Malta - From a trade hub to a world Fintech centre

"Now is the time for Malta to serve as a Fintech hub"

“Malta has always been a trade hub, through the years we have built a strong financial services industry and a solid ICT infrastructure. It is now time to bridge the gap and make Malta the Fintech Centre of the World,” said  Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri, while addressing KPMG’s Biennial Financial Services Conference. 

“A vision that will improve people’s lives, generate new opportunities, increase efficiency and manage our risks better,” continued Schembri.

Silvio Schembri explained how Fintech is reshaping the financial experience of millions of people and businesses around the world with the potential to alter the financial services as we know them today. 

“Fintech will democratise financial services the same way the internet democratised information,” Schembri said while adding that Fintech could help make the system itself more resilient with greater diversity, redundancy and depth. He explained that whilst the Government is considering exploring this new niche within the financial services, it is also looking at technologies that are of great benefit to the financial sector such as blockchains or disrupted ledgers. 

Partner, Tax Services for KPMG Juanita Brockdorff said that Malta managed to transform itself into a centre of excellence for financial services. Brockdorff added that the time is ripe for this industry to upgrade itself and cling to the opportunities of new technology in order to maintain its competitiveness and relevance. 

The KPMG conference themed ‘Technology 2020 – The Future of the Financial Services is With Us’, explored how the financial services providers are faced with challenges such as digitisation, robotics and artificial intelligence, blockchain, cryptocurrencies, cloud computing and big data.