By Cenk Kahraman
Chief Executive Officer
As we approach the end of 2024, I find myself reflecting on a year that has been both rewarding and instructive for FIL. It’s been a period of substantial growth, marked by important milestones and valuable lessons that have strengthened our resolve to serve our industry and stakeholders better.
Our commitment to “simplicity through innovation” has yielded tangible results. We’ve exceeded our financial targets, closing the year 20% above budget, but more importantly, we’ve stayed true to our purpose of inspiring the financial services industry to better serve humanity. This isn’t just about numbers—it’s about creating meaningful impact through every decision we make.
FIL has grown to a 90 strong team, and we’ve expanded our European footprint with operational centres in Sofia and Istanbul, as well as a sales presence in Berlin. Our new headquarters in Malta’s business district reflects our evolution and provides our team with an environment that promotes collaboration and innovation. These aren’t just operational changes; they represent investment in our most valuable asset—our people.
I’m particularly proud of how we’ve enhanced our presence in the market. When industry professionals discuss financial institutions in Malta, FIL is increasingly part of the conversation. This recognition isn’t just flattering, it’s a responsibility we take seriously. Our growth from €50 million to €500 million in assets over the past five years has attracted the attention of global partners, opening doors to collaborations that were previously beyond our reach.
“In business, mistakes can be expensive lessons”, as the saying goes. We’ve had our share of learning experiences this year, and we’ve embraced them. Each challenge has been an opportunity to refine our approach and strengthen our foundations. As I often tell our team, “We don’t encourage mistakes, but we welcome the lessons they bring.”
Our risk management team exemplifies this approach to continuous improvement. They’ve developed an innovative, quantifiable methodology for assessing traditionally subjective risk areas—a solution that could potentially benefit the entire industry. This embodies our commitment to being an exemplary institution, not through words, but through practical solutions that advance our sector.
Looking ahead to 2025, we’re energised by the possibilities before us. New partnerships are on the horizon, and our focus remains unwavering: developing solutions that make people’s lives easier and bring meaningful value to their financial transactions. This isn’t just a business strategy—it’s our commitment to the individuals and businesses who trust us with their financial journeys. Our growing presence in markets like Greece—which has organically become one of our key territories—shows that when you focus on providing genuine value, growth follows naturally.
As we close this chapter, I’m grateful to our team, whose dedication has made these achievements possible, and to our clients, who continue to trust us with their financial needs. We enter 2025 with strong foundations, clear purpose, and unwavering commitment to our values.
The financial services industry is evolving rapidly, and FIL is well-positioned to help shape its future. We’ll continue to demonstrate that commercial success and societal benefit aren’t mutually exclusive—they’re intrinsically linked. This is how we’ll continue to inspire our industry to better serve humanity.