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.
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.
Speaking during the launch, Schembri said the initiative was the result of close collaboration between government entities, social partners, and the private sector.
He said that duplicated administrative processes had long been identified by businesses as a significant obstacle to efficiency.
“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.
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.
“This puts us in a much better and more advanced position compared to other European Union countries,” he stated.
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.
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.
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.
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.
The initiative is also expected to standardise processes, reduce delays, and improve operational efficiency.
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.
She added that collaboration between public entities and the business community would continue to strengthen trust while enabling more efficient services.
The Malta Business Wallet will allow business owners to securely control and authorise access to their information while remaining fully compliant with GDPR regulations.
The application is currently available for download on both the Apple App Store and Google Play Store.
Concluding the launch, Minister Schembri said the government would continue focusing on initiatives that support Malta’s economic performance and digital future.
