Economy Minister Silvio Schembri addressed the inauguration of new offices by an international company, Trust Stamp, where he gave details of a start-up finance scheme which attracted the company to Malta’s shores.

Trust Stamp, a company which deals in AI biometric solutions, opened its offices in Malta back in July. It was estimated that the company would employ 30 people in three years. Minister Schembri was pleased to note that expansion plans took place ahead of schedule, and, by end-October, 26 people will be employed at the Malta office. Thanks to the expansion, Trust Stamp has now moved into bigger offices.

Following a Malta Enterprise survey, which revealed that the biggest obstacle to start-ups in this post-COVID environment is access to finance, the agency updated its 2020 start-up finance scheme, to provide more flexibility in financing methods, including for operational costs.

The start-up finance scheme may provide up to €200,000 to eligible companies which “propose viable business solutions,” the Minister said.

He added that the amount may be added to €400,000 if the start-up is “an innovative enterprise”.

The Minister said that in addition to covering operational costs, the scheme has various support mechanisms, including part of funding of specific expenses such as wages and salaries, equipment or quasi-equipment funding, linking to private equity and crowd funding campaigns.

He encouraged all “innovative” entrepreneurs to submit their business plans to Malta Enterprise.

Minister Schembri said that Trust Stamp’s story shows the effectiveness of such financing schemes in bringing investment, jobs and skills to Malta’s economy.

The scheme was put in place pre COVID, and, during 2020, Malta Enterprise approved start-up finance to seven beneficiaries with a total value of €3 million.

Trust Stamp initially secured €800,000 through the Malta Enterprise start-up scheme, the Minister said, in order to implement its project and keep up with a fast growth-pace.

The company, with offices in various locations around the world, is seeking to use Malta as its research and development base.

Minister Schembri also revealed that in the coming months, the Government will be embarking on an “ambitious industrial infrastructure investment programme which shall significantly change the landscape” of Malta’s industrial zones.

“This €450 million investment, over a period of seven years, includes a €14 million investment project in the upgrading of the Kordin Business Incubation centre, which shall bolster innovation and the business economy by providing additional space for start-ups.”