Issue link: https://maltatoday.uberflip.com/i/1511181
10 NEWS 9.11.2023 MASTERCARD has taken a leading role in fostering the expansion of the Fintech scene in Malta, as recent- ly demonstrated at the 16th Annual Conference organized by FinanceMal- ta. The analysis presented there, not only scrutinizes the present condi- tion of Malta's financial industry but also reveals a range of global develop- ments that are reshaping the financial sector and identifies a series of stra- tegic measures that have the potential to expedite the growth of Fintech in Malta. "We aspire to support and further cultivate an environment that not only embraces Fintech companies in Malta, but also propels them forward. Together with existing initiatives, the outcomes of the study are intended to unite the relevant stakeholders of the fintech ecosystem, create fertile ground for collaboration, spark inno- vative endeavours, and pave the path for the long-term success of this sec- tor in Malta. We want to believe this initiative constitutes a testament to our commitment to fostering growth and innovation within the realm of the Fintech ecosystem and reflects our dedication to nurturing the potential of this dynamic industry in Malta" said Panagiotis Polydoros, Master- card's Country Manager for Greece, Cyprus and Malta. An insight into Malta's Fintech landscape A fundamental element of the study was the detailed mapping of Malta's Fintech sector, revealing a dynamic and rapidly evolving narrative. Throughout the analysis, five pri- mary segments came to the forefront: Government, Private Funding, Finan- cial Institutions, Regulators, and oth- er enablers. This approach helped Mastercard understand the various ways that dif- ferent stakeholders contribute to the growth of the sector. Beyond this supportive ecosystem, Mastercard pinpointed pivotal sectors shaping Malta's financial landscape, including Blockchain and Crypto, Payments, Neobanking, Investment and Trading, and RegTech. Global trends and practices The subsequent phase of the study delved into global Fintech trends and developments impacting the financial services industry, along with strate- gies the public sector could employ to further support Fintech companies. The insights highlighted three cen- tral forces shaping the future: Digital- ization, Cutting-edge technology, and Customer-centric thinking. These driving factors are expected to fuel the shift toward online and mobile banking, accompanied by the adoption of innovative technologies and services tailored to consumer preferences. The recent study identified key trends that are already affecting the financial industry, shaping the future of Fintech, both globally and in Malta. Specifically, the rise of trends such as the transition from Fintechs to Super-apps, Banking-as-a-Service (BaaS), Open Banking, Blockchain & Cryptocurrencies, Real-Time pay- ments, Embedded Finance, Sustaina- bility and Buy Now, Pay Later (BNPL) is poised to transform the financial services landscape. However, industry trends are not the only factor that matters. The public sector also plays a vital role in supporting fintech innovation and growth. Collaborative efforts between the public and private sectors such as regulatory initiatives and incentives, could contribute to the establishment of an environment conducive to inno- vation and growth. Building on those insights and trends, Mastercard also formulated a range of recommendations. These suggestions, which also ad- dress areas for improvement identi- fied by MFSAC, encompass govern- ance enhancements, collaborative initiatives between the public and private sectors, strategies to attract foreign investments, and measures to secure additional funding among oth- ers. Nurturing Fintechs for success Mastercard's commitment to sup- porting Fintechs goes beyond this study and is in fact manifested through a range of initiatives and products. The Fintech Forum Event Series con- nects key players, sparking collabora- tions essential for Fintech evolution. Mastercard Engage promotes solu- tions, providing Fintechs access to APIs and tech partners. Fintech Express aids innovators in scaling their businesses, while the in- tensive StartPath program facilitates rapid scaling through partnerships and expertise. In the vibrant landscape of Malta's Fintech sector, all these efforts rein- force Mastercard's commitment for fostering innovation, collaboration, and sustainable growth, ensuring that the nation's Fintech future is bright, innovative, and globally competitive. The importance of innovation and collaboration in the growth of Fintech in Malta OMAR Vella is the new President of the Malta Institute of Manage- ment. Vella is the Chief Executive Of- ficer of Union Print Co. Ltd, edi- tor of several local magazines and newspapers and marketing con- sultant with various local compa- nies. He is also Director of Maltapoint Ltd and board member of the Mal- ta Digital and Innovation Author- ity. In addition to his appointment, outgoing President, Hector Spiteri has been appointed Vice President. Lara Boffa has been appointed Honorary Secretary and Edward Hector Spiteri has been appointed Treasurer. Malta Institute of Management appoints new President Omar Vella