Malta at the heart of fintech and innovation
Malta’s national agenda it that of giving freedom to entrepreneurs, cutting complex regulation as well as assisting start-ups by providing financial incentive schemes, the right infrastructure to grow and catered support services. This also applies for the fintech space. The island enjoys a solid global reputation as a financial and IT services hub. Extending its stature to the fintech world is a natural progression.
Malta has positioned itself as a secure, innovative fintech hub and a pioneer in DLT and blockchain regulation. Referred to by many as ‘the blockchain island’, Malta is the first EU Member State to have introduced a complete regulatory framework for the sector, paving the way for the creation of a new regulatory authority - the Malta Digital Innovation Authority (MDIA) - the registration and certification of service providers of Distributed Ledger Technologies, as well as the regulation of Initial Coin Offerings (ICOs) and related service providers.
The University of Malta provides access to fintech start-ups to a technology business incubator, whilst the Malta Information and Technology Agency runs a separate innovation hub. The government is also in the process of building a hi-tech technology park, which will open its doors to start-ups and innovators in 2021.
With a population of just under 500,000 and a geographic footprint of 316 square kilometers, Malta’s small size makes it the ideal test environment for new technologies. Start-ups can develop and test new products and services on the diverse, yet concentrated and highly developed, local market before exporting their services and solutions to Europe and on an international scale.
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