During the conference, experts will discuss the impact of these technologies, as well as, debate the various current and future applications of blockchain and AI. The conference will also look at the relevant legal frameworks, with a particular focus on Malta.

“We are delighted to be hosting the ‘Blockchain & AI: Where are they taking us?’ conference,” says Mark Azzopardi from Working Town Events. “Blockchain and AI are set to change our lives — but what do we know about these technologies and what can we expect their impact to be? Have they already had a profound and irreversible effect? This useful and enjoyable conference hopes to answer these questions and more, for those looking to deliver services related to these sectors as well as those who just wish to learn the basics,” Mr Azzopardi adds.

The two-day event will include talks, forums and panel discussions with experts including Helen Burrows, Aviya Arika, Soulla Louca, Godfrey Baldacchino, Joseph Anthony Debono, Claudia Borg, Gordon Pace, Stephanie Fabri, David Galea, Philip Maurice Mifsud, Luis Pallares, Abigail Mamo, Béatrice Collet, Denise De Gaetano, Luis Pallares, Helga Pizzuto, Mark Mallia, Darren Parkin, François Grech, Leonard Bonello, Malcolm Falzon, Ian Gauci, Damian Mifsud and James Muscat Azzopardi.

Working Town Events, an Azure Rock Partners brand, will host the conference in partnership with Blockchain Island Magazine, Zeta, Meta Luminor, the Academy of Business Leaders, Write Me Anything, and Coin Rivet. The event is also accredited by the Malta Institute of Accountants for 8.25 hours of Professional Development in terms of the Accountancy Board’s CPE Scheme.

Tickets for the conference are available online.

The post Working Town Events conference to explore blockchain, AI first appeared on The Malta Business Weekly.

“Back in December of last year, Malta spearheaded an initiative that brought on board Cyprus, France, Greece, Italy, Portugal, and Spain, where together we agreed to promote and work further in the blockchain and DLT sphere, share our expertise and knowledge, and most importantly enhance further our cooperation in this new emergent industry,” said Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri.

“The signing of that declaration was clear evidence of a sense of acknowledgement of this emergent industry. Today’s initiative of a memorandum of understanding takes us a step further, it marks our commitment, as the seven EU member states, to establish a framework for the sharing of best practices in the design and application of DLT at a governmental level. This framework will help us as a region, to achieve the maximum potential of such technologies and enable us to enhance the daily lives of our citizens,” the junior minister added, tagging the MoU as a “historic milestone”.

Under the agreement, Malta, Spain, France, Italy, Greece, Portugal and Cyprus commit to exploring the possibility to cooperate on cross-border distributed ledger technologies projects and to share best practices in the application of distributed ledger technologies, according to the DOI press release. The MoU has established a framework for the sharing of best practices in the design and application of distributed ledger technologies at a governmental level between the countries.

The post Malta signs MoU on DLT cooperation with six EU countries first appeared on The Malta Business Weekly.

In this ten-month-long phase — subject to an extension by the authority — the MGA is open to accept applications for the use of DLT Assets, directly or through third party service providers, by its respective licensees.

Under the updated Licensee Relationship Management System (LRMS) of the authority, new operators are requested to apply for approvals for the use of DLT Assets as part of a New Licence Application, existing licensees are asked to apply for approvals for the purpose of DLT Assets through the application type, and existing licensees wishing to participate in the sandbox environment are requested to report VFA player liabilities through the monthly Player Funds Report, according to the press statement. The MGA also notes that licensees are also required to report on any failed return transactions, for any invalid deposits.

“An approval to participate in the Sandbox Framework is conditional on the applicant holding the relevant licence issued by the MGA, without prejudice to any other regulatory requirements stemming from other applicable legislation, including but not limited to the VFA Act and regulations issued thereunder,” the authority concludes in the press statement.

The post MGA launches first phases of its sandbox framework first appeared on The Malta Business Weekly.

Under the memorandum, BANKEX will facilitate the introduction of blockchain technology to all government agencies in Uzbekistan with the intentions of minimising the potential for human error and precluding corruption.

“The present memorandum is directed at establishing a legal framework on which the parties can base the mutual cooperation necessary to ensure the quality as well as the qualified undertaking of tasks assigned to the parties,” says the memorandum.

The parties also agreed “to study the prospects for the introduction of innovative technologies, including blockchain technology” as well as to “exchange all necessary information and work experience, including through mutual internships and consultations,” according to the press statement.

The two parties are also planning to hold joint educational events, such as workshops, seminars, roundtable discussions and conferences on the principles of digital economy development, as well as the advantages of utilising the blockchain.

BANKEX is a New York-based and closely-held global fintech company providing a blockchain-based securitisation framework. BANKEX group companies legally operate within Class 3 and Class 4 licenses for Virtual Financial Assets on Malta, and therefore in the European Union.

The post BANKEX eyes introducing blockchain solutions in Uzbekistan first appeared on The Malta Business Weekly.

Figures for the past five years draw up a declining curve in terms of attractiveness for FDI, yet pundits find Malta can still be bullish about the upcoming years. In 2013, EY reported that 88% of the investors included in their survey found the country attractive for FDI. Although the figure dropped to 79% in 2014, it started climbing up step-by-step to 84% and 87% in 2015 and 2016, respectively, before taking another downslide. In 2017, some 78% of the consulted investors found the archipelago attractive, before last year’s 74%.

“Although there was a decline, three out of every four investors still believe that Malta remains attractive to their business,” Ronald A. Attard, Malta Managing Partner at EY, says in the foreword of the report. “Equally significant, four out of every five are committed to remaining here in 10 years, while 65% have expansion plans, the highest in the last three years,” the managing partner adds.

EY describes the current times as “transformative age”, with increasing global competition. EY sees that Malta must consolidate its position at the forefront of innovation to remain attractive for FDI. Malta’s most attractive FDI parameters include corporate taxation (mentioned by 88% of the asked investors), the stability of social climate (75%) and potential productivity increase for a company (67%).

Transparent and well regulated

At the same time, investors involved in the survey pinpointed some areas for further improvement. Stability and transparency of political, legal and regulatory environment appear to be the most crucial aspect mentioned by 44%, the R&D and innovation environment named by 37% and transport and logistics infrastructure singled out by 26%.

Some 83% say that Malta does keep the pace up with regulatory changes, and the regulatory environment offers an international advantage according to 56%. As such, EY finds that effective and efficient legislation will continue to play an essential role in attracting more FDI.

The labour market is also going through some spectacular transformation due to disruptive technologies. “As Malta’s economy continues to flourish, the ability to source skilled and unskilled labour is becoming increasingly challenging,” EY says in the report. Malta resembles EU trends in labour shortage and difficulties in finding skilled labour. Some 81% believe that they can manage to retain specialised personnel; however, only 36% manage to find and recruit the required specialised skills in the local labour market. Still, 63% believe that Malta has the right skills in place to keep up with technology.

Standing still in uncertainty

Although the Brexit is still not in the books and uncertainty surrounds it domestically and internationally, EY finds that Malta has not been affected by it, for the time being. While 77% of businesses included in the survey say the Brexit referendum did not have any effect on them, 19% claim they improved and 4% say they deteriorated in some ways.

International risks keeping companies located in Malta alert include the talent shortage (mentioned by 57%), the economic and political instability in the EU with the exception of Brexit (26%), the competition from emerging markets (22%), the rise in populist and protectionist feelings among politicians and populations (22%) and the impact of Brexit (19%), according to data by EY.

Looking into the future, 78% of the companies included in the survey said they expect to stay in Malta for the upcoming decade, 18% said they might stay, while only 3% said they would leave. Also, 65% expects to expand over the next year, 17% do not plan to expand, and another 17% could not say.

To remain competitive on the global scale, however, 70% of the respondents underlined the importance of improving education in Malta. Investors would also like to see more support for high-tech and innovation industries (61%) and small and medium-sized enterprises (59%), according to the survey,

Technology and iGaming leads

The EY report also singles out Malta’s iGaming sector as a significant contributor to the local economy. After being the first EU member state to regulate the online gaming market in 2004, Malta has become a significant iGaming hub with global relevance. The sector directly accounted for 11.3% of Malta’s gross value added — more than €1.1bn — in 2017 according to Malta’s National Statistics Office (NSO) statistics. The same year, the watchdog Malta Gaming Authority (MGA) issued a total of 165 new remote gaming licences.

“The contribution of the gaming sector to the Maltese economy is now entrenched at around one-eighth of the total, following a period of year-on-year growth in excess of 10%,” says Heathcliff Farrugia, CEO at Malta Gaming Authority (MGA). As well as Malta, as an early adopter, stood at the forefront of the iGaming industry, latest progress has shown that the same approach is being applied towards distributed ledger technologies, blockchain and artificial intelligence.

Prime Minister of Malta Honorable Joseph MMuscat notes the country’s progress made in distributed ledger technologies (DLT) and blockchain, placing the country at the forefront of regulating operations previously hovering in an unregulated space. Demonstrating what EY tags as “notable increase”, 50% of the respondents said that they believe the way forward for Malta is to tailor its regulation to keep pace with technological and other disruptions.

‘Quick’ and ‘rational’ actions in need

EY believes that to capitalise on the opportunities in this transformative age; Malta needs to act “quickly” and “rationally”, with a particular focus on the areas in which its competence will stand out against stiff international competition. The firm also warns that skills shortages remain a principal issue to be dealt with.

“Positioning the island at the forefront of innovation, while remaining true to the principles and values that the country has grown accustomed to, will be even more relevant going forward than ever before,” the report concludes.

EY’s attractiveness surveys apply a two-step methodology analysing both the reality and perception of FDI in the respective country or region. Findings are based on the views of representative panels of international and local opinion leaders and decision-makers, EY says.

The full report is available for download on EY’s website.

The post Malta’s FDI attractiveness drops to 74%, says EY first appeared on The Malta Business Weekly.