Mastercard Explores Maltas Fintech Scene
Mastercard has conducted a comprehensive study on Malta's burgeoning Fintech sector, unveiled at FinanceMalta's 16th Annual Conference. Following guidelines set by the Malta Financial Services Authority Council, the research identified key trends, contributors, and global developments in Fintech. Mastercard's findings offer strategic recommendations to enhance Malta's Fintech growth, emphasizing sustainability, digitalization, and customer-centric strategies.
Mastercard has delved into Malta's Fintech potential, amidst the global surge of innovative financial technology companies. Their comprehensive study on the subject was introduced at FinanceMalta's 16th Annual Conference. The research aimed to illuminate the nuances of Malta's flourishing Fintech sector and suggest ways to boost its expansion.
Mastercard, following the “2023 Strategy for Financial Services” by the Malta Financial Services Authority Council (MFSAC), charted Malta's Fintech arena. The research demystified key areas, contributors, and both local and international trends in Fintech. Consequently, they proposed strategies to enhance Malta’s Fintech growth.
Malta's Fintech Overview:
The study highlighted the dynamic nature of Malta's Fintech sector. Key contributors were segmented into Government, Private Financing, Financial Entities, Regulatory Bodies, and other support systems. Mastercard's scrutiny also spotlighted sectors instrumental in Malta's financial evolution, namely Blockchain, Cryptocurrency, Payments, Neobanking, Trading, Investment, and Regulatory Technology (RegTech).
Global Fintech Developments:
Mastercard's subsequent research chapters delved into global Fintech trends. They pinpointed Digitalization, Advanced Tech, and Customer-focused Strategies as paramount in shaping upcoming trends. Emphasis was also laid on the trend towards online banking and fresh, customer-centric tech solutions. Modern technology propels financial bodies towards crafting advanced, holistic solutions for clients.
Sustainability has become a prime focus, as 67% of consumers prioritize ESG initiatives while selecting financial services. Open Banking, Banking-as-a-Service, Embedded Finance, and Buy Now Pay Later are revolutionizing customer experiences. Furthermore, Blockchain, Cryptocurrency, and Real-Time Payments are redrawing the boundaries of customer-business interactions.
The research also spotlighted the manifold support Malta’s public sector extends to Fintech companies. Key support pillars identified were Capital & Expertise Access, Regulatory Framework & Infrastructure, Talent Attraction & Cultivation, and Collaborations & Outreach. This supportive foundation is crucial for the thriving Fintech scene in Malta. Beyond this, the role of NGOs, private firms, and European bodies in bolstering Fintech was also recognized.
Mastercard's Suggestions:
Post thorough examination, Mastercard proffered recommendations to propel Malta's Fintech growth. These suggestions echo MFSAC's identified areas of enhancement, encompassing improved governance, rallying support from public and private realms, attracting foreign investments, and strategizing for increased funding.
Mastercard's exhaustive research and tailored solutions for Fintech entities affirm the sector's bright prospects and the company's commitment to sculpting Malta's financial future.