Financial services provider Dolfin has obtained a custody, depositary and execution licence from the Malta Financial Services Authority, which means it can now offer a full range of investment services from its office in Valetta.
The company’s business is chiefly targeting collective investment schemes and trust, or other wealth structures that require a local custodian or depositary services. The new licence means it can also offer UK private clients the option of using Dolfin in Malta for custody requirements.
The licencing is the sort of development that CEO of Dolfin’s Maltese operations Ramon Bondin said will facilitate growth in the broader Maltese financial ecosystem, particularly in the fund space, particularly for those who have previously been underserved in custody and depositary services.
“Now we will be able to offer our client base in Malta the level of service and exposure that they would expect when setting up business in London. At the same time, this will allow clients to benefit from the island’s robust regulatory environment, lower cost base, access to a growing financial ecosystem and a highly educated, English-speaking workforce,” Bondin said.
Denis Nagy, CEO of Dolfin, said: “Malta is an increasingly important hub for financial services, particularly asset management and private wealth. Our Maltese operations can now leverage our infrastructure, trading counterparties worldwide and our network of the best global sub-custodians. The extension of our services in Europe, while maintaining proximity to the UK, makes strategic sense for our clients; this is a significant step for Dolfin.”
Estimates suggest that financial services account for just over 12% of Malta’s GDP.