Mastercard, a global technology company in the payments industry, participated in the 16th Annual Conference organised by FinanceMalta on September 13, where it shared its insights from the study undertaken by its advisory team to explore the intricacies of the Maltese fintech sector and proposed a set of strategic actions to support the efforts for the sector’s growth.
Mastercard also was one of the main sponsors of the event that brought together a spectrum of professionals, regulators and stakeholders from Malta’s finance industry to foster discussions and initiatives propelling the development of the market.
Building upon the 2023 Strategy for Financial Services, as published by MFSAC earlier this year, Mastercard conducted an in-depth study, mapping the supporting ecosystem, along with the key segments and players of Malta’s rapidly growing fintech landscape, highlighting insights and trends.
The supporting ecosystem of fintech in Malta is grouped into five main categories: government, private funding, financial institutions, regulators and other enablers. The main segments of fintech in Malta are blockchain and crypto, payments, neobanking, investment and trading and regtech.
The study explored the most prominent methods of how the public sector supports fintech companies and their overall ecosystem. The most significant methods come from and focus on access to capital and expertise, regulatory environment and infrastructure, talent attraction and development, and collaborations and promotion.
This comprehensive study was validated by a panel of prominent industry professionals and regulators: representatives from Moneybase, FinanceMalta, MeDirect, MFSA, MSE, MDIA, Tech.mt, Malta Enterprise and MFSAC, aligned in support of Mastercard’s commitment to further elevate the development of payments in Malta. Several recommendations were identified, expanding on the major areas of improvement already identified by MFSAC, ranging from governance improvements and measures of support to foreign investments and funding.
Panagiotis Polydoros, country manager for Greece, Cyprus and Malta at Mastercard, said: “Our goal is to foster an environment that not only embraces fintech innovation but propels it forward. The results of our study aim to cultivate fertile ground for collaboration, ignite innovation and chart the course for the sustained success of this sector.
“As Mastercard, we are steadfast in our belief that leveraging our global expertise will offer invaluable insights and solutions, catalysing the growth and prosperity of Malta’s payments ecosystem.”