Executive Traveller

EXECUTIVE TRAVELLER SIGMA ISSUE

GREAT EXPECTATIONS FOR SIGMA FREE COPY 1 executive traveller  SIGMA issue PRODUCED BY AVIAPROS.COM/ETM

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Introduction

Great Expectations for SIGMA The rise of the gaming industry in Malta is an indisputable success story, one which continues to go from strength to strength. Without doubt, Malta has become the jurisdiction of primary establishment for most operators within the industry.

Notwithstanding the challenges the industry faces, the gaming sector continues to thrive in Malta. Indeed, online gaming continues to play a key role in Malta’s economy. It comprises 12% of the Maltese economy, generating €700 million and employing around 6,400 people. The gaming sector is one of the largest sectors in Malta to employ expats from all corners of the world. Moreover, more than 250 gaming companies, including giants like Betsson, Tipico, Betfair, now call Malta their home.

SIGMA comes at a perfect time to provide a clear picture as to where the industry is heading, the major challenges the sector is facing and the role Malta will continue to play in the years to come. Indeed, SIGMA will discuss key issues pertinent to the industry and provide a concrete way forward. In line with the above, Executive Traveller SIGMA issue brings together key exponents in the industry who provide their view on where the gaming sector is heading and Malta’s role in this context.

We wish you all a pleasant read!

Andrea Trapani Editor and Publisher

/

Omar Vella Editor

THE MAKERS Publishing Editor

Andrea Trapani atrapani@aviapros.com Omar Vella marketing@aviapros.com

Advertising Executive Rebecca Pace adverts@unionprint.com.mt

Design

Robert Caruana design@unionprint.com.mt

Printing

Union Print Co. Ltd. www.unionprint.com.mt

Publisher

Aviapros International Ltd

Contributors

Special thanks for the production of the 13th edition goes to Executive Aviation Malta as the main contributor and sponsor, as well as all other contributor and sponsor, as well as all other contributors for their time and images.

We also thank all advertisers for their support to ensure the constant growth of the magazine.

Advertising

For advertising in our next issue, please send an email to Ms Rebecca Pace on marketing@aviapros.com or +356 9944 1432, +356 7948 4888.

Subscription Executive Traveller Magazine is distributed for free to top hotels and venues, and is available at local and international business aviation conventions. The publication is also available online at: www.aviapros.com/ETM Disclaimer: Particular attention has been given to ensure that all the content of this magazine is correct and up to date as on date as issue. The views expressed in the articles and technical papers are those of the authors and are not neccessarily endorsed by the publisher. While every care has been taking during production, the publisher does not accept any liability for errors that may have occurred. Copyright© 2017.

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Driven with pride, aiming for excellence.

The Malta Gamin Industry in numb

2019

â‚Ź1.1 billion The direct contribution of the gaming industry to the Maltese economy

â‚Ź66.3m Revenue generated by MGA licence fees, gaming tax and other administrative fees and fines

9,800 full time jobs created within operators directly in the sector and other associated businesses

6,600 Full time jobs directly generated by the gaming industry

g bers

287 Remote gaming companies licensed by the MGA

13.9 million Active customer accounts under the Class 1 group of licences

910,202 The total number of visits to local casinos

ďƒœ

Malta’s very own

success story The Hon.

SILVIO SCHEMBRI JUNIOR MINISTER FOR FINANCIAL SERVICES

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A trailblazing pioneer amongst its EU peers to regularise remote gaming, has led to Malta’s emergence as the ultimate jurisdictional hub at the epicentre of the global gaming sector.

In other words; the supreme jurisdiction of choice for this flourishing and lucrative industry.

Historically, Malta, as the front-runner of the then relatively new, gaming revolution, led the charge by creating an innovative framework which regulates remote gaming, providing legal certainty and an optimal environment for operators to function in this space. This sector has progressively metamorphosed beyond compare, steadily growing into one of the main contributors to Malta’s economic growth.

What makes the Maltese jurisdiction unique, is its forward-looking approach, one of the very first to recognise the potential of this sector, as well as its success in adapting to the needs emanating from the sector itself and subsequently nurturing a vibrant ecosystem within which the industry can thrive. But it is neither by sheer luck nor coincidence that this sector has thrived to the extent that Malta is now listed as one of the most sought-after jurisdictions for gaming operators. A strong IT infrastructure, a thirst for innovation, a Government who has a long-term vision for the industry and is open for business, a robust regulator that is agile, plus a fast-move approach which allows it to adapt to ground-breaking technological advancement, are all positive elements which converge to enable the country to sustain its reputation as an attractive hub for igaming companies.

With the gaming industry responsible for thousands of jobs and now a mainstay of the Maltese economy, the need to launch further initiatives

has never been as significant; initiatives which will not only benefit the industry itself, but also the country as a whole. Cultivating and implementing an innovative ethos throughout all crucial decisionmaking, at all levels, paves the way for even more prospective operators to set up shop in Malta; with the added benefits of a robust regulatory framework and a favourable climate which is often lacking in this space. These same gaming operators will in turn provide the optimum environment in which top talent can thrive and excel.

Now is also the time for our country to cast its sights sets further afield onto the ever-evolving digital horizon. Malta is now rigorously exploring the vibrant economic niche presented by esports, video gaming and game development and how these could be successfully incorporated in our already strong ecosystem. Operators in this sector are already looking into using the services provided

by Malta in order to tap into European markets.

Through a recently unveiled holistic strategy for eSports and game development, the relatively untapped business potential emanating from game development and production are now identified.

While serving as a hub for this relatively young industry, this newly fledged strategy will implement the ideal incentives to harness the sector’s potential including the attracting of valuable sports tourism.

Ultimately this will also distinguish, support and develop local talent up to a professional level as well as create new employment opportunities within the digital arts sector.

Malta’s coveted status as the ultimate jurisdiction par excellence in these ground-breaking sectors is further enhanced by the island’s inherently advantageous strategic position, its appealing lifestyle, a robust financial services sector and a population that is renowned for its hardworking ethos. All these favourable factors ultimately converge to further reaffirm Malta’s position at the forefront of the game.

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GreatExpectations Interview with

Eman Pulis CEO AND FOUNDER SIGMA

EMAN PULIS shared with us his views on the gaming industry and what to expect at SIGMA this year.

You have just appointed Jonathan Shaw to the position of COO, tell me more about his new role in steering the company forward.

The COO is a crucial factor in helping to make the long-term vision of the company a reality, overseeing the day-to-day operations while keeping the bigger picture in mind.

Our calendar of events for 2020 is rather demanding and despite having achieved great results across the years, there is still more to be done. We need to

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achieve growth whilst also aiming for higher results in various KPIs. Jonathan joined the company in February of this year in an external capacity, which meant he started this role with a good understanding of the operations involved.

In recent months there also have been several other new appointments and I look forward to working with this growing team as we continue to move onwards and upwards.

Jonathan Shaw

What attracted you to the gaming industry?

I was always in awe of the entrepreneurial spirit which defines this sector. There’s so much happening in the spaces we operate within - be they iGaming, emerging tech or medical cannabis - there’s hardly ever a dull moment. Being able to have a small say in how these verticals evolve is a very motivating factor.

You have often insisted that you are an ‘events guy’.

How did the man behind one of the worlds largest gaming events manage to achieve tremendous success in such a short span of time?

Hard work and a determination to succeed. One thing which we hear time and time again is that attendees to our show value quality. Having high standards has reaped the rewards of success and attracted some of the most interesting and creative businesses and individuals to our events.

I am also very lucky to have a strong team behind me. The SiGMA Squad has played a huge part in taking this events company to new heights - watching them in action always inspires me.

I am also very lucky to have a strong team behind me.

What makes SIGMA stand out of the crowd?

SiGMA’19 is set to welcome over 400 sponsors and exhibitors, 200 industry­-leading speakers and a record -breaking 15,000 attendees from over 80 countries making this its biggest show yet.

Through a commitment to quality and years of successful operations, SiGMA has developed a strong brand, evolving into a global influencer with the ability to facilitate the biggest deals across the iGaming sector.

This global stance is reinforced by the Group’s expansion to Asia, where SiGMA Group will launch SiGMA Manila in 2020, as well as being reflected in a strong showing from Asian delegates at the Malta summit this year.

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A superstar lineup of speakers will take hot-topic conferences to the next level...

What should we expect at SIGMA this year?

SiGMA Group has pulled out all the stops to make this a luxury event, with exclusive travel options - four Hummer limos, two helicopters, and even a hot air balloon!

A superstar lineup of speakers will take hot-topic conferences to the next level, with luminaries such as Anthony Pompliano and John McAffee calling in for highly-anticipated live AMAs, while well-known faces such as Brock Pierce, Jesper Svensson and Calvin Ayre will take to the main stage for debates spanning

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regulation of new markets, Esports, cybercrime, and blockchain for iGaming.

Activities during the SiGMA’19 show will also once again include the popular SiGMA Pitch, providing a space for 100 innovative young start­ups to gain valuable exposure on the expo floor, score exclusive invites to networking events, and reel in potential funding and mentoring from industry veterans.

Furthermore, the Malta Gaming Awards will return for another season, celebrating the greatest stories of success across the iGaming industry.

Any new projects in the pipeline?

SiGMA Group, in a joint venture with ICE Asia, will bring a super show conference to Manila on June 8th9th 2020. Set to take place at the SMX Convention Centre, as well as the adjacent Conrad Hotel. The SiGMA Manila and AIBC Manila shows will address all the latest developments in land-based gaming, online gaming, Esports, and emerging technologies such as blockchain, IoT, AI, Big Data and FinTech. A flourishing and vibrant entrepreneurial spirit across South-East Asia makes now the right time to focus on fostering new and existing relationships between the gambling industries in both East and West.

How would you assess the gaming industry at the moment?

The gaming sector has gone from strength-tostrength, with incredible opportunities opening up in new markets. Asia currently has a lot to offer; recent figures from Global Gaming Statistics 2019 reveal that jurisdictions all over Asia are looking to capitalise on the global opportunities flourishing in the gaming sector. Given this trend, it’s crucial to facilitate dialogue between East and West, addressing considerations such as regulatory environments in different territories, payments processing methods, the integration of blockchain emerging technologies, and even bandwidth for mobile gaming. It’s precisely these issues that next year’s show in Manila will tackle by bringing the biggest brands and jurisdictions in the sector together in one venue.

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MINISTRY FOR TOURISM

THE MALTA

FACTOR Interview with

Andres Rengifo Director of NetEnt Live.

Andres Rengifo shares with us his view on why Malta still stands out of the crowd in the Gaming industry, the challenges the sector is facing and what scenarios should we expect in the years to come.

When did you start considering Malta and which factors made you establish in Malta?

Malta has played a huge part in NetEnt’s success story ever since we first opened our doors here almost 15 years ago. Our growth on the island has been exponential and we now employ over 270 talented people across multiple departments, from legal and compliance to commercial, product management, marketing and web and content development. With a workforce of over 900 worldwide, our Malta office makes up almost 30 percent of the NetEnt team – a proportion which will soar with the recent acquisition of Red Tiger. Malta has triumphed as an iGaming hub and that is largely because authorities have historically been supportive of the industry’s growth. A solid legal framework, approachable regulator and favourable tax incentives have all contributed to the establishment of Malta as the centre of iGaming in Europe. Competition from other jurisdictions is intensifying, but the island is still the place to be for anyone serious about the business and I don’t see that changing any time soon.

Many say that the sector is volatile and that companies come and go without no commitment. Do you think this is the case?

The Maltese iGaming sector has become more and more challenging in recent years, with increasing business costs, changing regulation and intensifying competition creating a testing operational environment.

Although this has prompted many suppliers and operators to streamline operations and even caused some to leave the island altogether, there is still a huge amount of opportunity to be found here. News of companies relocating to Sliema outnumbers that of those departing, proving there is a big appetite to establish in Malta whether you’re a start-up studio or leading operator. The scope of benefits provided by the local sector continues to grow, not least the ease of access to some of the biggest names in the industry.

In terms of commitment, consolidation and market fluctuations have major impact, but the iGaming industry is not about to jump from the good ship Malta.

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Do you think Malta can invest even more in the sector and in what way?

Access to local talent has become increasingly difficult and with the rising expense of doing business and living on the island, the cost of relocating potential employees is becoming more and more financially challenging. Malta has lost out in recent years to emerging development hubs in Eastern Europe because the overheads are far, far cheaper.

Sofia, Kiev, Marbella, Barcelona and Krakow are gaining more and more business, but mostly in terms of the game design function. Investment in education and technology could help Malta regain some of that lost market share.

Given the apparent issues with banking, has the sector ever considered coming together to initiate the Gaming Bank? How would authorities look at this in your view?

Given the intricacies of the situation it is difficult to say whether a dedicated iGaming bank would provide a feasible solution.

Malta’s financial sector has been the subject of international scrutiny and that has had a knock-on effect on our industry with banking institutions de-risking their portfolios. Like any business we rely on access to good financial services and we closely follow all initiatives in this matter.

What are the main challenges the sector has in the foreseeable future?

I would say regulation. Changing legal frameworks across Europe are making it increasingly difficult to navigate the legislative environment while at the same time the threat of fines and licence revocations for non-compliance is intensifying. Instances of regulators – particularly in Sweden and the UK - making strong examples of those which aren’t playing by the rules is piling pressure on compliance and legal departments with major cost implications.

Ultimately, however, the tougher rules are designed to better protect players and we fully support implementation of measures that prevent problem gambling and consumer harm.

Will AI become a challenge or an opportunity for your sector and why?

Both! The industry is still getting to grips with the potential of artificial intelligence and its best use cases, from tracking risky and fraudulent players and analyzing player data to boosting engagement and retention or promoting responsible gambling. While technology has advanced faster than anyone could have predicted, it is still capable of mistakes.

Implementation of AI and machine learning possibilities particularly regarding customer data therefore needs to be handled with care.

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THE GENERAL DATA PROTECTION REGULATION AND

THE GAMING INDUSTRY Ylenia Busuttil Advisor at Erremme Business Advisors limited

The Gaming and Gambling Industry is a peculiar one which is dealt with differently by various jurisdictions. Diverging legal positions between states vary depending on the social perspectives, with some jurisdictions legally encumbering the operations of the industry whilst others exhausting its potential.

However due to its association with illicit usages and consequences, regardless of the approach taken, a heavy regulatory stance appears to apply globally. In Malta, as endorsed by the vast legislation and benefits granted, the iGaming industry has established itself as a leading economic activity. Due to the industry’s already elaborate regulatory restrictions, as well as its economic importance, implications of the General Data Protection Regulation seem to be heightened with respect to the Gaming Industry.

Due to the industry’s delicate nature, there are various special legislations which particularly target or apply distinctly to the industry. For this reason, each legal shift in the regulatory landscape impacts the industry. Compliance plays a monumental role in the running of such companies, especially in respect of licensing conditions, special laws on gaming, as well as Anti Money Laundering provisions. The General Data Protection Regulation is no exception to this and has in fact increased thresholds for data accountability within the industry.

This may be clearly observed in the instance of profiling, which plays an indispensable role in the promotion of business within the Gaming Industry.

Profiling is utilised in data driven marketing, personalized player experience and email targeting amongst other applications. It is also applied in Anti Money Laundering prevention mechanisms. As suggested by Britain’s Gambling Commission, profiling techniques may also be used for identification of problem gamblers – a suggestion taken on by several companies within the industry. The General Data Protection Regulation imposes stricter responsibilities where profiling is utilised, especially where such profiling is used for automated decisions having legal effects on data subjects. Such burdens include the conducting Data Protection Impact Assessments,

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appointing a Data Protection Officer, applying GDPR Principles and, in line with WP29’s guidelines, provide customers with more information in relation to the profiling activity.

The complex system created by different bodies of law, each imposing their own obligations, has led to various legal anomalies due to these conflicting with obligations created data protection framework.

For instance, such conflicts are exuded in recording and monitoring obligations pursuant to the Anti Money Laundering legislation. This is because the latter requires the superseding of the founding principles underlying the General Data Protection Regulation, namely data minimization and adequate retention periods.

Apart from the heavy regulatory restrictions, the industry also faces constant technological developments due to the sector’s online dependence.

Whilst enabling constant improvement, this same technological aspect makes the sector more susceptible to data breaches and hacking. Businesses within the industry highly depend on processing and collection of player data for competitive success, leading to such businesses being accountable for a mass of player data.

Amongst the array of recorded personal data, this comprises of demographic information, device ID, playing history and also payment information.

Even where data does not individually constitute personal data, indirect associations inferred may lead to personal identification, especially if considered in light of other data, making it personal data by indirect reference, further expanding industry stakeholders’ accountability.

Whilst the Gaming Industry functions through various spheres of operation, the General Data Protection

Regulation mainly concerns the business-to-consumer (B2C) aspect. In fact, most collection, processing and sharing of data is executed by the businesses responsible for operation of interfaces, sales and customer care services. In compliance with the General Data Protection Regulation may induce pecuniary ramifications as well as the revoking of gaming licenses in many jurisdictions.

The legal anomalies arising when applying the data protection framework to the Gaming Industry have prompted various legislators to address this through guidelines. Most notably, the Betting and Gaming Council in the United Kingdom, formerly the Remote Gambling Association, had issued a guideline aimed at aiding the application of the General Data Protection Regulation.

Locally, similar guidelines have been issued by the Malta Gaming Authority after a consultation procedure with the Information and Data Protection Commissioner.

This guideline is to be read in conjunction with the General Data Protection Regulation. It was written with the drive to envisage all difficulties which the industry expected to face when the regulation had not yet been enforced. This guideline goes through most aspects of the regulation, discussing them from the perspective of the Gaming Industry.

The General Data Protection Regulation has burdened the Gaming Industry by enforcing higher obligations which are directly implicit on main activities carried out by such businesses, which have led to conflicts and complexities. Industry professionals have advised a wider approach through dialogue between different state authorities and regulators. This would prospectively allow harmonisation in the area whilst enabling clarification and enhancement of the industry and the application of the General Data Protection Regulation itself.

Ylenia Busuttil is advisor at Erremme Business Advisors limited. She may be contacted on ybusuttil@erremme.com.mt

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EMERGING MARKET BOND FUND EURO EXPLORE THE EMERGING WORLD

LAST 12 MONTHS DISTRIBUTION YIELD

5.00%*

B’KARA | VALLETTA | SLIEMA | QORMI | FGURA | MOSTA *LAST 12 MONTHS DISTRIBUTION YIELD (01/10/2018- 30/09/2019) SOURCE: CALAMATTA CUSCHIERI INVESTMENT MANAGEMENT. PERFORMANCE FIGURES QUOTED REFER TO THE PAST AND ARE NOT A GUARANTEE FOR FUTURE PERFORMANCE. THIS IS NOT A CAPITAL GUARANTEED PRODUCT, THE VALUE OF THE INVESTMENTS INCLUDING CURRENCY FLUCTUATIONS, AND INCOME FROM THEM CAN GO DOWN AS WELL AS UP AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED. CALAMATTA CUSCHIERI INVESTMENT SERVICES LTD. IS LICENSED BY THE MFSA. THE CC EMERGING MARKET BOND FUND IS A SUB FUND OF CALAMATTA CUSCHIERI FUND SICAV PLC AND IS AUTHORISED BY THE MFSA. INVESTORS MAY INCUR A SUBSCRIPTION CHARGE AND MAY BE SUBJECT TO TAX ON DISTRIBUTIONS. PAYMENT OF DIVIDENDS HAS THE EFFECT OF REDUCING THE NAV PER SHARE. INVESTMENT SHOULD BE BASED ON THE PROSPECTUS AND KIID DOCUMENT, WHICH MAY BE OBTAINED FROM CCIS OFFICES.

Skills Gap and Human Capital in the Gaming and Blockchain Industry in Malta A recent study conducted by the Malta Gaming Authority clearly shows that there is a skills shortage that the industry is being faced with which is somehow limiting the growth of the industry. Stakeholders state that a similar situation exists in the Blockchain industry. In actual fact the situation is being observed in various sectors which are critical to our economy including the financial services sector.

It is evident that the Human Resources Strategy has failed in our country. The situation was foreseen years ago with various entities alarming the various administrations that the situation is becoming alarming. Indeed, it is now in an emergency state.

It is inevitable that Malta needs to attract more human capital in order to sustain the industry in the short term and it needs to invest in our young generation if the country is to remain competitive. The current issue with the local educational system is that it is not offering the necessary skills in order for the new generation to take a significant role in the upcoming future. It seems to be more focused on promoting rights and an easy life rather than inciting duties and hard work.

One major challenge is that Malta is not attracting the right foreign talent. Another major issue is certainly the rent market. The high prices are leading to companies being asked higher and higher wages. The high skilled tax incentives are no longer enough as also the opportunities of career progression in Malta are becoming limited given that the high ranking positions for international companies are no longer in Malta. Consequently firms have to resort to heavy training in staff in order to try and accelerate skills acquisition. The schemes aimed at assisting skills acquisition are not functioning properly. The administration of these schemes is too bureaucratic and do not see the needs of the industry but became a simple tick the box exercise.

The aforementioned report that was published in November 2018 was aimed at identifying the skills gap affecting the remote gaming industry in Malta and in coming up with different recommendations. However, it is not clear who and how will it drive forward such recommendations. As a service provider we will certainly benefit from such a report as other service providers will.

However, the country needs a national strategy in order to address the shortage of skills in the various critical sectors of the economy.

Significant are the issues highlighted in the introduction of the aforementioned report.: “…., remote gaming operators reported 781 unfilled positions, equivalent to one out of every eight employees.

Unfilled job vacancies are primarily in the game operation and development category at the operational level, presenting significant potential for services provided by the formal education system. Demand for indigenous human capital is further boosted by the potential to replace the flow of foreign workers in future years. A strong element of vacancies pertain to skills that are specific to the gaming industry, which cannot be found elsewhere in the economy. This necessitates specialised training which should be complemented by basic education efforts.”

Will the industry be left alone or will a National Strategy be drafted with a common direction for all those involved in human development and economic development of the various sectors?

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THE ROLE OF UNIONS IN THE

GAMING INDUSTRY Interview with

Josef Bugeja,

Secretary General of the GWU

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Executive Traveller discussed with Josef Bugeja, Secretary General of the GWU the constant developments in the gaming industry, the growth of blockchain and the relevance of the union in such sectors.

The gaming sector contributes 10% to the Gross Domestic Product. How does the GWU interpret such statistic?

The rise of the gaming industry in Malta is an indisputable success story, one which continues to go from strength to strength. Without doubt, Malta has become the jurisdiction of primary establishment for most operators within the industry. The gaming sector is a major contributor to the Maltese economy and has over the past years, set key benchmarks when it comes to salaries, flexible working arraignments and innovative working conditions. Recent reports have noted that the direct contribution of the gaming industry to the Maltese economy was valued at €1.1 billion in 2017, with approximately 9,800 full time jobs created within operators directly in the sector and other associated businesses, according to the Malta Gaming Authority’s (MGA) Annual Report and Financial Statements. This makes the industry a key player which offers a number of benefits yet poses also various challenges.

It is our duty as a Union to identify ways how to penetrate the gaming sector yet this is no easy task since the sector is not very union friendly, there is a lot of job mobility and most of the workforce in this industry are foreigners who have personal Contracts of employment. It is fair to acknowledge the inroads made by the GWU in the industry. The GWU has a history of representing gaming staff in the various casinos spread around the island. The GWU Hospitality and Food Section along the years have signed various collective agreements with different casinos, both local and also foreign owned. Apart from those we also represent workers in two igaming companies. We have learnt from our experience in the sector that whilst most employees in the high ranking jobs are foreigners, the majority of lower ranks are Maltese. This offers the GWU an opportunity to strengthen our presence in the gaming sector where we are called to negotiate successfully collective agreements on the individual contracts

It is our duty as a Union to identify ways how to penetrate the gaming sector yet this is no easy task...

The sector may be putting under pressure other sectors to increase salaries drastically. Is this a positive thing or there could be negative repercussions too?

As the saying goes, ‘there are two sides to every coin’. We can fairly say that it’s an employees’ market right now, and employers are competing with each other to ensure talent retention. With its attractive salaries and work conditions, the gaming industry has inevitably stimulated a salary cap reconsideration in Malta thus paving the way not only for better salaries but also to better conditions. It is interesting to note that today workers do not change their working place just because they are offered a better pay package but also because they are given greater flexibility and better conditions.

On the other hand though, if you look at the situation from an employer’s point of view, Maltese businesses are increasingly finding it hard to compete with the salaries being offered by the island’s remote gaming industry, as this high-performance sector keeps offering higher salaries to retain the best talent possible. It is a situation that continues to leave traditional Maltese businesses unable to compete on salaries when trying to retain talent that is skilled enough to join the gaming industry.

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 There has been considerable changes going on in the sector with companies transferring parts of their operations to other countries whilst others transferred to Malta. Overall there seems to be a slowdown in the revenues. Is the GWU concerned about this?

The gaming sector is volatile and dynamic like many other industries including the services sector and even the manufacturing sector. Every sector poses its challenges to us as a Union especially when it comes to the transfer of companies. When faced with such situations, it is very challenging for us to protect the workers’ rights. Having said that, I do not believe we are experiencing a slowdown. If we look at the current situation in the two gaming companies we represent, this is certainly not the case. I would prefer to say that overall, gaming companies in Malta are restructuring to adapt themselves to the fast developments in the industry.

The risk of a slowdown in the industry is the same as that in any other sector which forms the basis of Malta’s economy.

Many lament of the lack of specialised human capital in Malta in the sector. What is your view and can the situation be improved?

At first glance, the employment situation in Malta appears to be excellent. The country currently has the largest labour force in its history, a significant increase in the domestic supply of productive hours, the largest cohort of foreign workers it has ever had, and the second-lowest level of unemployment across the entirety of the European Union. Nevertheless, there are prevalent issues which hamper local Human Resources namely; lack of skills and mismatch of skills. The GWU has consistently insisted in various fora on the need for a clear and proactive strategy that will concretely address key local HR issues. We believe that The Education Department, the industry and all unions concerned should come together to discuss a clear way forward on the matter. We no longer speak about recruitment but rather about head hunting. We need to take note that the needs of the industry have changed, our Human Resources have changed and the environment we operate in has changed. The proposed strategy must be developed in this context. We proposed in the last budget that the guidance service is not only limited to schools but is also extended to the place of work.

Such initiatives will help the country effectively address Human Resources.

If there is truly a shortage in human capital do you think this will impact the blockchain industry too?

The country is at the forefront in the industry in terms of legislation and has projected itself on the international scene as a fully fledged blockchain island. This hype has instigated a strong interest from the local industry on the subject thus many leading entities have shifted their human resources and energies towards blockchain.

This shift has inevitably generated a demand for talent on the subject. There is currently a shortage of talent in the sector which was expected in view of the fast pace it was introduced.

What are your views for the growth of the sector in Malta?

Every sector is an opportunity for Malta and blockchain is certainly an area the government must invest further in. The incredible growth blockchain has experienced on a global level in recent years is a clear proof why Malta should invest further in the sector. What has emerged at a global level is a shared recognition that blockchain is real—and that it can serve as a pragmatic solution to business problems across industries. The question for executives is no longer, “Will blockchain work?” but, “How can we make blockchain work for us?” Nevertheless, I feel we still need to understand how blockchain will develop and its implications on employees, individuals and societies. The industry and the man in the street still lack a clear understanding as to what is blockchain and its implications. Unless this is achieved, the real value of blockchain for the island cannot be well understood.

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MDIA Certification of

Innovative Technology Arrangements

In September 2019, the Malta Gaming Authority announced the launch of the second phase of the Sandbox Regulatory Framework during which the MGA will be accepting applications for the use of Innovative Technology Arrangements (ITAs), including Distributed Ledger Technology (DLT) platforms and smart contracts.

ITAs shall be required to be audited by systems auditors registered with the Malta Digital Innovation Authority in terms of the Innovative Technology Arrangements and Services (ITAS) Act. The Sandbox Framework established the possibility to accept Virtual Financial Assets as a means of payment and confirmed the use of Distributed Ledger Technology (DLTs) within the Gaming Industry.

MDIA’s role within the wider DLT regulatory framework is to certify the underlying technology upon which the ITA is based. In essence, we aim to ascertain that the technology does precisely what it declares it can do. Consequently, MDIA certification provides assurances to end users and fosters trust within the market. With this in mind, innovators can rest assured that with MDIA certification of the technologies they deploy, will be well received by the market and will benefit from regulatory compliance in an ever-evolving environment.

The systems auditors’ role in this is to ensure quality, review code and verify the blueprints that adhere to MDIA requirements which include that of the technical administrator and forensic node. The accreditation of SAs serves as a seal of approval that certifies the service provider(s) possesses the necessary technical skills, aptitude, capability and experience to handle systems audits related to Innovative Technology Arrangements (ITAs). The certificate is timestamped and verifiable via the blockchain. Within just one year since the MDIA was established, a total of five Systems Auditors have been confirmed. This further complements MDIA’s work in terms of ITAs certification, as we are committed to protect and support all users and encourage all types of innovations, while providing assurance and ensuring trust.

An Enhanced Systems Audit (ESA) is obligatory for ITAs that are either deemed to be safety-critical, or operate in a domain for which the relevant Lead Authority requires additional security. An infrastructure is considered critical if damage to such an infrastructure, its destruction, or disruption, may have a significant negative impact for the security of the country and the well-being of its citizens, which could result in loss of life, casualties and/or other health risks.

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ďƒœ Malta was indeed the first jurisdiction that developed a legal framework totally and specifically dedicated to DLTs. Different to most other regulatory advances where best practices have long been developed across multiple jurisdictions, Malta has had to develop a framework most have thus far shied away from doing.

To do this we have identified few of the best minds in the field and today we can boast of an extensive regulatory framework upon which we can process and certify not just current DLTs but also emerging technologies such as Artificial Intelligence. The primary aim is to instil peace of mind, provide transparency and legal certainty, as society places more trust in innovative technology.

Furthermore, this regulatory framework positions Malta at the forefront of technological business opportunities in a number of industries including gaming, as it creates a sound platform for innovators.

Whilst the development of this framework was not as straight forward as one would have wished, we did not reinvent the wheel. Malta has long established a very competitive yet robust regulatory environment that has proven to be very attractive to key players in those areas. That same approach has been deployed with regards to DLTs and emerging technologies, and Malta should sure be a key consideration for anyone wishing to deploy new technologies onto the market, giving both end users and market stakeholders trust and stability, whilst enjoying enough flexibility to support further innovation.

Key to our success is the small size of Malta, not just in terms of geographical size but also to that of its institutions and governing structures. This allows us to be agile to respond to market exigencies and developments, with our institutions being nimble enough to effect the regulatory changes needed at a fast and determined pace. Crucially whilst the regulatory role of MDIA is paramount, we also understand that we are an important stakeholder in the deployment of these innovative technologies onto the market, and hence are always willing to meet with market operators in order to assist and give direction as the case may be.

The regulatory process, whilst depending on fairly novel concepts and mechanisms, has been meticulously developed and streamlined through the various guidelines which have been issued by the Authority and can be found on our website at https:// mdia.gov.mt/.

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St Thomas Hospital Thinking about having your first mammogram?

Pink October is synonymous with raising awareness about the importance of early screening for breast cancer. But what does screening mean to you? Is it having a mammogram or an ultrasound? What options are out there? Is it scary? Knowing that the idea of having your first mammogram might be daunting, we compiled the most frequently asked questions by woman who are having their first scan in order to inform and to dispel frequently unfounded fears.

What does screening mean?

Screening for breast cancer is effectively standardised methods of checking for breast lesions by professionals. These methods consist of mammograms, ultrasounds, MRIs but also self-checks and checkups by breast specialists. When carried out regularly these programs can detect changes in the breast in the early stages although none are associated with preventing breast cancer. Rather they are methods of early detection.

What does a mammogram do?

Mammograms save lives! They are the best tool we currently have in detecting most types of breast cancers. These machines use X-rays which can detect even very small tumours in the breast and microcalcifications, the most common feature of tissue around a tumour, long before they can be felt with the hand or diagnosed as a result of other symptoms. In newer digital mammography systems the resolution of the scan is very high, showing extremely small details to the radiologist.

How is a mammogram done?

During your mammogram your breast to be placed on the machine and plastic plate will be lowered onto it to gently flatten it. This will help get clear images, two of each breast, one from the top and another one from the side. Additional images may be ordered by the attending radiologist in case further details are needed.

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Is a digital mammogram better than a film based mammogram?

Studies have shown that the detection rate of digital mammograms is superior when compared to previous generation film based systems, especially when screening dense breasts. Thus when getting a mammogram, it is important to choose the best quality you can. In recent years there has been a further advancement in mammography called Tomosynthesis.

What is digital breast Tomosynthesis?

Tomosynthesis (also known as 3D mammography) is a state of the art breast care technology that has revolutionised the way doctors screen and diagnose breast cancer. It allows doctors to see the breast beyond the capabilities of traditional mammography and greatly improves the early detection of breast cancer.

Why is it different to a normal mammogram?

While in traditional mammography the breast is viewed using just one single image, in digital 3D Tomosynthesis, the machine sweeps over the breast and acquires up to 70 images from different angles allowing doctors to see breast tissue from multiple perspectives using clearer images.

Are mammograms and tomosynthesis painful?

Mammography technicians are highly trained in making the process as quick and as painless as possible.

In fact, most people report discomfort rather than pain, while others may feel some pain. The whole process of taking the pictures only takes minutes, minimising the discomfort as much as possible .

Is it safe?

Mammograms use X-Rays to produce images Although frequent exposure to x-rays poses a serious health risk, in modern digital mammography systems this exposure to radiation is so small that the benefits of having a mammogram each year greatly outweigh the risks of radiation exposure.

What if I need an ultrasound after my mammogram?

Needing an ultrasound after a mammogram is fairly common and does not mean that you got a bad result.

Ultrasounds are used to look at a particular area more closely and determine whether the abnormality is a benign, a malignant lesion, or a simple fluid filled cyst.

An ultrasound can also help define a mass in the breast that you feel yourself, even if it does not show up on a mammogram.

At what age should I get my first mammogram?

If you’re 40 years old or older you can voluntarily submit yourself to a mammogram examination.

However, the indicated age to start having regular yearly mammograms is at age 45 if you are at an average risk of having breast cancer.

Should I get a mammogram if I’m under the age of 40?

Regular mammograms are not recommended for women under the age of 40. Experts believe that the risk of getting breast cancer at a young age is too small to justify the low level radiation administered during a mammogram. However certain women are at a risk which is higher than the average. A woman which doesn’t have a family history of breast cancer, history of radiation therapy or specific mutations in genes called BRCA1/BRCA2, and other factors, is said to be at an average risk of having breast cancer. If any one of these criteria is satisfied then a mammogram may be recommended, even if under the age of 40.

For more information regarding our breast care services, call St Thomas Hospital on 21 482 482. We’d be delighted to to answer any of your questions!

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