This Is A Time To Learn, Grow and Adapt - HSBC Bank Malta p.l.c

This is a time to Learn, Grow and Adapt

Chief executive officer at hsbC bank Malta p.l.c. simon Vaughan Johnson says that a particularly important challenge - and opportunity - in 2022 and the years ahead is the country’s commitment to implement the low Carbon development strategy.

Identifying measures to move towards a carbon neutral economy by 2050 is the main aim of the Low Carbon Development Strategy, which includes a first 10-year plan, costed to reduce emissions and achieve the 2030 interim EU target.

As part of HSBC’s commitment to be a net zero organisation by 2030 and to facilitate the transition in Malta, the HSBC Malta Foundation is funding a two-year project together with The Malta Chamber titled ‘Establishing Malta’s framework for a net zero carbon building’. “This project is targeting the country’s building and construction sector with the goal of raising standards in energy efficiency and conservation. We have also recently launched the HSBC Responsible Investment Fund which has seen strong interest from Maltese customers,” explains Mr Vaughan Johnson. Moving on to the main challenges in the current dynamic regulatory landscape, he mentions the imperative for banks to prioritise compliance modernisation, safety and soundness. This transformation is essential in order to preserve Malta’s integrity as an important financial centre and requires significant human and capital investment which is compounded by severe resource shortages across the board, he says. “As we slowly emerge from the Covid-19 pandemic, we’ll need to assess its impact on the economy as Government support measures taper off, and we also need to monitor the trends in our tourist industry, which reassuringly have shown positive growth over the summer months. A sustained pandemic situation could lead to increased expected credit losses within the financial sector as corporate clients request additional moratoria and could also lead to reduced consumer confidence.” Mr Vaughan Johnson asserts that the pandemic has created unique challenges and opportunities - to learn, grow, and adapt. “From the outset, the pandemic really challenged our established ways of working, and the way the Bank interacted with and provided banking services to customers”, he says. “The pandemic forced digitalisation at a quicker pace which has enhanced the Bank’s ability to serve personal and corporate customers who in turn have significantly increased their digital interaction with HSBC. The Bank’s aim was to simplify various processes and give its customers the choice of interacting electronically or in person.” “Remote working was previously not championed as an approach, but we were quick to draw up a Remote Working Policy, in close liaison with the Malta Union of Bank Employees (MUBE) and are now fully embracing a hybrid model and making positive changes to our working environment and office footprint,” he states, "Importantly, the pandemic has connected the world with a common sense of purpose and has shown what can be achieved with true collaboration, increasing climate awareness and accelerating climate action, whilst at the same time highlighting the importance of robust business continuity plans." n

“Importantly, the pandemic has connected the world with a common sense of purpose and has shown what can be achieved with true collaboration, increasing climate awareness and accelerating climate action."