Today we’re taking a slightly different approach and looking at a specific governing body for technology regulations in Malta. The MDIA, or Malta Digital Innovation Authority, was set up in 2018 to regulate innovative technologies, but also promote them. Now, this is interesting and important for you to understand as with the boom in tech start-ups and innovative development, businesses have to stand out from the crowd, but also know where to look to maximise their chances at success.
How will I benefit from developing tech in Malta?
This is where the MDIA comes in, offering numerous incentives to perpetuate the development of innovative technology on Malta’s shores and allow you, the developer, to maximise your margins for success. This sort of mutually beneficial relationship is the key to business growth and longevity overseas, making Malta a particularly exciting location to develop technology under the watchful eye of the MDIA.
The ITAS Act
One of the reviews undertaken by the Authority includes the verification of standards pertaining to Innovative Technology Arrangements. Below you will find the five key elements that are assessed during audits of this type:
· Legality
· Integrity
· Transparency
· Compliance
· Accountability
As with most sectors, establishing a clear framework for businesses to operate within is significant, not only for setting boundaries, but also to limit the possibility of crimes being committed accidentally. The audits undertaken by the MDIA should serve to provide you with additional peace of mind that your business development and technological innovation is permitted and not likely to present you with any undesired legal issues.
Sandbox
The last element we’ll touch on today is the Sandbox, a concept we covered here last week.
In relation to Malta and the MDIA specifically, the development by the Authority of a TAS (Technology Assurance Sandbox) has meant that start-ups and smaller-sized businesses are always in the plan for the Authority, permitting them a space to remain flexible in their development. Not only this but there are government grants which can be applied for in order to make it as accessible as possible for these types of companies.
Now, in general, the Sandbox can be resided in by the business for up to two years, ensuring all aspects of development comply with international standards and at the end of each phase audits take place to confirm this. Once this is complete the MDIA certification is awarded.
This is all extremely useful and reassuring, but as with most programs, the desired benefits extend beyond peace of mind. Therefore, please find below some of the other benefits tied into the use of the TAS during your tech development:
· Assurance to investors and potential clients once the software is ready
· Legal compliance is ensured
· Affords you a competitive edge with a backlog of testing and development
So, if you are interested in finding out more about the Malta Digital Innovation Authority and how it could benefit you, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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