Malta Enterprise beneficiary Trust Stamp has recently launched an IPO on Euronext (Dublin). Trust Stamp is a global provider of AI powered identity services.
This scale-up opened its subsidiary in Malta in 2020 with an aim to advance its biometric and cryptographic identity authentication technology.
The company has secured €1 million in funding from Malta Enterprise, consisting of a €200,000 grant and a low-interest loan of up to €800,000 to cover three-quarters of the salaries it will pay Malta-based employees. The loan is repayable through 10 per cent of the Maltese subsidiary’s annual profits.
According to Trust Stamp CEO Gareth N. Genner, Malta will not only host an expanded R&D team, including the company’s new Post-Doctoral Fellowship Programme, but will also serve as the base for its public-benefit subsidiary ‘AiiD’ to work with NGOs and governments throughout Africa.
“Malta has a long-term commitment to working with a number of African governments, and there are tremendous opportunities for us to partner with both the Malta Government and other Maltese enterprises,” he was quoted saying.
Describing Trust Stamp as one of the fastest growing and most innovative AI powered authentication companies globally, Malta Enterprise CEO Kurt Farrugia was quoted as saying that ME and the company have identified various initiatives of mutual interest that will be implemented in the coming months. “This includes initiatives to promote a higher participation of females in technology. Together we will also be seeking to capitalise on the immense opportunities that Africa offers,” he added.