FinanceMalta has appointed Rudolph Psaila, current CEO of AlleyBe Group, as its new chairman, succeeding Kenneth Farrugia.
Farrugia, who resigned from his post after serving in his role for the past eight years, also works as a chief business development officer at the Bank of Valletta.
The announcement was made by Silvio Schembri, parliamentary secretary responsible for financial services, digital economy and innovation, during a meeting of the new board of governors held on 19 November.
Schembri announced the composition of the new FinanceMalta board, which features governors appointed by the government and by the financial services sector.
The government-appointed governors are Rudolph Psaila (chairman), Justin Spiteri, Marvin Zammit, Josianne Cascun Montebello and Claude Abela.
The governors appointed by the private sector include Wayne Pisani as president of the Institute of Financial Services Practitioners, Matthew Bianchi, who will represent the insurance industry, Karol Gabarretta, who will represent the banking sector as secretary-general of the Malta Bankers Association, and Kenneth Farrugia, who represent the Malta Asset Servicing Association.
Schembri said: “I thank Kenneth Farrugia for his long-standing service at the helm of FinanceMalta and wish the best of luck to Rudolph Psaila in his role. I believe that with his experience in the financial services sector, coupled with the great support of the new board and FinanceMalta’s management team, he will be continuing on the steps of his predecessor in promoting Malta as a financial services jurisdiction across the world.”
Farrugia commented: “I must thank all governors who over the years contributed tirelessly to face the challenges of a young jurisdiction, and the members for their unwavering support throughout the years, as well as management and staff for their contribution to ensure Malta is a jurisdiction of repute in financial services. I wish Psaila every success in his new role, and he knows that he has my full support on the board.”
The new chairman, Psaila added: “I’m grateful for being granted the opportunity to act as chairman of FinanceMalta. Whilst we remain cognisant of the challenges present in the financial services and fintech industry, together with the board of governors, our members, the government and all the private stakeholders, we will seek to consolidate our core traditional sectors and keep on evolving and innovating in order to remain globally connected and at the forefront in the respective industries.”
