The Malta Business Registry has launched an application which will enable businesses to cut down on red tape by introducing the “once only” principle for due diligence – putting the jurisdiction at the forefront of the EU.
This initiative is part of the jurisdiction’s national strategy to reduce unnecessary delays and increase efficiency, thereby improving the ease of doing business. Discussions on the concept of business wallets have only just begun in the EU, putting Malta ahead of its peers.
The Malta Business Wallet will reduce the duplication of processes involving various government entities, streamlining and standardising them. It also allows business owners, who can authorise access to various stakeholders, to control their information, in full compliance with GDPR regulations.
The development of this Malta Business Wallet began a few months ago, evolving from the idea of a Central Data Repository three years ago, one of the suggestions made as part of the national strategy for financial services.
Over 40 companies took part in the pilot phase, a number which is expected to grow considerably now that the Wallet has been officially launched.
“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,” explained Geraldine Spiteri Lucas, CEO and registrar of the Malta Business Registry.
The Malta Business Wallet is available as an application on the Apple Store and Play Store.
