Malta, otherwise known as the “Blockchain Island” and the home of iGaming has just announced a new National Artificial Intelligence Strategy at he DELTA Summit 2019 held last week.
The Parliamentary Secretary for Financial Services, Digital Economy, and Innovation, Silvio Schembri made the announcement which he hopes place Malta as a top 10 jurisdiction for Artificial Intelligence businesses.
“Our vision is for Malta 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,” he said during his speech at the event.
He added: “Malta has firmly established itself as a leader in new up-and-coming areas such as distributed ledger technology and gained global recognition as ‘The Blockchain Island’. Now, it’s time to put Malta on the map in the fields of Artificial Intelligence,”
The new strategy will include some 70 actions that will be implemented by the end of 2022. These include three pillars which will work on increasing investment, adoption, and innovation in both public and private sectors. In addition to this will be three enablers that will intersect with education and workforce, legal and ethical considerations, and ecosystem infrastructure.
It is hoped that the strategy will stimulate further interest in MAlta as a jurisdiction as well as encouraging investments and economic activity from local and international companies. New start-up enterprises, research and development projects, and exciting AI-based pilot projects are all in the pipeline following the announcement.
The Maltese government has stated that it will seek to develop AI integrations in traffic management, healthcare, education, customer service, tourism and utilities, as well as supporting companies innovating in those spheres.
Schembri told the audience how both public and private initiatives will receive the full support of the government whilst ensuring the holding up of ethically aligned, transparent, and socially responsible considerations.
“We are committed to putting Malta on the global AI map, and look forward to your support and collaboration in achieving this vision,” said Parliamentary Secretary Schembri.
By 2021, AI is expected to create some $2.9 trillion of business value globally as well as some 2.3 million jobs by next year. There is no doubt that this is an exciting industry that harbours untold potential for businesses and start-ups looking to innovate.
Malta as a jurisdiction is primed for business and investment. With a low corporate tax rate and a full imputation system that can result in as little as 0% tax, it is a popular location for businesses looking for an EU base. Company incorporation can be undertaken quickly and at relatively low cost, banks are efficient and reputable, and there are currently over 70 double taxation treaties in place. The local workforce is bilingual including English and there is a big pool of highly educated individuals with experience in fintech, finserv, AI, development, software, and other innovative industries.
If you are active, or have a vision in areas such as AI, blockchain, crypto, iGaming, or a combination of any of these, then Fast Offshore can help. With over two decades of experience in assisting businesses realise their business goals, as well as advising on tax, corporate, and financial matters, we are on hand to assist you in setting up in Malta, or any other jurisdiction.
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