The Malta Independent 13 November 2019, Wednesday

The Blockchain Island is no longer an abstract concept – PS Silvio Schembri

Thursday, 7 November 2019, 16:44 Last update: about 6 days ago

Artificial Intelligence is likely to shape, change and mould the landscape of how sectors we know operate today, Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri said Thursday.

He was addressing the 3rd edition of the Malta Blockchain AI Summit which serves as a premier platform for companies to exhibit, network and engage in debate within the blockchain and AI space. 

ADVERTISEMENT

About Artificial Intelligence, Parliamentary Secretary Schembri said that now is the time to incorporate AI into our ecosystem, a sector likely to shape, change and mould the landscape of how sectors we know operate today. 

“Hence, the launch of Malta’s National AI Strategy will stimulate investment and economic activity whilst implementing 70 actions by end of 2022 in mind to put Malta amongst the top 10 nations with a strategy with the highest impact,” said Parliamentary Secretary Schembri. 

He explained Malta’s achievements in the Blockchain and Artificial Intelligence sectors which has put Malta as a main point of reference in the digital sphere. 

“The Blockchain Island is no longer an abstract concept; covering unprecedented ground and successfully obtaining tangible results within this field our country has emerged as a global leader on this front,” said Parliamentary Secretary Schembri while adding that the legal DLT framework is essential within a digital context as it ensures the nurturing of an ecosystem that fosters innovation. 

Parliamentary Secretary Schembri remarked how 34 prospective VFA Service providers put forward their letters of intent to the relevant authorities in their first step to acquire a Maltese license. “This signals the commitment of such companies to work within an environment that provides legal certainty, consumer protection and market integrity,” he said. 

Parliamentary Secretary Schembri appealed to the banking institutions to adapt and adopt to this new reality and make the necessary efforts to see change as an opportunity and not a threat and become enablers for this relatively new sector to continue take root and flourish. 

Finally, Schembri thanked Founder and CEO of Blockchain AI Summit Eman Pulis and the team involved for organizing such event which attracted several delegates from across the globe who expressed interest in understanding more what Malta is achieving in this sector.

  • don't miss