MONEY SEP 2018 ISSUE 50

BUSINESS

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LIFESTYLE

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DESIGN

T H E D E S I G N & C R E AT I V I T Y E D I T I O N ISSUE 50

23 路 COVER STORY

EMAN PULIS RUNNING THE BLOCK

28 路 TOURISM

WINSTON ZAHRA KICKING OFF A WHOLE NEW BALL GAME 18 路 FASHION

MATTHEW ATTARD NAVARRO ZOOMING IN - LONDON & PARIS

50 路 CREATIVE

ED MUSCAT AZZOPARDI CREATIVE STORYTELLING FOR FUN & PROFIT

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Launching in Malta and across Europe this autumn.

W E LC O M E

circumstances over the decades. Review?

Perish the thought that – barring blatant abuse – any government would take such a politically charged step.

The government is under pressure to provide more social housing, as rising rents stretch well beyond the reach of lower income households. But is more social housing the answer?

Let’s start with some numbers. There are currently 7,200 social housing units and the government in February promised to add nearly 700 more units in 16 locations.

In May, the Prime Minister said that €58 million from the passport scheme would be used to build another few hundred units.

But this is hardly even going to make a dent in the waiting list, though. Back in October last year, there were already over 3,000 on the waiting list.

To put it into some context, the government has been fairly restrained with regards to allocating units: over five years from 2013 to 2017, only 670 were actually given out.

Even if the rising prices eventually level out, there is clearly a gulf between demand and supply. Are both those sides of the equation correct, though?

Take supply. One of the biggest problems is that once someone gets into social housing, they are pretty much there for life.

Once you qualify for a unit, then it does not matter if any of the criteria change: you might find a job, your kids might leave home, any of a dozen different factors, but you are going to hang on to that unit till death do you part.

To take but one example, this phenomenon explains why people in social housing might have expensive cars. It is not necessarily that they cheated in their application, but rather than there was no review of their

The fact that the available units are being taken up by people who no longer need them has not gone unnoticed. The governor of the Central Bank of Malta, Mario Vella, last year made a strong argument saying that the system needed to be changed: “Once allocated, social housing tends to become a lifetime entitlement. We need to change this so that social housing schemes act to activate individuals and empower them rather than encourage passivity.

Such a transition could itself be helpful in financing the expansion of social housing.”

He preferred a system where social housing would only be the first step towards weaning the recipient off benefits: “Instead of seeing social housing as a passive benefit, we can eventually develop projects which become to an extent self-financing, through a combination of social housing provision and programmes to enhance the employability of individuals, enabling them to eventually pay market rents.”

The government heeded his words and came up with a lame scheme, wherein it tried to at least retrieve social housing units from those that no longer lived in them. So rather that forcibly taking them back, the idea was to give a 20 per cent discount on what they would pay when they move into a nursing home. Oh, and the scheme was voluntary.

And it also set up a freephone number on which abuse could be reported, such as renting a government property to third parties and squatting. There have also been cases where the relatives of the tenant keep the property as a second home after the tenant's death.

So what about demand? In March, it was reported that 29 people have been on the waiting list for 25 years. Doesn’t that figure ring alarm bells? Where were those 29 living? Could they possibly be genuinely in need for 25 whole years? Or is putting your name down on the waiting list just a game: “Let’s try it and who knows, maybe we’ll be lucky...”

The Housing Authority has actually embarked on a profiling exercise to identify the status of all the pending applications, with an Allocation Board that considers how to choose between them when premises are freed up.

But that is not the problem. The problem is the 7,200 who are already in them.

The system is clearly wrong. There are genuine cases who have nowhere to go, while hundreds that no longer need help dig their heels in to keep what they see as a lifetime entitlement.

But is that not what governments are supposed to do? Instead of spending €100 million on new units, wouldn’t it be better to heed the advice of the Central Bank governor?

CREDITS Editor

Design

Anthony P. Bernard

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ISSUE 50

T H E D E S I G N & C R E AT I V I T Y E D I T I O N

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CONTENTS

10

14

18

ARCHITECTURE

PHOTOGRAPHY

FASHION

RAISING THE BAR

CLOSE-UP OF AMELIA TROUBRIDGE

The Emanuele Luigi Galizia Awards bear testimony to the rising talent in architectural designs on the island.

However, there seems to be a growing concern about the architectural landscape, especially regarding nonresidential projects. Giselle Borg Olivier finds out more.

MONEY catches up with photographer Amelia Troubridge with Maltese roots who set up base in London to deliver some spectacular exhibitions at well- renowned galleries the likes of Getty Images.

ZOOMING IN ON MATTHEW ATTARD NAVARRO

22 COVER STORY

50 CREATIVE

CREATIVE STORYTELLING FOR FUN AND PROFIT Ed Muscat Azzopardi analyses the process of brand storytelling to engage consumers and what it really takes to reach the objective.

58 INTERVIEW

THE JEWEL IN THE CROWN Ever since she burst on the scene with her pretty, colourful creations, Yana Azzopardi has become one of the go-to people in the local jewellery scene. Her creative, statement pieces not only have the ability to dress up and give life to the dullest of outfits but each piece tells its own beautiful story. Anna Marie Galea talks to her on what inspires her and speaks about the highs of her successful career.

TOURISM

MONEY speaks to Eman Pulis – the man behind SiGMA and the Malta Blockchain Summit whose intention is to promote blockchain in Malta in the same way he successfully did with iGaming.

KICKING OFF A WHOLE NEW BALL GAME

44 REVOLUTIONISING THE WAY BUSINESSES WORK

COUNTRY PROFILE

Patrick Debattista looks at how the financial blockchain mechanism ICO has gained traction among businesses.

After nine long and difficult years of belt-tightening, Greece finally emerged from the biggest bailout in economic history in August. So why wasn’t there an almighty celebration?

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GIFTS FROM THE GREEK GODS

54

PROPERTY

WEAPONS OF MASS CONSTRUCTION Richard Muscat Azzopardi analyses the construction boom and the dark flip-side to all this, arguing that those in the industry need to work collectively on ways on how to design and develop property.

60 5 THINGS CHIC

The best things in life fall into a grey area.

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NICKEL IS THE NEW BLACK

Winston Zahra Jr is synonymous with the hospitality industry. He spoke to Giselle Borg Olivier and how things have changed over the past decade, and about the challenges ahead, not only for the industry but also for himself.

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BUSINESS

While in winter you can trick people into thinking you’re chic with a carefully selected oversize coat and a cashmere scarf, those in-between seasons can be a bit more of a challenge to people's style sensibilities as it can be harder to find clothes which look and feel casual yet elegant. Keeping this in mind, MONEY’s Anna Marie Galea has compiled the ultimate stylish girl’s list of chic things to give your wardrobe that extra oomph.

DESIGN

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RUNNING THE BLOCK

A DASH OF CREATIVITY

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MONEY speaks to photographer and art director Matthew Attard Navarro who is preparing for his next big job – a creative consultancy business working with luxury brands based in London and Paris.

T H E D E S I G N & C R E AT I V I T Y E D I T I O N

INTERVIEW

NOT WITHOUT MY SHADES At the beginning of summer, Iggy Fenech set out to discover how five high- flying career women dress for success in the warm weather months and go about their lives.

64 LAST WORD

AN EVENT THAT EVOKED BAD MEMORIES OF A COUNTRY'S RACIST PAST On the eve of a tragic anniversary, The Bluesman looks back at the shocking events that occurred in the City of Charlottesville in August last year during a rally that turned violent.

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Giselle is a freelance writer, proofreader and social media marketer who lives on Instagram and cappuccino. Runs Content for Success.

Photo by Julian Navarro

ARCHITECTURE

Bar the Raising The Emanuele Luigi Galizia Awards bear testimony to the rising talent in architectural designs on the island. However, there seems to be a growing concern about the architectural landscape, especially regarding non-residential projects.

Giselle Borg Olivier finds out more.

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ARCHITECTURE

Recognising the talent and creativity behind some of the architectural designs that mark the island helps to generate awareness about aesthetic values and the work that is involved in planning and building an architectural project.

A statement issued by the Kamra tal-Periti, read: "The Galizia Awards aspire to be a platform for investigation, development and implementation of sustainable architectural practice of an elevated level of quality in design and fabrication. It seeks to promote the social, cultural and economic benefits of sustainable growth and minimise any negative environmental impact of construction activity.”

Architecture Project for Coach House Photo by Julian Navarro

One of the awards was the Civil Engineering Excellence Award which was presented for buildings, or non-buildings,

large or small-scale structures demonstrating innovative civil engineering solutions, elegance in execution, and refinement in detailing.

The finalists for this sector were: − TBA Periti for Farsons Corporate Office; − Architecture Project for Coach House; − Forward Structures for mechanical plant structure at Teatru Manoel.

These were their thoughts on their projects, the awards, and the general architectural landscape in Malta. → What attracted you to the project in the beginning?

TBA Periti: One does not “choose” projects which are attractive. One identifies problems with projects for which conventional solutions are not sufficient or appropriate. When we understood what the client desired, we realised that a conventional solution would not be enough, so we searched for something else — and this we like.

Konrad Buhagiar (AP Executive Director): The principal attraction was the vernacular

nature of both the site and the outbuildings forming part of a noble rural residential complex. The 18th century in Malta had a lot in common with today. The harbours were full of ships, trade was booming, the population was prosperous and real estate development was thriving. The opportunity to leave our mark on this piece of authentic Maltese rural development was very exciting.

Karl Farrugia (Forward Structures): Rather than being attracted to the project, we actually got involved after a contractor whom we were assisting as structural consultants won a competitive tender bid for the project. Our design formed part of the contractor’s tender submission.

The project architects for the Teatru Manoel who are responsible for the entire project are Architecture Project (AP), who in turn issued a call for tenders for the works associated with the upgrading and restoration of the theatre. → What does the project mean to you now that it's finished?

TBA Periti: We are proud of the final product and of our contribution to Farsons’ brand and quality heritage.

Photo by Alex Attard

Earlier this year, the Kamra tal-Periti launched the Premju Emanuele Luigi Galizia. The awards are aimed at supporting, encouraging and promoting excellence and quality design in Malta’s built environment. This year’s awards went towards projects completed between January 2016 and December 2017.

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ARCHITECTURE

Forward Structures: Well, given the context within which we had to work, and the challenges faced during the erection, I am very pleased that the project pulled through relatively smoothly. The structure was installed, it is performing exactly as planned, and I’m very happy with the result.

Given the location in Valletta, the setting, but especially the accessibility to the site in question, erecting such a complex structure there was tricky. It was a challenge which I’m glad we tackled and delivered upon.

The architectural landscape is swamped by work which is designed in a hurry, built in a hurry, and within a planning context which is deeply flawed. → What are your thoughts about Malta's current architectural landscape?

methodologies. The increasingly inexorable connection to Europe and the rest of the globe has applied enormous pressures on its heritage and authentic values, which have developed slowly over centuries, and change is happening fast. A sound balance of quality, between what has been handed down and what we are handing down, is what is urgently needed. The architectural landscape can only achieve quality if architecture continues to be respected as an intellectual exercise in the tradition of Alberti. A cultured mind is a prerequisite for quality in architecture. Unfortunately, this is becoming rare.

Forward Structures: Well, I think these are trying times for Malta’s architectural scene.

While many architects and architectural firms strive to elevate the quality of our built environment, the rhythm of the industry is now dictating the pace of construction with quality falling far behind.

Public opinion of the profession is not exactly at its highest and arguably with good reason. This is not to say that all is lost, but the architectural landscape is not what most architects wish it to be and this is one of the reasons why the awards have come to exist — the idea of seeking a higher level of quality in our environment and recognising those who achieve such standards. → Do you think that there is room and acceptance for more creativity in Maltese architecture?

AP: More than ever before, Malta is in the throes of marrying local construction technologies with foreign trends and

TBA Periti: There is certainly space for creativity, although the focus of contemporary Maltese architecture should not be “innovation” and “being different” but “quality”. A collection of iconic buildings will not create a city. Is there acceptance?

The E.L. Galizia Awards showed that some clients seek solutions which are more complex. The key issue is the “patrons” of projects. And, in our opinion, publiclyfunded projects should be based on architectural competitions. This would be part of Malta’s formal Architectural Policy.

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TBA Periti: The architectural landscape is swamped by work which is designed in a hurry, built in a hurry, and within a planning context which is deeply flawed. So we are worried about the architectural landscape, especially regarding non-residential projects.

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Forward Structures for Mechanical Plant Structure at Teatru Manoel

AP: The project gave us a chance to practise our skills at combining old and new in such a way as to create a harmonious whole, continuity and a certain sense of timelessness. Moreover, our solution was an important chapter in our research on sustainability, light and shade and surface texture.

AP: Creativity is the product of a critical mind, and a critical mind is constantly examining itself and its surroundings with a view to embedding enough information in its thought processes to serve as a base for innovative solutions to the problems at hand. Curiosity is therefore necessary for the creative process. Unfortunately, it seems to be curtailed in the early years of a child’s education, a lacuna which continues to be evident well into the years of tertiary education. Another quality necessary for creativity is discipline and rigour, also sorely lacking in our education. So, in answer to your question if there is room for more creativity, yes, there is room, especially for creativity of the right kind.

ARCHITECTURE

models for young and budding architects.

Forward Structures: The Galizia awards have significance in the industry because of how they are awarded. The whole idea revolving around these awards is the fact that each nominated architect is judged by a panel of their peers. It is a celebration of the profession to the highest extent.

As architects, there would be no better panel of judges to assess another architect which gives more meaning and weight to the award. Having your colleagues acknowledge and recognise something you have produced, I think everyone would agree, carries a lot of weight. Winning an award therefore becomes a matter of the profession itself recognising the excellence in the performance of the profession by an individual or a team. I think it has a special meaning.

The Bonus Question TBA Periti for Farsons Corporate Office

TBA Periti → You were the winners of the award. What do you think set you apart from the other two nominees?

Forward Structures: Certainly, there is room for acceptance and there is also ample talent. If you have a look at some of the offices and architects who picked up awards, you can see that the talent is there.

Unfortunately, however, except for few projects, which often enough are residential developments such as villas or apartments where the owner is investing in his own home, creativity is stumped due to budget constraints. In their design briefs, few clients allow for their architects to come up with a concept that addresses their vision with a healthy budget for the aesthetics.

Yes, a building must be functional, but functionality goes beyond housing people.

Aesthetics and quality are arguably also part of functionality. As architects we often

That is really for the jury to say.

find ourselves preparing proposals adopting new concepts, materials, intricate details and using new technologies only to have the client cut back and ‘simplify’ precisely because there is no budget for them and because very likely their property would sell regardless of its quality. → What do the Galizia Awards mean for the architectural industry?

TBA Periti: We are very excited that the profession itself, through the Kamra talPeriti, has launched these awards, by which our peers, periti like us, judge our work, and acknowledge the quality of our work.

AP: It sets standards of quality, rewards the efforts of the brave, and provides role

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AP & Forward Structures → The 'controversial' question - did the right team win?

AP: Maybe.

Forward Structure: Undoubtedly yes. Our proposal was a solution to an engineering challenge in a complex site which was solved technically and was well executed.

The fact remains however that our project consisted of an industrial design, taking its shape from the structural solution necessary – form follows function essentially. The winning bid on the other hand merged form with function in a spectacular manner. They did a great job and undoubtedly, they deserved to win as I’m sure all my professional peers would recognise and agree. This is the spirit of the Galizia Awards.

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Amelia Troubridge

P H OTO G R A P H Y

14 ¡ MONEY

MONEY catches up with photographer Amelia Troubridge with Maltese roots who set up base in London to deliver some spectacular exhibitions at wellrenowned galleries the likes of Getty Images.

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P H OTO G R A P H Y

It’s been a while since we last spoke, what has happened since?

Can’t remember when we last spoke? Last year was pretty crazy. I spent some time in Senegal shooting a story called ‘The Last Poets’. I’ve been doing ongoing content with womenforwomen — a charity based in London.

I am working with the Royal Academy and Serpentine Gallery shooting women who make stuff happen there…..

I had a show at Getty Images Gallery in London last year comprising a series of portraits of women working in STEM. Inventors, dreamers, game changers. I also gave a talk at Cambridge University and teamed up with leading international electronic music deejays Above and Beyond again to shoot their publicity images for their new album in ‘The States’.

Of all the different people you photographed, is there one photo that has stayed with you?

It must be the Irish kid riding on his horse bareback in Dublin. Those little kids taught me the art of telling a good story with my camera.

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P H OTO G R A P H Y

What do you think are the core elements of a strong image?

A love and curiosity for life. Where an image conveys the story of the human experience. When it evokes an emotion in the viewer. Captures a little piece of the soul. When it tells a story.

Every image tells a story. But is it more difficult to create a story from a solo image than a series?

Does every image tell a story today?! I think the notion of the image has evolved to

something else now in the digital era. But yes, I think it is a lot harder to tell a story from one image.

What would you consider a successful day for you?

That of being in a state of gratefulness.

Any future projects we should know about?

A Women in Music portfolio is one of them and I am also putting up a little show in London in October. You’re all invited. The subject is 1974.

More about amelia

Exhibitions

Amelia has photographed some of the most famous faces in the world, including Kim Cattrall, Baroness Warsi, Fay Weldon, Cara Delevinge and none other than David Cameron. The latter was for a Time magazine shoot, but Amelia's also been commissioned by Vanity Fair, The New

Women In Innovation, Getty Images Gallery, July 2017 Joan of Arc had style, London Design Museum, March-April 2015 Visa pour l'image, Ian Parry Award Anniversary, Group Show, France, August 2014 Nick Cave Show, Group show, Proud Galleries, London, September 2014 Trolleyology (group), Trolley Books, London and Newcastle gallery, Shoreditch, London, 2013 She Bop a Lula, Dimbola Museum and Art, Isle of Wight, June 2013 She Bop a Lula, Rock City Art, Bedford, January 2013 She Bop a Lula, Group show, Proud Central Gallery, 2012 Phillips de Pury film sale, NYC, 2010

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York Times, GF and Dazed & Confused!

Amelia’s first monograph, 'The Trouble with Amelia,' was published in 2006 by Booth Clibborn editions. Some other monographs which have followed are Malta Diaries (Trolley books 2006) & Joan of Arc had style (Trolley books 2015).

PhotoLondon, Guy Hepner Contemporary, London, 2007 Malta Diaries Show, Trolley books and Barings Bank, London, 2006 Stephen Webster 30th Anniversary Exhibition, The Wallace Collection, London, 2006 4 Inches, Jimmy Choo Charity auction, Christies, London, 2005 The Trouble With Amelia, Collettes, Paris 2005 The Trouble With Amelia, The Conran Shop, London, 2005 Men, Proud Galleries, London, 2004 Group Show, MTV building, London, 2004 My Cup Of Tea, Proud Galleries, London, 2002 London Theatre, RADA, London, 2002 SOHO, Groucho Club, London, 1999 Photojournalism Is Dead, Brickhouse Gallery, London, 1998 World Press Photo Masterclass (group), The Netherlands, 1998 Dublins Urban Cowboys, Clarence Hotel, Ireland, 1998

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Time to care...

Join our Photo Competition!

Contribute to raising awareness of the adverse impact we are having on the environment we live in. Photos should feature and/or be directly related to the Maltese Islands. Â Further information, list of prizes and how to participate may be obtained from www.apsbank.com.mt/photo-competition Registration deadline: 21st September, 2018. Â

Approved and issued by APS Bank Ltd. APS Centre, Tower Street, Birkirkara BKR 4012, Malta. APS Bank Ltd is licensed by the Malta Financial Services Authority as a credit institution.

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FA S H I O N

ZOOMING IN ON… MATTHEW ATTARD NAVARRO MONEY speaks to photographer and art director Matthew Attard Navarro who is preparing for his next big job – a creative consultancy business working with luxury brands based in London and Paris.

What project are you currently working on?

After the last four years working as one of the art directors with the Yoox Net-APorter group, I’m now in the process of setting up my own creative consultancy called ANCC Studio working with luxury fashion brands based between London and Paris. We’ll be acting as a general creative practice for these brands overseeing their identity, image direction and ecommerce, telling brand stories through narratives and campaigns produced in collaboration with other photographers and teams.

It’s a very exciting time using what I’ve learnt over the past eight years and putting it into practice in a more creative field.

Having your own creative studio lifts limits that you had working in a larger group so I look to be collaborating with experiences

that are just not confined to the fashion realm; I am happy to be working with other artists locally as well on their own path.

My first project, which I’m working on this month, is a book and digital showcase for local photographer Julian Vassallo, who is currently documenting the changing urban and architectural landscape. This project will be on show in January 2019.

Alongside this project, I am still pursuing my own photography career, but with a newly trained eye. I have had the pleasure of working with some really great talents (both younger and older than myself) while working at my last job and I’ve learnt to appreciate my own work and benefitted from telling my own story.

When I first moved to London I actually picked up illustration again and this led to

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a variety of projects too, however I have slowed down and ensure that this remains enjoyable and within my own remit of how I’d like to do things. I’ve seen artists burn

I recently photographed Casey Spooner — an American artist and lead singer of the band Fischerspooner — whom I actually listened to and loved since my teenage years.

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FA S H I O N

out and develop repetitive work and this is something I do my best to avoid.

that is the dream; it’s all about story-telling really.

photograph. Dave Gahan from Depeche Mode is on that list.

Tell us about your London journey to this day?

Would you see yourself back in Malta?

Where do you prefer to shoot, on location or studio?

I moved to London six years ago, working as an art director with fashion and luxury brands and media brands. I served as art director at VICE Media for a year before

moving to the Yoox Net-A-Porter group, before that I had my own practice in Malta so I feel at ease going back to running my own projects after six years working with very corporate structures, both of which in their own way taught me a lot.

Not at this stage. There’s no real industry for me to be back in Malta, however, I do miss the sun and the sea, my family and my friends and I do love helping emerging talent here as much as I can.

What would be a dream collaboration for you? Or have you accomplished that dream?

I use my illustrations to capture things I cannot photograph, and I use photography to capture portraits and document stories that happened (or not). I would love to one day move to film as I believe realistically

Everyone has their dream collaborations of sorts; I recently photographed Casey Spooner — an American artist and lead singer of the band Fischerspooner — whom I actually listened to and loved since my teenage years. He approached me on Instagram saying some of my portraits of London boys reminded him of Peter Hujar’s studio works, a big compliment in itself. I can say he’d have been someone I’d wanted to photograph for a while. There are a few other artists and musicians I would love to

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How do you explain life in terms of photography and illustrations?

T H E D E S I G N & C R E AT I V I T Y E D I T I O N

I have found myself shooting in studio often over the past year due to weather restrictions in London and the fact that I worked full time. However I now really wish

to break away from the studio for anything else but my portraits and start telling stories in different locations or sets.

What make your photos stand out from others?

My casting and the regular use of black and white are both defining factors. However in my portraiture and even in my more personal diaries I have focused on referring to cinema even in the most subtle ways.

I’ve always been inspired by Fellini’s movies as well as Michelangelo Antonioni’s trilogy L’Avventura, La Notte and L’Eclisse.

C OV E R S TO RY

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C OV E R S TO RY

Running the Block MONEY speaks to Eman Pulis – the man behind SiGMA and the Malta Blockchain Summit whose intention is to promote blockchain in Malta in the same way he successfully did with iGaming.

The inaugural edition of the Malta Blockchain Summit has come a long way since it was announced, and has been accompanied by a string of big developments. The promised regulation has been delivered, and blockchain-oriented companies have been steadily announcing their moves to Malta. Eman Pulis has been in the thick of things, and his efforts through the Malta Blockchain Summit make him a primary mover and shaker as the island continues to cement its reputation.

The man who made a name for himself through the SiGMA family of iGaming events is now hoping to make the same impact in blockchain and DLT. SiGMA’s outstanding growth coincided with Maltese government efforts to single out the ‘next big thing’ in tech, and prepare our

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island to make the most of it. Blockchain and Distributed Ledger Technology carry significant promise, and new potential applications seem to crop up every other day. At the core of this promise is an unprecedented level of decentralisation in how we conduct our imperfect human affairs, ranging from finance to healthcare and energy.

For a national government, for all intents and purposes a central authority, to willingly welcome a disruptive technology that promises decentralisation might sound topsy-turvy. However, Malta was early to recognise the blockchain’s potential for positive disruption. Senior members of the government, including the Prime Minister, were very vociferous in extolling its promise early on – and it wasn’t just idle talk.

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Malta has positioned itself as a one of the primary jurisdictions in the field as the public efforts of government officials have been mirrored by the industry.

There’s no fighting the future, and Maltese Prime Minister Joseph Muscat was early and emphatic in laying down a strong marker for Malta’s role in this revolutionary movement in tech, while calling on the EU as a whole to willingly embrace the change.

"I understand that regulators are wary of this technology but the fact is that it’s coming,” Dr Muscat said at the time. “We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them.

We must be the ones that others copy,” Dr Muscat added.

This rhetoric has been matched with proactive legislation to make Malta the ideal environment for the technology to thrive. This process has also seen Parliamentary Secretary Silvio Schembri take a central role. “The purpose of these laws will be to provide legal certainty to a space that is currently unregulated,” said Mr Schembri. “It will provide an environment conducive to this technology, and it will make Malta the natural destination for businesses working in this field.”

Malta’s overt interest in blockchain and DLT is already paying dividends. Binance, a leading crypto exchange, broadcast the launch of an operational base in Malta in late March. Several other firms operating in crypto have since made similar announcements. With legal grey areas no longer a major concern in Malta, the initial trickle of blockchain activity moving to Malta is picking up more and more pace with every passing month.

We’re using a formula that’s now been proven successful. If we can promote the Maltese Blockchain scene even half as effectively as we’ve championed its iGaming sector, we’ll be in pretty good shape.

Malta Blockchain Summit aims to give the Maltese blockchain and DLT scene a true focal point.

The inaugural edition of the Malta Blockchain Summit is obviously capitalising on this momentum, and has already exceeded expectations in many regards.

With the rules now in place, the ecosystem has the space it needs to flourish. That’s where the Malta Blockchain Summit comes in. As SiGMA has already made itself a key part of Malta’s iGaming infrastructure, the

However, as the landmark event for the Maltese blockchain scene, the Malta Blockchain Summit is also bringing its own energy to the burgeoning Blockchain Island.

Organised by the same crack events team behind SiGMA, now a globally renowned brand in iGaming, the Malta Blockchain Summit already comes with a strong pedigree, even though the inaugural edition

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is yet to take place.

As CEO, Eman Pulis is spearheading efforts to make the Malta Blockchain Summit yet another successful addition to Malta’s business calendar. “I’m not going pretend I invented blockchain, or take credit for bringing it to Malta,” Eman tells me. “The government has taken the lead in making Malta the leading jurisdiction in blockchain and DLT. For my part, I’m looking to shine a light on this very important new technology with the Malta Blockchain Summit. It’s very heartening to see the powers-that-be take the lead on this. Launching the Malta Blockchain Summit is a huge leap for us.

Hosting this type of event in Malta, which has shown such a tangible commitment to the development of the industry, lessens some of the risk. We know that we’re tapping into something that has real potential.”

In practice, this translates into deliberate initiatives that will be woven in as part of the Malta Blockchain Summit. For instance, the inaugural edition will feature a vibrant

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‘hackathon’ – a social coding event that will bring talented developers to Malta. It’s becoming increasingly important to lure the best talent to our fledgling ‘Blockchain Island’, and the availability of developers is a major factor. “We’re investing very heavily in our Hackathon,” Eman explains. “We’re aware that attracting talented developers to Malta is a key requirement, and we’re actively trying to do our part.”

Another lesson that Eman is keen to see transposed into the Malta Blockchain

Summit is an absolute commitment to impartiality and fairness in how he conducts his business. By not playing favourites, and by steadfastly refusing to steal the limelight at his collaborators’ expense, Eman has convinced the major players of the gaming community to trust him with their brand.

cumulative effect to all our efforts,” he explains. “A big reason why iGaming has become so relevant in Malta is a sort of gravity. As it grows larger, it keeps on attracting more and more of a presence.

Firms see value in being close to their partners, with an established pool of talent close by.”

The event is set to grow into the talking shop that keeps the wider industry in touch and engaged with the Blockchain Island.

“You have to understand that there’s a

Eman elaborates: “We’re using a formula that’s now been proven successful. If we can promote the Maltese blockchain scene even half as effectively as we’ve championed its iGaming sector, we’ll be in pretty good shape”. The Summit will host a veritable all-star cast of featured speakers that will provide the event with an unparalleled intellectual underpinning.

Maltese Prime Minister Joseph Muscat will also be delivering the keynote address during the event. With multiple networking events built into the larger show, the Malta Blockchain Summit should be a springboard for numerous deals.

Blockchain and DLT are definitely on their way in, and Malta’s growing participation in the revolutionary tech is going to continue to make headlines going forward.

If past experience is anything to go by, the organisers of the Malta Blockchain Summit will not be outdone. This event promises to be a strong catalyst for the next big shake in tech – with Malta gladly positioned at

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An exuberance of fresh prime USDA cuts, Japanese wagyu meat, local fresh lobsters ‘’Awwista’’ and plenty of seafood to choose from. Our quality obsessed team will guide you through our daily specials, including vegetarian dishes, and help with any food intolerances.

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TO U R I S M

KICKING OFF A WHOLE NEW BALL GAME Winston Zahra Jr is synonymous with the hospitality industry. He spoke to Giselle Borg Olivier and how things have changed over the past decade, and about the challenges ahead, not only for the industry but also for himself.

Do you think that Malta's development boom will help to cater for the growing number of visitors to the island, or is Malta losing out on its laid-back Mediterranean island appeal?

experience that will remain memorable for the right reasons.

Malta’s tourism industry remains one of the mainstays of the local economy and we should never take it for granted or underestimate the multiple benefits it brings for people from all walks of life.

We have seen a record number of tourist arrivals year-on-year for the past 10 years in Malta. Today the number has swelled to beyond what the industry ever thought it would and I feel that we have reached a point where we need to properly discuss the matter.

But we also have to keep in mind that the destination is what sells first. People choose a destination for a variety of reasons and they look for a different

We are a small Mediterranean island and we have to be careful that we do not continue to erode the very factors that attracted people to visit us in the first place.

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Overdevelopment, noise, traffic congestion and a general slipping of genuine, friendly and hospitable service risk harming the industry and we are not talking about what needs to be done enough to ensure that this does not become a long-term problem.

As former president of the MHRA, your involvement in the tourism industry was widespread. What are your views on the evolution of the tourism industry since that period?

The tourism industry today is vastly different to the days I was president of the

Giselle is a freelance writer, proofreader and social media marketer who lives on Instagram and cappuccino. Runs Content for Success.

MHRA. Putting the sheer numbers aside the industry has doubled in size - there are some very fundamental differences. At the time, we were fighting hard to make the industry sustainable. We fought hard to ensure that Malta joined the EU. We fought hard to ensure that the phenomenon of low-cost airlines was part of our industry.

And we also put a lot of effort into ensuring that the Malta Tourism Authority (MTA) was restructured to become a much more effective marketing force than it was previously.

All of these factors have had a very significant effect on what the industry has shaped up to be today. Without those decisions, and obviously the subsequent follow-up in the years that followed, we wouldn’t be looking at anything like the results that we have today.

Concurrently, the industry has also changed dramatically in the way people research destinations and holidays, in the way they book their travel and accommodation, the lead times that bookings are made in and even the way feedback is given and shared. The internet, social media and use of mobile devices have completely changed the way things are done. One just needs to think that companies like Booking. com, Expedia and Air B&B were practically unheard of 10 years ago and just look at the role they play in the industry today. It’s a completely different ball game.

Island Hotels Group was your success story. What made you decide to sell to International Hotel Investments, and, in retrospect, do you think that this was the right decision?

Island Hotels Group was the success story of many people and not mine. My father, our partners and various stakeholders — and mostly the large number of people who formed part of the team over the 25 years that the group operated — were the cornerstone that made the company what

TO U R I S M

it was. It was without doubt a great journey full of excitement, challenges and all that the development of such an enterprise brings with it.

I will always look back at these years with a great amount of pride and satisfaction and I still consider many of the people involved as part of our extended family.

As I have had the opportunity to say on previous occasions, the sale to IHI was not the end of a journey. I view it more as an evolution of the company into something bigger, an opportunity to merge two very good companies operating in the same space into something even bigger that helps drive growth and better combined results. This has very much been achieved and in retrospect I have no doubt that this was definitely the right decision. The time was right, the fit was excellent, and many

to another and when we went public with Island Hotels Group in October 2009, they bought into the company. Gary also sat on the board of directors for six years and we always got on very well.

Ultimately, when we concluded the transaction with IHI, part of the deal included a swap of shares from IHG to IHI so it was natural that Gary and Ryan also did the same and today, we all hold an amount of shares within IHI as a result.

You’re involved in an international hospitality start-up based in the UK. Is there any reason why you chose not to focus on something local? And what do you hope to achieve within the next five years as a result of this new venture?

When we concluded the transaction with IHI, my intention was to stay in the industry

Companies like Booking.com, Expedia and Air B&B were practically unheard of 10 years ago and just look at the role they play in the industry today. people are now continuing to grow and develop within IHI as a result. In hindsight I would do it all over again.

Let's name drop... Gary Neville — Man Utd stalwart — was involved in the Island Hotels Group as a shareholder. How did you meet and how did your partnership evolve?

I met Gary Neville and Ryan Giggs when they came to Malta in 2009 to celebrate the 50th anniversary of the local Manchester United Supporters Club. We had done the catering for the celebrations and as a result I met them both. We ended up having an intense conversation about hotels as they were looking to invest into a hotel development in the UK. One thing led

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for a number of years. The reality is that once the integration of both companies was complete and the transition process was concluded it was time for me to move on. I had intended to take it easy and take some time off but when I told Gary that I had decided to retire, he started laughing and, as it had a few years before, one conversation led to another.

I ended up joining him and Ryan in Manchester in their hospitality venture.

The company has some great fundamentals and the brand is a very strong one with the potential to be scaled up substantially both in the UK and internationally. It is a very exciting and we are looking forward to growing the company in the years ahead.

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In an ever-changing world dominated by technology most industries have either adapted to the times or got left behind, worse still replaced. One team pioneering new frontiers in technology for the property market is QLZH Group.

MONEY reports‌

PROMO

The tech savvy real estate agent, myth or fact. In an ever-changing world dominated by technology most industries have either adapted to the times or got left behind, worse still replaced. Yet some industries remain largely untouched. In property the old handshake and paper contract remain the conventional method of conducting business. This does not mean that alternatives don’t exist. On the contrary there is a whole world of tech out there at our fingertips to take full advantage of.

One team pioneering new frontiers in technology for the property market is QLZH Group. QLZH, forged from the two companies that put themselves on the front line of PropTech in Malta, namely QuickLets & Zanzi Homes, have come a long way in a very short amount of time, owing their success to technology and insight. Cofounder & CEO Steve Mercieca had his vision to seize this market opportunity.

The letting branch of the group aptly named QuickLets, does exactly what is says on the box. Steve’s direct approach was “Give us your property and we will rent it out quickly for you”. Five years down the line they are among the top brands when it comes to rentals in Malta. The demand in its infancy far outweighed the supply.

Having said that, finding the properties was the hard part. So QuickLets introduced the VA (Virtual Agent) system just after they launched, leveraging information for reward. Refer a property and get a piece of the pie: an easy solution to simple problem. This helped grow the database to the biggest on the island while offering the average person at home the opportunity to get involved in this booming market without ever leaving the comfort of their home.

Zanzi Homes, was a natural progression to QuickLets. The landlords, pockets lined with their new rental success, were ready to invest to expand their portfolio. Requests came in for new properties, this time to be purchased. Steve and his ambitious

Virtual agent system

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PROMO

Zanzi Homes eventually listed a large number of properties being offered on plan or yet to be developed but identified the need to better showcase these properties in their final form and decided as early as 2016 to create that experience to view these listings. Enter Virtual Reality, a technology which Zanzi Homes was able to harness so that plans were elevated from the two dimensional constraints of paper or screen. The buyer, wearing a headset, could feel what it was like to stand inside the property and navigate their surroundings.

This platform also allowed Zanzi Homes to visualise the property to the requirements of the buyer, thus providing a more immersive experience.

As a group, QLZH has been able to thrive at the forefront of tech. The group attributes its success to its solid company culture, which has promoted core values not just internally, but externally too.

Their core purpose is to have an engaging company culture and always focus on the environment and people’s education and

Photo by Shaun Spiteri Photography

teams quickly resorted to finding leads for sale, adopting the same VA referral system.

The President of Malta inaugurating the Sliema head office and foundation.

wellness. 2018 marked the consolidation of these two pioneering companies and the addition of QLZH Foundation. The foundation was launched on January 11 this year by President of Malta MarieLouise Coleiro Preca. The group believes in a greener, cleaner and healthier planet.

The causes they have at heart are he environment, education and adequate housing. Their work stretches from Malta to Africa and all the way to Lombok. Although formally launched in 2018, the QLZH Group has been involved in sustainable

“QuickLets introduced the VA (Virtual Agent) system just after they launched, leveraging information for reward.” projects since its inception in 2013.

QuickLets has also forked recently, creating a separate avenue to handle the ever growing commercial market. With this increase came a new demand for specialists in this competitive field. QLC (QuickLets Commercial) is one of the newest members taking on a team of experienced specialists mainly from their popular site officefinder. com.mt and offering a qualification academy for training top letting specialists looking to make the jump into the exciting commercial world and backed by the same VA concept allowing the database to grow exponentially. Steve says: "If it’s possible QLC will make it happen.”

“Once a client needed a prestige location,” he added, “we contacted the owner, spoke

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PROMO

to their current tenants, found them another place which worked better for them and got the prestige location wanted by our clients.”

With 2019 and the group's fifth year anniversary there are many opportunities on the horizon. The group has spent the last 18 months redesigning their software and investing in their R&D to make sure that their clients get the best service possible. QuickLets are shortly launching

an innovative state-of-the-art app which will enhance the letting space, making the process more user centric and efficient.

More information about this can be found on QLZHapp.com. The group plans to keep growing in Malta and aims to achieve new heights in all of its sectors. QLZH are definitely tech forward as companies go.

It could be the youthful fresh approach or the eagerness to get ahead; either way this team truly embraces the future of the industry. In a world where tech is

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opening up so many avenues there will be new opportunities with blockchain and smart contracts. QLZH already accept transactions in cryptocurrency as well as offering crypto ATMs in a few of their branches. With advancements in VR, AI and AR it will be interesting to see what the future holds.

If you are looking to join one of Malta’s fastest growing and innovative teams, then contact hello@zanzihomes.com.

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Signs of the Times

PROMO

The name Mangion & Lightfoot is synonymous with high quality design. Since starting out in 1997, they have been crafting solutions for print, websites, award-winning apps, branding, and packaging for some of Malta’s biggest companies. Since 2003 they have specialised in wayfinding and signage with projects for Radisson Blu, Valletta Waterfront, Malta’s Parliament building and numerous commercial developments. MONEY speaks to Mark Lightfoot and Matthew Mangion about their new venture — Urban UX – where form and function truly amalgamate.

So, what exactly is Urban UX, what does it mean?

UX is shorthand for “user experience” and Urban User Experience (UX) Design is the term we use to describe the combined disciplines of wayfinding, information, graphic, and product design, within an urban context.

This combination of disciplines and an understanding of how humans behave and why they make certain choices, enables us to develop solutions that help users comfortably and easily navigate unfamiliar urban environments. Our work also encompasses urban and street furniture, and an understanding of how it can enhance recreation, travel, work and entertainment. We enrich the experience of the urban landscape and make public and private spaces a pleasure to use — from indoors to outdoors.

And back to the first part of your question, the name Urban UX was the result of some creative brainstorming, and serendipity. It just seemed to fit our vision so well.

And what is that vision?

With so many infrastructural projects happening we realised it would be a good time to focus our efforts and get involved.

Our vision is simple: help make our built environment as simple, joyful and easy to use as possible. The skills Matt and I have developed over that last 20 years mean that we can marry form and function in a design that looks good but makes sense.

How does user experience work in an urban context?

Put simply, it’s about how you find your way around the built environment. That’s

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as far as navigation goes. If you can easily locate what you are looking for there’s no stress. So well-planned wayfinding and good signage is a must.

When it comes to public spaces, like parks, or promenades; if there’s well-thought-out facilities like seating, bins, shelter from the elements — it’s amazing how much of a magnet these things can be. Only recently we installed furniture at a project in Gżira, and also Cospicua, and in both cases, within an hour of installing the benches, people were already using them!

Users need signs and these other functional elements to get the most out of the built environment — they deserve a good user experience. Everyone should feel they can find what they need and use the spaces for relaxing, work and play.

Product design plays a big part in Urban UX, can you tell us a bit more?

We work with two amazing companies; one for signage, and one for furniture. The Danish sign company Modulex was originally founded in 1963 by the Lego Group. They have a huge commitment to design, quality and the environment. We have been working with them since 2004, and in January 2019 we will become official partners. This is a big thing for us; it’s a testament to our shared beliefs, and design goals.

2018 was an important year for us; not only did we formally incorporate Urban UX, but critically, we were appointed distributors for the Italian company, Metalco. They have been present unofficially in Malta for several years, but now with this distribution agreement it’s official.

Metalco is one of the world’s best urban and street furniture manufacturers, and certainly the biggest in Europe. The quality is amazing, truly amazing. This quality comes at a cost — but as we all know, cheap is expensive. This is our philosophy; invest in your environment, and show your users that you care.

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PROMO

BMIT has established itself as Malta's top data centre and is among the leaders in cloud services. MONEY delves into BMIT’s ongoing successes and future plans.

Can you briefly tell us about your expansion of facilities and the team behind such growth?

Expansion is an ongoing process here at BMIT; the need to accommodate a growing client base and consequently keep ahead of the curve in terms of technology is a constant one. Of late we have further expanded our resource with a new Data Centre at Smartcity as well as established key presence points in Milan and Frankfurt.

Our overseas resources are a crucial part of our resiliency and redundancy, as part of the security guarantee we give to our clients by being their data centre provider.

We have also completed a successful acquisition of Kinetix – a leading IT services and consultancy company that we have partnered with regularly over the years.

Have you registered a significant increase in clients, hence the expansion?

What exactly makes you different from existing competitors and the services offered?

BMIT has a distinctive mix of resources: our expertise and track-record, certifications and partnerships, our constant (and significant) investments in infrastructure and our uncompromised 24x7x365 support. With our decades of track-record to boot, we’re pretty confident of our position in this market.

Fundamental shifts are occurring in the IT industry. What strategies is BMIT executing to meet today’s fast-changing requirements?

‘The only constant in life, is change’ and change, actually rapid evolutional change, is what technology is going continuously through …Nothing could be truer for the IT industry. The way we apply this to our business is to make sure we remain relevant and future-proof through a continuous investment philosophy in new products and state-of-the-art infrastructure. This coupled with always being at the forefront as an employer to ensure that our team is well looked after and keeping our position as a very attractive employment prospect. We also keep improving our existing services.

Christian Sammut, CEO at BMIT

Is Blockchain leaving an impact on BMIT? The expansion we are seeing is one which has been registered year-on-year now for quite a while. Our core business is growing with existing long-standing clients seeing healthy, sustainable growth in their own businesses and that of course increases their requirements for the services they have trusted BMIT with over the years. We are also consistently seeing an expansion in our portfolio.

What additional areas might BMIT expand into?

The need for data centres is always there so our pipeline is virtually always full.

Partnerships are also an area where we have had great results by building valuable chemistries with like-minded companies and individuals, this is particularly attractive to us in the cloud services area.

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Blockchain technology is something we are keeping a keen interest in, particularly since any technology-based transaction process requires tech with a tried and tested level of quality to be effective and scalable. Here once again BMIT has an enviable mix of knowledgeable, capable and experienced resources to provide, monitor and manage the underlying technology.

MONEY · 37

PROMO

E&S GROUP:

MORE THAN A STANDARD CORPORATE SERVICE PROVIDER

MONEY interviews Dr Christian Ellul and Karl Schranz, founders of E&S Group which is comprised of an experienced and dynamic team of professionals with a special focus on blockchain and crypto.

Who is E&S Group and what services do you offer?

E&S Group was founded in 2010. We offer a wide range of legal and corporate services to both local and foreign companies. We are continuously growing as a group, having 50+ employees working on a full-time basis. Other than the standard corporate services, we offer bespoke advisory and legal services to our clients, with a focus on the blockchain and crypto industry.

With the new legislation in place, what advantages do you see in this industry?

The new legislation is a key step in the right direction, not just for Malta, but for the industry as a whole. It is no secret that in the last few years the cryptocurrency industry, players and stakeholders have been subject to controversy (often associated with money laundering) and looked upon with suspicion – often compared to the dotcom bubble in the late 90s. This history lesson has forced many would-be investors to rethink their decision about investing in cryptocurrencies.

Undoubtedly, from a potential investor’s point of view, the legislation will make investing in cryptocurrencies more attractive, in particular institutional investors, who are accustomed to invest in eligible projects and instruments.

Knowing that there is some structure

in place to protect investors, as well as accountability, this is surely something that many investors look for. Article 10 of the Virtual Financial Assets Act (VFAA) states that the “issuer shall be liable for damages sustained by a person as a direct consequence of such person having bought virtual financial assets, either as part of an initial VFA offering by such issuer or on a DLT exchange, on the basis of information contained in the whitepaper, website or advertisement by reason of any untrue statement included therein”. Although there are exemptions from liability, issuers must exercise due caution, specifically by acting in line with the principles of “business honesty and integrity” and “due skill, care, and diligence”.

From a client’s perspective, the VFAA adds a level of legitimacy to the ICOs. Since they are being required to comply with the substance of the VFAA and having to go through a regulated advisor, the VFA agent duly authorised by the MFSA, will add much-needed clarity to their offering.

Our firm will seek to be authorised with the aim of representing and advising our clients in structuring their public offerings.

Being fully compliant will allow issuers of ICOs to have a leg-up on offerings in other jurisdictions which may not be regulated.

The new legislation also provides them with standards as to what they require to be compliant and what they can expect from their advisor.

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How are you coping with the new regulation?

The new legislation has been welcomed by many. From a practitioner’s point of view, it provides a much-needed legal and regulatory structure to the industry.

The advent of the new legislation is opening up new business opportunities and challenging times to practitioners, legal advisors, accountants, auditors and technical advisors. Although the new legislation is but the initial step towards a solid regulatory framework, the everchanging nature and growth of the industry would require parallel legal growth and development.

The Act should, together with additional effort and input from the practitioners and industry, have a very positive effect on Malta’s goal of becoming a leader in blockchain and cryptocurrency. Clients who view themselves as legitimate and able to comply with the Act and its principles will be attracted to a jurisdiction that has shown that it is committed to the industry in a way that creates a beneficial environment for all stakeholders. Investors will be attracted to a jurisdiction that offers some level of protection.

The question now is, will the Act succeed in its goals. Only time will tell – but it does seem like a step in the right direction.

A step that has caught the eyes of the European Union and other jurisdictions – the results and success of which we may see in the near future.

ICOs cannot go ahead until there are advisers. Are you applying to be approved?

Yes, absolutely. Although the registration process has not yet begun, we have been quite proactive in anticipating the requirements of a VFA agent. We are lucky in the sense that because our current practice is highly regulated, we as an organisation are already steps ahead.

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YOUR IT SIMPLIFIED

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For more information, contact us at sales@bmit.com.mt or visit bmit.com.mt

US band Boyce Avenue joins Quizando as global development kicks off

PROMO

Boyce Avenue — one of the world’s most widely followed music bands — has finalised a partnership with Web Matters Ltd — the Malta-based company behind the Quizando quiz game portal - as it prepares to launch a revolutionary new gaming platform. Duncan Barry speaks to Wesley Ellul, one of Quizando’s founders about this new and exciting venture.

Can you explain, in a nutshell, what this concept, between a music band and quiz portal Quizando, is all about?

In today’s world, there are hundreds of thousands of new celebrity types we call influencers. These influencers have audiences ranging from 2,000 to 100 million followers that help shape the likes and dislikes of audiences around the world.

Today, if you are an influencer with under 100,000 followers, you’re not making all that much financially and instead are getting paid in kind. If you are monetising influence it takes hours to administer these relationships, sacrificing time from generating content. The influencer industry is modelled on a business-to-business model where the audience is the product and the influencer provides a service to an advertiser.

With Quizando Live we address these issues by changing the model to a businessto-customer model, where the audience engagement and fun is the product on sale and the influencer is the business the audience is buying from. We are doing this by creating a live “Game Show” platform which influencers can engage with and the players can win money while having fun. For the first time, the influencer can monetise the one thing they own: their influence.

How did the band get involved?

Well I had brought down US band Boyce Avenue in 2017 to perform at MCC, we struck a friendship and when Quizando Live came along, I bounced the idea off them and got their feedback from an influencer’s perspective. Well, it would be an understatement to say BA loved it. Eventually, they were so interested they wanted to be a part of the company — they wanted to give something back to their social media community and be part of this revolution in influencer revenue generation.

We could not have been happier to oblige.

spent most of the time telling us how great the concept is as are the Tokenomics that support it, and the ROI on our token he’s expecting blew our minds. Literally four times our conservative estimates for the first year.

Two other investors came in as equity investors in the project, one a major name in the Maltese market, the other an international investor.

You seem to be using what is referred to as an Initial Coin Offering (ICO) for the platform. How is it faring? Any potential investors?

Many players have signed in already without any marketing whatsoever. What drives multiple players to sign up to your platform?

Yes, this was something new for us. Initially we were looking at the Prospects route at the Malta Stock Exchange, but while we were looking into it, our financial advisers told us that we may want to rope in an international investor who can give us some clout. We had heard of a Maltese law firm doing their own ICO and thought, well, if a law firm could raise that sort of cash, then we’d give it a shot.

We built a strong brand in an area where there are not many quiz platforms around — we were the first using a pay-to-play model offering cash prizes. Between being first and having outstanding Search Engine Optimisation, it’s very easy to attract players who keep spending an average of €100 a year on our platform. The added value of our influencer marketing then seals the deal in making Quizando a global success, both commercially and in terms of brand presence.

We only have been in private placement stage for a couple of weeks or so weeks and we already have over €250,000 committed out of our €1.8 million hardcap, with much more still coming in.

What made us happy about our initial investor is that he is one of the top 20 ICO experts on ICO review site ICObench and is a seasoned VC investor. During our call, he

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Boyce Avenue also gave their take on the concept of Quizando, stating that they “believed in the concept of Quizando ever since we were first introduced to it a few months ago".

More information about the ICO for the platform on www.quizando.io.

MONEY · 41

URBAN USER EXPERIENCE WAYFINDING, SIGNAGE, URBAN AND STREET FURNITURE FOR PUBLIC SPACE PROJECTS & COMMERCIAL DEVELOPMENTS.

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PROMO

TIMELESS Malta’s first Rolex boutique has been launched by Rolex and Edwards Lowell.

Located in the main shopping strip of Valletta – Republic Street – the boutique boasts of professional expertise in an elegant setting that “promotes a sense of harmony, discretion and intimacy with the brand which has been setting standards in watch-making for more than a century”.

Malcolm R. Lowell, managing director of Edwards Lowell, told MONEY: “This step is an important one for Edwards Lowell, that of investing in what is today, and has been, the most significant watch brand available.

“Rolex is a historic brand within this century and is synonymous with the birth of modern sport functional wrist watches.

“Over the years many influential personalities from all spheres of life have worn Rolex watches, developing the iconic, rugged and dependable watch to what it is today.”

As for the concept and design of the boutique itself, “it is a very unique

A first of its kind for Malta, the Rolex boutique showcases its various watch collections while offering a setting synonymous with the famed luxury brand while injecting local touches. MONEY speaks to Malcolm R. Lowell on the rare find Rolex boutique. interpretation of the Rolex concept since it has local touches and ambitions, including the use of local materials”, Lowell said.

The architect behind this unique concept is Chris Briffa. “While remaining as close as possible to the Rolex design and styling concept after having worked hand in hand with Rolex architects, Briffa managed to carve out a unique style with Maltese influences.”

Every element of the interior design features the elegant Rolex aesthetic and

Rolex is a historic brand within this century and is synonymous with the birth of modern sport functional wrist watches.

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radiates the values of the Rolex crown.

Excellence, precision and attention to detail emanate from the careful calibration of colours and patterns in the fittings and furnishings.

A striking emerald aqua floor highlights Rolex’s rich heritage – its wave motif referencing the iconic Oyster, the world’s first waterproof wristwatch. Used as flooring for the first time, the aqua material draws the eye across the boutique towards handcrafted stucco panels that feature a view of Valletta from the sea.

Lowell believes that this is the right time for Malta to attract this class of retail concept since this is where the future lies, ushering a new dawn in focused retail.

“Our aim is to set new standards in Maltese retail and pave the way for future projects,” Lowell highlighted.

MONEY · 43

Patrick has worked in the financial sector for 10 years. His job as private equity associate includes evaluating new investment opportunities and optimising portfolio performance. Patrick holds a CPA warrant and is a CFA charterholder.

BUSINESS

REVOLUTIONISING THE WAY BUSINESSES WORK Patrick Debattista looks at how the financial blockchain mechanism ICO has gained traction among businesses.

ICO Revolution or Evolution?

What once started out as a counterculture in technology now seems to be gaining mainstream popularity as an efficient vehicle for financing and investing. Patrick Debattista analyses the rise of the ICO. In July, the Malta-based Palladium group launched the world’s first “Initial Convertible Coin Offering”. This is an instrument which will give investors the right to convert “tokens” from an IC[C]O into shares in the group after a three-year lock-up period.

Although this is the first known ICCO, there seems to be an increasing acceptance from the investment community of Initial Coin Offerings (ICOs) as not just a means to buy products or “apps”, but also as proper investments from which returns could be generated.

from which traditional investment-like instruments become increasingly popular over purely application-based tokens? As a result, will we see mainstream venture capital and private equity (with its record dry powder available) starting to pour vast quantities of funds into this sector?

in exchange for cryptocurrency (such as bitcoin or Ethereum) or fiat currency (e.g. eturo). This mechanism was initially conceived:

What are ICOs? 1.

The question now is: does this represent a fundamental shift in the crypto space,

An ICO is a fundraising arrangement in which projects sell “tokens” to the public

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as a means of “democratising” access to projects which in the past were restricted mainly to larger institutional

BUSINESS

2.

investors or projects having a substantial minimum ticket size; and to “decentralise” financing away from banks and/or other third parties, thus making the process cheaper and more efficient.

However, not all ICOs are created equal; in fact, there are at least two broad types of tokens issued through these crowd sales: utility tokens and security tokens.

Utility tokens: The original idea behind the ICO

A “security” is a broad classification that refers to any kind of tradable asset.

Through ICOs, investors can now have access to a wide variety of so-called “security tokens”, ranging from equitybacked ICOs to tokens linked to real estate or other assets.

hard drive space. ICO contributors received tokens that they would be able to use to purchase storage space from Filecoin.

Since the total supply of tokens is fixed, utility tokens may appreciate over time if demand for the product or service increases. The attraction of issuing utility tokens is that they are unlikely to be regulated as “securities” and, as result, they would not face the more onerous regulatory burden borne by more traditional financial instruments.

The emergence of security tokens

So far, the vast majority of ICOs have been “utility tokens” (also known as “app coins” or “app tokens”). These provide users with access to a product or service.

For example, Filecoin provides a decentralised cloud storage service that will take advantage of unused computer

As the ICO market becomes more developed and sophisticated, more and more “traditional” firms are viewing ICOs as an option for accessing capital in the same way they would perform an Initial Public Offering (IPO) or a capital raise, for example.

For example, ZrCoin developed the world’s first totally “offline” ICO, which raised $7.1 million to invest in a metal refinery project.

When production launches, the company will buy back a minimum of $400,000 ZrCoin per month at a gradually increasing price, in essence “repaying” funds raised at a pre-determined profit for contributors.

In the meantime, the tokens are listed on a crypto exchange.

Another company, Blockhive, will raise funds through a so-called “ILP” (Initial Loan Procurement). This is effectively a debt instrument which will grant

2027

2017

$10m $500 billion

$10b

Utility tokens

$10 trillion

Security tokens

Source: Polymath

Figure 1 Market capitalisation of utility tokens (UTs) vs security tokens (STs); 2017 vs 2027 (forecast)

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MONEY · 45

BUSINESS

token-holders an interest rate of 20% of the project’s operating profit up to 2028, at which point the principal would be repaid.

Security tokens offering equity ownership Many companies have opted to sell an equity-like product via ICOs, thereby bypassing conventional equity markets.

For instance, CORL provides token-holders with share ownership in a company that invests directly in early-stage projects.

These projects are selected by the CORL management team, which grants financing to the projects in return for entering into a revenue-sharing agreement. This mechanism resembles a typical venture capital or private equity fund.

Analysts believe that security tokens will become the dominant ICO instrument in

the future. In fact, the figure below shows that the market capitalisation of utility tokens issued in 2017 was around $100 billion, while the respective figure for security tokens was only about $10 million.

Polymath estimates that, by 2027, the value of security tokens issued will dwarf that of utility tokens, reaching a projected sum of $10 trillion.

security tokens does not stop at the ICO stage. For example, an online retailer could technically run its entire operation via blockchain. It would raise finance, invest the proceeds for working capital, pay operational and capital expenditure, collect funds from customers and finally arrange for product delivery; all in one integrated process.

Blockchain could transform funding and investing

Unfortunately, the current cost of full implementation of this technology still seems to be prohibitive for most businesses, but this is projected to decline as more and more players test and adopt blockchain in the near future.

This would not only reflect the growing popularity of security tokens over utility tokens but would demonstrate the emerging power of blockchain in revolutionising the fund-raising process for smaller or larger companies alike.

Moreover, the benefit of a company issuing

What does the future look like?

Picture a world in which the fund-raising and investment processes are seamlessly

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Analysts believe that security tokens will become the dominant ICO instrument in the future. linked to one transparent network and do not have to flow via a financial intermediary; where a “smart” contract for an investment in France would look exactly the same as one from the UK, regardless of the respective jurisdictions’ legal systems.

Imagine the savings in KYC and due diligence costs when your counterparty’s profile and all related documents are stored – fully verified – on a blockchain ledger. Of course, it is key that anti-money laundering

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and terrorist financing safeguards are embedded in this technology, but the early signs are encouraging.

This all might still seem like a pipedream for now, but the fact that ICOs are starting to take the shape of “traditional” mainstream financing shows that blockchain, in my view, is here to stay. In the same manner that the 2000s ushered in the Internet of Information, we can now claim to be moving on to the Internet of Value.

History is unfolding before our eyes. This is just the start.

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C O U N T RY P R O F I L E

GIFTS FROM THE GREEK GODS After nine long and difficult years of belt-tightening, Greece finally emerged from the biggest bailout in economic history in August.

So why wasn’t there an almighty celebration?

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You have to feel some sympathy for Greek Prime Minister Alexis Tsipras. There he was, waiting for people to come and shake his hand, and pat him on the back, and congratulate him. Instead he got moans.

And not just muttering but a groundswell of calls for an early election from those who prefer not to wait till autumn 2019.

What had he achieved? Just over three years ago, his newly-elected radical-left government — the fourth since 2010 — had a dramatic crisis looming: Germany wanted Greece out of the monetary union. It was simple: the Greeks voted in a referendum against the tough terms from its creditors, and the EU was pushed into a ‘take it or leave it’ scenario. The Greek banks were already in funeral mode, designating the managers who would turn out the lights as they shut up shop. Did Tsipras have any choice?

C O U N T RY P R O F I L E

He agreed to sweeping new reforms. And he delivered, to a large extent. He pulled Greece, screaming and shouting and dragging its feet, through a depressing era of cuts and job losses.

It was not a one-way deal, don’t forget...

The country received €288 billion in financial aid since 2010 lent by its eurozone partners and the IMF. And the reforms did pay off, at least enough to wean it off the bailout. It came at a huge cost, however. The economy shrank by a quarter, pushing a third of the population into poverty and forcing the migration of thousands abroad.

And the forecasts are hardly rosy.

According to the European Commission’s summer forecast published in July, GDP was still a quarter lower last year than in 2007 – 0.8% (q-o-q) in the first quarter of 2018, which corresponds to a growth rate of 2.3% (y-o-y). The IMF projects real GDP growth of around 1 per cent a year for quite a while yet, and there are downside risks which would indicate that even this may prove overly optimistic. The European Commission is far more optimistic, forecasting real GDP of 1.9% in 2018 and 2.3% in 2019.

There is some good news. One of the brakes on GDP was the fall in investment, which shaved off 2.4pps from GDP growth. This is expected to turn around as investors’ confidence grows.

And Tsipras also had positive news from the labour market: unemployment fell to 20.1% in March 2018, down 0.7pps since the end of 2017, while employment grew by almost 2% in the first three months of 2018. This trend is expected to continue throughout the year, the European Commission forecast.

Indeed, Paul Wallace, a former European economics editor of The Economist, acknowledged in a Reuters article that

just three years ago, Greece’s amicable departure from any bailout program would have seemed unimaginable.

He sees the roots of the problem as the 1992 Maastricht Treaty that set out the ground rules for the single currency, which trumpeted the eurozone as a monetary union “pure and simple”, an illusion which was quickly blown apart when Greece lost access to the financial markets in the spring of 2010.

The eurozone countries had to discard the “no bailout” edict – skirting the treaty by saying it did not count as long as they were loans rather than outright cuts in debt, presumably with their fingers crossed behind their backs as they did so.

Debt? Did someone say debt? Yes, there is that. It remains 180 per cent of GDP, the highest in Europe. True, Japan’s is worse but there is a difference: the Japanese held their own debt while in Greece, foreign creditors hold the bulk of it.

This makes the debt vulnerable to markets, which Greece must court with its best foot forward, never allowing its suitors to glimpse even the slightest hint of trouble.

Ah, if only the debt could have been brought down! If Tsipras wants his party to claw its way back up the polls, he will need to deliver on promises to reward the belttightening with some fiscal sweeteners.

"We are ready to proceed with brave interventions," he said, studiously ignoring the government officials who said the government may have to scrap plans for further pension cuts next year.

Its creditors are still watching closely, perhaps now more than ever. The first whiff that Greece is relapsing into its old bad habits, and sparks will fly. It won’t be easy to balance the political realities with the creditors’ expectations: Greece must run budget surpluses not just for the next few years, but until 2060.

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WE ARE A VERY PATIENT CREDITOR. BUT WE DO WANT TO BE REPAID. European Economics Commissioner Pierre Moscovici could not afford to show any doubts, of course. When the end of the bailout was confirmed, he said: "The extensive reforms Greece has carried out have laid the ground for a sustainable recovery: this must be nurtured and maintained to enable the Greek people to reap the benefits of their efforts and sacrifices."

Well, he would say so, wouldn’t he? The head of the European Stability Mechanism, Klaus Regling, was more forthright, stressing that if anything, Greece would be even more tightly monitored than other eurozone countries that received similar loans.

"No other programme country has received anything comparable. Therefore, the monitoring will be tighter than in the other cases and this will take the form of the socalled enhanced surveillance," he said.

Officials from European institutions including the ESM will visit Athens every three months for an assessment.

"As Greece's biggest creditor by far, the ESM also wants to make sure that we will be repaid. We are a very patient creditor.

But we do want to be repaid," Regling said.

Indeed spare a thought for Tsipras. There won’t be any celebration for some time yet…

MONEY · 49

Ed was born in 1977 and is, to the disappointment of many, still not dead. He tells stories for a living, engages in a host of activities that don’t involve actual physical activity, and likes food, film, travel, and cameras.

C R E AT I V E

CREATIVE STORYTELLING for fun and profit

Ed Muscat Azzopardi analyses the process of brand storytelling to engage consumers and what it really takes to reach the objective.

For the sake of this article, let us define what we do as the act of telling stories with a commercial intent. We attempt to take a product or service and tell its story in a way that resonates with its intended audience.

I’ve made our industry sound terrible but, like every other industry, it is abuse and poor practice that dent it. Done well, the efforts of marketers, story tellers, advertisers and the merry men and women in associated professions seek to help you make more informed decisions. If you’re entertained on the way there, then that’s a point in your favour and in ours.

Put in other words, if I tell you a powerful enough story about a product that’s relevant to you, it is likely that you will be interested in the way it fits within your life or lifestyle. Then, once you have the means to purchase it as well as the opportunity to, you will very likely do so.

Think of the last time you saw an ad that made you laugh or think or ponder what you thought was a fundamental truth.

Where’s the harm in that?

But every day, a thousand people tell you a thousand stories. Every one of them is cleverly (or poorly) designed to pique your interest, to seize your attention, to interrupt what you’re doing and steal a moment of your focus. Your attention is the first win.

Next, you’ll be told that your life will be a little better with [Insert product/service here] in it.

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To many outside our industry, what we do is either a total mystery or a whole lot of fun and games. Neither of those positions is (entirely) true. Let’s break it down.

We’re loosely labelled the ‘creative industry’. It is a catch-all phrase that’s more acceptable than ‘a bunch of weirdos’

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I’ve made our industry sound terrible but, like every other industry, it is abuse and poor practice that dent it. in the same way that ‘digital marketing professional’ is meant to sound better than ‘spends the day on Facebook and gets paid for it’.

In fact, there is a process behind everything we do. While the end result may appear trivial and fun, the steps leading to a killer piece of creative are usually taken along a carefully charted path from brief to output.

This path is where creativity, process, and design find a productive playroom.

First, the brief. Hearing what a client has to say is a little pointless. Listening, on the other hand, turns a simple request into gold. It makes sure that we take the specific request and interpret it in a way that makes business sense for the client rather than in a way that will produce the prettiest picture or the funniest gif.

A client’s request that specifies “add a big yellow star that says 20% OFF” can be interpreted as the need to communicate “a highly visible way of showing a clear price benefit”. Simply placing that star without first finding a better way and presenting it to your client is just lazy.

Once the reason behind an opportunity for communication has been established, the next step is to involve the creative team. Here the process is a little harder to

describe because not all creatives take the same approach to clever storytelling. In most cases, though, creative minds follow a process. Almost every creative mind has their own version of a standard path to creative output or a totally unique path to the same output. They draw on their personal experience, their understanding of the desired message, their analysis of the emotional responses within their target audience, and a wide and unlikely gamut of creative inspiration to come up with a number of storylines.

The most compelling storyline is then given to those who know how to produce a physical representation of that story – the production team that’s made of artists and designers and wordsmiths and other talented individuals across a multitude of specialisations. It could be a photo with some words to help it along, it might be an illustration, a video, a gif, a caption, a whole year of celebrity endorsement, or a big-budget multichannel story.

That’s the bit that sounds arcane to outsiders and it is just as well. When you take your car to the mechanic you describe a problem. The mechanic takes a peek under the bonnet and says something like, “The commlebob is jitwixed to the snarkledud. I’ll have to replace it.” Or at

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least something that sounds like that. We don’t ask. We nod and agree and trust the mechanic’s knowledge and experience to work in our best interest.

A good story presented by those responsible for your creative should achieve your intended business objective – usually a tactical need (sell more stuff) wrapped in brand-aligned assets – even if the path seems unlikely. It ought to attract attention, build interest, convert those interested into likely buyers, and develop long-lasting, value-based relationships as a result.

At this point it is easy to break a carefully crafted storytelling path by tweaking the specifics but we don’t need to dwell on this too much. If you’re on the client side of things you’re to blame for at least one instance and if you’re on the agency side your eyes are welling up already.

Once the story is out, we measure. This second round of listening is essential to understand what’s working and what isn’t, and to do more of what is engaging and less of what slid under the radar of our audiences. And as a result of this feedback, the process starts again, this time informed by hard and soft metrics – we listen, we optimise strategy, we dive into creative, and we produce emotional storytelling for fun and profit.

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PROPERTY

Richard is the CEO of Switch – Digital & Brand, a marketing agency that forms part of ICOM, the world's largest network of independent agencies.

weapons of mass construction Richard Muscat Azzopardi analyses the construction boom and the dark flip-side to all this, arguing that those in the industry need to work collectively on ways on how to design and develop property.

If there's one thing we can see in the current property boom it is that far too many people seem to be scared of missing the boat. There seems to be as much of a land rush for development as there is for the property itself, and as a result we're seeing far too many deadlines being missed and corners being cut while contractors and service providers in the industry do their best to grab as much as they can. Making hay while the sun shines, and all that.

The big issue with this is that most of them seem to ignore the fact that this attitude is going to blow back in their faces either way.

Sure, they're making a quick buck, but how sustainable is it.

does not really seem to be an option on anyone's lips, so let's assume it's not there for the time being.

As Maltese people we tend to see the pessimistic option to be more likely, so I'll tackle that one first. Let's assume the metaphorical excrement will hit the fan and the property market does go into decline.

Contractors and people who are doing their best to grab every job possible at the expense of quality will have some money saved up (hopefully), but there's going to be very little work for them if their reputation is tarnished in the good years. At the moment they might still get work because of the massive issues with supply, however, once better people slow down, the shoddy ones will be the first to sink.

Realistically speaking you have two ways the current property market could go — up or down. The middle option, stagnation,

If the market keeps on getting better and better (and there seems to be quite

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a compelling argument for this — look at the increase in value of property between 1985 and 2000, for example, the growth was much larger then (proportionally) than the growth over the last 15 years.

The market, somehow sustained it. Also look at cities like London, that somehow function even as property prices have become virtually unaffordable. As the market grows, the good service providers

I guess we should have come to this crossroads as a country, too, now. Are we going to keep on working like madmen (and women) without any direction? Will we keep on going at full speed ahead trying to grab as much land as we can or will we stop, take a measured look and try to reevaluate what we’re all working towards?

My point here is simple. As people involved in the development industry we should be held responsible for the overall development of the country. We should be the ones leading by example and working on projects that are sustainable and do benefit for the greater good.

ARE WE GOING TO KEEP ON WORKING LIKE MADMEN (AND WOMEN) WITHOUT ANY DIRECTION? WILL WE KEEP ON GOING AT FULL SPEED AHEAD TRYING TO GRAB AS MUCH LAND AS WE CAN OR WILL WE STOP…

If we all keep thinking that we’re the only people that matter, eventually this will become true, and the country will not be made of a strong Maltese nation, but of a collection of selfish individuals who ruined what could have been one of our country’s best opportunities.

in the industry are going to leave the bad ones behind. Their reputation will be strong enough to allow them to grow, put excellent systems in place, employ a level of middle management that will give a much better experience to the end customer and eventually thrive.

This is why when we started out with MIKO a few years ago we had to make a choice — should we look for quantity or should we go for quality. Is it better to be running 15 projects at the same time to always be guaranteed maximum potential profits at

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the time being, or does it make more sense to work on a few clients you love working with on projects that you enjoy?

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Concretely (excuse the pun) we need to collectively work on a series of changes to the way we design and develop property.

I guess we need to get to a stage where we’re self regulating ourselves in order to build property that makes a positive impact on the environment around it (whether rural or urban). We can’t keep on seeing every property as an individual unit, because in the greater scheme of things it’s not.

The benefits might be slightly hard to see in the short term (especially in the immediate short term: make a building look slightly better from the outside, lose sqm and you might lose some value from the real estate) — however in the longer term every little bit of positive impact makes a large overall benefit to the country we live in.

The benefits then will be much bigger for everyone.

MONEY · 53

Iggy has been pouring his feelings into articles for the past nine years. His other passions include watching historical documentaries and putting together eccentric outfits. When it comes to cocktails, his favourite is always the next one.

I N T E RV I E W

At the beginning of summer, Iggy Fenech set out to discover how five highflying career women dress for success in the warm weather months and go about their lives.

Tamara Webb certainly doesn’t let the heat of the summer months stop her from doing her thing. In fact, for the lifestyle influencer followed by over 20,800 users on Instagram alone, the longer stretches of daylight usually mean more time to work and work out.

As she goes through her busy days juggling her roles as the content director of her own company, as well as photographer, fashionista and wife, she also keeps in mind the importance of taking a break. And, as she explains, the warmer months wouldn’t be complete without ample amounts of icecream sundaes, barbecues, a long vacation, and spending more time with family and friends.

“While I never look forward to summer, I do end up loving everything about it once it’s here,” she explains. “Particularly in Malta, where we get all the magic of salty hair, longer days and better moods!”

Summer, however, is also a time when Tamara’s much-followed style becomes fresher and lighter, with more vivid and bolder colours coming together to showcase the brighter mood of the season.

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Although during the rest of the year Member of the European Parliament (MEP) for Malta and Gozo Roberta Metsola is busy attending meetings and the European Parliament in Brussels and Strasbourg, the warmer months bring with them the summer recess. That, however, doesn’t mean that Roberta gets several weeks off.

In fact, summer is spent on home turf, meeting people, listening to what affects them, and explaining her role as our representative to constituents.

Unsurprisingly, therefore, she states that her sunglasses are her most important accessory in the summer months…

“Otherwise, it would be impossible to drive anywhere,” she says.

As a mother of four boys – all of whom will be on their school holidays – Roberta and her husband also spend a lot of time with them, and finding new ways to educate

and entertain them. One thing the family always does is head to Gozo for a long weekend. Roberta tries to switch off her phone and laptop while there but she never really manages… (“A girl can dream though, right?”)

On top of being the only time during the year she gets to read books for pleasure rather than work, summer is a time in which, like all other MEPs, Roberta gets to recharge her batteries before entering a new year of work.

“Summer is the time when the islands really come alive and when our culture is so much on show… I love the colour of our festi! And this year was even more special because of the World Cup – although I needed to brush up on my football trivia or risked losing the respect of my children," she joked.

Actress, and TV producer and presenter Clare Agius is always on the go, heading from one meeting to another, and one filming session to the next. Her make-up routine while doing so in the summer months is incredibly simple: “Sunblock to prevent pigmentation, and mascara and lipgloss for a pop of colour,” she reveals.

Photo by Elżbieta Kasprzyk

Indeed, you can usually find her armed with a killer pair of sunglasses and a colourful headscarf as she heads from the gym to her next meeting. As for her beauty regime, while she adds sunblock to the list, it’s the lip-glosses and body butters that truly make her summer look and feel more sparkly.

The look is usually completed with a pair of sunglasses, which Clare uses all year round – although she normally ends up buying many new ones in the summer months.

They are her number one accessory hands down, too. In fact, she says that “If I forgot my phone at home, I would probably think twice about returning for it… But if I left without my sunglasses, I would return… No question!”

Since most TV channels downsize their schedule, Clare’s summer is much less hectic than her winter. For that reason, she tries to get all her meetings out of the way by noon so she can spend the afternoon indoors, before going for a swim after 5pm with her boys. “Watching the sunset on an almost daily basis is a family favourite,” she says.

In the past, Clare has spent many summers escaping the intense humidity by going on various long-haul trips including to places like Australia, Africa, South America and Canada. “I don’t do that as much as I used to, though, and I’m getting used to being here and only going to England to visit family,” she concludes.

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I N T E RV I E W

Christabelle is, of course, one of Malta’s best-known singers but also a qualified accountant and an entrepreneur in her own right. Fresh from the Eurovision Song Contest in Lisbon, Christabelle was busy organising her wedding to fiancé, Jordan, which took place on 20 September.

“Between my work as an accountant, music meetings, my role as Ambassador for the President’s Society for the Well Being of Society for Mental Health, and meetings for my wedding, this summer was extremely busy,” she tells us. While she’d like to have more time to do other stuff – like going to the gym – she does make time to support Jordan, who’s a water polo player with AS Roma Nuoto.

As she rushes about to tick off all the items on her to-do list for the day, there are a number of essential items that make her summer feel and look better. The first is tinted sunblock, which replaces her foundation. “Foundation either cracks or melts off, so a moisturising, tinted sunblock helps me to have a better complexion, keep my skin hydrated and protect it from the sun.” As for clothes, “an off-shoulder boho-style dress to show off my tan in a subtle manner while being comfortable – paired with platformed espadrilles to give me added height – is my go-to outfit,” she reveals.

Yet summer tends to see her slightly busier than usual as certain conservation projects related to the Church are inaugurated during the feast of the Parish where the artwork pertains. In fact, believe it or not, a lot of her free time is also spent visiting churches during the festi, but there’s a very valid reason for that: “My colleagues and I never get the chance to admire the completed work at our laboratory as, once we finish the work, we have to return it immediately. So visiting the churches gives us a way to view the work of art in its full glory and rightful place.”

Photo by Kris Micallef

While it’s not her favourite season, summer for Christabelle does include many traditions, including that of heading to Ramla l-Ħamra for a day with her family.

Equipped with a book, an umbrella, and home-made ftajjar – but no phone – it’s something that she looks forward to every year.

essential to protect her skin from the sun, offer hydration and give coverage. “I am out all day, so it’s easier to carry one product in my bag rather than three or 10,” she says.

future generations. As a conservator of paintings and polychrome sculptures and the co-founder and director of Atelier del Restauro Ltd, her days are chock-a-block with research, meetings and, of course, getting down and dirty with historical items. For that reason, she’s often to be found outside, and a tinted sunblock is

Valentina Lupo can often be found on-site in some church or museum together with her colleagues, making sure our most prized possessions handed down through history are kept in pristine condition for

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Taking 10 days off to go on holiday with family and sometimes friends, and an avid fan of barbecues and Sundays at the beach, this relaxed attitude extends to Valentina’s wardrobe. She considers white ankle trousers as the ultimate, summer fashion basic, particularly on those I-don’tknow-what-to-wear days: “They can be easily combined with anything, therefore making my mornings easier,” she concludes, proudly!

bloom@bloomcreative.com.mt The design studio behind Money, FM and Skipper Magazines

bloomcreative.com.mt

We build remarkable brands.

Anna Marie is a journalist and writer with a passion for living beautifully. She has a wide range of interests and has written for multiple local newspapers and magazines focusing on fashion, food, the arts, and culture.

I N T E RV I E W

Ever since she burst on the scene with her pretty, colourful creations, Yana Azzopardi has become one of the go-to people in the local jewellery scene. Her creative, statement pieces not only have the ability to dress up and give life to the dullest of outfits but each piece tells its own beautiful story. Anna Marie Galea talks to her on what inspires her and speaks about the highs of her successful career.

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I N T E RV I E W

So what brought Yana into the jewellery scene? "It was always my dream to get into jewellery and I started designing around seven years ago. At the time, local handmade jewellery was not a big thing at all and not particularly popular. Two years after I started, I opened my first shop."

Designing using a wide selection of stones of different cuts, shapes and hues, Yana is always careful to construct pieces with different nuances so that there is always a unique piece for everyone: "When I design, I normally don't have just one particular woman in mind. I want every woman to feel like she can have a special piece that speaks to her character and the way she is. That said, I do make sure that each and every style I launch will suit women of all ages."

Like many other artists and creatives, Yana finds a lot of her inspiration in her surroundings: "If it’s a new collection, I normally base my designs around a particular theme. In fact, for the collection launched at Malta Fashion Week 2018, I focused on the colours of flamenco. When I'm not focused on a particular theme, I am mainly inspired by different patterns, trends and cultures. It's amazing how much I absorb when I travel."

Last year, I was chosen to be part of a photo campaign called ‘Artemisia: 100 Remarkable Women’ organised by the Network of Young Women Leaders.

While Yana's pieces are all extremely unique, the designer prefers to go down the classic route when it comes to wearing jewellery herself: "My favourite piece is my classic statement necklace. I feel this defines my own personal signature style and that is very important for me. I am very attached to the pieces I love and in fact, I would never leave home without my rings."

Throughout her seven-year tenure as one of the queens of locally made jewellery, Yana has experienced many wonderful moments, however, her proudest moment remains an exhibition she was asked to participate in last year: "Last year, I was chosen to be part of a photo campaign called 'Artemisia: 100 Remarkable Women' which was organised by the Network of Young Women Leaders in collaboration with photography director and producer Steven Levi Vella. This beautiful project was housed in the President's Palace.

“I felt really proud and honoured to be chosen to be a part of it. Another wonderful moment was last year's fashion week. It was a challenging yet exhilarating journey but I loved every second of it and was really excited to take part again this year. I honestly loved being at the heart of the local fashion industry and around some of the most talented local designers in

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Malta. I jumped at the chance of exhibiting and launching another collection this year.”

Enthusiastic and passionate as always, Yana is nothing short of ecstatic about what the future holds for her and her brand: “I recently opened my second shop in Sliema which was a huge milestone for me. I'm really excited about running both shops and the fresh challenges that this will bring. I'd really like to exhibit abroad and of course keep working on new collections,” she concludes.

MONEY · 59

Anna Marie is a journalist and writer with a passion for living beautifully. She has a wide range of interests and has written for multiple local newspapers and magazines focusing on fashion, food, the arts, and culture.

5 THINGS CHIC

h s a d A creativity of While in winter you can trick people into thinking you’re chic with a carefully selected oversize coat and a cashmere scarf, those in-between seasons can be a bit more of a challenge to people's style sensibilities as it can be harder to find clothes which look and feel casual yet elegant.

Keeping this in mind, MONEY’s Anna Marie Galea has compiled the ultimate stylish girl’s list of chic things to give your wardrobe that extra oomph.

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1. A HIGH QUALITY COTTON DRESS It can be hard to know what to wear in those in-between seasons. If it's still warm enough, why not buy a beautiful white cotton dress or better still, invest in a kaftan? A good quality cotton item will not only stave off any heat but it is also light and versatile enough to be comfortably worn before the winter chill sets in. A good quality cotton item truly goes a long way to making island life better.

2. A LARGE SILK OR COTTON SCARF Whether you wrap it around your shoulders when the evening chill sets in, wrap it around your head after a day at the beach or just use it as an accessory, no bag is complete without a backup scarf. A scarf cannot only be used to cover unruly hair to make your overall appearance tidier, but you can also use it to jazz up an otherwise plain or too casual outfit. It's also perfect for those days it's too hot to wear a cardigan.

3. LEATHER SANDALS A lot of people think that leather sandals should just be relegated to the summer season, however, if you live on a sunny, Mediterranean island, I don't think that there's anything wrong with extending sandal season till October. While I would advise everyone to forget those plastic contraptions that make everyone look like they have duck feet, save their flip flops

5 THINGS CHIC

4 solely for the beach and to never wear crocs, if you really want to up the chicness ante, invest in a simple, well-made pair of leather sandals which scream Jackie O and Riviera dreams. If you wear a lot of white, buy a brown, silver or gold pair and try to get a pair that doesn't have a lot of straps.

Not only are sandals with too much going on impossible to put on but the more straps you have, the streakier your tan will be.

Avoid diamante for day sandals; it peels and tarnishes very easily and will cheapen your entire look. Many times in chic footwear simplicity is key; think Capri not Catania.

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4. INVEST IN A THIN GOLD BANGLE Gold has gotten a bit of a reputation on our islands, with some people embracing it fully and piling themselves like the keeper of Aladdin's Cave and others obsessively, and irrationally, avoiding it for fear of looking vulgar. I, on the other, have made it my life's mission to make gold mainstream again.

Apart from the fact that a thin gold bangle looks ultra-chic with most dresses, the best thing about gold is that it doesn't tarnish which means that you can wash, swim and do everything under the sun with it without worrying about possible damage. It's yet another of those items beloved by chic women the world over which never goes out of style.

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5. OVERSIZED SUNGLASSES Despite the fact that I've been called a fly in the past several times by people who seriously couldn't handle my televisionsize lenses, this has done little to deter me — after all, who am I to argue with Audrey Hepburn? Oversized sunglasses in black or tortoise shell do not only look undeniably chic but they also protect you from showing off a multitude of sins while shielding you from the sunlight. Whether you're hungover or just feeling plain anti-social, oversize sunglasses cover it up in style.

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DESIGN

Nickel is the new

black The best things in life fall into a grey area.

Supersonic Black Nickel by Dyson It’s a thermistor-monitored, high-velocity, precision-engineered hair care tool. Built with a tiny but powerful digital motor, you’re able to dry and style your hair fast – essential for anyone who doesn’t have a moment to spare in their daily schedule.

Lamp shades

by Tom Dixon Add a touch of elegance to your home or office with these Tom Dixon lamp shades.

MW50headphones

by Master & Dynamic With magnetically attached lambskin earpads, these MW50+ wireless headphones by Master & Dynamic can switch from on-ear to over-ear. Either way, they look the part.

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DESIGN

BeoSound 2 by Bang & Olufsen Perfect sound quality, stunning contemporary design and a motion sensor to know when you’re near: the BeoSound 2 speaker by Bang & Olufsen has it all.

The Oracle Touch by Sage by Heston Blumenthal Heston Blumenthal’s coffee machine, The Oracle Touch by Sage, does it all for you – it even cleans itself. It's like having your own robot barista.

Espresso maker

by Wacaco At only 16cm long and weighing less than 350g, this espresso maker by Wacaco is perfect for when you’re on the go.

R7 High Fidelity Radiogram

by Ruark Audio

Kingsman suit

The R7 High Fidelity Radiogram by Ruark Audio is its classic old-school hi-fi, not updated with Spotify Connect and available in modern soft grey.

Exclusive to Mr Porter, this Kingsman wooland-linen-blend suit has been constructed using the best materials from Yorkshire textile mill Arthur Harrison.

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MONEY · 63

The Bluesman is a Maltese sound engineer working in New York.

LAST WORD

AN EVENT THAT EVOKED BAD MEMORIES OF A COUNTRY’S RACIST PAST On the eve of a tragic anniversary, The Bluesman looks back at the shocking events that occurred in the City of Charlottesville in August last year during a rally that turned violent.

I am writing this on the anniversary weekend of a tragic and frightening event that took place in the City of Charlottesville. An event resulting in the deaths of two police officers, a helicopter crash, and a 32-year-old woman who was struck by a car that was deliberately driven into the crowd. In company of other urban areas in the South, this town, which is home to the University of Virginia, has a crime rate higher than the national average but on this particular weekend it was ‘enhanced’ by the invasive influx of outsiders.

fracas. Despite this, permits were issued for a Unite the Right demonstration.

A month prior to this, the Ku Klux Klan had held a rally culminating with police deploying tear gas to break up the resulting

It didn’t go too well. With thousands of protestors and counter protesters gathered, scuffles were inevitable. By 1 pm the police

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All this activity in protest from white supremacist groups about the proposed removal of the Confederate general Robert E. Lee’s statue from a park. At this time a year or so ago disdain of, and retreat from, all things pertaining to the Civil War was a heated topic with white Southerners and the Black community obviously on opposite sides of the issue. Historic heritage versus very painful memories of cruelty and subjugation in slavery.

T H E D E S I G N & C R E AT I V I T Y E D I T I O N

had declared the rally an illegal assembly and the marching white supremacists and neo-Nazis were dispersing, those gathered in counter protest were jubilantly celebrating.

Activist Heather Heyer, 32, had been out and about checking things out when she came across some of the happy counterprotesters. She was dressed for her job as a bartender but on her way to her evening shift thought she’d hang around a while and discuss winning their streets back, one of her friends said.

Even though the streets were closed to traffic, a grey Dodge Challenger was seen backing up the street away from the crowd.

The driver then accelerated the vehicle straight at the people there sending them flying and killing Heyer. He backed away and took off down another street with a red plimsoll that the impact had blown off the foot of one of those struck, balanced on the hood and a dangling front bumper.

The driver, James A. Fields Jr, was caught by police before getting far and the 20-year-old is facing 2nd degree murder, and likely Federal hate-crime, charges.

Sadly the regulars at Cafe Caturra and a family have needlessly lost a beloved friend and family member.

This year the same organiser was denied a permit in Charlottesville, where heightened security measures were now in place (including the banning of pipes, swords, fireworks and skateboards but NOT guns thanks to a failed bill), however he managed to obtain one to hold a demonstration in Washington DC across from the White House.

Naturally, the authorities steeled themselves for what could have been a repeat of last year with the 20-something male marchers carrying Tiki torches (mainly

LAST WORD

decorative pseudo South Seas BBQ props) like they were off to gatecrash grandma’s backyard and chanting ‘Jews will not replace us’. Not sure why they picked that particular phrase given that they were upholding the Civil War but these groups espouse Nazi sentiments and wave swastikas so I guess they thought they should be ‘in character’.

In 2017, there had been heavy fallout for them in the aftermath following an extensive on-line ‘name and shame’ campaign and many of those participants were subsequently fired from their jobs.

This year only two dozen or so showed up in DC. Nevertheless this trend is troubling.

Mob rule and threatening rhetoric is something we have supposedly gotten past, at great cost in lives I might add.

Unfortunately, the great dumbing down continues. General concern about changing lifestyles and a lessening peace of mind are conflated with one’s own pet peeves leading to a lashing out at what has become nothing to do with the original menace. The next vitriol-spewing demagogue captures and directs these anxieties to targets of his own choosing. There have been many such demagogues but ultimately comeuppance rears its leveling head.

Centuries ago the Romans adopted the fasces, the bound rods, from the Etruscans, they were carried around as a symbol of strength through unity. Strangely, even though tainted by Mussolini’s National Fascist Party when the term ‘fascist’ came to represent repressive authoritarianism the rods survived vilification.

In fact, they can still be found in heraldry.

Indeed the image hangs behind the podium in the US House of Representatives. It didn’t end well for Benito though, and now I think of it Gaius Julius’ perceived ambition did bring him to a sticky end too.

Largely due to Caesar, Pax Romana blanketed Britain, Europe and North Africa all the way to Persia (modern day Iran, y’all)

for over 200 years. In fact so efficiently was Rome’s governance that when the Romans had to leave Britannia to deal with the invasion of sundry barbarian hordes such as the vandals goths and huns, sacking the empire, the country ran on peacefully (south of Hadrian’s Wall anyway) for another 100 years up to around 410. Sic transit pax Romana. Hmm, or should it be transierat? Transii?

This year (2018) the same organiser was denied a permit in Charlottesville, where heightened security measures were now in place (including the banning of pipes, swords, fireworks and skateboards but NOT guns thanks to a failed bill).

Meanwhile, the island had to come together and hold off the Anglo-Saxons and Norsemen. Cue the once and future king, Arthur. Sometimes thought of as the son of a Roman general, or as son of Uther Pendragon, likely an amalgam fused by legend, who unified and led the Britons, but this would be a tale for another column.

It is unfortunate that once again there are people in power who are flirting with this extremist form of control over the population and trying it on here and there.

Oh, let me think… Hungary and Turkey are two countries that come to mind.

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A couple of Turks hungry for power? I had the experience of setting up audio for Erdoğan some months ago and watching his bumbling security people attempt to sweep the room for ‘bugs’. It seems to be indicative of the norm with such regimes.

Efficiency plummets easily and quickly due to positions being handed out to underqualified (but loyal) candidates. Eventually the masses realise they’ve been taken to a place they didn’t really count on being and nothing is working. Question is, is it still possible to apply the brakes and back up?

In Romania, Nicolae Ceausescu, elected president in 1974, careened from one policy idea to another, from embracing the West to surveillance of the population; from a plan to eliminate any town of less than a couple of thousand in favour of industrial farms to a spattering of genocide.

The end came with unexpected suddenness. I watched a clip of Ceausescu’s last speech which took place on December 21, 1989 in Bucharest. Workers were bussed in (or else), security personnel and party members in the front as protection and to lead the applause. Eight minutes into the scripted speech, confusion: a shot, screams then chants and boos from the tens of thousands gathered there.

A stunned look on Ceausescu's face as he realised what was happening. He tried to quell the crowd with his wife, Elena - not a beloved figure – yelling ‘silence’ into the microphone like a crotchety school marm.

It didn’t look like she understood what was going on. Promises of better pay and other inducements were proffered and ignored, then his security guard hustled them off the balcony and that’s when the revolution came. Four days later, on Christmas Day, a ‘trial’ barely lasting an hour was held after which they were hustled outside to face a firing squad. Him in his furry hat and her in her good coat. Many despots have had their ‘oh poop’ moments but none as public.

That expression of stunned disbelief on the balcony though says it all.

MONEY · 65

NEWS

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For more information on how Computime Software can help you optimise your business, visit www.computimesoftware.com/acumatica-erp or email info@computimesoftware.com.

A winning selection of new furniture for QuickSpin head office QuickSpin is a Swedish Casino game software company. Its products are constantly changing and evolving to meet shifting market demands, and the same can be said for its main office in Malta.

Quickspin tasked DEX Workspaces to supply new furniture for its office, including desk with screens, ergonomic swivel chairs, and a fully furnished boardroom, and designer pieces for the welcome area such as a coffee table and Panton chairs from the Vitra brand.

The lead architect on this project, Bernard Vella, specifically choose DEX for this task as it “offers office furniture of quality”, which fit the brief requested by the client. Overall, QuickSpin was very pleased with the outcome of our work, and the general feeling we have towards this project echoes Bernard parting statement – “This is a winner”.

DEX Workspaces offers a complete range of solutions for offices furniture, including workstations, seating, raised flooring, acoustic systems, lighting, and partitions. Contact us at info@dex.com.mt or 22773000, or visit our showroom at Mdina Road, Qormi.

APS Bank and Deposit Solutions partner in the deposit space on a European scale APS Bank is one of the longest established banks in Malta, providing comprehensive banking services for individual and corporate customers and well known for its ethical banking tradition and CSR practices.

We are pleased to announce that APS Bank has signed an agreement with Deposit Solutions, provider of the Open Banking platform for deposits.

Regime, the ‘passport’ will permit APS Bank to diversify its collection of retail deposits to include German residents through Deposit Solutions online platform.

This offers customers the advantage of accessing the deposits of several banks – including those of APS Bank

Leveraging on its cross-border notification under the Freedom to Provide Services

“Deposit Solutions is a great opportunity for APS bank to diversify its source of deposits while addressing the needs of other European customers interested in

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benefitting from competitive rates for their savings. Deposit Solutions through advanced Open Banking technology facilitates this in a simple and secure environment,” said Marvin Farrugia, Head of Asset Liability Management at APS Bank.

“We are very proud to work with APS Bank, as this brings together one of the best recognised Maltese banks with Europe’s leading solution provider for Open Banking for deposits. Together, we share the vision to utilise technology to open-up the banking sector and to offer customers easy access to modern and convenient banking services” said Ermanno Ciarrocchi, Regional Director of Deposit Solutions for Italy and Malta.

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