Tech first: Maltese company listed on NASDAQ stock exchange

Malta-based tech start-up TrustStamp has plans to increase its presence in Malta and investment another €6 million into the economy 

Malta-based tech start-up TrustStamp is the first Maltese company to be listed on the NASDAQ stock exchange, Enterprise Minister Miriam Dalli announced on Wednesday.

TrustStamp provides biometrics-based security systems across the Americas, Europe, Asia and Africa. NASDAQ is the largest electronic stock exchange globally, allowing investors to invest in more than 3,500 of the world's largest companies.

To be accepted on the NASDAQ stock exchange, a company must have a capital of more than $2 million, with more than 100,000 shares held by the public with an asset value of more than $4 million. 

The product offered by TrustStamp uses technology and artificial intelligence to enable banks and other institutions to verify customer credentials. 

“The history of TrustStamp is also an example of our commitment to creating and developing new economic niches in modern sectors so that our economy can continue to diversify and strengthen. Sectors that find a place to roam in Malta and have a success story, thus continuing to create and provide more new opportunities for our young people and workers,” Dalli said, when she met TrustStamp’s Chief Executive and co-founder, Gareth Genner, on Wednesday.

She said that despite the small size of Malta, the country has the potential to attract investment in the development of startups such as TrustStamp.

In the next three years, TrustStamp will be investing another €6 million while increasing its presence in Malta as it will be employing another 50 people at its offices. 

"The move to get TrustStamp to NASDAQ is also a result of the ecosystem in Malta and the economic and political climate of our country, which offers stability and peace of mind to foreign investors," Dalli said.

Genner thanked the Maltese Government and Malta Enterprise for the support provided after the company decided to set up its European offices in Malta.

“Your trust and investment in our vision helped make our success possible, and we look forward to continuing to work in Malta as we continue to grow TrustStamp and invest in the Maltese economy," he said.