MALTA ASPIRES TO BECOME A PLACE IN WHICH LOCAL AND FOREIGN COMPANIES AND ENTREPRENEURS CAN DEVELOP, PROTOTYPE, TEST AND SCALE AI – A STRATEGY AND VISION FOR ARTIFICIAL INTELLIGENCE IN MALTA 2030.
In the past two years, Malta has positioned itself as the Technology hub of choice, mainly due to its swift acceptance of emerging technologies and the agility to act and regulate without suffocating the market. Malta has established regulatory frameworks centering around the use of Innovative Technology Arrangements capturing Distributed Ledger Technology platforms, Blockchain technology and AI, with the primary aim of providing transparency and legal certainty. The legislation aims to instil peace of mind, as society places more trust in innovative technology. Furthermore, this regulatory framework positions Malta at the forefront of technological business opportunities, as it creates a sound platform for innovators.
The ambition is to create the conditions for AI to springboard from Malta to the world
AI is expected to become the most important and transformative general-purpose technology of our era and radically alter our way of life, both economically and socially. This development has further been accelerated by the COVID-19 pandemic, so much that it is poised to pervade every aspect of 21st century enterprises from data processes to talent to risk management. The Maltese Government has placed the development of new emerging technological sectors such as AI as a national priority. Malta aspires to become the “Ultimate AI Launchpad”- a place in which local and foreign companies and entrepreneurs can develop, prototype, test and scale AI, and ultimately showcase the value of their innovations across an entire nation primed for adoption. The ambition is to create the conditions for AI to springboard from Malta to the world.
the entire nation is set to become the ultimate AI pilot site
The Maltese government is committed to creating the conditions for a robust local AI ecosystem, helping companies that invest in Malta not only to establish their businesses but also to commercialise and scale. With our country’s population of just under half a million inhabitants, the entire nation is set to become the ultimate AI pilot site. Malta is an EU Member State with a tech-savvy population, and English is one of the country’s two official national languages. Moreover, the Maltese Islands boast a stable and business-friendly regulatory environment across telecommunications, gaming, financial services and fintech, which is conducive for trials and nurtures innovation. Malta’s telecommunications infrastructure is amongst the most advanced in Europe, with high mobile and high-speed broadband penetration rates and 5G-ready infrastructure in place.
50% of executives say a lack of AI ethics will make widespread business adoption challenging
Launched late last year, the Strategy and Vision for Artificial Intelligence in Malta aims to ensure that benefits brought about by this next wave of innovation delivers benefits across all segments of Maltese society. At the same time, it promises to be vigilant of the risks and transformations ahead. To capitalize on the promise of AI, enterprises must often first overcome a major challenge. More than 50% of executives say a lack of AI ethics will make widespread business adoption challenging and that is why for AI to be productive and accepted in the enterprise it must be explainable, transparent and trusted (Global Emerging Technology Report, 2020). Awareness and understanding amongst the general population and business community is deemed crucial and that is why Tech.mt has made it its mission to gauge awareness of what AI is and how it can be deployed, whilst at the same time building trust in how AI works in terms of transparency and accountability.