On 25 January the Malta Financial Services Authority issued an update on the Virtual Financial Assets Framework to update the public on the progress of the implementation of the regulatory framework.
The Malta Financial Services Authority has recently launched a consultation paper highlighting its vision for the coming years. Labelled as MFSA's Vision 2021 it outlines the authority’s aim to strengthen its processes and paving the way for the future of the financial services industry. Concurrently, the MFSA also launched a consultation document on the MFSA's FinTech strategy, proposing the introduction of a regulatory sandbox and innovation hub.
Business First is a one-stop shop for entrepreneurs and SMEs, though which one can obtain from business related services related to VAT, employment and licenses matters, amongst others..
Malta plans to develop a National AI Strategy, putting the island amongst the top 10 nations that have taken such an approach to artificial intelligence . A key advantage of Malta is its size, making it similar to a cosmopolitan city that could allow companies to test their products in a real-life scenario.
No doubt that blockchain technology presents many opportunities that will keep transforming the financial space. The disruptive technology is exponentially opening up international markets the same way the internet transformed access to information. For those that recognize what blockchain technology has to offer, its potential has no barriers, both for entrepreneurs and consumers who will be able to gain access to any service or assets they need where they are and when they need them.
Looking at the Maltese scenario, in 2017 only 18% of respondents sold their products online and of these, the majority said that total online sales accounted to less than 10% of their total sales. Yet for the 19% of those who sell online, online sales accounted for more than 50% of their sales, which is a remarkable percentage.
SMEs may look to automate as they try to future-proof their businesses, but data from Grant Thornton's IBR suggests finding talent is a bigger issue. Read more.
Dynamic organisations face many challenges. Whether it’s the war for talent, currency fluctuations, trade tariffs, aggressive competition or digital transformation, there are many barriers to growth.
Just like no two zebras have the same stripes, no two business strategies are the same. Grant Thornton can help you develop yours.
Innovation remains a frustrating pursuit in many companies, often due two reasons - lack of a sound business strategy to support and implement fresh ideas, and falling short on financing requirements.