Government launches 'Malta Business Wallet' to cut bureaucracy and boost efficiency<\/p>\n
The government has officially launched the Malta Business Wallet, a new digital initiative aimed at reducing bureaucracy, streamlining due diligence processes, and improving efficiency for businesses operating in Malta, the Ministry for the Economy said in a statement.<\/p>\n
The project was unveiled by Minister for the Economy Silvio Schembri, who described the initiative as a major step forward in strengthening Malta’s ease of doing business and competitiveness as an investment destination.<\/p>\n
Speaking during the launch, Schembri said the initiative was the result of close collaboration between government entities, social partners, and the private sector.<\/p>\n
He said that duplicated administrative processes had long been identified by businesses as a significant obstacle to efficiency.<\/p>\n
“Through the Malta Business Wallet we will continue reducing unnecessary bureaucracy,” Schembri said, adding that the project originated as an electoral pledge and has now become a reality through the work of the Malta Business Registry.<\/p>\n
Schembri also spoke of Malta’s position at the forefront of digital business reform within the European Union. He explained that discussions on a similar Business Wallet concept at EU level are only now beginning, while Malta has already implemented the system.<\/p>\n
“This puts us in a much better and more advanced position compared to other European Union countries,” he stated.<\/p>\n
According to the Ministry, more than 40 businesses and business owners are already participating in the project’s initial phase, with participation expected to expand gradually over time.<\/p>\n
Work on the initiative began in 2023 with the creation of a steering committee within the Ministry for the Economy to improve coordination among government entities.<\/p>\n
Following market analysis and the awarding of a public tender, the project evolved from its original concept as a Central Data Repository into what is now the Malta Business Wallet.<\/p>\n
The new platform is designed to introduce the “once only” principle for due diligence procedures, meaning businesses will no longer need to repeatedly submit the same information to different authorities.<\/p>\n
The initiative is also expected to standardise processes, reduce delays, and improve operational efficiency.<\/p>\n
Chief Executive Officer and Registrar of the Malta Business Registry, Geraldine Spiteri Lucas, said the platform represents “an important transformation” for Malta’s business ecosystem.<\/p>\n
She added that collaboration between public entities and the business community would continue to strengthen trust while enabling more efficient services.<\/p>\n
The Malta Business Wallet will allow business owners to securely control and authorise access to their information while remaining fully compliant with GDPR regulations.<\/p>\n
The application is currently available for download on both the Apple App Store and Google Play Store.<\/p>\n
Concluding the launch, Minister Schembri said the government would continue focusing on initiatives that support Malta’s economic performance and digital future.<\/p>\n