"Fostering entrepreneurship must be a viable part of economy"

Minister Cardona gives keynote at Prevention Management Cross-Industry Working Group

Speaking at the Prevention Management Cross-Industry Working Group, held Monday the 24^th at Xara Lodge, Minister for the Economy, Investment and Small Business Chris Cardona gave a short keynote on Malta’s growing influence in the world’s iGaming sphere, saying that it was one of the most important economic contributors.

Minister Cardona.

Malta’s open arm attitude to gaming companies provides stability and security said Cardona, and has seen some of the largest company setting up on the island, especially in light of its unique regulatory framework. The island offers ‘rapid scaling’, allowing companies to enjoy access to knowledge of some of the biggest players, with the Maltese licence offering ‘a chance to explore opportunities worldwide’.

The Minister went on to say that ‘fostering entrepreneurship must be a viable part of our economy’ and that the government is focusing on ‘giving help and leverage to startups that have the potential to contribute’. The Minister believes that Malta has a strong concentration of talent and suppliers for this ‘innovation-driven economy’.

Despite these benefits Minister Cardona was careful to say that there were still a number of sectors to work on, such as keeping remote gaming laws relevant in light of ever-changing technology and ensuring we have a skilled talent-based labour resource pool. He said the government was aware of these limitations and was working to keep up with this challenge.

“Our nimble democratic system makes amendment to legislation possible. In this respect we have the fastest legislation system in the world,” said Cardona.

The Minister also noted the work being done by Malta Enterprise, who was collaborating with the Ministry for Education and tertiary institutions, with the goal of establishing ‘longer links between education and employment’ – which is ‘easy due to our size’ and ‘enticing students’.

“Our success as a country is built on our ability to entice and attract new entrepreneurs, ensuring Malta retains a competitive edge.”

The event also featured two panel sessions, with the first session focusing on responsible gaming regulation and how the use of tech can boost compliance. A number of topics were raised, including the benefits of communication and information sharing and the potential for partnership between operators and banks. Focus was given to the importance of working with operators and other tech partners to ensure customers are identifiable from the on-boarding stage, payment-related challenges rectified and to ensure marketers and affiliates are compliant. Panellists included Adrien Lefevre, Ronin Advisory, Noel Bartolo, GiG, Michele Magro, MGA, Marc Plato , The IDco, Maris Bonello, Kindred Group and Kenneth Farrugia, Bank of Valletta. The session was moderated by Matt Zarb-Cousin from Gamban.

The second session looked at what technological tools online advertisers and gaming operators employ to manage their marketing and advertising, with space given to discussing the regulatory challenges, such as GDPR, and where the responsibility for the customer lies. Panellists included Maarten Hajjer, European Gaming and Betting Association, Matt Zarb-Cousin, Gamban, Alan Alden, Malta Remote Gaming Council, Robin Caller, LolaGrove, and Jonas Dam Vesti Petersen, GiG. The session was moderated by Adrien Leferve from Ronin Advisory.