Malta's Financial Services Sector Shows Continued Strength
by Jason Gorringe, Lowtax.net, London
16 May, 2016
Malta's financial services sector continued to grow in 2015, according to the recently released annual report of the Malta Financial Services Commission.
The Commission said that the financial services sector expanded in size, reputation, and attractiveness, backed by a resilient regulatory framework for prudential supervision and consumer protection, and strong money laundering prevention mechanisms.
The robustness of the sector was reflected in healthy capital and liquidity levels held by banks, the continued registration of funds and investment vehicles, and a growing insurance industry within a comprehensive and strengthened regulatory environment, it said.
The Commission said that new licences issued during the year were mainly for payment services providers, electronic money services providers, and alternative investment management providers.
The strong growth in Malta's financial services sector was matched by Malta's economy, which expanded by a robust 6.3 percent over 2014 in real terms - a multi-year high rate, it said. Growth is expected to remain strong in 2016, with consumer income boosted by personal income tax cuts and rising government spending.
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