Issue link: https://maltatoday.uberflip.com/i/1509516
11 OPINION 12.10.2023 Mastercard explores the Fintech landscape of Malta THE BYD ATTO 3 has been awarded the prestigious title of "Electric Car of the Year" by News UK. This outstand- ing recognition underscores BYD's commitment to excel- lence in electric vehicle (EV) technology and sustainability, reaffirming its position as a leader in the global automo- tive industry. The BYD ATTO 3 was se- lected for this prestigious award following a rigorous evaluation process by the expert panel of automotive journalists from The Sun, The Sunday Times, Driving.co.uk and The Times Luxx maga- zine at News UK. The panel evaluated numer- ous electric vehicles across various criteria, including performance, design, innova- tion, safety, and environmen- tal impact. The BYD ATTO 3 impressed the judges on all fronts, emerging as the clear winner. BYD (Build Your Dreams) is the world's leading manufac- turer of new energy vehicles and power batteries. 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The new BYD ATTO 3 chosen as the "Electric Car of the Year" IN the ever-evolving landscape of glob- al finance, Fintech companies are con- sistently emerging as dynamic catalysts, spearheading revolutionary changes through their innovative and trans- formative initiatives. Mastercard, a global technology company in the pay- ments industry, has been actively ex- ploring the future of Fintech in Malta, and this was exemplified by the recent completion of their extensive study. e study was unveiled for the first time during the 16th Annual Confer- ence organized by FinanceMalta, with the primary objective of shedding light on the intricacies of Malta's thriving Fintech sector and offering strategic recommendations to further foster its growth. Under the guidance of the "2023 Strat- egy for Financial Services" released by the Malta Financial Services Authority Council (MFSAC), Mastercard com- menced a thorough study, meticulously charting the Fintech ecosystem in Mal- ta. e study identified key segments, players, and trends within the expand- ing Fintech landscape, also looking at the European and global trends, leading to a series of recommendations that aim to support the growth and prosperity of Malta's Fintech sector. The Fintech landscape in Malta A pivotal aspect of the study involved an extensive examination of the Fintech sector, revealing the dynamic and rap- idly evolving narrative of Malta's Fin- tech landscape. In the course of sector analysis, five primary segments were identified: Government, Private Fund- ing, Financial Institutions, Regulators, and other enablers. is analytical ap- proach allowed Mastercard to gain an understanding of how different stake- holders contribute to the growth and advancement of the sector. Beyond this supporting ecosystem, Mastercard also pinpointed critical segments within Fintech that are actively shaping Malta's financial landscape. ese segments en- compass Blockchain and Cryptocurren- cy, Payments, Neobanking, Investment and Trading, and Regulatory Technolo- gy (RegTech). International Trends & Practices e next chapter of the study focused on the exploration of the global Fintech trends and developments affecting the financial services industry, as well as the methods the public sector can employ to further support Fintech companies. According to the study's insights, Dig- italization, Cutting-edge Technology and Customer Centric inking are the core forces that will continue to shape the trends and developments in the coming years, as we expect a further shift towards online and mobile bank- ing and adoption of new customer cen- tric technologies. Advancements in technology have empowered financial institutions to develop more sophisticated solutions, underpinned by modern technology in what is being referred to as a race to be- come a super-app for clients. Another key component driving the promotion of Financial Institutions is their association with Sustainability. Considering that 67% of consumers give weight to ESG initiatives when choos- ing financial providers, it is evident that sustainability has taken on a prominent role in influencing how companies are perceived by their customers. Open Banking is transforming inter- actions with financial institutions, while Banking-as-a-Service reduces costs and improves the customer experience. Embedded Finance improves access to financial services and fosters better re- lationships, while Buy Now Pay Later enjoys widespread popularity globally as it offers consumers the flexibility to acquire products and choose to either delay payments or make them in instal- ments with minimal or no associated charges. In the new era of financial in- clusion, Blockchain and Cryptocurren- cy solutions are also applicable across all issuers' and acquirers' offerings, representing a new way for financial institutions to interact with customers and partners. Finally, the adoption of Real-Time Payments is surging, driven by the growing demand from both con- sumers and businesses for instantane- ous transaction outcomes. Additionally, the research delved deeply into the ways Malta's public sec- tor supports Fintechs and the broad- er ecosystem in which they operate. It identified key pillars of support, with a particular focus on Access to Capital & Expertise, the Regulatory Environment & Infrastructure, Talent Attraction & Development, as well as Collaborations & Promotion. ese fundamental pillars collective- ly serve as the bedrock upon which the thriving Fintech sector can further flourish. In addition to the public sec- tor, the study also shed light on various other entities, both at a European and global scale, that contribute to support- ing Fintech companies. ese entities include non-governmental organiza- tions (NGOs), private enterprises, and European agencies, each offering their unique forms of support.