HomeCryptocurrencyMalta Wants Piece of Artificial Intelligence (AI) Hype

Malta Wants Piece of Artificial Intelligence (AI) Hype

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This is not Malta’s first time capitalizing on tech trends but the current wide deployment of AI technology is to tackle existential challenges including the threat of climate change, the need to attract more foreign investment, and a severe skills gap.

Malta’s top telecommunications company GO Plc is gradually increasing its use of Artificial Intelligence (AI) tools for its daily operations.

The firm, which is one of the largest public companies in the country, currently utilizes AI models and tools to create about 20% of all its marketing content. About 30% of its codes are written using AI, reducing the need for developers in the company.

GO Plc Replace Humans with AI

GO’s stance towards AI is evidently different from other firms where there are fears that this innovative technology may completely send humans out of their jobs in the near future. When it comes to legal matters, the telecom service provider curates its legal contracts using AI but they get vetted by humans before proceeding to the target destination.

Considering how GO wants to explicitly digitize its processes, the  Maltese firm encourages all of its 1,100-plus employees to learn the appropriate use of generative AI to enhance productivity.

It is worth noting that the firm’s attraction to AI models is likely linked to the hiring conditions prevalent in its region. Malta is a small island country in Southern Europe with about 530,000 residents, per 2022 World Bank data. Having such a small pool of people makes it quite difficult for companies to have access to a variety of skilled talents.

This situation was mirrored in a statement made by Nikhil Patil, the Malta- and London-based CEO of GO:

“We are short of lawyers, accountants, and coders. Only artificial intelligence can help us escape the talent curse.”

EU’s AI Act Guides Malta’s AI Move

For many, Malta may not appear as a country that is interested in technological advancement, especially with its previous record of lax regulation and money laundering activities. However, the government in collaboration with businesses and schools is making an effort to transform the nation into an AI hub.

This is not Malta’s first time capitalizing on tech trends but the current wide deployment of AI technology is to tackle existential challenges including the threat of climate change, the need to attract more foreign investment, and a severe skills gap. In such a situation, Malta is bound to experience both the upside and limitations of AI as a technology.

Generally, there are concerns around the use of AI tools, from issues of deepfakes to AI crypto scams. The European Union seems to have a level of control in this regard after it released the EU AI Act to oversee the development and application of AI in the region. The Parliament passed the law with 499 votes in favor, 93 abstaining, and 28 votes against in June 2023.

The act requires that companies that use AI for content should properly label all AI-generated content. Officials expect this would help to quickly identify non-human content and stem the spread of false information. It is also required that companies publish summaries of all data used to train AI.

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Artificial Intelligence, News, Technology News

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