A seminar entitled “Payment Services – The Way Forward” was organised by Young Entrepreneurs and Leaders – “YEL” (VO/0364) together with the Chamber of Commerce, Enterprise and Industry. The aim behind this seminar was to give a thorough overview of some of the recent developments taking place in the financial services sector namely the area of payments se rvices. The attendees were mostly representatives from credit and financial institutions, law firms, professionals specialising in this field. A discussion regarding developments at EU Level took place with regards the proposal of a second Payment Services Directive (PSD2), the implementation and effects of SEPA Regulation (EU Regulation 260/2012) and the Proposal for a Regulation on Interchange Fees for card based transactions (referred to as ‘MIF’ Regulation).
Dr. Yana Sammut, a representative of the Financial Services Committee within the voluntary organisation “YEL”, gave an introductory speech which was followed by presentations that were delivered by a panel of speakers namely: Mr. Peter Sant representing the Chamber of Commerce, Enterprise and Industry, Mr. Herman Ciappara representing the Central Bank of Malta, Dr. Glenna Montefort from the Malta Financial Services Authority (MFSA) and Mr. Godwin Mangion representing the Malta Competition and Consumer Affairs Authority (MCCAA).
The speakers explained the scope behind each of these legislative texts, their core features, the main changes that were likely to be brought in the EU market and in the local market including the banking sector in Malta, the impact on consumers and the way forward in addressing any present shortcomings in the local market. The seminar ended with a discussion involving the direct participation of the attendees.