Ministry signs MoU with BoV and Mapfre MSV Life on use of GEMMA platform

The Ministry for the Family, Children’s Rights and Social Solidarity on Tuesday signed a Memorandum of Understanding on financial capability education with Bank of Valletta and MAPFRE MSV Life.

During the five-year term of this Agreement, Bank of Valletta and MAPFRE Life will work with the ministry’s ĠEMMA Know, Plan, Act financial capability platform to: (a) develop a retirement planner tool as a responsive website application; (b) work with economic operators involved in retirement planning so that this tool becomes the de facto standard and (c) carry out of joint financial capability awareness and education initiatives.

Minister Michael Falzon thanked both the Bank of Valletta and MAPFRE MSV Life for the financing of the responsive website retirement tool which will be designed on knowledge provided by ĠEMMA of how the social security contributory pension systems works.

He said that consistent and authorative information on pension projections would result in better informed retirement-related decisions by Maltese citizens as well as increased confidence in the providers of pension products.

Mark Musu, Chairperson of the Pensions Strategy Group said that the establishment of such Memoranda of Agreement between ĠEMMA and prominent institutions such as the Bank of Valletta and MAPFRE MSV Life was a strategic goal of the Retirement and Financial Capability strategy that the Ministry launched in 2017.

“The establishment of such strategic partnerships ensured that Malta adopts a collaborative and coordinated approach in instilling a financial capability culture,” he said.