Malta Business Wallet launched days after Labour pledge
Service aims to cut red tape and increase efficiency for businesses
One electoral pledge has already become a reality as the Malta Business Wallet was launched on Thursday as a way to “reduce bureaucracy and enhance efficiency”.
Announcing the launch, Economy Minister Silvio Schembri said the wallet will continue to facilitate operations and strengthen the concept of “ease of doing business”.
Last week, Prime Minister Robert Abela pledged to set up a national business wallet as part of a series of electoral proposals supporting young entrepreneurs and the business community in general to modernise business infrastructure.
In a statement following the launch, Schembri said that the wallet addresses one of the main challenges faced by businesses where duplicated processes hindered efficiency.
“I have never believed in unnecessary bureaucracy, and through the Malta Business Wallet we will continue reducing it,” Schembri said.
The initiative is expected to “further strengthen Malta’s competitiveness as an attractive investment destination”, the minister said, adding it will allow integration with other local and European initiatives.
Schembri pointed out that Malta was among the first among EU member states to implement the business wallet “while others are still discussing this concept”.
More than 40 businesses and business owners are participating in the initial phase of the project, a number which the minister said reflected the “level of trust in and demand” for the service. This number is expected to continue growing “gradually”.
The process began in 2023 through the establishment of a steering committee within the Ministry for the Economy, for better coordination and synergy between government entities. This was followed by market analysis and the awarding of the tender, paving the way for the development and implementation of the project.
The Malta Business Wallet will introduce the “once only” principle for due diligence, a more standardised system, reduce unnecessary delays and increase efficiency. It will empower business owners to securely control and authorise access to their information, in full compliance with GDPR regulations.
The Malta Business Wallet is available as an application on the Apple Store and Play Store.
The CEO and registrar of the Malta Business Registry Geraldine Spiteri Lucas said the Malta Business Wallet will represent “an important transformation for our country’s business ecosystem.”