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maltatoday | SUNDAY • 15 OCTOBER 2023 10 COMMERCIAL MeDirect renews support for Teatru Astra MEDIRECT, Malta's first dig- ital bank, has renewed its sup- port for the theatre programme of the Socjeta Filarmonika La Stella in Gozo. The donation, which will sup- port productions at the Teatru Astra in Victoria taking place in late 2023 and throughout 2024, was presented to Andrea Camilleri, a member of the So- ciety's Committee. by Amanda Dimech, Wealth Manager, from MeDirect's Gozo investment centre. MeDirect's partnership with Socjeta Filarmonika La Stella is part of its ongoing commitment to nurture Maltese artistic and sporting talent. MeDirect also continues to support the wider community through donations to numerous charitable organ- isations. The productions which are scheduled to take place in the coming months, and for which MeDirect will be the main part- ner, include the Christmas Pan- to, the musical West Side Story in March 2024 and the RockAs- tra concert, due to take place in June 2024. Speaking at the presentation, Dimech said, "MeDirect con- tinues to play a very active role at the heart of Gozo's cultural scene. Our continued partner- ship with the Socjeta Filarmoni- ka La Stella is one clear example of our commitment to making sure the island continues to play host to world class theatre and music. With an exciting pro- gramme already in the pipeline, we look forward to enjoying another great season at Teatru Astra." Camilleri said, "The next few months will continue to be extremely busy for us. With partners like MeDirect, and the support of patrons and other corporate donations, we can continue to fulfil our aim of providing world class theatre and music in Gozo, something we are proud to have been able to do for more than 50 years." Teatru Astra was inaugurated in 1968, establishing itself as one of Gozo's leading cultural centres. Since 1978 it has also become renowned for its annual production of Opera as well as hosting a range of internation- al singers, plays and musicals. More information is available at https://www.lastella.com.mt/. Amanda Dimech, Wealth Manager and Christiana Teuma, Relationship Officer from MeDirect's Gozo investment centre presenting MeDirect's donation to Andrea Camilleri from Socjeta Filarmonika La Stella Mastercard explores the Fintech landscape of Malta IN the ever-evolving landscape of global finance, Fintech companies are consistently emerging as dynamic catalysts, spearheading revolutionary changes through their inno- vative and transformative in- itiatives. Mastercard, a global technology company in the payments industry, has been actively exploring the future of Fintech in Malta and this was exemplified by the recent completion of their extensive study. The study was unveiled for the first time during the 16th Annual Conference organised by FinanceMalta, with the pri- mary objective of shedding light on the intricacies of Mal- ta's thriving Fintech sector and offering strategic recommen- dations to further foster its growth. Under the guidance of the "2023 Strategy for Financial Services" released by the Mal- ta Financial Services Authority Council (MFSAC), Mastercard commenced a thorough study, meticulously charting the Fin- tech ecosystem in Malta. The study identified key segments, players and trends within the expanding 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 Fin- tech sector. The Fintech landscape in Malta A pivotal aspect of the study involved an extensive exami- nation of the Fintech sector, revealing the dynamic and rapidly evolving narrative of Malta's Fintech landscape. In the course of sector analysis, five primary segments were identified: Government, Pri- vate Funding, Financial Insti- tutions, Regulators and other enablers. This analytical approach al- lowed Mastercard to gain an understanding of how different stakeholders contribute to the growth and advancement of the sector. Beyond this supporting eco- system, Mastercard also pin- pointed critical segments within Fintech that are active- ly shaping Malta's financial landscape. These segments encompass Blockchain and Cryptocurrency, Payments, Neobanking, Investment and Trading and Regulatory Tech- nology (RegTech). International trends & prac- tices The next chapter of the study focused on the exploration of the global Fintech trends and developments affecting the fi- nancial services industry, as well as the methods the public sector can employ to further support Fintech companies. According to the study's in- sights, Digitalisation, Cut- ting-edge Technology and Cus- tomer Centric Thinking are the core forces that will continue to shape the trends and devel- opments in the coming years, as we expect a further shift to- wards online and mobile bank- ing and the adoption of new customer centric technologies. Advancements in technolo- gy have empowered financial institutions to develop more sophisticated solutions, under- pinned by modern technology in what is being referred to as a race to become a super-app for clients. Another key component driv- ing the promotion of Financial Institutions is their association with Sustainability. Consider- ing that 67% of consumers give weight to ESG initiatives when choosing 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 transform- ing interactions with financial institutions, while Banking- as-a-Service reduces costs and improves the customer ex- perience. Embedded Finance improves access to financial services and fosters better re- lationships, while Buy Now Pay Later enjoys widespread popu- larity globally as it offers con- sumers the flexibility to acquire products and choose to either delay payments or make them in instalments with minimal or no associated charges. In the new era of financial inclusion, 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 adop- tion of Real-Time Payments is surging, driven by the growing demand from both consumers and businesses for instantane- ous transaction outcomes. Additionally, the research delved deeply into the ways Malta's public sector supports Fintechs and the broader eco- system in which they operate. It identified key pillars of sup- port, with a particular focus on Access to Capital & Expertise, the Regulatory Environment & Infrastructure, Talent Attrac- tion & Development, as well as Collaborations & Promotion. These fundamental pillars col- lectively serve as the bedrock upon which the thriving Fin- tech sector can further flour- ish. In addition to the public sector, the study also shed light on various other entities, both at a European and global scale, that contribute to supporting Fintech companies. These en- tities include non-governmen- tal organisations (NGOs), pri- vate enterprises and European agencies, each offering their unique forms of support. Recommendations After investigating the local ecosystem and analysing glob- al trends and practices, Mas- tercard formulated a series of recommendations that could contribute to the growth of Malta's Fintech sector. These recommendations were built upon the identified areas of im- provement outlined by MFSAC and covered a spectrum of in- itiatives, including governance enhancement, garnering sup- port from both the public and private sectors, implementing measures to attract foreign in- vestments and devising strate- gies to secure additional fund- ing. Mastercard's research en- deavours, combined with its customised solutions for Fin- tech businesses, stand as a tes- tament to the sector's promis- ing growth prospects and the company's steadfast dedication to actively shaping the future of finance within the country.