Launch of the Malta Business Wallet – an initiative aimed at reducing bureaucracy and increasing efficiency for businesses

The Minister for the Economy, Enterprise and Strategic Projects, Silvio Schembri, launched the Malta Business Wallet, a project designed to reduce bureaucracy and enhance efficiency, thus continuing to facilitate operations and strengthen the concept of ‘ease of doing business’.

“Once again, we worked together — Government and public entities alongside social partners and the private sector — and together we have delivered practical solutions. One of the main challenges consistently raised by businesses was the reality of duplicated processes that hinder efficiency. I have never believed in unnecessary bureaucracy, and through the Malta Business Wallet we will continue reducing it. This initiative, which originated as an electoral pledge, is today becoming a reality through the work of the Malta Business Registry and is expected to further strengthen Malta’s competitiveness as an attractive investment destination. This is not an isolated project, but one that has been developed in a way that allows integration with other local and European initiatives,” stated Silvio Schembri.

He added: “At the last European Union Council I attended, discussions regarding the Business Wallet at a European level have just begun. As a country, we should be very proud that while others are still discussing this concept, we are already implementing it today. This puts us in a much better and more advanced position compared to other European Union countries.”

Minister Schembri also noted that the level of trust in and demand for the project is already evident, with more than 40 businesses and business owners participating in this initial phase, a number 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. While the initial concept was the Central Data Repository, the Government continued to build upon this work, leading to today’s official launch of the Malta Business Wallet.

The Malta Business Wallet will introduce:

• The “once only” principle in relation to due diligence

• A more standardised system

• Reduced unnecessary delays

• Increased efficiency

  
  

“The Malta Business Wallet will represent an important transformation for our country’s business ecosystem. The involvement of various entities at this important stage will continue strengthening trust between the public sector and the business community. As the Malta Business Registry, we remain committed to delivering efficient and effective services,” explained the Chief Executive Officer and Registrar of the Malta Business Registry, Dr. Geraldine Spiteri Lucas.

The Malta Business Wallet 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.

“As a Government, we will continue looking ahead to the positive impact this project will have on Malta’s economic performance and digital future,” emphasised Minister Silvio Schembri.