As the world adapts to Artificial Intelligence (AI) in what many cite as the latest industrial revolution, Malta’s status as a FinTech and AI innovation hub continues to solidify. The island’s landscape of startups, entrepreneurs and innovators in the AI space bolsters this reputation – and a new initiative promises to springboard them yet further onto the global stage.

Championed by the United Nations (UN) through its International Telecommunication Union (ITU), the AI for Good Innovation Factory is a first for Malta. Leading the charge is Mellifera, a newly established FinTech enterprise with a bold mission. “We believe AI has the potential to make an enormous impact,” says Joseph Camilleri, chairman of Mellifera. “This is Malta’s first time as a participant, and it’s a privilege to showcase the talent and innovation the local landscape has to offer.”

With environmental, social and economic goals that address issues such as climate change, healthcare and education, the UN’s 17 Sustainable Development Goals (SDGs) align closely with Mellifera’s mission to bring together innovators, resources and AI as a force for good. “With the AI for Good Innovation Factory Malta, we’re supporting startups and solopreneurs with the tools, mentorship and resources they need to transform their ideas into impactful solutions that tackle some of the world’s most pressing challenges,” explains Camilleri.

Mellifera’s dual role as a FinTech leader and a driving force behind the AI for Good Innovation Factory places it at the intersection of innovation and community impact. With over 35 applications already received from solopreneurs and startups worldwide, the initiative has generated a wave of creative solutions addressing diverse SDGs. “Their ideas are exceptional,” notes Camilleri. “They cover almost all 17 SDGs, demonstrating the incredible potential of AI to tackle real-world problems.”

Inspired by the hardworking Honey Bee, Mellifera’s name reflects its dedication to delivering honest, efficient and tailored IT services and full-stack payment solutions, crafted by FinTech veterans with extensive experience in alternative banking. As a licensed electronic money institution, Mellifera aims to disrupt traditional banking with cost-effective, AI-driven compliance platforms, seamless payment systems and cross-border solutions. “At Mellifera, we believe technology should simplify complexities and enable secure financial operations,” highlights Camilleri.

Mellifera chairman Joseph Camilleri

Although established locally in 2023, with core IT services catering to PSPs, EMIs and neo-banks across the EU and UK, Mellifera has already achieved significant milestones. The launch of Mellifera Kartiera, its recently licensed, dedicated payment services division that simplifies direct debits and card transactions while adhering to European compliance standards, represents another major step forward. “Our mission is to provide cost-effective and seamless payment services efficiently, securely and apace with EU standards,” he adds. “Our AI-driven compliance platforms proactively address challenges such as anti-money laundering and fraud detection, setting a new standard for efficiency in operations for financial institutions and local businesses.”

As Mellifera continues to build its brand, it also focuses on fostering talent. “Attracting the best professionals remains a priority,” Camilleri emphasises. “We’re laying the groundwork for sustainable growth by investing in a skilled team of specialists that shares our vision.”

While growing its team, Mellifera’s future also holds expansion of its services to new markets, he reveals, as it advances Malta’s AI and FinTech ecosystem and inspires startups and solopreneurs to achieve greatness. “We see AI as a transformative force that, when managed wisely, can drive positive change and create new opportunities across industries – and we believe in Malta’s potential as an international hub for AI innovation,” asserts Camilleri.

AI for Good Innovation Factory Malta’s next stages will include screening and the selection of a shortlist by an expert panel of judges; an intensive bootcamp until March in which those shortlisted can refine their idea under the guidance of mentors; and a Malta Finale on March 27 where one team will secure the chance to represent Malta globally at a Grand Finale at the AI for Good Summit in Geneva in July.

For Camilleri, the potential for impact extends far beyond the competition. “This is about building something greater than ourselves,” he concludes. “AI is fast becoming a key part of everyday life. We want to harness AI to improve lives, solve problems and shape a sustainable future for the good of humanity and the planet.”

To learn more about Mellifera’s services, upcoming opportunities for startups and career paths in FinTech and AI, visit www.mellifera.team.