TECHMAG ISSUE 5 by BE.COMMUNICATIONS

Maurizio Mamo on driving digital

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THE iX

Editor’s note — Welcome to the latest edition of TECHMAG, where we dive into the heart of innovation and explore the technologies shaping Malta's digital future.

In this issue, we highlight the incredible strides made in cybersecurity, digital transformation, Medtech, AI, and venture capital, providing insights into how these advancements impact our everyday lives.

Leading the edition is our cover story, "Beyond the Buzzwords," featuring Maurizio Mamo, CEO of 4Sight Group. Maurizio has been at the forefront of Malta and Cyprus' digital transformation, helping businesses migrate to cloud-based infrastructures and harness the power of AI. His practical approach to technology reminds us that innovation should serve the company, not vice versa. This exclusive interview reveals how 4Sight's agile strategies are shaping the future of digital business, both locally and internationally.

Vanessa Macdonald delves into a thoughtprovoking discussion with her piece "Poking Sticks into Holes," which unpacks the complexities of Malta's cybersecurity landscape. The government's proposed Coordinated Vulnerability Disclosure Policy (CVDP) seeks to create a legal framework for ethical hackers following a controversial case involving students who exposed an app's vulnerability. This piece raises important questions about the fine line between protection and prosecution in an increasingly digital world.

We also revisit the ambitious dream of making Malta the 'Smart Island' in Manuel Delia's article "The Lost Smart Island Generation." Seventeen years ago, Malta aimed to foster a welleducated, tech-savvy workforce. The reality is different today, with educational inequalities

preventing many from achieving basic academic benchmarks. Manuel reflects on this gap and what it means for Malta's future in tech.

Turning to venture capital, Adrian Galea's story, "From Malta to Silicon Valley," offers a unique perspective on startup investing. Adrian shares his experiences navigating global tech investment and sheds light on the opportunities and challenges of supporting innovative startups.

Medtech is another field in which Malta has made waves. In "Innovation or Optics?" we sit down with Dr Dylan Attard, founder of MedTech World, to explore whether Malta's emerging Medtech ecosystem can go beyond the annual conference and foster long-term innovation.

As we navigate this exciting digital era, we hope these stories inspire you to embrace innovation, challenge the status quo, and shape a better future through technology.

Empowering innovation, shaping the future—one breakthrough at a time.

EDITOR Anthony P. Bernard

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In this issue

Poking sticks into holes

The government's Coordinated Vulnerability Disclosure Policy (CVDP) proposal aims to create a legal framework for ethical hackers. This comes after a controversial case involving four students who exposed a vulnerability in a popular app, raising questions about the fine line between cybersecurity and criminal prosecution. Vanessa Macdonald delves into what led up to this.

The lost ‘Smart Island’ generation

Seventeen years ago, Malta aspired to become the 'Smart Island,' envisioning a future driven by innovation and a well-educated workforce. Manuel Delia reflects on this ambition, highlighting the generation now struggling with educational inequalities and falling short of basic academic benchmarks.

20 12 24 36 16 30

COVER STORY

Beyond the buzzwords

Maurizio Mamo, CEO of 4Sight Group, has been at the forefront of Malta and Cyprus' digital transformation journeys. From helping businesses transition from legacy systems to the cloud to navigating the complexities of international expansion, Mamo's approach is simple: technology must serve the company, not the other way around. In this exclusive interview with TECHMAG, Mamo shares his insights into 4Sight's success, its expansion into Cyprus, and how cloud solutions and AI are shaping the future of business. His story is one of agility, foresight, and a relentless drive to innovate.

From Malta to Silicon Valley Innovation or optics: Malta's Medtech challenge

From Malta's traditional business environment to the forefront of global tech investment, Adrian Galea has spent over a decade navigating the complexities of venture capital. His story provides a unique perspective on the challenges and triumphs of supporting innovative startups.

MedTech World has played an essential role in putting Malta on the global map as a hub for Medtech innovation. However, the question remains: Can Malta's Medtech ecosystem evolve beyond visibility and deliver long-term innovation? TECHMAG sat down with Dr Dylan Attard, founder and CEO of MedTech World, to understand his vision for Malta's Medtech landscape.

Digital identity wallets

As Malta advances its digital transformation agenda, digital identity wallets emerge as a cornerstone for creating a more efficient, secure, and user-friendly government. JP Fabri probes how Malta can leverage digital identity technology to enhance public services, streamline processes, and position itself as a leader in digital governance.

From buzz to impact

Theo Dix examines how Malta has demonstrated that small nations can have a significant digital footprint. As AI evolves from buzz to reality, Malta's agility positions it to lead the AI transformation.

Hype to heritage

NFTs captured global attention, but the initial frenzy was unsustainable. Zach Ritchie examines how brands and collectors shift from speculation to building lasting, tangible brands that bridge the digital and physical worlds. 40 44

The AI edge

Artificial intelligence (AI) is reshaping industries and redefining how businesses operate. From automating tasks to assisting decision-making, AI offers tremendous benefits. However, many companies are struggling to keep up with the rapid advancements. Richard Muscat Azzopardi explores the right and wrong ways to integrate AI tools, ensuring you stay competitive.

How the Cyber Resilience Act strengthens Europe's cybersecurity

Integrating cybersecurity and functional safety has become essential in an era where industries rely on connected systems. Ing. Stephen Mallia examines how the Cyber Resilience Act (CRA) sets new standards for safeguarding digital products, emphasising the need to align cybersecurity and functional safety to protect people, assets, and environments.

Tech for good

These luxurious essentials combine style and functionality, perfect for elevating your fall wardrobe. 54

Adrian is a venture capital and portfolio management professional for early-stage start-up investors. He also manages a Facebook group called Malta Startup Space that inspires start-up culture in Malta.

JP is a founding partner at Seed, a multi-disciplinary advisory practice.

Manuel is a civil society activist and writer.

Richard is the CEO of Switch — Digital & Brand, a marketing agency that forms part of ICOM, the world’s largest network of independent agencies.

Stephen is a freelance product regulatory compliance expert and mechanical engineer with over 13 years of experience in the field.

Theo Dix is a senior manager leading EY- Parthenon, the global strategy consulting arm of EY in Malta.

Vanessa had every intention of retiring but so far has been caught up by exciting freelance projects and voluntary work.

Poking sticks into holes

The news that the police were looking into four computer science students after they found and reported a significant security vulnerability in the well-known student app FreeHour shocked the local cybersecurity community more than a year ago.

The students – Giorgio Grigolo, Michael Debono, Luke Bjorn Scerri, and Luke Collins – notified the app owner and asked for a 'bug bounty' for their efforts. However, instead of being rewarded for their 'responsible disclosure', as they expected, the situation was perceived as a threat, leading to the students being arrested and strip-searched, and the police seized their computer equipment. Things escalated recently. Just when the students – and others involved – thought that the matter would be left to die a silent death, it was announced that three of the students and their lecturer, Mark Joseph Vella, would be charged in court in March 2025.

The University of Malta Academic Staff Association were shocked by the news that the lecturer would be arraigned. After all, it argued, the lecturer had already said that he provided his students with "the ethical framework" to be applied.

In the meantime, the University Students Council, which is committed to covering the students' legal expenses, leapt to their defence, insisting that their actions protected thousands of students from potential exploitation of their data.

Forum Unions Maltin (ForUM) also took a stand. It expressed concern at the whole situation, saying it posed a "serious threat" to the educational process "essential for training students to use their computer-related skills and knowledge for the benefit of the community and organisations they serve." The union pointed out that students should

be adequately trained as future cybersecurity experts rather than subjected to criminal prosecution.

Even the company at the heart of this issue, FreeHour, chimed in, saying it wanted a more "positive ending" for the students but without saying what it had in mind.

A media report did say that FreeHour was not advancing the court proceedings but that the police were pursuing them.

So what on earth happened, and could it or should it have been avoided? Is this all a storm in a teacup, or are real issues at stake? The incident highlights the complex legal and ethical landscape surrounding cybersecurity in the EU, where rapid IT developments and increased digital threats are causing concern.

The flurry of comments when the →

forthcoming legal action was announced did not go unnoticed by the government, which has since issued a consultation paper on introducing a Coordinated Vulnerability Disclosure Policy (CVDP) framework, which was due to close on October 7.

The starting point for any discussion about why ethical hacking is needed. This is clearly outlined in the first part of the consultation paper: "ICT systems are susceptible to vulnerabilities, just like anything else in the world. These vulnerabilities may leave ICT systems prone to incidents that affect their security."

The issue boils down to whether a company invites ethical or 'white hat' hackers to check its IT systems or whether the hackers opt to check them unasked.

Of course, this is a very simplistic way of looking at it. The consultation paper aims to create a detailed and defined framework that would protect all those involved. Ostensibly, it would minimise the risk of exploitation by malicious hackers by promoting ethical reporting, but it would also open the door for rewards—not only a kinder term than

bug bounty but also one outlined in the consultation paper.

The consultation paper was issued by the Malta Digital Innovation Authority and CSIRTMalta. According to EU law, a computer security incident response team (CSIRT) is someone who acts as a trusted intermediary. CSIRTMalta would keep a register of the policies established by the companies involved and of all the Security Researchers (in other words, the ethical hackers) who would follow the National CVDP policy.

This is not taking place in a vacuum: Malta, like other EU Member States, is affected by the updated Network and Information Security Directive (NIS2), set to take effect by mid-October 2024. NIS2 aims to strengthen security requirements, address supply chain security, and introduce more stringent supervisory measures and harmonised sanctions across the EU.

Moreover, GDPR (General Data Protection Regulation), which has been in force since 2018, continues to enforce strict rules on data protection and the handling of personal data, placing additional responsibilities on app

Ethical hackers are the unsung heroes of our digital age... What's at stake is the balance between protection and prosecution.

developers and service providers to ensure the security of their systems. Failing to secure personal data could result in substantial fines and legal consequences under GDPR, emphasising the importance of addressing vulnerabilities promptly and ethically.

This is great news—at least for companies committed to best practices. It should help prevent cyber-attacks and encourage more activity in the cybersecurity sector. Action is not just being taken on the legal side: entities like the Malta Digital Innovation Authority and government IT agency MITA have also promoted various successful initiatives to encourage awareness, such as the Mind the Gap programme and the Digital Shield.

The legal framework would apply when access is initiated by an invitation from the software owner and covered by an agreement. For example, multinational companies like Dedaub, founded by local guru Neville Grech, already use this approach.

Checking an app or software for potential 'holes' is beneficial for well-meaning owners, preventing them from being exploited maliciously. Indeed, some companies deliberately provide public code precisely so that it can be checked for vulnerabilities.

There are also platforms like the Security Alliance (SEAL), launched in February 2024 by blockchain innovators. Its emergency hotline has already disclosed numerous vulnerabilities.

So what happens when the access to an IT system is unauthorised? At present, the unauthorised access still falls foul of the Criminal Code, with potential penalties of up to four years in prison and fines of up to €23,293.

While the proposed policy would be promising for the future of cybersecurity, the case of the four students remains a cautionary tale. One of the students who spoke to MONEY before the legal action was announced reflected on the impact of the controversy.

On the downside, the winner of the annual national cybersecurity competition was one of the original four students and was told that he would not be able to represent Malta

at the European level due to the official stillopen investigations.

On the positive side, the publicity after the police investigation has propelled the students to relative fame, meaning they have no shortage of work – as long as it is on the right side of the law!

He was also philosophical about how the four had handled the situation in 2023, saying they had "offered" the app owner three months to fix the vulnerability. However, he appreciates that things did not work out as they had thought.

"I think I would have done things differently and reached out to the app owner in person," the student told MONEY.

"But having the protection of the law – what is known as a 'safe harbour' – would boost cybersecurity, especially if researchers were affiliated with an educational institution. Alas, I still think that the concept of unauthorised access being a crime is simply out of touch with today's reality," he said.

The case of the FreeHour app highlights a growing legal and ethical conundrum in cybersecurity.

Michael Debono, Luke Bjorn Scerri, Luke Collins and Giorgio Grigolo had told their story to Times of Malta

THE LOST SMART ISLAND GENERATION

Seventeen years ago, this country told itself it would become the 'Smart Island.' Before the last general election to confirm the PN in office, a new strategy by that name was published. It harnessed the government's performance in promoting online public services, and it accompanied the news of the then-nascent project of building a new 'smart city' south of the Grand Harbour.

It elaborated a vision for a near future when our small size, geographical peripherality, and limited capital would no longer be barriers to growth. Our longstanding work ethic and tradition of innovation would now be able to exploit technology to let us ride the big waves with the rest of them.

We'd live on a 'smart island' made of smart

people. It was never about technology itself but the ability of a resilient and flexible workforce to make the best use of it.

I can see you squinting and digging in the deep recesses of your memory. I will spare you the pain of vague familiarity. I was a junior government official promoting the Smart Island strategy, and though I cannot claim →

to have had any role in conceiving the ideas in that plan—smarter people were needed for that—I had a hand in selling it to the public.

Let's not debate how the dream of a world-class tech farm in Kalkara became another real estate scramble. Indeed, that development was supposed to be merely a symptom of Malta's smartness, not its cause. Let's debate instead about how smart we've turned out to be.

I'm going to be conventional about this. I will not attribute any symbolic or esoteric significance to the word 'smart'. I'll use it to mean what it meant for us in the schoolyard when we stood at four feet two and whispered in awe about the handful of kids that would score the 90s in all the tests and save their teams at the relay race on sports day. That's what 'smart' meant to us. It wasn't about sweet blessings like flowing hair and an irresistible smile. It was about how quickly the smart kids grasped this week's math problem and how little it took them to memorise the verses of last week's poem. The smart ones were the ones we envied, resented or admired and wished to emulate.

By that measure of equations and poetry, how smart is this island? Compared to the rest of the EU, we're not that amazing. Twenty-seven per cent of our adults aged 25 to 54 years have not made it to an 'O' level standard of education. That's one in three who cannot show basic literacy and numeracy certification and have nothing to document their 11 years

The dream of a world-class tech farm in Kalkara became another real estate scramble.

of formal education. Portugal, Italy, and Spain have an even more significant proportion of low achievers. The rest of Europe is better off than us.

Less than half of the Maltese in that age group have achieved any level of tertiary

achievement, even the most modest. We're not only talking about doctorates or degrees here. We also include certificate or diploma courses lasting less than a year. Our ratio of tertiary education population has statistically hit the EU target, which is a better showing than half of the other EU member states. Being average is hardly a great result for a 'smart island'. Consider we're worse off than the remaining half. Is that so smart?

This magazine's edition focuses on technology and how that can make us money. It's worth remembering that of every Maltese person aged 20 to 29, just 1 has a degree in any technical subject like science, mathematics, computing, engineering, manufacturing or construction; by any standard, that's an abysmal rate. In the EU, Luxembourg alone has a lower rate. Every other EU state boasts more technologists and mathematicians per capita than we do. I won't ask you if that sounds smart.

Let's drill down, shall we? After all, a good measure of how well we have realised our vision is to look at the 'smart island generation',

Early renders of the Smart City project

the babies born when that vision was published in 2007 and who went through the rite of passage of finishing their compulsory schooling just last year. The Smart Island babies are 17. Almost half of those who sat for their math's O' level last year failed (I mean, they could not get a grade of 5 or higher).

Not all 17-year-olds were destined to be computer engineers when they were born. But I suspect the visionaries of 2007 would be properly appalled to know that in 2024, half of that year's babies can barely count as they enter adulthood. Okay, that is an exaggeration. They may be able to count, but they can't recall Pythagoras' theorem to save their lives.

There is a remarkable difference in sub-group performance within that 'Smart Island' cohort. The paths their parents chose for them at birth, not least because of the differences in their means, had more to do with their schooling outcome than any highfalutin' government document. Consider that more than half of today's 17-year-olds who got their schooling in church or independent schools

secured enough qualifications to continue some schooling beyond their compulsory years. If you leave aside the better-performing Gozitan students, less than a third of state school leavers have enough qualifications to continue their studies.

That's a big difference. Half, rather than a third, would not need help to work that out if they had the privilege of avoiding governmentrun schools.

It's been some time since anyone has dared to proclaim the ambition that state schools should give their students the best education available in the country and that education should be the great leveller. Instead, as smart as this island was supposed to be, it never smartened up enough to unshackle its children from the perpetuation of its ingrained inequalities.

Two-thirds of public education students who were taught in the years since the authorities of this country proclaimed their ambition to make Malta a 'Smart Island' has been abandoned to relative dumbhood.

We're talking about percentages, but put this in context. In 2007, the year this generation was born, nearly 8,000 candidates were sitting for O-level exams. By 2023, that number slipped precipitously to 5,000. Our population did not shrink by 40%, which likely means that fewer school leavers even sat for exams to begin with.

Malta has undoubtedly enjoyed decades of economic growth and success. As it did so, however, the old maxim that the only resource available to our economy is our people has atrophied, along with our intellectual ability to excel at school. Take the many technology businesses thriving in this country and consider the profiles of many of their employees. The bright stars are imported. We don't do the work. Like decadent ancients or Georgian landed gentry, we instead profit from the rent that the "expats" pay out of their considerable salaries.

One day, this island might wonder when it forgot that it's smart to be smart.

The more that happens, the less incentive we have to grow smarter future generations. It's not just about sophisticated mathematics and precision engineering. It's about most economic activity where real things are made, built, or repaired. Too few of us seem keen to get our hands dirty. We import labour from Europe or South Asia so people can work for us while we lose our willingness and ability to take the initiative.

Like the decadent ancients or Georgian landed gentry, we are making ourselves redundant, forgetting—perhaps comically—the point of Pythagoras's theorem. One day, this island might wonder when it forgot that it's smart to be smart.

Beyond the buzzwords

4Sight Group has been instrumental in driving digital transformation for businesses in Malta and Cyprus. What is the key to your success in helping companies adapt to a digital-first world?

I have always been more intrigued by business and how it functions than by technology itself. I've always been a bit of a geek at heart, but my focus was on understanding how technology can support businesses and, using my technical know-how, help them make more money. Over the years, I've worked with several companies that genuinely value technology and invest in it to drive their success. This experience has helped me develop a mindset where technology revolves around the business to support it, not vice versa.

I started consulting at an early stage in my career, with the understanding that for technology to make a real impact, businesses need to transform first. It's pointless for a company to lack processes and expect technology to work like magic. However, I wasn't the IT person who expected businesses to go through complex procedures just to use tech. I quickly realised that the simpler the technology, the easier the adoption. That's why I've always worked towards making tech as accessible as possible for my clients. You could say that 4Sight has been tackling digital transformation long before it was even a buzzword!

Your expansion into Cyprus in 2021 marked a significant milestone for 4Sight Group. What motivated this move, and how has the experience of entering a new market shaped your approach to business transformation?

Cyprus was our first significant step towards going international. We knew that while Malta was a great starting point, it had its limitations in

terms of market size. To achieve our long-term goals, we had to expand beyond our shores. Cyprus felt like a natural fit. I had visited Cyprus several times, and it seemed like a safe option for our first international venture. It was familiar enough not to take us entirely out of our comfort zone but still exciting and new. However, as similar as Cyprus may seem on the surface, it introduced its unique culture, business dynamics, and ways of working, which were quite different from what we were used to in Malta.

This expansion was a massive eye-opener for us. It taught us how to adapt and evolve our strategies in a new environment with people from diverse cultural backgrounds. We encountered different business realities compared to Malta, and this experience was invaluable in shaping our growth. We've always been a structured and organised company, but this move pushed us to become more agile and flexible. We had to learn on the fly, and it's been a continuous learning process ever since.

Looking ahead, as we plan to expand into other countries, Cyprus has been an essential stepping stone. It has taught us how to navigate the challenges of international business and avoid repeating early mistakes. We've grown as a team and a company and are eager to take these lessons forward as we explore new markets beyond Cyprus.

With the increasing demand for cloud-based solutions, how is 4Sight helping businesses transition from legacy systems to more agile, cloud-based infrastructures? What are the most common challenges companies face during this migration?

4Sight has always been ahead of the curve regarding cloud technologies. We've been riding the wave from the very beginning. In fact, we've →

been entirely cloud-based since 2012, without any need for in-house infrastructure to keep us operational. So, when Malta went into lockdown during COVID-19, we were ready. We sent everyone home, and no one needed new equipment or software; we were already set up to work from anywhere, anytime.

Unfortunately, many of our clients weren't in the same position. COVID-19 has made many businesses rethink their operations, not just in terms of working from home but also in terms of being able to work from anywhere. Our client's biggest challenge was trust, trusting the idea of having their data in the cloud, beyond their immediate control, rather than in a server room they could see. Initially, this was a challenging concept to sell. Still, over time, many clients realised that, regardless of business size, they couldn't match the redundancy and security of major cloud providers. Keeping data in-house was far riskier than moving to the cloud.

As you rightly pointed out, migration is a challenge and one of the most significant pain points we see with our clients. Change management during migration projects can be complex, not just because businesses resist change but because changing software often means changing business processes. Many SMEs struggle with this because they lack solid processes from the outset, which makes adopting new systems even harder. Sometimes, it's not just about adopting new technology. It's about gaining a better understanding of your own business, which can cause frustration and delays.

Implementing core changes while keeping the business running is also tricky and can lead to unexpected costs if you're unprepared. That's why we created FLOW, our annual Digital Transformation Event. We wanted to help businesses, with input from independent industry professionals, understand what it takes to transition to smarter, more accessible systems because it's not just about technology; it's about empowering businesses to evolve.

AI and automation are transforming industries worldwide. How is 4Sight leveraging these technologies to help businesses improve decision-making, productivity, and customer experiences? Can you share an example of how automation has made a tangible difference for one of your clients?

At 4Sight, we offer a range of AI-powered technologies and products designed to help our clients boost efficiency. But here's the thing: buzzwords like 'AI' and 'automation' are meaningless if our clients don't understand how to use them to their advantage. We often meet clients who are excited about AI. They've heard the hype and want to jump on the bandwagon but are unsure how or why. This is where 4Sight truly excels. We don't just hand them tech solutions. We help them understand how to transform their business first, and technology comes after.

The key is helping them understand that, to improve decision-making, they need to stay on top of their data. AI learns and makes decisions based on the data it's given. So, we start with the basics, looking at the core of the business, how they're managing their data, where it's stored, how reliable their data structure is, and what they're doing with it. Once that foundation is in place, we can help them see how AI can be leveraged to its full potential.

Many businesses still rely on spreadsheets to run their operations, which may seem like a cost-effective solution but is risky. It's labour-intensive, error-prone, and limited in its capabilities. Businesses need to realise that before jumping into AI, they must embrace something equally important: business intelligence (BI). BI gives business owners quick, easy visibility into their performance, which is essential before automating processes. To automate decisions about your business, you first need to understand what your business is telling you. Once you've got those data insights, you can make informed decisions and automate where it makes sense.

AI and automation are incredible tools, but they're just that—tools. They help eliminate repetitive tasks and improve efficiency, but they're not advanced enough to make critical business decisions for you. That's why business leaders need to understand which digital technologies will aid in decision-making so they can use them to drive real change and move their business forward.

The Flow Digital Transformation event has become a cornerstone of 4Sight's thought leadership in digital transformation. What are your goals for the 2025 edition, and how do you see this event evolving?

The upcoming 2025 edition will be the fourth time we've organised this event, and it's incredible to see how much it has grown since the first year. We're beyond excited about what's in store and confident we'll deliver even more value than last year. The 2024 event was a huge success; it was easily the best of the three we've hosted so far. Attendance hit an all-time high, we attracted more sponsors, and the feedback we received was outstanding.

For the 2025 edition, we're ready to push the boundaries even further. While it's still early to reveal too much, we plan to bring even more cutting-edge tech and deeper business insights than ever before. We're also expanding our reach by inviting international contributors to share their expertise, ensuring that the hundreds of attendees gain even more knowledge. A big part of what drives us is the high percentage of repeat guests, which motivates us to continually introduce fresh technology and innovation every year.

At its core, this event is all about education. FLOW is designed to guide businesses through the digital transformation process, making it easier for

them to innovate. We invite all companies to join us for the 2025 edition, where they'll have the opportunity to learn about digital transformation, experience the latest technology, and network with like-minded professionals. It will be bigger and better than ever, and we can't wait to share it with everyone!

As a company that offers end-to-end digital transformation services, how do you ensure that your approach remains holistic, addressing not just technology but also branding, business processes, and digital marketing for your clients?

End-to-end service has always been at the heart of what we do. At 4Sight, we have a diverse ecosystem of professionals working with us, from creatives and business consultants to systems engineers and developers. We also have SEO specialists, digital marketers, data analysts, and technology experts under one roof. It's a broad, horizontal approach, and I'll admit, it's not the most manageable model to maintain. But after years of honing this process, we've become experts at running an actual end-toend business.

One of the key factors behind our success is our deep understanding of processes. Digital transformation is, at its core, all about processes, and we like to think of 4Sight as a digital transformation company, not just an IT company. The reason is simple: we're more than just an IT service provider. We've built a team of people who truly understand how businesses operate,

and we excel at helping them use technology to grow. But we go beyond tech; we can also help companies run more smoothly by leveraging our knowledge across different areas of operations.

Our strength lies in our ability to blend technology with a fundamental understanding of business processes, which makes 4Sight unique. Maintaining such a holistic approach is no small feat, but our incredible team consistently brings it together to ensure our clients get the best possible solutions.

Looking ahead, what emerging trends or technologies do you believe will be critical for businesses to stay competitive in the next five years, and how is 4Sight preparing to help companies navigate these changes?

A s things stand, it's nearly impossible to predict the future with certainty, especially given the lightning-fast pace at which technology evolves. Since we started in 2007, we've seen tech move at an unprecedented speed, and it's only accelerating. Businesses must stay on top of the latest technologies and, more importantly, learn how to leverage them effectively to remain relevant and competitive.

AI, without a doubt, will be a game-changer for those who crack the code on how to integrate it seamlessly into their operations. At 4Sight, we're already helping companies navigate this rapidly changing landscape. Our approach goes beyond simply introducing the latest tech tools. We strategically guide businesses to adopt these technologies to maximise their impact. We firmly believe that the newest, flashiest tech isn't always the best solution. In business, it's about finding the right fit for your specific needs, and today's reality is that if you're not agile and ready to adapt, even the smallest competitors can outmanoeuvre you with the right tools and technology.

AI and automation are just tools. The key is understanding how to use them strategically to move your business forward.

In this new landscape, the playing field has levelled. Armed with the right technology, small businesses can compete just as effectively as their larger counterparts. That's why it's crucial for companies to not just chase trends but understand how to implement and integrate the tools that will make them faster, more efficient, and better equipped to meet the market's demands. At 4Sight, we're committed to helping businesses do exactly that by ensuring they're not just tech-savvy but tech-smart.

From Malta to Silicon Valley

Inside the world of startup investing

I had hardly heard the term venture capital until my late 20s. Growing up in Malta, business people are bankers, construction moguls, lawyers and accountants, not startup founders or venture capitalists. I did not have first-person connections to anyone who had built and scaled a startup, nor did I know anyone who had raised millions of capital to build a business based on an innovation they had concocted. Yet, the allure and brilliance of the tech world were also catching up to Malta; software was eating the world, and I had started to take notice.

In the early 2010s, I worked for one of Malta's leading financial services firms, making hay as this industry boomed locally as a corporate and tax advisor. My favourite clients by far were a group of Swiss family offices. As the appointed company secretary, I would sit in their board meetings and listen in as a team of world-class experts would argue the case for a multi-million investment or acquisition of an up-and-coming small business growing on the back of fresh new technology. The goal was to buy the company at a low multiple, appoint leading management and execution professionals from around the globe, and

Henry Ford's early customers famously would have asked for faster horses.

sell off the business within 5-8 years at a significantly larger multiple. Rinse and repeat.

I was hooked; it was the coolest career path I could imagine (by some margin), and I did not care about anything else life could throw at me; that would be my future. 10+ years later, I have helped over 100 startups raise more than $25 million from business angels as part of my first experience with a Swiss business angel group. Currently, I am part of a US venture capital firm with $1 billion in assets under management, investing across the globe in digital media and entertainment. While I am thankful and proud of my path, I feel I've just started!

Lesson 1: If it ain't risky, I'm not interested

Tom Green (name changed for privacy reasons) was the hottest business angel in our community of Swiss business angels. Two years earlier, he sold his payments business to eBay for €20 million and was the company's main shareholder. As we sat in our investment committee meeting, a pitch was the point of discussion, and some argued that the proposal had too much uncertainty surrounding →

it, even though the founders presented a world-class outfit. Tom said, "If it ain't risky, I'm not interested." That is where the genuine opportunity lies, as he led the team into an investment requiring conviction and the team to go beyond logic and reason to underwrite the opportunity.

Business angels invest their wealth into very young business ventures in search of capital gains upon divestment 6–12 years later. The long-term feedback cycle makes any investment highly risky: the founding team may break up, the market is unproven, or a competitor may emerge from anywhere. When new technologies breakthrough (e-commerce, mobile, cloud, AI in recent years), simply tweaking old processes to new technology rarely creates the disruptive impact that turns an unknown entity into a market leader. Incumbent managers will not put their careers on the line in the service of a new technology; their job is to keep their best clients happy and to meet next quarter's revenue budgets, and their incentives are aligned with this. Therein lies the ecosystem for disruption, and it is only the actions of the bold entrepreneur who is fully dedicated to discovering the optimal business model from a series of uncertain outcomes that can reap the full rewards of the new emerging market. Profit does not lie merely in risk but in uncertainty, where the only solution is doing the thing and taking action in a form native to the new technology that has emerged. Actual startup investors focus on disruptive gains where the outcomes compound and the profits are exponential.

and discipline required to be great! Focusing on "fitness" helps top investors dedicate resources, money, and time to the right opportunities.

Fit can be categorised into a foundermarket fit, product-market fit, and thesis fit. Early-stage investing often requires investment before the business has tangible and repeatable metrics, so the decision revolves around a team and dream. When our firm invested in a smart vision system for intelligent automation, we did not do it solely because we believed in the market for autonomous cars but also because at the helm of the company was a deep-tech, proven entrepreneur whose family member had perished in a traffic accident. A founder with superb "fit" has an initial, compelling, and unique insight. Peter Thiel (famed investor) argues that a contrarian thesis (i.e., why do you think the existing players are wrong) and why you think a startup (and yours specifically) will win makes for a great investment diligence discussion. Additionally, "super founders", or founders with previous success in a field, are vital for future success.

Paul Graham (Y Combinator) says that initially, founders need to build something a small number of people want a significant amount. Obsession with the problem leads to deep market knowledge, and only later should the team focus on forging a parallel path into a broader market lane. In my experience, product-market fit requires demanddriven growth in a space that has recently experienced an inflexion point across cultural dynamics, new regulatory and legislative updates or the emergence of new tech. Domain expertise and insights do matter, too. You can't identify real gaps and opportunities without a strong understanding of the space.

investors or big-brand venture funds. Just like a founder should seek an unfair advantage for its product, so should an investor identify an unfair advantage for the market within which it invests. Of course, combining these two elements is the most desirable "fit" and approach.

Peter-Thiel, venture capitalist and co-founder of PayPal

Lesson 3: Breaking the Meta

When humans started transmitting images over screens, they opted to do what they knew and understood: record classic theatre plays from a wide-shot camera angle. As more daring directors entered the fray, they experimented with new technologies, and the audience experienced masterpieces in camera

Venture investing is a game of the 1%. It is an experience of constant "No!" with a few sprinkles of "heck yes! "In its most simple form, it's a battle between optionality (or "maybe" or "good enough") and the conviction

Investors should be identifiable by their investment thesis, which can and should evolve over time alongside new inflexion points in the market. When an investor successfully invests in a company that goes on to dominate a market, they develop their "fit" and inherit a subtle but powerful understanding of the underlying currents in that market, the key suppliers and sales marketing channels that influence such markets. Fit is identifiable at local champion levels, amongst business angels, families and corporate investors, and at international levels, with institutional

Lesson 2: Focus on fit

Paul Graham, co-founder of Y Combinator

work like in Citizen Kane, use of computer graphics like in Jurassic Park and novel storytelling techniques like Inception. The most significant outcomes, not only in earlystage investing, occur when some people dare to be different, tackle an uncertain problem head-on, and let go of safety nets.

Whilst timing the market is undefeated in making a profit from investment, nobody can accurately predict the future. It is a useless endeavour attempting to perfect time investment. Still, the best investors are well prepared to become aware of the signals leading to the winds of change. They are incredibly disciplined at having the resources to profit from the opportunity as it emerges. My experience has shown that the most prominent investors keep counsel with industry experts across various disciplines, co-invest with others, and build multidisciplinary teams with diverse skills, ages, cultures, and locations. Investors need to be rigorous in their search for truth to be correct and courageous in developing their thesis in order to be alone (or unconventional). Finally, a great investor must have the conviction to make a sizable investment. Being right means nothing if you have no gains to prove it!

Venture investing is a game of the 1%. It's a battle between optionality and the conviction to be great.

Lesson 4: Asymmetric bets and power law

The mathematics of venture capital is such that one from every 15-20 investments is successful. Additionally, the one successful outcome must be so successful that it recovers the lost investment from the others as well as renders the complete portfolio more profitable than an equivalent portfolio in more traditional alternatives like stock market investing or investing in a real estate project. This transition from investing in conventional sectors like oil and gas, banking, and pharmaceuticals to technology highlights the profound impact of venture capital and innovation. If we examine the top 100 companies globally by market cap 20 years ago, a significant percentage were from traditional industries. Today, many tech firms are US or Chinese, underscoring the rapid growth and dominance of the tech sector and the venture capital asset class. Unfortunately, Europe has not kept up with this transition and has failed to produce sufficient worldleading tech companies to make it a tech powerhouse.

Tearing down your grandma's townhouse in Mosta to build a block of four apartments certainly has its risks. Yet, the process and outcomes are known, and your local accountant can reliably make financial forecasts. The chance of total loss is remote, even though profit is not guaranteed. 95% of startups fail within their first three years of operation. Venture capital firms invest in less than 1% of the business pitches they receive, and still, most of the ones they do invest in fail to live up to expectations. Tech and software are exponentially scalable, so while the loss may be total, the ceiling for profit is momentous. A company that IPOs at $5 billion may have received its first seed stage check at a $5 million valuation (a 1,000x growth). Everyone knows of an entrepreneur or investor who has experienced this outcome in the US investment hot spots.

Therefore, venture investing is not considered speculative but an asset class. Endowment and retirement funds actively pursue venture capital strategies to great benefit (research "Yale Model" by David Swenson), a fundamental cultural difference between the US and Europe.

In summary, the data shows that power law dynamics dictate the outcome of early-stage investing. The framework to achieve this involves (but is not limited to) understanding the mindset balance between risks and uncertainty, having the discipline to focus on fit, and developing the courage and systems to break the meta.

On a personal level, whilst companies in our business angel portfolio have exited at 100x on invested capital, I am yet to witness the full force of a billion-dollar outcome from seed to exit. However, crucially, I have been around people who either built or invested in such ventures in both of my startup investing experiences. I sometimes argue that my biggest asymmetric bet was "forgoing" a couple of years of a traditional career path in corporate finance by betting on a career in startup investing. This has led me to encounters with world-class founders, professional elite investors and experience investing across all continents. Hopefully, the future holds a first-hand true venture outcome in the short to mid-term.

We shall see!

Fighting financial crime with AI

As regulatory demands grow more complex, technology has become indispensable for ensuring compliance with anti-money laundering (AML) and counterfinancing of terrorism (CFT) regulations. The Financial Intelligence Analysis Unit (FIAU) advocates for advanced solutions like machine learning and AI to navigate the challenges of data analysis, transaction monitoring, and identity verification.

FIAU's vision for the future

Adopting technological solutions to ensure adherence to one's obligations has become almost necessary as subject persons face increasing, and at times apparently competing, obligations. The FIAU has been a proponent of technology in AML/CFT, and it has been receiving considerable attention even at the European level through the work of the European Banking Authority. One example is the ever-increasing push for transactions to be carried out electronically and within the shortest time possible. In such a situation, the main challenges are twofold: how to analyse the ever-increasing volume of data

that may otherwise take quite some time to be highlighted.

This is just the latest aspect where technology can facilitate compliance. Earlier uses can be found across many aspects of AML/CFT. Screening software solutions are probably one of the earliest uses of technology in this area, allowing subject persons to access an increasing volume of adverse information through a single point. Increasingly diversified customer bases would require access to information from a broader range of sources. While the internet may be helpful in this regard,

the world moves more online, services are more likely to be delivered over laptops, tablets, smartphones and smartwatches. The absence of a brick-and-mortar reality where business employees meet customers physically increases vulnerabilities associated with identity theft and forged documents. Hence, there is a need for software solutions that can identify forged or false documents and assess whether a prospective customer is a human person and whether the appearance coincides with that of the photograph on the identification document.

The answer lies in adopting transaction monitoring systems that include elements of machine learning and artificial intelligence.

and information to identify the transactions that need to be analysed in more detail and, potentially, be reported to the FIAU, and how to carry out the said analysis in a manner that does not influence negatively on consumer expectations.

The answer lies in adopting transaction monitoring systems that include machine learning and artificial intelligence elements. This allows for swifter and more accurate data analysis, as the software itself can detect patterns that may not be so easily identifiable by the human element. Monitoring parameters will also evolve to consider changes within a customer's activities and transactions, ensuring a more rapid response to alternations

it does not come with a function to regularly screen one's customer base periodically.

Coupled with the aspect of adverse media is the need to have as accurate a risk understanding as possible of the ML/FT risks presented by one's customers and ensure that it is kept as up-to-date as possible. Software solutions in this area can be fed through screening solutions and transaction monitoring systems to ensure the risk assessment is always current. In addition, it also ensures that the risk assessment methodology is consistently applied.

Needless to say, technological solutions are also crucial for identity verification. As

Technology is an ever-evolving reality, with each step in that evolution presenting an opportunity for new and swifter services.

However, these new opportunities are exploited not only by legitimate actors but also by illicit ones. And as the adage goes, one must fight fire with fire, which is why technology within the area of AML/CFT is here to stay and will play an ever-greater role in mitigating threats and ensuring compliance. It is always important to remember to use systems or software solutions calibrated to one's needs and realities, testing them occasionally to ensure they are working as they should be.

Digital identity wallets

As Malta advances its digital transformation agenda, digital identity wallets emerge as a cornerstone for creating a more efficient, secure, and user-friendly government.

JP Fabri probes how Malta can leverage digital identity technology to enhance public services, streamline processes, and position itself as a leader in digital governance.

As the world steadily transitions towards digital economies, the role of digital identity wallets is becoming increasingly significant, especially in enabling smart and digital governments. Malta stands at the forefront of this revolution with its ambitious digital transformation agenda. A digital identity wallet could be a cornerstone for a more efficient, secure, and user-friendly digital government.

A digital identity wallet is a secure, user-controlled application that allows individuals to store, manage, and share their personal information, such as identification documents, health records, and financial data. Unlike traditional forms of identification, a digital identity wallet is stored on a user's device, granting them greater control over their personal data. This approach enhances security and streamlines various administrative processes, making government services more accessible and efficient.

One of the most profound impacts of digital identity wallets in Malta would be on public services, where they could drastically reduce the bureaucratic overhead associated with identity verification. For instance, citizens could use their digital identity wallet to instantly share their health records with medical professionals when accessing healthcare services. This would eliminate the need for repeated form filling and reduce the risk of errors associated with manual data entry.

Countries like Estonia and Finland have already demonstrated the potential of digital identity solutions in healthcare. Estonia's e-Health Record system, integrated with the country's digital ID, allows doctors to access patient data across different healthcare providers, ensuring continuity of care. Similarly, Finland's Kanta system enables citizens to access their health records and prescriptions through a secure online platform. Malta could replicate these models, leveraging digital identity wallets to create a seamless healthcare experience.

The financial and banking sector is also a prime example of how this technology can support its functioning. Know Your Customer (KYC) and Know Your Business (KYB) procedures are crucial in the financial sector, ensuring compliance with regulations and preventing fraud. Integrating KYC and KYB processes into a digital identity wallet would streamline these procedures, making it easier for individuals and businesses to interact with financial institutions. For instance, when opening a bank account or applying for a loan, a citizen could share their verified digital identity, significantly speeding up the process and reducing the need for in-person verification.

This integration could also extend beyond financial services. In Malta's vibrant gaming industry, which requires stringent regulatory compliance, a digital identity wallet could simplify verifying customer identities, ensuring a smoother onboarding process for the industry and its →

clients. This approach could serve as a model for other sectors that rely heavily on KYC and KYB processes, such as insurance, real estate, and telecommunications.

One key challenge in building a digital government is ensuring interoperability between different systems. A digital identity wallet could be a universal solution, enabling seamless interaction between government departments and private sector services. For example, when a citizen applies for a government service, their digital identity wallet could automatically populate the necessary forms with their pre-verified information, significantly reducing processing times and minimising the potential for errors.

The European Union's eIDAS regulation, which allows citizens of EU member states to use their national

Similarly, Denmark's NemID and the newer MitID systems provide citizens with a single digital identity that can be used to access government services, online banking, and even private sector services. The widespread acceptance of these systems in Denmark has resulted in a more efficient public administration and has enhanced citizens' trust in digital services.

Beyond Europe, countries like Singapore and Australia are also making strides in digital identity solutions. Singapore's SingPass, a government-backed digital identity system, allows citizens to access over 2,000 government and private sector services with a single login. In Australia, the government's myGovID provides a similar service, enabling citizens to access government services securely online.

A digital identity wallet isn't just about convenience; it's about empowering citizens with control over their personal data.

electronic identification to access public services across borders, offers a blueprint for Malta. By adopting similar standards, Malta could ensure that its digital identity wallet is compatible with systems across Europe and beyond, further enhancing its citizens' ability to engage in crossborder activities.

Several European countries have successfully implemented digital identity systems from which Malta can draw inspiration. Estonia, often hailed as the poster child of digital governance, has used its digital ID system for nearly two decades. This system, which includes a digital signature and authentication mechanism, allows citizens to access a wide range of services online, from voting to filing taxes. The success of Estonia's digital ID lies in its widespread adoption and integration across public and private sectors.

These case studies highlight the importance of a comprehensive and well-integrated digital identity system in building a digital government. With its advanced digital infrastructure and forward-looking policies, Malta is wellpositioned to follow in these footsteps.

While the benefits of a digital identity wallet are clear, challenges remain. One of the primary concerns is data security and privacy. Citizens must have confidence that their personal information will be protected and that they have control over who can access it. To address these concerns, Malta's digital identity wallet must incorporate robust security features, such as encryption and biometric authentication, to ensure that data is secure and accessible only to authorised users.

Moreover, the government would need to implement strict

data governance policies, ensuring transparency in how data is used and shared. Public awareness campaigns would also be essential to educate citizens about the benefits and safeguards associated with digital identity wallets, fostering trust and encouraging adoption.

Another challenge is ensuring that the digital identity wallet is accessible to all citizens, including those who may not be as digitally literate. This would require a user-friendly interface, support services to assist those who need help, and alternative access methods for those without smartphones or internet access. Ensuring inclusivity will be critical to the success of the digital identity wallet and, by extension, Malta's digital government initiative.

Implementing a digital identity wallet in Malta could be a game-changer in the country's journey towards becoming a smart and digital government. By simplifying access to public services, enhancing security in financial and

regulatory processes, and fostering interoperability across different systems, a digital identity wallet would improve the efficiency of government operations and enhance the quality of life for citizens.

Moreover, by adopting best practices from other countries and tailoring them to Malta's unique context, the government can build a robust and secure digital identity system that meets the needs of all its citizens. In doing so, Malta could position itself as a leader in digital governance, setting an example for other countries in the region and beyond.

As Malta embraces digital transformation, the digital identity wallet represents a critical step forward. By prioritising security, interoperability, and inclusivity, Malta can ensure that its digital government is efficient, trusted, and accessible. The future of governance is digital, and with the right tools and strategies, Malta is poised to lead the way.

FINANCEMALTA 17TH ANNUAL CONFERENCE 2024

Empowering Financial Services

The highly anticipated FinanceMalta 17thAnnual Conference, themed 'Empowering Financial Services', is set to take place on the 29th of November 2024 at the Hilton Conference Centre in Malta, bringing together top industry leaders, policymakers, and academics for a day of insightful panels, keynotes and networking. With over 600 delegates, 40 prominent local and international speakers and increased foreign attendance, FinanceMalta's Annual Conference is set to confirm itself as Malta's largest financial services event.

Sorcha Hellyer, founder of Image Diplomacy and iD Creative Solutions and an official representative of BBC News, will chair the event.

FinanceMalta Chairman George Vella, the Minister for Finance and Employment, Hon Clyde Caruana, and the Shadow Minister for Finance, Hon Jerome Caruana Cilia, will address the conference. The Prime Minister of Malta, Hon Robert Abela, will conclude the event with his closing remarks.

Notably, futurist and author Emmanuel Daniel will deliver a keynote address on 'The Future of Financial Centres' exploring the evolving landscape of global financial hubs.

Some of the main speakers at this year's event include Carmine di Noia, director for financial and enterprise affairs at the OECD; Kotaro Ishi, mission chief at the International Monetary Fund; Panagiotis Polydoros, Mastercard's country manager for Greece, Cyprus and Malta; Fabrice Demarigny, chairman of the European Capital Markets Institute; and several leading local exponents from the banking, fintech, and legal sectors.

Keynote speakers from prestigious authorities such as the Malta Financial Services Authority (MFSA), the Malta Business Registry (MBR), the Financial Intelligence Analysis Unit (FIAU), and the Malta Financial Services Advisory Council (MFSAC) will share insights on the latest trends and challenges in the financial services sector.

All ticket holders will also be invited to a pre-conference networking event at the Casino Maltese in Valletta on the 28th of November, the day before the conference.

For more details on the agenda and speakers or to purchase tickets, visit www.financemalta.org/financemaltaconf.

Innovation or optics: Malta's Medtech challenge

MedTech World has played an essential role in putting Malta on the global map as a hub for Medtech innovation. The annual conference has drawn entrepreneurs, investors, and medical professionals to the island nation. However, the question remains: Can Malta's Medtech ecosystem evolve beyond visibility and deliver long-term innovation? To explore this, TECHMAG spoke with Dr Dylan Attard, founder and CEO of MedTech World, to understand his vision for the future of Malta's Medtech landscape.

While Malta benefits from a skilled workforce, strong government support, and a strategic location, achieving long-term sustainability will require significant investments in infrastructure and research.

Malta has promoted itself as an attractive location for Medtech firms, leveraging tax incentives and a favourable business environment, especially in digital health and biotechnology. However, Attard notes that Malta's Medtech sector relies heavily on international partnerships and needs more critical infrastructure for sustained growth, such as clinical trial facilities and interconnected healthcare systems.

According to Attard, MedTech World's success must go beyond the event to ensure lasting impact. "We must focus on year-round research, development, and innovation opportunities. MedTech World can't just be a conference; it must foster ongoing collaborations and partnerships."

A critical challenge facing Malta's Medtech sector is the gap between academic research and practical, commercial solutions. To close this divide, Attard calls for stronger ties between universities and the private sector. He advocates for a more developed ecosystem that encourages innovation through research commercialisation.

"Our universities need to do more in medical engineering and device innovation. With better support for knowledge transfer offices, we can transform academic research into market-ready solutions," Attard emphasises.

Looking ahead, Attard stresses that Malta must invest in infrastructure, research and development (R&D), and the next generation of Medtech professionals to transition from an emerging player to a global leader

in fields like AI-driven diagnostics and digital health. This includes fostering local talent and building stronger partnerships with international players.

"We need to invite larger international players to set up accelerators or incubators here in Malta," says Attard. "With the right support, we can help local projects scale and compete globally."

With ongoing efforts to attract global investors and nurture local innovation, Malta has the potential to lead the Medtech landscape. However, the journey will require a comprehensive approach integrating education, government policy, and international collaboration.

T MedTech World has brought significant attention to Malta's growing medical technology industry. What are Malta's most critical challenges in becoming a long-term global leader in medical technology innovation?

DA One of the biggest challenges we face is size. Malta is a small country, which limits its ability to promote itself as a hub where Medtech companies can set up and scale globally. However, Malta can act as an excellent test base due to its diverse population, especially for medical devices. We have a good mix of genomes and healthcare needs, which is invaluable for testing. Yet, our ecosystem needs more critical infrastructure, such as a Clinical Research Organisation (CRO) for clinical trials and interconnected healthcare systems. The absence of clinical trial facilities and basic infrastructure, like an integrated electronic medical records system, are obstacles we need to address. For example, Malta only recently attracted its first notified body for medical device certification, a service company that needs to bring its products to market. To truly

To compete globally, Malta must invest in essential infrastructure, from clinical trial facilities to research labs.

By bridging the gap between research and commercialisation, Malta can drive sustained MedTech innovation.

compete, we must invest in essential infrastructure like anatomy labs for private industry, clinical trial capabilities, and research facilities.

T MedTech World provides excellent networking opportunities, but how do you ensure that the event translates into sustained research, development, and local innovation beyond the conference itself?

DA The key is attracting the right people to the event. It's not just about the stage content but the side events, evening meetups, and networking opportunities. We aim to foster an environment where meaningful connections and relationships go beyond business transactions, encouraging long-term collaborations. MedTech World's success is measured not just by what happens during the event but by how we connect people year-round, helping with referrals and creating opportunities for ongoing research and development. MedTech World is more than a single event; it's an ecosystem that nurtures these relationships and allows them to flourish.

T Given the reliance on international partnerships and investment, how do you see Malta balancing external capital with the need to foster homegrown talent and innovation within the Medtech sector?

DA Like any emerging industry, we need external help, particularly from more established countries that are years ahead of us. It's important to be humble and acknowledge that Malta cannot build this alone. We can leverage their resources and knowledge by partnering with key international players while developing local talent. For instance, MedTech World has been building bridges with institutions like the Texas Medical Centre in Houston, creating pathways for companies that start in Malta to expand globally. External capital and partnerships are essential to

growing Malta's Medtech sector and transforming it into a globally competitive force.

T What role do you envision Malta's academic institutions in building a more robust Medtech ecosystem, and how can MedTech World help bridge the gap between academia and industry?

DA Our local universities need to do more regarding medical engineering and device innovation. There's a gap between research and commercialisation; universities must invest more in their knowledge transfer offices. This would help take academic research and transform it into real-world solutions. For example, in Houston, medical doctors can take a course that teaches them how to invent medical devices while continuing to practice. We need something similar in Malta to encourage innovation at the university level and ensure that research projects aren't stuck in academia but rather moved towards commercialisation.

T What steps must Malta take over the next 5-10 years to evolve from a growing Medtech player into a true global leader, especially in areas like AI-driven diagnostics, digital health, and biotechnology?

DA The key is to invest in the younger generation. Encouraging students to study relevant topics like AI, digital health, and biotechnology is essential. More importantly, we must allocate enough funding for research and development and provide opportunities for ideas to be taken from the bench to the bedside. Our Knowledge Transfer Office needs more support to carry out commercialisation efforts. We must also invite more prominent international players to set up accelerators or incubators here in Malta. Their influence and resources can help local projects, which may otherwise fail, succeed globally.

From buzz...

to impact

Malta's AI future

Theo Dix examines how Malta has demonstrated that small nations can have a significant digital footprint. As AI evolves from buzz to reality, Malta's agility, rather than massive datasets, positions it uniquely to lead the AI transformation. A strategic focus on education, infrastructure, and data ecosystems will be key to its success.

Malta has consistently proven that small nations can have a big digital footprint. Topping e-government rankings and creating a leading ecosystem for igaming, we've shown that size doesn't necessarily dictate impact. But as artificial intelligence (AI) moves beyond the buzz, the question is no longer if AI will transform our industries—it's how Malta can lead the charge in making that transformation a reality. The opportunities are vast, but Malta's advantage lies not in massive datasets or sprawling industries—it's in our agility. As a small nation, we can experiment, implement, and iterate faster than most. But speed alone won't secure Malta's place in the AI-driven future. We must ensure the foundations are in place for sustainable, long-term AI adoption across sectors.

The impact of AI is real

AI isn't about introducing grand, sweeping changes overnight. It's a process that takes time—typically anywhere from 6 to 24 months for initial large-scale projects—an ongoing effort to truly embed AI into core processes, and that is when the right tech and data foundations are already in place. In some cases, AI usage is already prevalent. Take fraud detection in financial services—AI is quietly running in the background, catching suspicious activity in real time. In other areas, AI's real potential is just beginning to surface. AI diagnostics in healthcare, predictive analytics, and even AI-driven drug discovery are all at the frontier of what's possible. These emerging developments highlight just a glimpse of what is to come.

Making AI a top priority

AI must be recognised as central to Malta's economic and digital future. This means prioritising AI investments, giving it the focus and resources necessary to scale, and embedding it into the core of Malta's broader socio and economic strategy. AI isn't just another tech

tool – it's a transformative force that can reshape entire systems. However, making AI a priority requires proper thought, planning, and a dedicated focus from leadership across public and private sectors. It's not a buzzword to be thrown around – this is about changing the underlying structures of how we operate, from public services to entire business sectors. The window for leadership in AI is open, but it won't stay that way forever. Malta must act now, prioritising AI and allocating the financial, human, and political capital to ensure we aren't left playing catch-up. The question is: will we lead or follow?

The public sector leading by example

Some of Malta's most impactful AI projects have already come from the public sector. In areas like healthcare, education, and public administration, AI is being trialled to enhance services, improve efficiencies, and deliver better outcomes. These efforts demonstrate that AI isn't just about future promises—it's happening now. The potential for AI in government services, especially in streamlining processes and enhancing responsiveness, is massive. It sets a strong foundation for further AI integration across both the public and private sectors.

The private sector's growing momentum

At the same time, the private sector is pushing ahead. Smaller businesses are leveraging off-the-shelf AI solutions to automate tasks and improve efficiencies, while larger organisations—especially those that have invested in their data infrastructure—are scaling more complex AI projects. The private sector's ability to innovate quickly, especially in industries like TMT, has put it in a position to fully capitalise on AI. For Malta to indeed have a world-leading AI ecosystem, the private sector must also be bold in driving the innovation agenda. →

Malta's advantage lies not in massive datasets but in its agility. We can experiment, implement, and iterate faster than most.

Data advantage from the ecosystem, not the model

Regarding data, Malta doesn't have the vast datasets of larger countries, but that's not a disadvantage. The genuine opportunity lies in building a well-functioning data ecosystem that effectively shares, integrates, and reuses data across different sectors. Rather than focusing on the volume of data, Malta can differentiate itself by creating a framework where data is open, interoperable, and easily accessible. This would unlock innovation across industries, from financial services to healthcare, by enabling more effective collaboration and smarter decision-making.

Recognising a leader in creating a robust data ecosystem would drive interest and investment from global businesses looking for a place to test and develop new digital services. Malta could position itself as a hub for companies seeking to tap into an ecosystem where data flows freely between sectors. This would provide the necessary infrastructure for emerging technologies and digital advancements, setting the foundation for future growth. Strong data ecosystems are critical for innovation and essential to any forward-looking national strategy.

A solid and interoperable data ecosystem doesn't just enable local innovation—it positions Malta as a hub for global businesses seeking to develop and test AI and other digital solutions. By fostering open data flows across sectors, Malta would become a prime destination for companies looking to build, test, and scale AI-powered solutions.

Aligning skills and education

There is also a need for a dual focus on upskilling the current workforce and on ensuring that our education system is designed to produce the best and brightest minds. The focus shouldn't just be on specific technologies but on nurturing students who have a deep passion for learning and the ability to think critically, solve complex problems, communicate effectively, and innovate. These skills will allow them to thrive in an ever-evolving landscape, regardless of the technologies or industries they eventually work in. A robust education system fostering curiosity and adaptability will ensure Malta remains competitive and

forward-thinking. An education system that not only prepares students for today's industries but equips them with the adaptability to thrive in jobs and sectors that don't even exist yet.

The road ahead: What it will take

The path to AI leadership requires making strategic, focused decisions that align with Malta's strengths. The key will be ensuring that education, skills development, and infrastructure work together to support growth. By prioritising investments in the right areas and ensuring collaboration across industries, Malta can continue to drive forward, not just in specific technologies, but as a nation that fosters broad, forward-thinking innovation. Malta may be small, but its potential to lead in AI is clear.

However, this won't happen automatically. It will require coordinated action from government, industry, and educational institutions to build the skills, infrastructure, and data ecosystems necessary to drive future growth. AI will shape the future, but the question remains: will Malta seize this opportunity to lead? Our choices will determine whether we emerge as a global AI hub or fall behind.

EMPOWERING MERCHANTS WITH BOV MOBILEPOS

A leap towards cashless society

As digital payment solutions evolve, BOV mobilePOS stands at the forefront of this transformation. This innovative SoftPOS (Software Point of Sale) technology, recently introduced to the local market by Bank of Valletta, offers merchants a seamless and cost-effective way to accept contactless payments. By turning NFC-enabled Android devices into payment terminals, BOV mobilePOS eliminates the need for traditional hardware, setting a new standard for cashless transactions.

How BOV mobilePOS works

Merchants can easily download the BOV mobilePOS app from the Google Play Store, allowing them to accept payments via credit and debit cards, mobile wallets, and other NFC-enabled devices. This system supports secure transactions by adhering to international payment security standards. The process is as simple as customers tapping their card or device on the merchant’s smartphone, with the transaction being processed instantly.

Benefits for merchants

BOV mobilePOS provides unparalleled mobility and flexibility. Merchants can now accept payments from anywhere, making it particularly beneficial for those operating outside traditional storefronts, such as delivery services or pop-up market stalls. In-store businesses also benefit, as the solution allows for multiple mobile points of sale, enhancing the customer experience by allowing employees to process payments directly from the sales floor.

Another key advantage is the environmental impact. By eliminating traditional EPOS hardware and reducing the need for paper receipts, BOV mobilePOS aligns with Environmental, Social, and Governance (ESG) goals. Customers who prefer a receipt can scan a QR code, enabling businesses to contribute to more sustainable practices.

Benefits for customers

For customers, BOV mobilePOS means faster, more convenient transactions. With just a tap, they can complete purchases without the hassle of carrying cash. The system’s

advanced encryption technology protects sensitive data, providing peace of mind in an increasingly digital world.

A cashless future

As businesses and consumers shift towards cashless transactions, BOV mobilePOS is a game-changer. Its flexibility, security, and eco-friendly approach make it a practical alternative to traditional payment methods, helping merchants adapt to the demands of modern consumers. With this solution, Bank of Valletta is not only enhancing the payment landscape but also contributing to the broader goal of creating a truly cashless society.

The BOV mobilePOS app can be downloaded seamlessly from the Google Play Store. To apply, use the QR code on the next page and fill in your details on the form. A BOV representative will contact the merchant and set up the system quickly.

If you have inquiries, you may contact the Bank’s Customer Service Centre at 2131 2020 or submit a query at https://www.bov.com/helpsupport.

Hype to Heritage

The maturation of the NFT market

NFTs captured global attention, but the initial frenzy was unsustainable. In 2024, the market has matured, and the actual value of NFTs is emerging. Zach Ritchie examines how brands and collectors shift from speculation to building lasting, tangible brands that bridge the digital and physical worlds.

The following are my observations of the NFT market based on trends and patterns I've noticed over the past few years.

In 2021, NFTs were everywhere. The headlines, the record sales, and the promise of a new digital frontier all felt unstoppable. But the hype was unsustainable, like most things that burst onto the scene. Now, in 2024, the noise has quieted. And in that silence, I've observed that the actual value of NFTs is starting to emerge.

What is a NFT

NFTs, or non-fungible tokens, are like unique digital collectables for those new to the concept. They can be anything—images, videos, music, or even virtual items in games. The key is that each NFT is one-of-a-kind, and ownership is recorded on the blockchain, making it easy to prove you own it.

The market has changed

Let's start with the obvious: the NFT market isn't what it used to be. In 2022, sales volumes were at an all-time

high. Everyone wanted in. By 2024, the excitement had waned. Sales are down by more than 80% from their peak. What was once a crowded, noisy marketplace has become quieter and more selective.

Luca Netz, CEO of Pudgy Penguins, captures it well: "The NFT market today is a lot more mature. We're seeing less hype and more focus on building real value." He's right. The speculators are gone, leaving behind the builders who see long-term potential.

Key ways brands are navigating NFTs

As the market has settled, I've noticed brands and projects taking different approaches to stand out. There isn't only one way to succeed anymore, but several strategies that often overlap.

Art NFTs: Digital art was the starting point for many. Beeple's multimillion-dollar sales got everyone talking. But now, it's not just about digital art. It's about merging it with the physical. This 'phygital' approach is becoming more common, giving consumers something tangible alongside their digital assets.

PFP Collections: Profile Picture collections like Bored Ape Yacht Club were once digital avatars. Today, they're more than that. Gary Vaynerchuk points out, "The focus has shifted from just owning an avatar to what that avatar represents—access, identity, and status within a community." These collections now offer more, often acting as membership cards to exclusive clubs.

Community/DAO NFTs: Some projects take community to the next level by creating decentralised autonomous organisations (DAOs). Nouns are a perfect example. NFT holders get a say in the project's direction and the treasury. It's about more than ownership; it's about participation.

Utility NFTs: Then some NFTs come with tangible benefits. VeeFriends, Gary Vaynerchuk's project, gives holders access to events and other perks. It's utility-driven, where the NFT isn't just a collectable but a key to experiences and opportunities.

There's also the growing influence of gaming NFTs. These offer players ownership of in-game assets, which can be traded or sold. It's a natural fit—gamers already value digital items, and NFTs add an extra layer of ownership and interaction.

Shifts in collector behaviour

The NFT market today is a lot more mature. We're seeing less hype and more focus on building real value.

— Luca Netz, CEO of Pudgy Penguins

Collectors have changed, too. When NFTs first exploded, many people were drawn to the novelty, the art, and the idea of owning something unique. But over the last year, I've seen a shift. Now, many collectors are motivated by two things: social status and potential investment. Owning a Branded NFT has become a symbol, much like luxury goods in the physical world. →

Luca Netz

Zach Ritchie's Beppe Cactus

Gary Vaynerchuk

Yuga Labs, creators of Bored Ape Yacht Club, have also seen this trend. They note, "Our holders are looking for more than just art. They're looking for membership in something bigger that can grow in value over time." This is a significant shift—it's no longer just about liking what you own. It's about what that ownership says about you and what it might be worth.

The innovation in a corrected market

The market correction of 2023 and 2024 was inevitable. The frenzy couldn't last forever. But with that correction came clarity. The projects that survive today aren't just those that rode the wave—they're the ones that are truly innovating, finding new ways to create value, and building a brand.

OpenSea, the largest NFT marketplace, observed, "We're seeing fewer new projects, but the quality and innovation of the ones that launch are much higher. The market is maturing, and with that comes a focus on longevity rather than quick wins." This isn't a surprise. When the noise dies down, what's left is often what matters most.

Brand building the long game

One of the most compelling shifts I've seen is how projects approach intellectual property (IP) and brand building. The actual value of NFTs isn't just in their uniqueness or scarcity; it's in the brand they represent and the story they tell.

Pudgy Penguins is a great example. What began as a simple collection of digital penguins has become something much bigger—a brand with real IP extending beyond the digital world. Luca Netz emphasises, "We're focused on building IP that lasts. We aim to create something that can stand the test of time, both online and offline."

The early days were about reaching the Web3-native community—those already familiar with blockchain and crypto. Now, there's a clear move toward targeting the everyday consumer, who might not be as familiar with the technology but are still interested in the benefits.

This is where 'phygital' products come into play. RTFKT is a prime example, offering physical and digital products that appeal to consumers who appreciate high-end fashion but are curious about NFTs. Pudgy Penguins has taken a similar approach, transforming from a digital-only project into a brand with physical products that fans can enjoy daily. The tangible products use NFC chips that link to a certificate of ownership (NFT) transferred along with the product.

I've taken a similar path with my work. Beppe Cactus, a Maltese character inspired by Malta's landscape and its iconic prickly pears, started as part of an art project. It evolved into an NFT collection, and now, Beppe Cactus is part of the Archipals, a brand that includes bronze sculptures displayed at Mercury by Zaha Hadid and over 300 products. This journey from digital art to a tangible brand underscores the power of building something that resonates beyond the screen.

In the quiet of the NFT market, as the frenzy has subsided, what's becoming clear is that those who are truly innovating and building lasting brands are standing out. The early hype has given way to a more thoughtful approach, focusing on creating real value and connecting with consumers who may not be deeply entrenched in the Web3 world. By targeting these everyday consumers and offering them seamless, tangible experiences that blend the digital with the physical, brands are subtly onboarding them to the possibilities of Web3 without the hassle.

I've observed that the projects that succeed in this evolving landscape tell a compelling story, build strong IP, and offer more than a digital collectable. They create a brand that resonates across both the digital and physical worlds. The ones who understand this shift are not just surviving. They're leading the way. In 2024, the actual value of NFTs is being defined not by what they are but by what they represent and the enduring brands they help build.

Beppe, by Max Heupel

Navigating AI regulation in financial markets

The rapid evolution of Artificial Intelligence (AI) is transforming financial services and insurance, from fraud detection to credit scoring. However, with these advancements comes a need for regulations to protect consumer rights and ensure ethical use. MDIA's Neil Micallef, AI Supervision and Market

Surveillance Manager, and Dr Annalise Vassallo Seguna, Managing Legal Counsel Professional Officer, examine the challenges and regulatory measures required in this shifting landscape.

The Malta Digital Innovation Authority (MDIA), which is a strong supporter of the EU's AI Act (Regulation (EU) 2024/1689), is at the centre of this regulatory environment. This legislation aims to foster human-centric and trustworthy AI while prioritising health, safety, and fundamental rights. A vital aspect of the AI Act is its classification of AI systems, particularly identifying "high-risk" applications. These systems pose significant potential harm to individuals' rights or well-being and are subject to stringent regulatory oversight.

In the financial sector, including insurance services, several AI applications have been identified as high-risk:

• AI systems intended to be used to evaluate the creditworthiness of natural persons or establish their credit score, except AI systems used to detect financial fraud;

• AI systems intended to be used for risk assessment and pricing about natural persons in the case of life and health insurance;

• AI systems intended to be used for the recruitment or selection of natural persons, in particular, to place targeted job advertisements, to analyse and filter job applications, and to evaluate candidates;

• AI systems intended to be used to make decisions affecting terms of workrelated relationships, the promotion or termination of work-related contractual

relationships, allocating tasks based on individual behaviour or personal traits or characteristics, or monitoring and evaluating the performance and behaviour of persons in such relationships.

The risks associated with these applications necessitate robust governance and compliance mechanisms. Obligations for highrisk systems include conducting conformity assessments, maintaining comprehensive documentation and quality management systems. The AI Act will come into effect on August 2, 2026, allowing a two-year grace period for compliance, with an additional year for AI systems embedded in regulated products.

As a prospective market surveillance authority, the MDIA will ensure compliance. This includes conducting inspections and investigations, addressing non-compliance issues, and enforcing administrative penalties when necessary. To support innovation while ensuring regulatory adherence, the MDIA has established a sandbox, facilitating a controlled environment for developing and testing AI solutions. The AI Act forms part of a broader legislative framework focusing on digital innovation.

The AI Act interfaces nicely with other digital innovation legislation, such as the Digital Operational Resilience Act and the Cyber Resilience Act. To this end, the MDIA has built a strong relationship with other competent authorities, such as MFSA, in view of a

shared commitment to ensure a secure and trustworthy digital environment.

The MDIA adopts a proactive approach, emphasising collaboration with economic operators to assess the impact of the legislation. By providing information, resources and support, the authority aims to enhance compliance and foster a thriving ecosystem for digital innovation.

Establishing a robust regulatory framework is essential in an era where AI's influence in finance continues to grow. The MDIA's initiatives are positioning Malta as a leader in digital innovation while safeguarding consumer rights and promoting responsible AI use. As financial services increasingly integrate AI technologies, this comprehensive approach ensures a sustainable and ethically sound industry future.

The AI edge

Why

your business can't afford to ignore it

It's becoming harder and harder to ignore AI in your business. If you use any sort of software, the likelihood is that it's currently integrating some form of generative AI. Even fridges and microwaves inject AI into their software, let alone your favourite software.

It's a great time to be alive, and it's fascinating to see all the benefits we're reaping from AI tools, but it can also be scary.

How do you keep up? How do you know which tool to use? How do you discuss the tools you're using with your clients? How do you control what your employees are doing on AI?

There's no easy answer.

However, I can almost guarantee that your peers are asking most of these questions, so don't think you're the only one perplexed.

Before getting into some specific advice, however, I just want to

give one warning: Don't assume this will just go away. This is not the metaverse, AR and VR, or 360-degree videos. Their time may still come, but they exploded onto the scene before the world was ready. AI is here today and here to stay, and its transformational effects on businesses are profound.

While I don't think you'll lose your job (or your clients) to AI just yet, I am pretty sure you'll lose your job (or your clients) to a company leveraging AI better than you are.

It's just no comparison. It's like living through the Industrial Revolution and ignoring the automation of manufacturing. Sure, there's still room for small-scale artisans, but the people with big machines will always outgun anyone manufacturing manually.

Proper ways to implement AI tools

The first thing to consider when considering AI tools and technology →

is that these tools help you do your job better or more efficiently. You should look for areas of your business that could be assisted with automation or making sense of large swathes of data. In general, some AI tools can probably help with any task that is highly process-driven and repetitive.

I'm not going to cover many examples of good ways to use AI because most of the tools that make your life easier are industry-specific, but if you go over the few examples I've chosen below, you can see the thought process.

Help with research

Most of our work requires a deep understanding of the industry we're working in with our clients. AI tools can be invaluable for quickly getting up to speed with industries, markets, or areas of specialisation. This can be true for any industry; I can't think of any industry in which a better understanding of your industry will not prove useful.

It's also an excellent way to learn more about other roles within your company. Especially as a business leader, if you can learn to leverage AI tools well, you can ask far better questions about your more technical reports.

Help with decision-making

Suppose you have large swathes of data or much information about a specific subject. In that case, AI is an excellent way to make sense of it all, query it, and help collect all the background information you need to decide on something. Think about the benefit you could extract from dumping all your meeting notes about a subject or all the historical data from something into one large dataset and having the ability to query it in easy-to-understand human commands.

Help with automation of repetitive tasks

AI is excellent at helping with repetitive tasks. Think of transcribing voice notes, for example. Or recognising text and handwriting in large volumes. These are tasks that an AI tool can do in minutes, which a human can do in days or weeks. If you can describe the process well,

you can probably find someone to leverage existing AI tools to do the job for you.

Help with time management

One of our favourite tools at Switch is Clockwise, a calendar tool that saves us hours every week to find time in our schedules. It also looks at your individual calendar and optimises it to give you more focus time. You can always override its suggestions manually, but the benefit of using it has been massive for us.

Help with customer service

AI is here today and here to stay, and its transformational effects on businesses are profound.

Suppose you have a good enough description of all the standard queries you usually get with customer support. In that case, teaching an AI tool to answer customer queries online is relatively easy. This won't replace human interactions when needed, but AI can offer an amazing customer experience if it can solve most customer queries in seconds. Your customers can get much better service if most of their queries are answered quickly.

Wrong ways to implement AI tools

There are many more ways to leverage AI tools than the ones I covered above, and I'd be happy to discuss them in more detail if you contact me

at any point. But I'm even more concerned about people looking at AI tools and seeing them in the wrong light. Just like they can be extremely helpful, they can also be extremely dangerous (or downright stupid).

To save on HR costs

This is more of a question of approach than of actual implementation. If you're looking at AI tools to reduce your HR costs, you're probably looking at it from the wrong perspective. Yes, by looking at the massive layoffs that big tech companies are making, you might be inclined to think that AI is definitely going to help with savings, but that's just missing the woods for the trees. Big tech companies are laying off people from non-AI areas because it's a business decision to focus on AI tools, not because AI tools are replacing humans. In most cases, they had overhired for growth and are actually now just doubling down on AI solutions instead, clearing out people from other divisions.

AI tools still need humans to make sense of them, and if you think otherwise, you'll be very disappointed.

To make decisions on your behalf

AI tools are excellent at helping you make sense of information to make better decisions. Still, they should not be relied on to make decisions themselves (at this point in time), especially with more generic tools. AI

You're going to lose your job (or your clients) to a company leveraging AI better than you are.

tools can help you make better decisions in specialised scenarios. But don't use AI tools to make decisions on your behalf when screening CVs or figuring out who to hire or fire, for example. Don't rely on generic AI tools to tell you where to invest or where to spend your money. Use them to gather and make sense of information, but you should be the ultimate decision-maker.

To produce content on your behalf

I've seen so much obviously AI-generated content that it's scary. It's even worse when the person generating the content is not even bothered to learn how to prompt well or make sense of the content being output. I recently received an email from a potential supplier who very obviously just asked ChatGPT to write an email to help sell me something. The email could be seen as a ChatGPT effort from miles away, and what made it even worse was that the context of the email made no sense, so if the person sending the email had even bothered for a minute or two to read the email they were sending out, they'd have smelt a rat before sending it.

Think about the content you're putting out there on behalf of your brand. Think about what your audience thinks of you. If you rely on a tool to create your content, at the very least, take the time to learn how to prompt well and edit your content to make it make sense. By the time you do that, you can probably have produced the content yourself.

And in the end...

There are hundreds of ways to use AI to get ahead of the game (or, at the very least, to not be left behind). Not all of them are good. Not all of them will offer you a real advantage. Think about the sustainability of your decisions, learn as much as you can about the tools available, stay up to date, and keep an open mind.

It might seem scary, mainly because there's so much happening at any given time, but trust me, it's just as exciting as frightening. You'll be a convert once you start seeing the real benefits of finding tools to take the boring bits of your work away.

The 2024 Defender 110

Land Rover proudly unveils the 2024 Defender 110, the quintessential 4x4 SUV designed for those who demand excellence from every journey. Seamlessly merging Land Rover's legendary off-road prowess with cutting-edge technology and supreme luxury, the Defender 110 is the ultimate vehicle for exploring urban landscapes and remote wildernesses.

Design: A Legacy Reimagined

The 2024 Defender 110 is a testament to Land Rover's rich heritage while embracing modern innovation. Its bold, muscular stance and iconic design features—like the signature round headlights and upright windshield— pay homage to the Defender's storied past. This latest iteration brings a contemporary twist, combining rugged functionality with refined aesthetics.

With a five-door setup and optional third-row seating, the Defender 110 adapts effortlessly to diverse needs, whether you're carting family, friends, or gear. Its customisable nature lets you choose from various exterior colours, wheel designs, and accessory packs, including the Explorer, Adventure, and Urban Packs, ensuring that your Defender 110 reflects your unique style and lifestyle.

Engineered for supreme off-road capability, the 2024 Defender 110 excels in the most challenging environments. Its advanced four-wheel-drive system is complemented by Terrain Response 2, which automatically adjusts settings to suit different conditions—mud, gravel, sand, or snow.

Unstoppable Performance: Master Any Terrain

Elite Off-Road Performance

Manual configuration options are available for those who prefer hands-on control.

With wading capabilities of up to 35.4 inches and a class-leading ground clearance of up to 11.5 inches, the Defender 110 navigates rivers, rough terrain, and steep inclines with remarkable ease. Its all-wheel drive and air suspension system provide a smooth ride across all surfaces, offering exceptional handling and comfort whether traversing rugged landscapes or city streets.

Luxurious Interior: Where Comfort Meets Technology

Step inside the Defender 110 and experience a cabin that marries durability with sophistication. The spacious interior features the Pivi Pro Infotainment System with a 12.4-inch touchscreen, ensuring seamless connectivity with wireless Apple CarPlay® and Android Auto™. Flexible seating configurations accommodate up to seven passengers or maximise cargo space, depending on your needs.

Premium materials like Windsor leather and soft-touch textiles enhance the interior's elegance, while optional

features such as panoramic sunroofs and ambient lighting add a touch of luxury to your adventures.

Electrified Power: Embrace a Sustainable Future

The Defender 110 offers diverse powertrain options, including a plug-in hybrid (PHEV) model that delivers over 31 miles of all-electric range. This option is perfect for eco-conscious drivers who refuse to compromise on performance. For those preferring traditional power, the 3.0L Ingenium inline-six engine with mild hybrid technology balances exhilarating performance and efficiency.

Adventure Awaits

No matter where your journey takes you, the 2024 Defender 110 is built to handle it with style and comfort. From its unparalleled off-road capability to its luxurious interior and state-of-the-art technology, the Defender 110 is the ultimate SUV for adventurers seeking thrill and refinement.

Ready to embark on your next adventure? The 2024 Defender 110 is waiting to take you there.

HOW THE CYBER RESILIENCE ACT STRENGTHENS EUROPE'S CYBERSECURITY

In today's interconnected industrial landscape, aligning processes and leveraging expert industry knowledge is crucial for staying ahead. This article delves into the significance of integrating functional safety and cybersecurity in modern industrial environments and everyday components, highlighting emerging trends, challenges, and best practices.

The European Commission introduced the Cyber Resilience Act (CRA), a crucial legislative measure to improve cybersecurity across a wide range of digital products. This comprehensive regulation, which will come into effect in 2024, aims to protect consumers and businesses from escalating cyber threats by imposing stringent cybersecurity requirements on manufacturers.

The evolving industrial ecosystems demand advanced cybersecurity measures. Traditionally, isolated systems are now interconnected, creating new communication channels that need protection. The convergence of cyber and

physical worlds in smart factories and smart homes underscores the critical need for comprehensive cybersecurity strategies.

As devices and systems become more interconnected, the potential attack surfaces expand, necessitating the protection of communication channels across all levels, from low-level devices to administrative systems.

What is the Cyber Resilience Act?

The CRA mandates that any product with digital elements, including hardware and software, must meet essential cybersecurity standards throughout its lifecycle. This encompasses various products, such as consumer electronics, Internet of Things (IoT) devices, industrial equipment, and commercial products.

By enforcing these standards, the Act aims to mitigate risks associated with cyber vulnerabilities and ensure that users are well-informed about the cybersecurity features of the products they purchase.

Functional safety is paramount in safeguarding both humans and the environment. Standards provide guidelines to mitigate risks associated with products, ensuring they control systematic and random failures to reduce potential hazards.

Functional safety ensures products operate correctly, responding to inputs, and preventing dangerous failures. This is especially critical in industries where product malfunctions can cause significant harm to people or the environment.

The integration of functional safety and cybersecurity presents unique challenges. Balancing the two domains is essential, as high-level security measures can sometimes impact the reliability required for functional safety. Conversely, cybersecurity risks can compromise safety functions, leading to hazardous situations. Ensuring both safety and security requires a coordinated approach where both domains are considered during the design phase of a product.

This dual focus helps mitigate risks without →

sacrificing either functionality or protection. Upcoming regulatory changes, particularly in the European Union, will mandate the integration of cybersecurity with functional safety. Legislations such as the updated Machinery Directive to the Machinery Regulation will require manufacturers to address both domains simultaneously.

This shift presents a challenge and an opportunity for manufacturers to streamline their processes and reduce costs. By aligning cybersecurity requirements with functional safety standards, manufacturers can achieve compliance more efficiently and ensure their products meet the stringent demands of modern regulations.

The Act also sets forth several critical objectives aimed at enhancing the overall cybersecurity landscape for digital products:

• Enhancing Security: The CRA focuses on improving security in both wired and wireless products connected to the internet. This includes ensuring robust protection mechanisms are in place to safeguard against cyber threats.

• Lifecycle Responsibility: Manufacturers are held accountable for the cybersecurity of their products throughout their entire lifecycle. This means they must continuously monitor and update their products to address emerging vulnerabilities and threats.

• Consumer Information: Consumers must be provided with clear and comprehensive information about the cybersecurity aspects of the products they purchase. This transparency helps users make informed decisions and understand how to maintain the security of their devices.

Effective risk management is essential for cybersecurity and functional safety under the CRA. Risk assessments help prioritise vulnerabilities and set appropriate protection levels.

This proactive approach integrates cybersecurity risk management with corporate and functional safety risk management, creating a unified strategy. Risk management involves identifying potential threats, assessing their impact, and implementing mitigation measures.

Building a culture of safety and security within organisations requires ongoing training and education. It is crucial to educate teams about functional protection and cybersecurity. By developing expertise in both domains and fostering a culture of continuous learning, organisations can better prepare for future regulatory requirements. Training programs should cover the fundamentals of functional safety and cybersecurity, ensuring that all team members understand the critical aspects of each domain and how they intersect.

Use Case 1

EV Charging Stations

One practical application of these principles is in developing EV charging stations. Safety functions in EV chargers mitigate risks such as overcurrent, which can lead to fires or electric shocks. By integrating cybersecurity measures, manufacturers can ensure that malicious attacks do not compromise these safety functions.

For example, a safety microcontroller monitors the current flow and shuts down the system if it detects dangerous conditions. Cybersecurity measures protect communication channels, preventing unauthorised access and potential manipulation of safety-critical functions.

Use Case 2

Process

Industry

Integrating functional safety and cybersecurity is critical in the process industry due to the high stakes involved. Technical standards help address these challenges.

Implementing robust cybersecurity measures alongside functional safety protocols protects complex industrial processes. For instance, safety-instrumented systems in an industrial plant must operate reliably even when exposed to potential cyber threats. Adhering to standards integrating functional safety and cybersecurity ensures that facilities are protected from operational hazards and cyber attacks.

Use Case 3

Cleaning floor robots

In the domestic setting, cleaning floor robots, commonly known as robotic vacuum cleaners, are a pertinent example

of integrating functional safety and cybersecurity. These devices must adhere to functional safety standards to prevent accidents such as collisions with pets or children and avoid falling down stairs.

By incorporating cybersecurity measures, manufacturers can ensure that these robots are not vulnerable to hacking attempts that could disrupt their functionality or compromise user privacy. For instance, a security sequence can monitor and control the robot's operations, shutting it down in case anomalies are detected.

Cybersecurity measures, such as encrypted communication channels, prevent unauthorised access and ensure that the robot's functions are not tampered with remotely or information transmitted to illicit parties.

Use Case 4

Point of Sale systems

In a commercial context, POS systems are critical in retail environments, handling sensitive customer information and financial transactions. Functional safety ensures these systems operate reliably, preventing transaction errors and safeguarding data integrity.

Cybersecurity measures are crucial to protect against data breaches and cyberattacks. Manufacturers can ensure that POS systems are resilient against hacking attempts and unauthorised access by implementing robust security protocols, such as encryption and secure authentication methods.

This dual focus on safety and security helps protect business operations and the customers' sensitive information.

This regulation requires manufacturers to comply with its cybersecurity standards within 36 months of its enforcement.

However, there is a shorter 21-month grace period specifically for the reporting obligations related to incidents and vulnerabilities, giving manufacturers a clear timeline to align with the new requirements.

The CRA emphasises the importance of

The Cyber Resilience Act mandates that any product with digital elements must meet essential cybersecurity standards throughout its lifecycle.

consumers staying informed about their products' cybersecurity features. This includes ensuring all devices are regularly updated with the latest security patches and software updates. Properly configuring devices according to security guidelines is also crucial to maximising protection. Additionally, consumers should report any discovered vulnerabilities or security issues to manufacturers, actively maintaining the security ecosystem.

Organisations looking to align their processes and leverage industry knowledge should consider several practical steps.

Firstly, integrating functional safety and cybersecurity considerations early in the product development lifecycle helps identify potential risks early and implement necessary measures without costly redesigns later.

Conducting thorough risk assessments is essential to prioritising vulnerabilities and setting appropriate protection levels, ensuring that safety and cybersecurity risks

are managed effectively.

Investing in ongoing training programs to build expertise in functional safety and cybersecurity within teams is also critical. A well-informed team is better equipped to handle the complexities of modern industrial environments. Staying informed about evolving regulations and standards and working closely with certification bodies ensures that products meet the latest requirements.

Adopting a holistic approach that considers the interconnected nature of modern industrial systems allows organisations to address safety and security in a unified manner, creating more resilient and reliable products.

Fostering a culture of continuous improvement where safety and security are continuously evaluated and enhanced helps organisations stay ahead of emerging threats and regulatory changes.

The Cyber Resilience Act represents a

significant advancement in bolstering cybersecurity across Europe. By setting mandatory standards and fostering a culture of awareness and responsibility among consumers and businesses, the CRA aims to create a safer digital environment.

As the implementation date approaches, it is crucial for all stakeholders to prepare for compliance and contribute to the collective effort to enhance cybersecurity resilience. The CRA requires the integration of functional safety and cybersecurity, which ensures a thorough approach to safeguarding the technological infrastructure and the people who depend on it.

This dual focus is essential for creating robust, secure, and reliable products, which is increasingly important in our interconnected industrial landscape. By adhering to these new regulations, manufacturers can navigate the complexities of modern regulatory landscapes more efficiently and effectively, benefiting the broader digital ecosystem.

Tech for good

Innovations on the horizon

Technology continues to push the boundaries of what's possible, and while many innovations are already enhancing lives, the most exciting breakthroughs are still in development. Many new products and solutions, set to launch soon, promise to tackle some of the world's most pressing challenges, from healthcare to sustainability, education, and accessibility. These forward-thinking technologies are not just tools for convenience—they represent the next leap in human progress.

Here's a look at some of the upcoming technologies and the companies behind them that are set to improve our lives.

AI-powered healthcare devices

The future of healthcare lies in preventive care, and companies are developing AIdriven devices that will monitor our health continuously and diagnose conditions long before symptoms appear. These technologies will dramatically reduce healthcare costs and improve patient outcomes by catching illnesses early.

Verily, a subsidiary of Alphabet, is developing an AI-powered platform that analyses biometric data, such as heart rates, glucose levels, and genetic markers, to predict the onset of diseases like diabetes and heart conditions. The platform is expected to launch in 2025.

Xsensio, a Swiss startup, is expected to bring its AI-powered sweat-monitoring wearable to market by late 2024. The patch can detect changes in metabolic markers in sweat, potentially providing early diagnosis for conditions like diabetes.

In addition, Butterfly Network is preparing to launch its AI-powered ultrasound scanner, Butterfly iQ+, in 2025. This device can detect various medical conditions, including cancers, and is set to make early diagnostics more accessible to millions of people worldwide.

Energy-harvesting devices

Energy-harvesting technologies are set to revolutionise how we power our devices, moving us away from traditional batteries and towards renewable energy generated by everyday actions. Several companies are making exciting advances in this space.

Pavegen has been piloting its kinetic-energygenerating tiles in urban areas and is expected

to roll out its commercial product by mid-2025. These tiles, designed for use in public spaces, will eventually be able to power streetlights, billboards, and other devices, turning busy urban areas into sustainable energy hubs.

Ubiquitous Energy is developing transparent solar panels that are expected to be launched by 2026. These panels could be used in windows to harvest sunlight. This technology could transform skyscrapers into powergenerating buildings, reducing urban centres' overall carbon footprint.

Energy-harvesting fabrics from Nanomade, capable of converting mechanical energy from motion into power, are slated for launch in late 2024. These fabrics could be embedded in clothing, bags, or even shoes, providing energy for small devices such as smartphones and wearables.

Smart prosthetics with neural connectivity

The future of prosthetics will see robotic limbs that communicate directly with the brain,

offering users natural movement and a sense of touch. Several companies are working on bringing these groundbreaking prosthetics to market. →

Butterfly IQ+

Pavegen

Coapt Engineering

Neuralink , founded by Elon Musk, is expected to begin human trials of its brain-computer interface in 2025. This would allow amputees to control artificial limbs with their thoughts.

Coapt Engineering , whose AI-powered prosthetic systems have already shown success in initial tests, aims to launch its nextgen personalised prosthetics by 2025. These limbs can adapt to a user's specific movement patterns and provide feedback for real-time adjustments.

Ottobock is developing AI-powered prosthetic limbs with enhanced sensory feedback. Their launch is expected in late 2024. The devices will allow amputees to feel temperature, texture, and pressure—a first for the prosthetic industry.

AI for personalised learning

Thanks to AI, personalised education is poised for a significant transformation. Future learning systems will adapt to each student's needs, making education more accessible and practical.

Squirrel AI, a Chinese startup, plans to launch its adaptive learning platform globally by early 2025. This AI-powered software tailors lessons to students' strengths and weaknesses, providing individualised support for more effective learning.

Century Tech is gearing up for the global release of its AI-powered learning platform in mid-2024. Currently being tested in schools, this platform will offer students personalised feedback and study plans, revolutionising education delivery.

Neurable, a company developing braincomputer interfaces to measure cognitive

load, is expected to bring its technology to the education sector by late 2025. This will allow teachers and parents to understand students' learning needs better in real time.

Next-gen renewable energy grids

With renewable energy becoming increasingly essential, companies are focusing on creating smart energy grids that can more efficiently balance supply and demand, ensuring a reliable and resilient power supply.

Ottobock

Century Tech

Neurable

LO3 Energy, a New York-based startup, will launch its blockchain-powered energytrading platform by 2025. This decentralised energy marketplace will allow households to trade surplus energy with their neighbours, contributing to a more sustainable and selfsufficient future.

GridBeyond, based in Ireland, is developing AI-driven systems to optimise energy distribution. Their self-healing grids, expected to launch by mid-2025, will automatically detect inefficiencies and prevent blackouts by rerouting power to where it's needed most.

Tesla continues to innovate with its Powerwall system, integrating AI to optimise energy storage and distribution. A new generation of Tesla's Powerwall, set for release in 2025, will provide even more efficient energy management solutions for homeowners.

Tech-driven food security

As climate change and population growth threaten food security, a new wave of techdriven farming solutions is revolutionising agriculture, making it more efficient, sustainable, and scalable.

AeroFarms, a leader in vertical farming, plans to launch its first fully AI-managed farms by 2025. These farms will autonomously control light, nutrients, and water usage, producing higher yields with less environmental impact.

Memphis Meats, now part of Upside Foods, is preparing to bring its lab-grown meat products to the commercial market by late 2024. This cellular agriculture technology offers a sustainable, cruelty-free way to produce meat without the environmental costs of traditional livestock farming.

Plenty, a vertical farming startup backed by Jeff Bezos, is expected to expand its AI-powered indoor farms globally by 2025. These farms, which use 95% less water than traditional agriculture, could solve food shortages and environmental stress.

The future is just around the corner

These soon-to-be-launched technologies represent the next wave of innovation to improve lives globally. Whether it's healthcare devices that detect illnesses before they appear, renewable energy systems that make households more self-sufficient, or personalised learning platforms that ensure every student thrives, the near future holds immense promise.

As companies like Verily, Tesla, Neuralink, and others push the boundaries of what's possible, we are on the verge of a new era where technology serves not only as a tool for convenience but as a powerful force for good, creating a healthier, more sustainable, and equitable world.

Plenty

AeroFarms

Tesla

Today's top tech

These groundbreaking gadgets will elevate your lifestyle, offering futuristic entertainment, fitness, gaming, and more innovations.

1. MSI Claw Gaming Handheld

A powerful handheld gaming device featuring Intel Core Ultra processors and integrated Intel Arc graphics for smooth, portable gaming.

€999 / msi.com

2. Meta Quest 3 Lite VR Headset

A budget-friendly VR headset offering immersive experiences with a lighter, more affordable design for entry-level VR enthusiasts.

€499 / meta.com

3. LG CineBeam Q Portable 4K Projector

A stylish portable projector with 4K resolution and built-in smart TV functionality, perfect for home cinema lovers.

€1,299 / lg.com

4. Lenovo ThinkBook 13x Gen 4 SPE

A unique laptop with E-Ink Prism technology on the lid, allowing animated designs for personalisation or branding.

€1,599 / lenovo.com

5. OnePlus Watch 2

Smartwatch with dual-operating systems for up to 100-hour battery life, making it a versatile fitness and lifestyle tool.

€329 / oneplus.com/mt

6. Fiio FT5 Planar Magnetic Headphones

High-fidelity headphones with superior dynamic range and sleek design are perfect for audiophiles and music lovers.

€799 / fiio.com

7. Razer Project Esther Haptic Gaming Cushion

Gaming cushion with directional HD haptics for immersive gameplay, offering Dolby Atmos-like experiences but through tactile feedback.

€199 / razer.com

8. Samsung Galaxy S24 Ultra

Samsung’s flagship smartphone, which has a brighter 2,800-nit screen and advanced camera features, is designed for tech and photography enthusiasts.

€1,079 / go.com

Autumn luxe

These luxurious essentials combine style and functionality, perfect for elevating your fall wardrobe.

combines practicality with sophistication.

and a modern silhouette. €5,990

[All items available from mrporter.com, unless otherwise specified]

This luxurious suede blouson jacket combines refined craftsmanship

trimmed suede and mesh sneakers €220

quilted jacket with

Luxurious wool sweater in a classic cableknit, perfect for layering. A timeless winter wardrobe is essential.

€1,200

Classic black leather belt featuring Gucci’s signature interlocking G buckle in polished gold-tone metal.

€470

Wide-leg cotton-twill trousers blend a relaxed fit with premium fabric, offering a versatile, polished look for any

lenses offer UV protection in style—a timeless accessory.

€385

ROLEX

Explorer 40mm, oystersteel €7,700 / elcol.com

BRUNELLO CUCINELLI

GUCCI

Alliance surpasses 2024 targets early

Alliance CEO Michael Bonello praised the company’s team for surpassing 2024 performance targets more than three months early, marking the year as their most successful. In 2023, Alliance expanded with 17 new

branches and now boasts over 400 property advisors across 30 offices in Malta and Gozo.

The COO of Sales, Gordon Attard, credited a surge in high-end real estate activity for the robust sales performance, including almost half of Ora Residences sold and numerous transactions in the €1.5 million to €6 million range. With over 75 listings sold since January, the Jeremy Borg Grech-managed Alliance Selected made a significant contribution.

While Commercial Real Estate, under the direction of Simon Bharwani, anticipates further expansion, Letting COO Abigail Simana reported growth in high-end residential letting.

Alliance paused new franchise acceptances to strengthen existing operations, enhance anti-money laundering processes, and prepare for 2025 expansions.

Chief People Officer Frank Borg emphasised ongoing training, with all estate agents licensed or completing licensing programs. CMO Pierre Mizzi highlighted the success of new digital marketing efforts, supporting the company’s growth.

Bonello concluded, thanking the team for their dedication and looking forward to more milestones in 2025.

Empowering Maltese Businesses with Corporate Banking Solutions

FIMBank, a member of the KIPCO Group, is renowned for its comprehensive corporate banking services tailored to the unique needs of Malta's businesses. Since its inception 30 years ago, FIMBank has expanded its global trade finance activities and established a robust presence in several key financial and trading centres worldwide. Headquartered in Malta, FIMBank is dedicated to supporting local businesses through a diverse range of banking services designed to foster the financial growth and development of its clients.

FIMBank's Corporate Finance Services are specifically crafted to empower Maltese businesses. The bank offers tailored loan options to fund capital expenditure projects such as equipment, machinery, and

infrastructure, ensuring companies can grow and innovate. Flexible overdraft facilities provide essential working capital, helping businesses manage seasonal fluctuations and seize new opportunities.

The bank offers corporate clients enhanced cash management and treasury services, including competitive currency deposit rates in Euro, US Dollars, and all major currencies. FIMBank's bespoke financial solutions are designed to meet the evolving needs of local businesses, ensuring they achieve their financial goals.

For more information or to schedule a meeting, please get in touch with FIMBank at (+356) 2328 0297 or via email at corpfinance@ fimbank.com.