worth noting that at 58%, it still falls short of the extremely high confidence levels Malta reached a few

84%

87%

years ago.

77%

79%

78%

62%

74%

25% 15%

11%

2014

2015

2016

11%

16% 10%

2017

2018

15%

Sustainability 46%

58%

37%

30%

One-third of companies believe environmental sustainability is critical for their investment strategies, while half believe it is somewhat essential.

13%

17%

13%

Companies are continuing to place greater

2019

2020

2021

2022

emphasis on mitigating their impact on the environment. »

MONEY

THE BUSINESS EDITION

SURVEY

Adopting sustainable actions in future investment projects

2022

Source: All 2021 - 22 respondents 71%

71%

Environmental responsibility 53%

Reduction of carbon emissions

43% 56%

49%

Waste reduction Access to cleaner energy sources (low carbon and or non-fossil)

47%

Air & water pollution reduction

42% 34%

33% 21%

Replacement of polluting and or toxic inputs

21%

19%

Local labor skills level

15%

14%

Labor costs

12%

Domestic or regional market

11%

This is being done through environmental

has remained relatively constant.

beyond GDP as a measure of success and

responsibility (71%), reduction of carbon

Twenty-seven per cent of investors believe

instead champion a better quality of life for

emissions (53%), which increased by ten ppts,

Malta’s skills base makes the country an

our inhabitants.

or waste reduction (49%). Fourteen per cent

attractive place to invest, and 43% say it

currently have no current investment plans

does to some extent. Looking at the impact

Technology

relating to sustainability.

of labour costs on investors’ plans to remain

Investors have mixed views on whether Malta

in the country, 11% of respondents said rising

is as attractive as other European countries

Skills

labour costs impacted these plans to a large

regarding technology-related factors, with

Recruitment actions are up, but the skills

extent. An additional 31% believed these

41% believing it is at par.

to fulfil them still need to be improved. 66%

affected their plans to some extent. Concerning technology-related factors,

reported being unable to find the required EY-Parthenon’s view

the availability of a technologically skilled

The natural reaction would be to look

workforce is considered by respondents to

However, this is a slight improvement on the

elsewhere and bring in people to plug this

be the most crucial factor when choosing

last year, which indicates that the challenge is

gap. But with the island being so small, with

a country to invest in. This parameter

being tackled on several fronts and, positively,

bottlenecks in infrastructure cropping up and

outranked, in terms of importance, the

not worsening further. In addition, the ability

virtually full employment, is that the wisest

second-placed parameter, which was the

of companies to retain specialised personnel

of moves? Especially if we are trying to look

importance of support by government bodies

specialised skills in the local labour market.

Finding the required specialized skills in the local labour market

Yes

Source: All 2017 - 22 respondents

100

73% 62%

64%

38%

36%

27%

2018

2019

69% 62%

66%

60 30

38%

31%

34%

2020

2021

2022

0 2017

I S S U E 74

MONEY

SURVEY

and regulatory authorities, by a significant percentage. Future A majority (69%) of companies still believe their long-term future is in Malta, but the “yes” number has also been

Most important technology-related factors when choosing a country to invest in Source: All 2022 respondents

Availability of workforce with technology skills (e.g., scientists, engineers, and data analysis)

slowly declining over the last few years. Following a decrease in expansion plans during the pandemic (down to 39% in 2021), investors’ appetite to

Support by government bodies and regulatory authorities to drive the digital agenda

expand is resurgent. This means 46% have expansion plans for the coming year.

Rate of innovation, digital adoption and uptake by the general population

Over the next five years, investors believe the leading business sectors will be tourism and leisure, iGaming and artificial intelligence.

Tax approach to global tech companies

The top priority to remain globally competitive is education and skills, followed by ease of doing business and developing new economic sectors. A focus on sustainability and climate change is expected to accelerate most in the next three years, followed by

Network of technology startups and research institutions

Availability of venture capital and other forms of financing

digital customer access to services. Geopolitical tension Rate of 5G rollout

has almost tripled in a single year. EY-Parthenon’s view

Intellectual property rights protection

Analysing our current economic model further, some friction is starting to develop. For example, surveys indicate that people are tired of overdevelopment and

Strict regulatory approach to data protection

construction. Yet does our legal and tax framework prioritise property development as opposed to other activities? Even foreign investors on the island believe that to increase Malta’s investment attractiveness, and the

Protection of national security interests related to new technologies

country should prioritise the quality of its built and urban environment and preserve rural and natural areas.

Presence in Malta in 10 years’ time

Yes

Don’t Know

Source: All 2019 - 22 respondents

80 80%

79%

77%

69%

60 50 40 30

22%

18% 15%

20 10

13%

2% 7%

2020

2021

0 2019

MONEY

THE BUSINESS EDITION

2022

BUDGET

I S S U E 74

MONEY

BUDGET

A SOCIO-EMPATHIC BUDGET ON THE BACK OF GLOBAL TURMOIL As populism reins, budgets a priori a general election are more benevolent, while those in the initial years after an election are the more stringent. So, no surprises about the budget cycle over the last legislators. Jordan Portelli explains.

However, this year’s budget is cracking the cycle following the March election. Surprisingly to a certain extent, the first budget of this legislature was more of an emphatic one in which it recognised the struggles being faced by the inflationary environment we have been experiencing over the past months. The budget has recognised the short-term challenges of visa-vis inflation and its impact on the cost of living. However, in primis, it continues to see the negative implications of the COVID-19 aftermath, the as-yet supply disruptions triggered by the zero-COVID-19 policy in China, and the geopolitical tensions that seem far from ending. The latter had a material impact on commodities, such as energy and food prices which spiked to decade highs and have been the prime consequence of the current elevated inflation levels. From an economic point of view, real wages are a very topical subject. Simply put, real wages are wages adjusted for inflation. For a decade, we were accustomed to positive real wages, i.e. meagre inflation, which enabled a relatively stable cost of living. However, we are now experiencing the flip side of such a scenario, a negative real-wage environment in which inflation has notably eroded bargaining power, implying a spike in the cost of living and, thus, lower disposable income. This has pushed a segment of society towards poverty, while average income earners have been pinched in their consumer discretionary spending. The government, through this budget, is trying to mitigate these unexpected economic shocks by cushioning the »

MONEY

THE BUSINESS EDITION

BUDGET

The hikes in prices we are experiencing locally are higher than they should be. increases in prices, mainly helping the most

tax gains or stamp duty, in addition to VAT

going forward; thus, the government

vulnerable from a financial point of view.

refunds on renovation works on these same

needs to allocate a budget for exploring

Several measures have been taken, with the

properties, is a favourable aspect of the

new economic niches, which should aid in

cost of living adjustment, and the increases to

preservation proposition.

economic sustainability. This long-term shot is imperative and should be treated with

pensioners are indeed benevolent measures to cushion the uncertain period globally.

Nonetheless, looking at the proposed

urgency, given the ever-evolving competitive

Moreover, the extended tax refund cheques,

property measures holistically, one questions

landscape we are living in.

a populist measure taken a few years back, is

whether these are targeting the socio

now fulling its purpose: increasing disposable

and environmental purpose or are being

This socio-laissez-faire budget inevitably

income, which in turn would also help alleviate

implemented to keep the sector purse afloat.

will impact the country’s finances, with an

the significant inflation pressures. Reducing

Let’s be blunt; these measures are minimally

estimated increase in the debt-GDP reaching

the part-time tax rate from 15% to 10% is

impacting the socio aspect positively. In fact,

61.8% next year. Despite this being way below

undoubtedly another helping measure which

despite these benefits having been in force

the euro-zone average, the government will

mitigates inflation but also instigates other

for more than two years, and yes, they have

be less able to manoeuvre if the current global

forms of spending, given that it is a

mitigated the strains of the higher property

turmoil is prolonged.

secondary job.

prices, recent studies on the local real estate market have continued to confirm that

The story’s irony is that globally, including

As expected, the government has taken other

housing affordability has continued

Malta, many are also taking advantage of

measures to safeguard sectors that, to date,

to decline.

the situation and blaming the increases in prices for essential goods due to the current

remain strong pillars of growth. The property market has, over the years, been a significant

The government, through this budget, have

geopolitical tensions and other factors. Yes, it

contributor towards economic growth,

used most of its means to shoulder the

is a fact that these have triggered remarkable

however, at the expense of environmental

ongoing economic turmoil globally. However,

increases, and yes, it is also a fact that Malta

and socio factors. In the former’s case, the

we must acknowledge that without subsidies,

is disadvantaged due to transportation

situation has not changed.

we would have experienced what other

costs. But it is also a fact that the increase in

European countries are facing, namely higher

prices we are locally experiencing are hikes

We continue to squeeze spaces and ruin our

energy costs, which would have inevitably

which are higher than they should be. This

unique structures with minimal preservation

impacted our pockets and posed serious

irresponsible short-term strategy aims to

efforts, while noise pollution is a tale we need

risks for the economy both in the short

protect margins while indirectly it pressures

to live with every day. From a socio-economic

and medium term. Therefore, one should

the government’s finances given the socio-

point of view, measures have been taken to

recognise that this budget has addressed the

economic measures. This might end up nasty

mitigate the spike in property prices over the

difficulties faced in a very challenging global

if disposable income continues to deplete,

past years, with the same measures being

environment, which Malta, this time around, is

as demand will inevitably decrease. As a

extended into next year’s budget. In primis is

not immune.

reminder, we are in a very particular economic situation where we are being faced with

the reduction in stamp duty for first-time and second-time buyers, a popular scheme which

Sharing some constructive criticism, this

geopolitical tensions and central banks, which

seems socio-emphatic, but in reality, it seems

budget fails short, long term goals. Most

are tightening their accommodative stances,

to have pushed prices higher or sustained

notably, expenditure on innovation and

which we have been accustomed to know

them rather than aided its purpose.

economic sustainability. The pandemic was

for years. The current global chaos poses

a clear example of the risks of an economy

severe threats to the local economy, and thus

However, not to be so negative, schemes

being dependent on selective sectors.

despite recognising the government’s efforts,

targeting properties within the urban

Practically speaking, our dependency on

we must collectively be responsible and act

conservative areas, such as the no capital

the tourism industry can be challenging

more diligently.

I S S U E 74

MONEY

REMOTE WORKING

HAVE WE LET A CRISIS GO TO WASTE? I’m not a fan of the man as a politician, even though I respect him as a wartime leader, but I love Churchill’s quote, “Never let a good crisis go to waste.” Richard Muscat Azzopardi explains.

I S S U E 74

MONEY

REMOTE WORKING

Knowing him, he probably meant it in a pretty

As I’ve mentioned earlier, giving people

shops, but the whole industry has cooled

machiavellian way. However, we should have

a couple of hours back every day makes

back down on the idea. Is it suddenly OK to

considered this quote a guiding light for the

so much sense. The flexibility to get stuff

lose your business to big online retailers?

COVID-19 crisis.

done in between work meetings. To save

Even if people are hitting your stores, you

the environment by reducing so much

should be focusing on generating more and

unnecessary commuting.

more eCommerce sales because people are

I recently had an errand during the day, and as I was stuck in traffic, it dawned on me that

buying online more and more, and if you’re

it should have taken less than 50 minutes to

But there’s more - by unshackling work

not doing an excellent job of it, you’re going to

drive 11 kilometres. I was looking around me in

from the office, businesses can hire people

lose clients to the brands who are.

the car, and people were sitting in their cars,

in different countries, the opportunity

acting as if this was all normal.

to do what they love without

One of our more prominent eCommerce

geographical constraints.

clients has kept the momentum going, and

How could this be? How has this become

they’ve been significantly rewarded, with

normal again? Just a few months ago, we

Have you thought about this in-depth? Have

eCommerce rivalling their physical store

were all working from home, and if I needed

you considered what it would mean to keep

for business.

to pop out for a quick errand, it was just that:

your team remote? To get rid of the office that

a quick errand. I want to avoid going into the

puts people in boxes for a fixed amount of

Did you see eCommerce as a stopgap solution

benefits of working from home vs working

time? Have you considered the advantages

for when your shops were closed? Are you

from the office. The jury seems to be out,

of asking your employees to spend anywhere

judging the performance of your online stores

and there is more controversy about it than

from an hour to two hours travelling daily to

in comparison to when all shops were closed?

there is about US politics around the recent

and from the office? Have you asked whether

It might seem disheartening when you don’t

midterm elections.

you gave it your best shot? Have you worked

reach those heights, but have you considered

on adapting your leadership and management

that you can reach them again if you keep

I firmly believe in remote working, and our

styles to help you deal with remote work?

the momentum?

team has made great strides since we moved

Whether you could have asked professionals

to work entirely remotely. However, others

to come in and help you navigate this

Caring for our health

swear that no work can be done remotely.

remote life?

Last but not least, have we stopped caring about spreading germs? There was a time,

And please don’t get me wrong - I’m not advocating for remote working because I

Caring for others

especially in the first few months of the

somehow feel entitled to a quick errand, even

This one gets me. Seeing the whole world

pandemic, when we all became extreme

though that’s a beautiful side benefit. Instead,

returning to its selfish ways frustrates me

germophobes, and I’m definitely not

I’m frustrated at how much we learnt in the

to no end. We were all thrown into the deep

advocating going back to that. But it’s not

two pandemic years and how easy we found

end for a while, trying our best to cope with

OK to turn up to a meeting coughing and to

it to return to our good old habits. To “how

a situation for which no one had a playbook.

sneeze just because “It’s not Covid!”

things were”.

And so we defaulted to kindness. Most people

Never let a good crisis go to waste.

around us make an effort to help people

We should take the time to think about the

around them. To care for the frontliners who

people around us and limit the spread of

sacrificed so much to keep the rest of us living

germs. We should stop and think about our

a decent and mostly healthy life.

mental health even when we’re not on lockdown.

We’re now nearing three full years from the And for the rest of this article, I will do what

original outbreak, and we’ve all returned to

Have you kept up your lockdown projects?

my wife hates the most - asking questions. Of

our default position of selfishness. How often

Have you taken the time to look at what was

course, I’m not qualified to give most of the

do you think of the well-being of the people

fulfilling when there was no noise? Do you ask

answers, but if, by the end of this, you can ask

around you? How often do you check in on

yourself if you’re going out because there is

yourself a few questions too, hopefully, we

other businesses to see how they’re doing?

the opportunity to go out or if you’re going out because what you’ll be doing is enriching?

will have come out of this with deliberate answers.

Even though they’re not suffering through a pandemic, they could still have their

And in the end...

What scares me the most here is that we

problems. How long has it been since you

A hundred other benefits came out of the

would have just defaulted to our old behaviour

thanked someone for their service, even if it

pandemic that we seem to be rolling back,

simply because muscle memory took over, not

seems like it is just a routine task?

one by one. Take the time to stop and think

because we believed that it’s the best way.

about your life now and your life then. You had eCommerce

more time because it was forced upon you,

Working from...

This baffles me, especially when you consider

but could you find ways of taking the whole

One of the most obvious ones we should

my first point above. Ecommerce grew

experience as something that makes your

consider is the work-from-home revolution.

exponentially when people could not go into

life better?

MONEY

THE BUSINESS EDITION

FA SHION

LIFE IS BEATIFUL

MISANI Milano Grand Tour collection

Usher in the New Year with luxury and style.

€1,600 / eclecticmalta.com

CANADA GOOSE Chateau hooded shell down Parka €1,095

BALENCIAGA Logo-print full-grain leather trifold wallet €295

ADIDAS ORIGINALS 4D Future craft prime knit Sneakers €230

FAVOURBROOK Seaton slim-fit grosgraintrimmed cashmere tuxedo trousers €500

[All items from mrporter.com unless specified otherwise.]

I S S U E 74

MONEY

FA SHION

TOM FORD Aviator-style acetate sunglassess €295

BALMAIN 18kt yellow gold emblem large signet ring €17,500 / eclecticmalta.com

TOM FORD Shelton slim-fit wool and silk-blend twill tuxedo jacket €3,440 CHOPARD Alpine Eagle stainless steel € 19,800 / elcol.com

GUCCI Leather and webbing-trimmed monogrammed coated-canvas duffle bag €2,980

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NEWS

AN ECLECTIC COLLECTION Austrian-born, Malta-based Laura Peischl has always channelled

From eye-catching necklaces from Misani Milan pieces, which embody

her creativity through various projects. Endlessly inspired by strong

Italian tradition and craftsmanship, to a stack of bracelets from

women who adapt effortlessly to the many roles required of them,

German-owned, family-run Silhouette Jewellery that will make you

Laura came up with Eclectic, a jewellery boutique to showcase her

want to dance, you are bound to find that perfect piece to suit your

favourite designers’ one-of-a-kind jewellery and bring original luxury

mood or the ideal gift for someone else.

jewellery and watch designer collections from around the world to Malta. Pairing an elevated aesthetic with a strong sense of personality,

But perhaps the most gorgeous feather in Eclectic’s cap is the arrival of

Laura travelled extensively in Europe to handpick the designers she

Balmain’s first fine jewellery collection, impeccably crafted, completely

wanted to collaborate with and who would fit perfectly with her vision.

ethical, and reminiscent of Pierre Balmain’s spectacle of French luxury in the 1950s. This opulent yet modern take on the brand’s fine jewellery

During her travels, she met several talented jewellery designers. Their

approach is dedicated to today’s rebellious spirit, with the richness of

beautiful pieces are displayed in her treasure trove boutique at The

couture heritage. This debut collection is made with recycled 18-karat

Meridien in St Julian’s. A space created to encourage individuality

gold, traceable gemstones, and conflict-free materials for a sustainable

and uniqueness and combine it with a sense of style and the latest

and elegant collection. In addition, the gender-neutral collection

trends. Eclectic was derived from different jewellery styles and motifs

contains many references to Balmain’s most well-known signatures—

used together to create a unique aesthetic. And these collections

both classic motifs, pulled directly from the house’s rich archive, and

will encourage you to develop your own style by mixing and layering

the 21st-century icons on Balmain’s runways, honouring the house’s

different pieces from different designers.

rich history.

Balmain Jewellery

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