Author: SME Chamber

The European Union’s medicines agency has moved forward a meeting to assess the Pfizer-BioNTech coronavirus vaccine for provisional approval to December 21.

The European Medicines Agency (EMA) is planning to issue its decision on the BioNTech and Pfizer vaccine on December 21, eight days earlier than planned.

The EU has come under increasing pressure to approve the vaccine, following emergency approvals from the UK and the US earlier this month.

Health Minister Chris Fearne told parliament on Tuesday that Malta was among the countries which had urged the EMA to move the approval process forward, without sacrificing any safeguards.

Malta has secured 500,000 jabs of the Pfizer vaccine.

Fearne said the European Commission is expected to approve the vaccine procurement within a couple of days of its approval by the EMA. Deliveries to several EU countries including Malta will then start within days.

“This means the first vaccinations in Malta could take place before the end of the year,” Fearne said.

Superintendent of Public Health Charmaine Gauci said the vaccine “could arrive a few days earlier than expected” but that it was too early to say.

A fortnight ago, BioNTech and Pfizer submitted an application to the EMA for a conditional marketing authorization for their COVID-19 vaccine.

The vaccine is currently considered one of the promising potential means of containing the Corona pandemic.

Covid vaccine not a ‘magic wand’

President of the EU Commission, Ursula von der Leyen tweeted that she welcomed the EMA’s decision to bring the meeting forward.

She added: “Likely that the first Europeans will be vaccinated before end 2020!”

Every day counts – we work at full speed to authorise #COVID19 vaccines that are safe & effective.
 
I welcome @EMA_News bringing forward its meeting to discuss the @pfizer/BioNTech vaccine, before Christmas.
 
Likely that the first Europeans will be vaccinated before end 2020!

— Ursula von der Leyen (@vonderleyen) December 15, 2020

Source: TimesofMalta.com; dw.com

Most of us will eagerly be turning the page on 2020 and looking forward to 2021. In fact, 2021 is expected to be better, not a difficult feat to achieve, with most of the aspirations hanging on the vaccine.

While we will all gladly swap any given year with 2020, 2021 is not presenting us with a clear trajectory.

2021 will see the slow return and gradual gearing up of the normal economy, something that will be consolidated between 2022/2023. 2021 will in fact still retain a number of unknowns – when will we be clear of the virus? How many tourists will Malta be attracting? What is the size of our economy?

What we want to avoid is going into 2021, such an important year for recovery, with an attitude of nonchalance, lowering our guard on preparation just because 2021 will be a better year than 2020.

 

In reality we must all work twice and even triple as hard to make 2021 a year of recovery. The reality is also that our contracted economy will not have space to accommodate the number of economic operators we had prior to Covid and certain sectors will take long to regain viability.

We must go into 2021 better prepared to turn the losses into profitability, in a much shorter timeframe. In a state of great fragility, following 2020, businesses do not afford wasting resources, they do not afford waiting around for clients that will not return in time to save their business.

Malta’s economy will have to restructure, and this is something we have been hearing for months about, yet the direction of restructuring is not known. This is something Malta must rectify in the immediate because we must shorten waiting time, we must redirect resources and funds from unsecure and questionable activity into the new lifelines.

Many businesses are at the moment evaluating their position and some are finding taking diversification decisions difficult since there is no clear guidance. Businesses know that due to Covid some doors will remain closed for now, but which doors Malta will seek to open, in terms of alternative economic pillars, is still unknown.

Such visibility and clarity is also essential from a banking perspective. Given the facilities made available thanks to the MDB, increasing the debt levels has so far been quite accessible, going into further debt however, either to sustain current business activities or to invest into re-structuring and diversification, will be a challenge.

Going into further debt is risky, yet investment and business redirection will be necessary for most businesses. SMEs should be supported through aggressive grants that will cover a significant part of the investments, not just any investments, but investments that will support Malta in its economic restructuring and redirectioning.

Economic recovery is a collective effort and responsibility. Our country does not afford stakeholders working independently, stakeholders must work together and in sync.

The Recovery Plan for Europe, the EU’s long-term budget, coupled with the NextGenerationEU initiative, will be the largest stimulus package ever financed through the EU budget. Malta needs to take the opportunities offered by greater flexibility in State Aid regulations to aggressively support businesses make the necessary investments, by which, they will be able to enter into the economic sectors that will re-ignite Malta’s economy, improve their business models into more sustainable ones and advance on the digital fronts.

Malta-based payments company enables merchants to accept the widely used international credit, debit and charge points via its Point of Sale terminals.  

Trust Payments Malta (trading as acquiring.com) today announces the addition of American Express to the growing list of payment types that can be accepted on the company’s card terminals in Malta.   

Other payment types accepted by Trust Payments include the ever-present Visa and Mastercard cards as well as emerging methods like Samsung Pay and Apple Pay which are already available on the Trust Payments terminals. Merchants can accept these payment types by chip and PIN, contactless mode, or by using smartphones or wearables.   

“We have worked relentlessly over the past months to support Maltese merchants as best we can to help them quickly adapt to accepting payments which do not require handling the customers’ cash or cards to reduce risk of infection. We have added new functionality such as contactless and pay by link, where a merchant would be able to send a link to their customer through social media or email to make a touch-free payment,” commented Steve Grech, CEO, Trust Payments Malta. “Now we want merchants to be ready for when the locals are visiting restaurants and retail shops more frequently once again and tourists start visiting Malta. As well as American Express, we recently added Dynamic Currency Conversion; this is where a customer who does not have a Euro card (for example, a pound sterling or dollar card) can select what currency they wish to pay in at the point of sale. Our goal is to help ensure our merchants adapt and our economy does not miss out on any source of income.”   

John Pace, Chief Business Development Officer added: “On average, consumers carrying an American Express card spend three times more than consumers who don’t, and their average transactions on those cards are 1.7 times higher, according to data provided by American Express. We want merchants in Malta, no matter their size, to be able to optimise the experience and increase loyalty for such customers by being able to accept their preferred payment method.”  

Trust Payments introduced their Point of Sale (POS) terminals onto the market in Malta just over a year ago and recently signed a partnership with the Malta Chamber of SMEs, aiming to increase competition on the local market, expand the range of payment options being offered and ultimately lead to reduced costs for shopkeepers and merchants to accept card payments.

To find out more about accepting Amex cards or DCC via the Trust Payments Point of Sale terminal, contact .

Following the first set of billboards in November, the Malta Chambers of SMEs has now launched its second set of billboards around Malta & Gozo, focusing on the importance to support local businesses.

This is part of a wider campaign supported by EU Funds, with testimonials by various members of the SME Chamber.

This campaign is an outreach effort that highlights the benefits of social dialogue and that being united with one voice benefits businesses directly.

Other testimonials will be published in the coming weeks on various mediums.

Mr Paul Abela, President of the Malta Chamber of SMEs participated during this General Assembly

Ursula von der Leyen, President of the European Commission addressed the SMEunited General Assembly

President von der Leyen in her keynote address highlighted that the crisis made it clear that society can count on SMEs, also in difficult times. Small and medium enterprises around Europe shifted their production towards protective equipment, disinfectants and ventilators in a very short time. Looking forward, she invited SME organisations to join forces for true recovery.

In their declaration, the SMEunited General Assembly calls on Member States and the European Parliament to approve without delay the Next Generation EU – with the Recovery and Resilience Facility – and to focus on solvency support for SMEs.

With 40% of European SMEs on the verge of insolvency, SME representatives urge EU Governments to take their responsibility. Moreover, authorities at all levels should align and cooperate with SME organisations for the design and implementation of Recovery and Resilience Plans.

“The outbreak of the coronavirus pandemic shifted the priorities to immediate crisis management and initiatives essential for the EU’s post-crisis recovery”, stated President Maggiar. “Now it is time to implement the initiatives for the recovery of Europe which can only be done with the involvement of SMEs”, he emphasised.

SMEs ask for better regulation to put the “Think Small First” principle into practice, that shall ensure their compliance with legislation in a cost efficient and easy manner. The Single Market should remain effective during the pandemic and be strengthened for the future.

To further drive digital transformation, safe and well-developed infrastructure, standards and connectivity are required. In addition, a level playing field, as well as an equal access to data must be ensured for SMEs to maintain their activity and develop new products, services and business models.

Finally, SME representatives reiterate their support for the Green Deal. They insist on a facilitating and unburdening policy to support SMEs towards a circular and carbon-neutral economy. Sustainable finance has to ensure access to funding for all SMEs. The supply of energy at affordable prices has to be guaranteed.

Source: SMEUnited.eu

Deal or No Deal: Uncertainty Surrounding Brexit Continues

The Malta Chamber of SMEs and Parliamentary Secretary for European Funds Stefan Zrinzo Azzopardi on Thursday met to discuss the latest developments related to BREXIT.

During the meeting, Parliamentary Secretary for European Funds Stefan Zrinzo Azzopardi emphasised the importance for everyone to be informed on the changes BREXIT will be bringing about.

He stated that, together with this contingency plan, an information campaign was launched to inform all stakeholders on the effect of these changes. This was done in coordination with all the concerned entities and governmental departments.

During this meeting, various matters were discussed amongst which there was the importance of the training on new tariffs and systems which will be affecting all those enterprises which import or conduct commercial activities with the United Kingdom. For this purpose, training courses are being provided, whilst preparations are underway so that all employees and enterprises are informed of the changes.

The Malta Chamber of SMEs President Mr Paul Abela welcomed these initiatives and said that they are collaborating with the customs department so that importers, a substantial part of which are all SMEs, will be prepared for the new system.

All this will be accompanied with other efforts so that citizens, especially those Maltese who are residing in the UK and UK citizens who are residing in Malta, remain informed of the changes whilst ensuring to fill all the necessary forms according to the regulations put in place by Identity Malta and authorities in the United Kingdom.

The Malta Chamber of SMEs announced that a Webinar about the latest developments on Brexit will be organised for its members on Wednesday 16th December 2020. More information will be announced shortly on its social platforms.

For more information one should follow the official pages of the ‘Brexit – Be Prepared’ campaign and access the website www.brexit.gov.mt. Direct assistance is also being provided to citizens and businesses, both via the Brexit helpline 153 and via e-mail at  where individual questions are being answered specifically.

The Malta Chamber of SMEs has today undertaken another step towards embracing competition in the market for cards and electronic payments providers by partnering up with Point of Sale (POS) and payment solutions provider Trust Payments.  The partnership aims to increase competition on the local market, expand the range of payment options being offered and ultimately lead to reduced costs for shopkeepers and merchants to accept card payments.

The drive towards online payments, reducing the use of cash and purchasing as contactless and even at a distance as possible has never been so strong. Covid has made this a basic need and consumer expectation. Some businesses have already shifted and are continuing to shift and strengthening their online presence and online and electronic payment facilities.

Cashless payments present in fact many advantages, yet businesses report an increase in cost on the charges related to card transactions in view of increasing volumes. A study conducted in collaboration with MasterCard just last year in fact found that 33% of merchants pay between 1.5% and 2% while 31% pay over 2% on each transaction. The same study also found that 29% of local merchants still do not accept card payment of which 73% of respondents that do not accept card payments, identified the cost associated with POS machines as a major reason for not accepting card payments. Malta remains one of the countries with the highest use of cash.

The increase in electronic transactions has therefore also resulted in a bigger hidden cost for businesses and consumers, which cost mitigation is a priority, now more than ever in times of economic struggle, to be tackled.

The Malta Chamber of SMEs has in the past years called for more service providers offering electronic payment services to enter the local market with the aim of increasing competition and as a result offering more cost-effective options that would encourage more businesses to offer such facilities.

The President of the Malta Chamber of SMEs Mr. Paul Abela, stated that it is high time for such value for money service in online and electronic payments to be made available on the Maltese market. It has become a priority of national interest to move towards a cashless society as much as possible and encouraging businesses in taking up such initiatives.

Trust Payments Malta CEO Mr. Steven Grech said that “We are delighted to partner with the Malta Chamber of SMEs who represent over 7,000 merchants and who are the leading voice of independent private businesses. We believe our partnership will benefit the Maltese business community as well as consumers at large.”

 

Further information:  

About Trust Payments Group

Trust Payments is a global unified payments group for global pay-in, pay-out and customer journey technologies. Their mission is to help businesses to optimise their sales and customer experience through facilitating speedy and seamless payments. Our single sign-on technology platform can process payments with over 50 global acquiring banks, including their own EU-licenced institution, acquiring.com.

Their community benefits from our 20+ years of payments experience and unrivalled customer focus. Their trusted and robust technology solutions deliver 1.6 bn transactions annually for 7,000 active clients across eCommerce, mobile and Point of Sale (POS) and in 14 like-for-like settlement currencies. They also operate in the US with money transmission services and gaming vendor licences in key regulated markets. Visit us at www.trustpayments.com and www.acquiring.com.