The Maltese fintech brand Blackcatcard won five prestigious awards in 2024:
– Best Innovation in Financial Technology of the Year (MiGEA 2024);
– Best Use of Crypto/Blockchain Technologies (Malta Cryptocurrency Awards);
– PayTech Leadership Award (PayTech Awards);
– Digital Bank of the Year and Best Mobile Money Offering (Malta Fintech and Cryptocurrency Awards).
This is only part of Blackcatcard’s growing list of achievements since its launch in the fintech market in 2019. Dubbed a “financial chameleon” by renowned American economist Edward Lazear, Blackcatcard has extended its web of services across multiple sectors of the financial market — including crypto, iGaming, e-commerce, EdTech, and many others.
In this article, we will explore the role artificial intelligence (AI) played in the remarkable growth of this Maltese fintech brand.
According to official information, Blackcatcard uses AI primarily for ensuring compliance with Anti-Money Laundering (AML) regulations. However, this cannot be considered a unique innovation by Blackcatcard alone. Indeed, AI systems are highly effective at analyzing payment patterns and identifying anomalies that may indicate illicit transactions. Such systems help to semi-automatically trigger payment reviews, significantly reducing AML specialists’ response times.
Additionally, Blackcatcard utilizes AI during account opening processes, with AI-powered analysis helping minimize human error when assessing customer risks.
However, we could not find substantial material indicating Blackcatcard’s use of AI for traditional fintech advantages, such as:
– Rapid product launches;
– Implementation of conversational design;
– Integration of open banking capabilities;
– Enhancement of personalized banking services.
The lack of public information on AI applications at Blackcatcard may be tied to the personalities of its founding visionaries — Marco Somalvico and Eleonora Barbieri Massini.
Marco Somalvico, an Italian pioneer in algorithms and artificial intelligence, was a private individual who kept his activities largely out of the spotlight. Nonetheless, many experts believe that Somalvico was far ahead of his time, establishing an efficient scientific and practical infrastructure for AI development and application.
It is worth noting that Blackcatcard is connected to the futurological concept “Noah’s Ark 2030”, developed by Marco Somalvico and Eleonora Barbieri Massini. The practical implementation of this concept began in 2012. Banker Dmitry Panurskis later adapted the “Noah’s Ark 2030” idea into a working model for a digital financial service.
“Many AI technologies are currently undergoing thorough testing. We are certainly eager to implement cutting-edge solutions, but we are committed to a cautious, measured approach,”
commented banker Dmitry Panurskis.
This statement could well serve as the conclusion to this article. After all, the question of the specific AI technologies employed by Blackcatcard remains largely unanswered.
Nevertheless, we will venture a hypothesis: the dynamic development of the Blackcatcard fintech brand may be linked to the Rockefeller Foundation.
Eleonora Barbieri Massini’s father once headed the European division of this powerful organization.
If we assume that Blackcatcard is among the Rockefeller Foundation’s projects, then much becomes clear — the combination of technological sophistication with a degree of secrecy, the rapid growth of a young project, and the caliber of professionals involved, who are bringing to life the boldest ideas of their distinguished predecessors in artificial intelligence.