The NOUV Link - Issue 5

Welcome Message from Mark

Aquilina

Welcome to another edition of the NOUV Link! Whenever I come to write these few introductory words to this newsletter, finding the right words is always a struggle because I always have a lot to want to communicate – but on the other side, expressing it all in writing and a few sentences is challenging.

But whenever I am in this situation, I know the best way is to start! Capture the message I want to put across and be honest about it.

And I want my point of departure to be the importance of staying true to our values. We are a growing team, but this team is made of individual human beings, all shaped by your own experiences and, in turn, having shaped your own set of values. Values define us; they show where our priorities are, and in time, they make us a better person. We all fight our daily demons, which come in every shape or form, and sometimes they get the best of us. However, the right values remind us of who we are and lead us on the right track.

I wrote this many times - When I ask myself what ‘having values’ means, without hesitation, I always reply with a short word: “Respect”.

Respect comes in many different forms; it means being honest and trustworthy, being a team player, showing loyalty, communicating openly and helping those around you become better at what they do.

The latter is the hallmark of great leaders, and as we strive to become a leading firm, we should all strive to be leaders in our ways.

Nurturing the above values, however, can also be a source of pain. We are humans, so we are bound to let other people down sometimes. Mistakes happen, and mistakes, most of the time, happen by mistake!

But it hurts the most when certain mistakes are made deliberately. When trust is betrayed, the values we are trying to nurture here are trampled upon. In my book, that marks a point of no return.

Let us all learn from certain mistakes, and may these be an eye-opener to all. Let us continue to build this amazing community which continues to grow.

And here, I take the opportunity to welcome some new colleagues. Be mentors to them and help them become better. That is how NOUV will GROW!

I also want to offer our collective congratulatory messages to two colleagues who have just welcomed their additions to their families!

This is the kind of news that I want to be sharing!

We are on this journey together, and I cannot stress enough the importance of us pulling the same rope. This is what nurtures our resilience and strengthens our collective output. Our actions will shape the future of this firm and determine its longevity.

Finally, a big thank you to all the contributors to this edition of NOUV Link.

If ‘sharing means caring’, sharing more knowledge means GROWING!

Your trend-setting and proud family pack flaunter.

Mark Aquilina, Founder & Chief Visionary Officer, NOUV

Operational News by Tonio Farrugia

Let’s Talk NOUV – Grab a Coffee!

It has been an exciting few months since my last operational update. This means that I have more news to share with you.

First and foremost, I am pleased to note that our Internal Audit setup is now complete. We have two new additions to our team, namely Gian Carlo Bas who just joined us and Daniel Portelli who should be joining our team this coming May.

As you might already know, NOUV is in the process of acquiring Equis, a small but established audit company. Such a change will always bring a bit of disruption at first, so to smoothen this shift, we have already welcomed two of its members who are now with us on site with the Financial Management Team, to start familiarising themselves with the setup and culture at NOUV. This was phase one.

Phase two will happen in May when we will hopefully be ready to finalise our acquisition of Equis. By then, the rest of their team, between 10 to 12 audit people will join us here.

I would also like to extend my welcome to another three new additions to the NOUV family. These are Ryan Abdilla in accounts, Francesca Cachia from the tax unit and Daniel Koos who joins our payroll bureau team. We also have Nathan Selmy who joins the NOUV Academy as a Sales Associate.

And speaking of the Academy, works remain ongoing on our lower floor which will be taken up by the Academy and by Tuning Fork’s team. In fact, if things remain on track as they are, the new floor should be operational also by May.

I cannot not spare a few words on a past colleague, Daniel Bilocca, with whom we unfortunately had to part ways. Daniel did a lot of good work but circumstances eventually showed us that we did not share the same values. As in a football team, where no one is above the club, at NOUV, the brand and what it stands for, will always come first. Let this be a lesson to us all.

I will however end this on a positive note. I am noticing a very nice vibe at NOUV. There are interesting synergies being formed and the teamwork between you is amazing. All this fills me with great pride and I am sure this feeling is shared by all my partners and you all. Keep it up guys!

Tonio Farrugia, Partner & Chief Operations Officer, NOUV

Training at NOUV to Nurture the Right Mindset

“The only thing worse than training your employees and having them leave is not training them and having them stay.” At NOUV, we strongly believe that a strong employee training plan is the backbone of our firm. Constant professional development helps us manage the inevitable change and disruption and allows us to be in a position to adapt and transform.

After all, training nurtures the right mindset for change and change is the end result of all true learning.

Why do we push employee training so much? The reasons could be easy to deduct but it’s worth listing them down.

Obviously, training equips us with more skills and knowledge which improves our job performance, we grow personally and professionally which makes us more satisfied at what we do and as a result, our better output enhances our customers’ satisfaction which leads to more customer loyalty.

We also like to think that by offering you constant training, you feel that at NOUV you can find all the opportunities to grow in your profession and that you can achieve more with us.

Every year, we started dedicating two full days to training where we try to cover a lot of topics in relation to AML, compliance and issues that affect every one of us in our work.

In fact, the last such event was held on the 17th of March.

Besides a briefing from Malta Enterprise on the latest available schemes, we also enjoyed a coaching session on the theme of communication amongst different cultures, given NOUV’s workforce becoming increasingly multicultural as well as an informative session on customer engagement.

Although these training sessions are obligatory in nature, I am very happy to see that this effort is being very well received by everyone. I feel that today, the people in this organisation are mature enough to realise the importance of this training which even though valid in terms of Continuous Professional Development, it shows the company’s commitment to making us all better at what we do.

Obviously, it is not just training and hard work. This is why we also dedicate another two days where we all come together to celebrate our collective achievements.

Our summer and Christmas events in fact, serve as platforms from where we communicate how the company is doing and what is focusing on and what our next targets will be. And obviously, we then get together to celebrate.

Morale of the story: more training = more reasons to celebrate!

Jeanine Sladden, Senior Manager NOUV Academy & Group HR Manager, NOUV

NOUV Team Building Event

Corporate Team Building at NOUV

17th March 2023

This eventful event kicked off with an informative session about Malta Enterprise’s latest schemes and grants. The event continued with an interactive exercise on cultural awareness followed by a training session on customer engagement. This successful event was finished off by an entertaining team-building activity.

Agenda:

Malta Enterprise Grant & Schemes Informative Talk

by Cain Grech Sargent, Chief Business Development & Growth Officer at Malta Enterprise

Intercultural Awareness Interactive Session

by Valerie Cabay, Global Leadership Coach at Connect Across Cultures

Customer Engagement Training

by Jeanine Sladden, Senior Manager NOUV Academy & Group HR Manager at NOUV

Meet Our NOUVees

Melvyn and Damian –The Unstoppable

Duo

Melvyn Darmanin and Damian Psaila are close to inseparable. In fact, even for this interview, they were both late, together! But the work chemistry between them is palpable and they even finish off each other’s sentences.

By profession, Melvyn describes himself as a financial advisor whereas Damian is an accountant.

“We both joined NOUV together at the start of 2020, but we had been working together since 2013 Today, we manage NOUV’s advisory pillar known better as 36 N Capital where we assist companies in raising capital, identifying funding opportunities for their investment, we help them negotiate with other businesses and we seek to identify potential acquirers or joint ventures,” explains Melvyn

Damian adds that the work they do most times goes further than that

“Being in the advisory sector, we deal a lot in corporate finance services, we come up with valuations, financial projections as well as transaction advisory services where we assist with mergers and acquisitions and provide related services such as financial due diligence Currently we are also doing a lot of work related to Malta Enterprise and EU schemes.

But we also find ourselves doing a lot of one-off jobs that normally would not fall under any specific pillar such as coordination of bids and proposals and other procurement related jobs.”

“But currently the thing that is keeping us most busy is capital raising and all the work related to the schemes launched periodically,” adds Melvyn

Melvyn Darmanin, Senior Manager Corporate Finance & Strategy, 36N Capital

“We basically have to be the ones taking the initiative by seeing what there is on offer and approaching clients to guide them as to which schemes would most benefit them This is why our work requires us to be constantly in contact with our clients so that we know what their projects and aspirations are so that we can offer them the opportunities that suit their projects.”

Both Damian and Melvyn speak very passionately about their work, and they clearly take it very seriously especially from the way they describe the challenges involved.

“When we deal with clients and pass on what we know, we are practically selling them the knowledge and the insight that we have been gathering over the past ten years in our job Loan applications and schemes for example, are far more complicated than what clients think. They think it’s a matter of filling up a couple of forms, but the collation of information and the preparation of business plans and financial projections is very time-consuming and involves several meetings and a lot of time spent researching,” says Damian

“Clients sometimes try to cut corners and this is an attitude that sometimes comes from other third party service providers We are different and if we’re going to do work for a client, we want to do the best job possible. After all, any client, no matter how big or small, expects the best service” adds Melvyn

Sitting with both of them and listening to them speak brings out the closeness of how they work

“Melvyn goes into all the detail and he’s very sharp I, on the other hand, am a numbers guy, I like to work fast and love working on models. But experience has taught us how to be flexible in our work because ours entails a lot of one-off jobs with constant overlaps between services and industries This can be quite challenging but we became immune and we support each other all along,” says Damian

They both agree that the biggest challenge of their work is generating more business.

“If this was a shop and we opened our shutters every morning, nothing would happen and no one would come in. It is us who have to keep meeting new clients to bring more work and this is not always easy It becomes easier once we remain in touch with our clients because then, we recognise where the opportunities are,” they added

At NOUV, Damian and Melvyn have found their natural home.

“These past two years have been very exciting and we have been actively witnessing the massive changes that NOUV has been going through. From a small apartment in St Julian’s, we are now in these large new premises, we saw the merge with Tuning Fork, and we are about to experience more growth with a new acquisition All this is very positive and we can only feel proud to be part of this organisation,” they concluded

Damian Psaila, Manager Corporate Finance & Strategy, 36N Capital

Hot Seat Interview with MARK AQUILINA

Mark is the Founder of NOUV In this edition, we get to know Mark a bit better, beyond his role as the firm’s leader We read about his trend setting attire, his secret love for cooking (not) but more importantly, at how he looks at the firm and his plans for the future

What is your ideal holiday?

I do not have ‘one ideal holiday’ because it depends on the mood and on what I would be going through in my life However, I always seek tranquillity, simplicity, good food and wine and last and not least, nature If my dog is with me, then my holiday is complete but sometimes, that’s easier said than done.

What is your most treasured possession?

That’s a tricky question usually asked by wives!! As you see, I am very well-trained in this area! So, in case you were wondering, even though I consider Mikey as ‘my baby’, he is still not my most treasured possession In fact, I am not the type who regards material possessions as treasures What I treasure most are those special moments and instances that I get to spend with the ones who are close to my heart and life and the moments that touch me as a person.

What is the most useless skill you have?

It depends on what one means by “useless skill” because if it’s a ‘skill’ that will never be completely useless Having said that, there are many things in which I feel useless, such as DIY work and cooking!

What do you like most, and least, about your own appearance?

Ha!! No comment?! Obviously I love my hair the most and also my family pack!

What motivates you every morning to come to work?

The idea of seeing the fruit of our collective effort, sweat and sometimes tears so alive and kicking. I feel motivated when I see NOUV progress Spending time with my colleagues and savouring that important sense of community which we have built, also motivates me. I cherish our healthy work environment which I believe is very important because this contributes a feeling of belonging, which is what makes a community

Name one thing you are irrationally afraid of Although I do my best to not to live in fear of anything, there will always be something that we fear I too have my own demons to fight sometimes Perhaps my fear comes from my sense of responsibility towards all of you so obviously, as this responsibility grows, these ‘demons’ grow too Luckily, I have learned to fight them

What is the worst thing about being an accountant?

I consider myself more of a finance person rather than an accountant But man, the long hours I worked in my life, and the level of stress that this profession brings with it were significant I call it the long way home

How many software subscriptions do you have?

Mamma mia, too many! I am a sucker for the ideal productivity software! Believe it or not, I still haven’t found what I am looking for Hence more subscriptions are on the way!

"The idea of seeing the fruit of our collective effort, sweat and sometimes tears so alive and kicking. I feel motivated when I see NOUV progress Spending time with my colleagues and savouring that important sense of community which we have built, also motivates me."

"I want NOUV to be a larger firm, more established in Malta and with an international presence. I would like to see all our six business pillars continue to mature and going at full speed, which would mean that our service offerings are a full one-stop-shop experience for our clients."

How about your waist coast? Are you considering the introduction of a peaky blinder outfit culture at NOUV?

My love for waistcoats goes back to my youth days, and I love them to this very day In fact, I should wear them more. So do not give me any ideas because I would be very tempted to introducing the peaky blinder outfit culture anytime! I think it is a very cool and elegant look!

Where is your favourite place to go walking with Mikey?

Aside from the fact that Mikey is a big monster of a dog, I feel that in Malta, we lack places where I can walk him freely because walking him without a leash is certainly not recommended. So, I make do with either Siggiewi Valley which goes all the way to Wied Qirda in Żebbug, or Buskett or in Golden Bay behind the Radisson Golden Sands hotel However, Mikey is no longer allowed in the car (or as some like to call it, the VAN) anymore

Where do you wish NOUV to be in the next 5-10 years?

Definitely, I want NOUV to be a larger firm, more established in Malta and with an international presence. I would like to see all our six business pillars continue to mature and going at full speed, which would mean that our service offerings are a full onestop-shop experience for our clients. This is the strategy that will keep us geared towards longevity and growth

Tech Trends | Tech Finance & Business Digitalisation

If we had to take a look at the tech trends that are best defining the digitalisation of organisations today, these would definitely include the following:

Cloud Computing

Cloud computing will continue to grow in popularity and become even more integral to businesses in 2023. According to Eurostat, 41% of EU enterprises use cloud computing, mostly for e-mail and storage of files. We can see an increase in the adoption of the hybrid cloud, due to many businesses remaining hesitant to entirely move all IT Infrastructure and services to the cloud and due to security and control concerns. Cloud-based AI and machine learning services are becoming more accessible, allowing businesses to take advantage of them without investing in onpremises IT infrastructure.

We are also expecting to see a greater focus on cloud security, with businesses investing in more advanced security measures to protect their data and applications using cloud services provided by the likes of Azure, AWS, Google, Cloudflare, Trend Micro, Acronis, Palo Alto, and many more.

Artificial Intelligence and Machine Learning

AI and ML are already transforming various industries and their impact is expected to continue. With the rise of ChatGPT OpenAI, businesses and individuals can access tools and platforms to develop and deploy AI and ML solutions.

This will lead to increased adoption of Explainable AI (XAI) or Interpretable AI, a subfield of AI that focuses on developing algorithms and models that are transparent and more explainable to humans, and as a result, more trusted.

Your Exclusive NOUV Insights - Andrew Naudi and Andre Stivala

Andrew Naudi, Partner & Chief Information Officer, NOUV

An increased use of AI and ML is naturally bringing a growing concern around the ethical implications of these technologies. So now, we may see a greater emphasis on responsible AI, with businesses and governments developing guidelines and regulations to ensure that AI and ML are used ethically and transparently.

Advancements in AI’s natural language processing with more sophisticated language models and conversational agents being developed, as well as a greater use of AI and ML in cybersecurity, are also trends to look out for.

Blockchain Technology

Blockchain technology is already disrupting various industries. Potential trends to watch include increased adoption of blockchain in supply chain management, greater use of blockchain technology for identity verification processes and more businesses and governments using blockchain-based identity solutions to enhance trust and validation.

Furthermore, in 2023 we should expect to see more decentralised financial applications developed and used by individuals and institutions, increased use of blockchain for digital voting for a more secure and transparent voting process and further advancements in blockchain interoperability.

Internet of Things (IoT)

Internet of Things, a network of connected devices that exchange data, is a technology that is already being used in smart homes, healthcare, and manufacturing,(to name a few) improving efficiency, reducing costs, and enhancing customer experience.

The trends in 2023 include increased use of IoT in cities, more emphasis on IoT security, increased use in healthcare, and IoT devices being introduced in enterprise environments to monitor the health status of IT infrastructures. These trends will improve patient outcomes, optimise healthcare delivery, and reduce costs.

Edge computing brings computation and data storage closer to the source of data, enabling real-time analysis and decision-making. 5G networks enable businesses and governments to develop and deploy more sophisticated IoT solutions.

Cybersecurity

AI-based security solutions are becoming increasingly important for businesses and governments to enhance their cybersecurity preparedness. As more businesses move to the cloud, such solutions will be used to control access to sensitive data and applications.

We are also anticipating more use of blockchain-based security solutions to enhance security and privacy, greater use of automation technology to enhance cybersecurity strength, and reduce costs. Furthermore, given that employees are often the weakest link in an organization's cybersecurity defence, we should expect increased emphasis on employee cybersecurity training.

Digital Payments

The growth of e-commerce and the increasing use of mobile devices for financial transactions have been the main drivers in the rise of digital payments.

This year, it is expected to see an increase in the use of digital currencies such as cryptocurrencies, an increased adoption of mobile payment solutions such as mobile wallets and contactless payments, an increase in usage of online marketplaces, and more investment in payment security solutions to protect against fraud and cyberattacks which are set to gain more traction in 2023.

This will lead to a more rapid evolution in payment technology with innovations such as biometric authentication and blockchainbased payment solutions.

Metaverse

Forbes named the metaverse one of the top ten trends everybody must be ready for in 2023. Global spending on VR/AR, the metaverse’s foundation technologies, is expected to rise from $12 billion in 2020 to $72.8 billion in 2024.

Esports and gaming are some of the earliest adopters of Metaverse technologies giving the experience of creating their own worlds. There is a high likelihood that there will be an increase of 10,000 jobs in the EU alone over the next 5 years in Metaverse related technologies.

The applications that will support VR/AR in near future are limited only to one’s imagination. This will (and has already done so) undoubtedly broaden the cyber threat landscape opening domestic and enterprise technologies to greater threats than we have ever faced.and more investment in payment security solutions to protect against fraud and cyberattacks which are set to gain more traction in 2023.

This will lead to a more rapid evolution in payment technology with innovations such as biometric authentication and blockchainbased payment solutions.

Metaverse

Forbes named the metaverse one of the top ten trends everybody must be ready for in 2023. Global spending on VR/AR, the metaverse’s foundation technologies, is expected to rise from $12 billion in 2020 to $72.8 billion in 2024.

Esports and gaming are some of the earliest adopters of Metaverse technologies giving the experience of creating their own worlds. There is a high likelihood that there will be an increase of 10,000 jobs in the EU alone over the next 5 years in Metaverse related technologies.

The applications that will support VR/AR in near future are limited only to one’s imagination. This will (and has already done so) undoubtedly broaden the cyber threat landscape opening domestic and enterprise technologies to greater threats than we have ever faced.

Andre Stivala, Senior Manager Technology, NOUV

- Jeanine Sladden

How The NOUV Academy Helps Nurture a Leader's True Qualities

Company leaders are pivots in the growth of any organisation. They are expected to use their leadership qualities to lead their organisations in the good times and the not-so-good times.

The true mettle of a leader comes out in times of crisis. More importantly, a leader passes on these qualities to the managers he leads.

As a general rule, when we think of the most important skills that any manager or leader ought to have, we usually list five main qualities.

These would be the ability to lead and inspire, the ability to communicate effectively with everyone, good at prioritising tasks to manage time better, the ability to identify and solve problems, and the ability to think strategically and plan for the future of the organisation.

But there are also other important qualities that we sometimes underestimate. Being a good communicator is not enough. A good leader listens and adopts feedback accordingly. A good leader not only manages time effectively but is also good at identifying the strengths of people and delegating tasks accordingly. A good leader not only solves problems but does so, creatively.

One important quality which most times is also overlooked is the capability for emotional intelligence.

Emotional intelligence is crucial as it enables managers to understand and manage their own emotions and those of the people around them.

Besides making them better communicators, managers with high emotional intelligence can take more informed decisions based on emotional and social conditions. It also helps managers resolve conflicts more effectively by understanding the underlying emotions and needs of those involved.

Personally, I feel that today, more than ever, business leaders need to be fluid in their approach because this is what makes them more empathic. A leader that is empathic, understands that every situation could be unique and as such, a unique situation demands a unique approach. This is the stuff of leaders that inspire!

This philosophy is reflected in the way we offer and deliver our NOUV Academy courses. We seek to be fluid in what we offer where we structure our modules according to what our clients need. In fact, even if a client is a good leader, we understand what qualities they lack or need improvement, and we train on those aspects. As a result, we deliver courses that are more practical, not necessarily very long but perhaps more intensive.

In particular, the NOUV Academy is placing particular focus on its Corporate Governance courses. Again, here, although we are building a portfolio of courses that are more industry-specific, the underlying value of good governance remains central.

Our Diploma in Corporate Governance seeks to bring an intrinsic transformation of the board director because we believe that in an organisation, the right tone needs to be set from the top and that this tone is set by board directors.

Other courses worth noting are our Project Management, a course which we are also giving to all Tuning Fork’s advisors as well as the Train the Trainer MQF Level 4 course. Here too, we offer department-specific training that is focused and tailor-made to the specific organisation’s needs.

NOUV Attends ICE LONDON 2023

Andrew Naudi attended this year’s edition of Ice London 2023 which was hosted at the ExCel Exhibitions Centre in London between the 7th and the 9th of February.

As expected, the weekend event set a new record after welcoming over 40,000 unique attendees across three days. These included several leading industry executives, regulators and suppliers from the iGaming sector for an opportunity to debate key issues related to this very important industry.

“I think this event was the best one so far because it was very well attended, compared to previous events, perhaps because it was the first proper one since Covid.

In fact, we handled a lot of queries in relation to Malta as a gaming jurisdiction especially queries related to Malta’s compliance, regulatory and tax sectors,” says Andrew.

“At NOUV, we have managed to build a very robust iGaming setup that allows us to bring an integrated solution to our iGaming clients’ toughest challenges. It is by attending these important global events that we can continue to not only establish important contacts and bring new business but also, gain crucial insight and remain up to date with the latest trends in this important industry,” says Andrew.

“Besides being better positioned to offer our consulting, assurance, and business support services,

being aware of how this industry is evolving strengthens our position to be able to assist clients and to fuel the growth of their organisation within this important sector.”

The main industry trends discussed during the event related to compliance and responsible gambling, the importance of ensuring integrity and fairness in gaming operations, and the promotion of more awareness.

Interestingly, sustainability was also on the agenda with gaming companies dwelling on this topic and the impact gaming companies have on environmental matters.

NOUV Calendar

NOUV at the KSU Careers Expo

On the 28th of February, NOUV participated in the KSU Career Expo at the University of Malta.

Mariah Fenech, NOUV’s Marketing Specialist together with Naomi Farrugia, Accountant Advisory and Jeanine Sladden, Senior Manager Academy & HR Group Manager were on NOUV’s stand meeting students and scouting individuals specifically for accounting and audit jobs as well as for marketing internships.

Students approaching NOUV’s stand were a mix of first year students and mature students including some who are pursuing their master’s degree.

“What struck me most was that all the students who approached us had one thing in common: they all knew what they wanted or what they expected from a job or the employer.

They approached us with specific requirements such as salaries, hours, hourly rate, the type of tasks they are looking to perform, or what experience is being sought,” remarked Mariah.

“Another thing we noticed was how the approach to job scouting has changed after covid, especially for the younger students whose academic experience has been shaped by covid restrictions because they seemed more comfortable with considering online jobs and interviews.

This required more effort on our part to encourage them to sit for face to face interviews,” added Jeanine. Many of those visiting the stand were also noticed from their first impression of NOUV as an accounting firm.

“We found it curious how when the words ‘finance’ or ‘accounts’ triggered the students to immediately think of NOUV as an accounting firm. This required us to explain that we are a more holistic firm with a vast portfolio of professional services which companies require during all stages of their business life cycle. In fact, students seemed to be more interested once we explained that we are also open to jobs in compliance to those studying legal or criminology,” added Mariah.

Jeanine Sladden, Senior Manager NOUV Academy & Group HR Manager, NOUV

Mariah Fenech, Marketing Specialist, NOUV