Banking & Payments Market September 2022
The Payments sector is relatively stable at the moment, especially when it comes to Payment Service Providers (PSP) and iGaming. These sectors are higher in demand than traditional banking; which remains attractive for locally based professionals. The banking sector tends to have solid retention of talent and provides career development opportunities, from entry-level programs for graduates guaranteeing multiple opportunities to move into other areas such as payments, fraud, front office and back office.
The PSP and the iGaming industry are raising the bar in terms of securing the best talent in Malta and abroad. Companies within these sectors are offering highly competitive salaries and benefits to attract the best talent.
The banking sector in Malta offers attractive employee interest rate discounts on loans and mortgages and the PSP and iGaming sector tends to offer flexibility in their working practices such as hybrid and remote working options. This is valued by local and foreign professionals who have the opportunity to spend time in their home country.
Interestingly, e-money institutions are starting to enter the market by offering ancillary services in cryptocurrencies. This has led to an increasing number of roles available for these professionals. Fraud detection expertise is a very important and valuable skill set in the current market, placing Malta as an attractive destination for these types of professionals.
The Responsible Gaming revolution has shifted from the initial stages over the past couple of months and has now reached a more established stage where departments are more structured. As an immediate effect, more team-leading and managerial roles are in high demand making this a great alternative to the more traditional payments and fraud area.
The payments sector is increasingly looking for stronger educational and professional experience, along with professional qualifications. Previously, it was typical for professionals in this sector to grow from customer service roles into the payment sector due to the emerging demand and underdevelopment of this sector as a whole in Malta. Now, there are multiple courses, qualifications and degrees available that will assist candidates in entering the market.
These candidates are in high demand in Malta and discerning companies are seeking talent with an educational background in banking, finance, criminology etc, as well as the completion of specialised professional training courses in gaming and banking, and specific years of experience.