You’ve probably heard of the Malta Digital Innovation Authority (MDIA) and the Malta Financial Services Authority (MFSA), but do you have any idea what they do and what you can benefit from them?
Malta Digital Innovation Authority (MDIA)
The MDIA is the regulator of emerging technologies in the Maltese islands, such as Blockchain, Artificial Intelligence (AI), the Internet of Things (IoT), and more.
The MDIA Sandbox, known as the Technology Assurance Sandbox (TAS) is a tool through which startups and SMEs can build their products or services with established standards in the market. This will lead you to have a proper product or service with an assurance that the technology will work as it should.
The MDIA also issues various schemes to incentivise the use of innovative technologies and to promote their benefits. One such scheme is the AI Applied Research Grant aimed at supporting the new AI concepts in Malta. It also offers you financial help if you are going to continue studying at Master’s or Doctorate levels in courses related to AI or Information Security.
Recently, the MDIA and Tech.mt also launched the Mind the Gap scheme; a free assessment of your cybersecurity levels and provide financial assistance to improve your security scoring.
Malta Financial Services Authority (MFSA)
The Malta Financial Services Authority is the only regulator of financial service in Malta. It regulates banks, insurance operators, pension schemes and investment services companies, among others. The MFSA established the FinTech Regulatory Sandbox.
The Sandbox provides a regulatory environment for FinTech operators to test their innovation in the financial service market for a specified period of time. An initiative with the aim of encouraging innovation in a sustainable way while offering real value and protection to consumers. If you are just starting out in the sector, it provides you with a safe way to find innovative solutions, according to standards recognised at an international level.
The Tech(nically) Funded campaign is based on the grants and incentives campaign. It is set to promote the financial access and resources tech companies and start-ups in Malta can benefit from. Furthermore, it enhances the idea of collaboration with other entities and Authorities – promoting Malta further as the tech hub of choice.