MaltaCEOs 2021 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS
company,” Gareth continues. “It works extremely well. For instance, our current Head of Communications joined us as a summer intern, then stayed on as a full-time intern, and rose up to the role she is in now. I can honestly say we wouldn’t be listed today without her; she’s part of everything the company does. It’s proof that you never quite know the value someone could bring to the table or where they could be the best fit.” And while some people may find that approach unusual, it’s clearly working. After all, in a year when so many sectors and businesses struggled, Trust Stamp grew in ways even the team couldn’t have imagined at the end of 2019. “In 2018, when we launched the product, our original client had exclusive rights to it, so we knew 2019 would be the year to take things to a broader market. As it turned out, the range of opportunities was wider than we could have expected, as people the world over became more reliant on remote and touchless transactions in terms of biometrics. As a result, we opened three new offices in three new countries.” Trust Stamp even had more success than expected with its capital fundraising in 2020, raising over €1 million in 24 hours, and ending up with around five times the number of shareholders they expected. “In many ways we got more attention because of the situation,” Gareth muses. “So, while it wasn’t the year we could have expected, it was the year we actually hoped for; we just had to be flexible.” Meanwhile – and right in the middle of the pandemic – Gareth made the move to Malta with his wife. “In early 2019 I was speaking at a financial services conference in London and was introduced to Brian Camilleri from Malta Enterprise. Having lived in the
US for 25 years, I have to admit that I wasn’t up-to-date on the EU and didn’t know Malta had become a member. I was keen to hear about all the developments because, with Brexit looming, we wanted to have a base in the EU and Malta turned out to be the perfect fit. Other Trust Stamp team members have moved here too, including three from the US and three from the UK. We’re very happy here.” Gareth believes that Malta should further explore the opportunities posed by the fields of biometrics as a sector that doesn’t require many natural resources or the need to scale, and which is compatible with the island’s size. “What it does require is specialisation and support,” he stresses. “AI will go through changes and Malta has the flexibility to be at the forefront of that by creating a safe and regulated environment within which companies can operate.” Finally, Gareth switches attention to thoughts on Trust Stamp’s own opportunities – and the sky really seems to be the limit. “There are great opportunities for acquisition in parallel with organic growth,” he says. “If you layer our technology on top of many other companies’ technology, it will substantially improve their product offerings. Now, as a publicly listed company, we are well positioned to make those acquisitions.” Thus, in 2021, the CEO plans to broaden the company’s customer base to move outside of financial services and into a range of other sectors, like healthcare and travel. “We plan to make at least one major acquisition and, by the end of the year, it’s not inconceivable that the company could be triple the size it is now,” he says. “Oh, and as my wife will tell you, I’ll also be spending more time out of the office and on Malta’s beautiful beaches!” 330
Quick-fire Questions… with Gareth Genner What is the most important part of your morning routine? Catching up on the overnight news. Did you have a hero when you were younger? Winston Churchill. Do you have one now? Anthony Fauci. Where did you work from during lockdown? At home in the US. Zoom calls or in-person meetings? In-person. What tool (online or otherwise) do you use most in your business? Slack. What’s your top tip for productivity? Plan your day. If I gave you a magic wand, what would you do with it? Achieve universal financial inclusion. What’s your favourite time of day? Early evening, relaxing with my wife. What entertained you most during lockdown? Watching the wildlife reappear around our house in Georgia. Does your life today look different to 2019? I live in a different country and have had to accept that my time with family and close friends is virtual. Does your business today look different to 2019? The business has grown by about 150 per cent and is in twice as many countries. Is success built on hard work or luck? Both. What’s your top tip for running a business in Malta? Engage with both the Government and with your peers in the private sector. What do you hope the world achieves in 2021? A less combative view of people who don’t share our geography, colour, faith or ethnicity. What’s next for you? My next cup of coffee.