The Maltese financial services industry has witnessed a rapid growth over the last decade, with over 6,000 people presently employed in the financial services sector (excluding law firms and accountancy firms), contributing a significant 12% to the country’s GDP. Financial services operators have benefited from a reduction in bureaucracy, streamlined procedures, lower fees and compliance costs and a consistent implementation of standards. The Maltese Government continues to evaluate and update relevant legislation and regulations, keeping it abreast of developments in the industry with a view to maintaining Malta’s competitiveness in this sector.
Malta has a very robust and efficient banking system. The two major retail banks present in Malta are HSBC Bank Malta and Bank of Valletta. These banks offer bank accounts in hard currencies with extensive and sophisticated and secure online banking facilities having varying levels of controls depending on the client’s preferences. Other smaller banks are also present, offering customised services to their clientele.