Issue link: https://maltatoday.uberflip.com/i/1263287
25.06.2020 PAUL COCKS A newly-formed think tank is took at possible new niche industries to comple- ment Malta's traditional money-making sectors - construction and tourism. e Parliamentary Secretary for Fi- nancial Services and Digital Economy, Clayton Bartolo, on Monday launched Malta's first digital economy think tank consisting of a number of professionals from the digital industry. e think tank's remit is to come up with ideas and guidelines on how Mal- ta can diversify its economic portfolio through technological industries. e launch took place at Esplora in Kalkara. Kearon Bruno, chairman of the newly formed think tank, told BusinessToday that the think tank would be looking to address the concerns that players in dig- ital sectors - such as gaming, blockchain and artificial intelligence - are currently struggling with. He said the think tank would be revisit- ing the regulatory and legal frameworks involving blockchain and artificial to fur- ther facilitate investment and participa- tion in the sectors. "We will also be collaborating in draw- ing up Malta's new digital strategy for 2021 and beyond, as the current strate- gy was drawn up to cover 2014 to 2020," Bruno said. e aim is to ensure that the new strat- egy will be reviewed annually or bi-an- nually, since technology chnages and advances far too quickly to cover ade- quately with a six- or seven-year strategy. He said new niche economies that the think tank will be focusing on include quantum computing, big data, cloud data and digital innovation hubs. Esports, including game development, will also be at the top of the think tank's agenda. Bruno praised the effort undertaken by all Maltese and foreign workers, particu- larly in the gaming, financial services, Information and R&I sectors. He said that the commitment of foreign workers in such industries was paving the way for further consolidating Malta's economic growth. "By ensuring a well diverse economy, we will be guaranteeing a more resilient and sustainable economic growth, whilst also mitigating asymmetric shocks" Bru- no said. "Today's globalised world brings about a number of challenges, especially those that have to do with our competitive- ness, and therefore it is in our interest to be proactive and ensure that we intro- duce an adequate environment where businesses can thrive and prosper and also to future proof our economy. is think tank will be vested with two main tasks, with the first one being that of consolidating and addressing the lim- itations being face by currents sectors and the second being that of attracting new niche economic areas to relocate their operations in Malta. e launch of such think tank goes to show the Gov- ernment's commitment towards being fully prepared for tomorrow's future." Bartolo said that the aim behind this think tank was to start conducting the necessary groundwork to come up with Malta's digital economy strategy for the years to come. He said that in a world that was con- stantly changing, the government re- mained committed to doing its utmost so that Malta's economy remains buoy- ant. In doing so, Malta would be con- solidating current growth whilst also seeking a future proof economic strat- egy that will serve as the fundamental pillar that drives our economy forward. "is think tank will be made up by a number of professionals and key stake- holders in the fields of blockchain, cryp- tos, AI, blockchain, quantum, high per- formance computing and a number of other sectors that Malta plans to embark on as part of the new Digital Malta strat- egy," Bartolo said. "In adopting such forward looking strategy we will also be transforming Malta as a Centre of Excellence in the digital economy field." e think tank will be comprised of Kearon Bruno (Economist), Prof. An- dre Xuereb (quantum physicist), Dr Aaron Grech (economist), omas Mahoney (gaming industry expert), Kenneth Farrugia (financial industry expert), Dr Ernest Azzopardi (econ- omist), Dr Beverly Tonna (lawyer), Dr Ian Cassar (economist) and Dr Jus- tine Scerri Herrera (lawyer). Sylvana Mifsud will occupy the role of ink Tank secretary. Malta's first digital economy think tank to look at new niche industries Parliamentary secretary Clayton Bartolo (fifthe from left) with the members of the newly-formed Digital Economy Think Tank SWEDEN'S Evolution Gaming Group AB announced yesterday it has offered to buy NetEnt AB for $2.12 billion in stock to broaden its slate of casino games and increase earnings through cost savings. e offer of $8.65 per share represents a premium of 43% over NetEnt's clos- ing price on Tuesday. NetEnt's board of directors have recommended the offer to its shareholders and several large NetEnt shareholders, holding about 45% of the company, have already un- dertaken to accept the offer. But the news has caused ripples in the local gaming industry, with both industry giants being licensed with the Maltese Gaming Authority and having offices in Malta. It is as yet unclear how the public offer would affect the Maltese offices and op- erations, and if the purchase would lead to loss of jobs in Malta. Attempts to contact the two compa- nies proved futile by the time we went to print, but industry sources told Busi- nessToday job losses could in fact turn out to be minimal, since the two com- panies' positions in the market tend to complement – rather than overlap – each other. In a statement, NetEnt said that its board of directors views a combination of NetEnt and Evolution Gaming as positive and believes it to be strategical- ly sound, and the share consideration allows the Company's shareholders to take part of the combined accelerated growth story and combination benefits. e combination of NetEnt and Evo- lution Gaming would indeed create a leading B2B provider in online casino. Evolution's position within Live Casino combined with NetEnt's position with- in online slots will create a company well positioned to take significant mar- ket shares. Jens von Bahr, Chairman of Evolu- tion Gaming, said that the deal marks a significant step towards the company's long-term vision of becoming the glob- al market leader in the online casino industry. "e combination of Evolution's strong offering in Live Casino with NetEnt's leading position in online slots will result in a world class portfolio of online games that will enable us to serve a growing customer base," he said. "Furthermore, NetEnt's established US positioning combined with Evolution's existing US studios and first-to-regu- lated-market strategy will put us in a favourable position to capitalise on the on-going regulation in North America." 2 NEWS NetEnt's board recommends acceptance of Evolution Gaming takeover bid