Last Updated on Monday, 31 July, 2023 at 4:46 pm by Andre Camilleri
The Malta Business Registry (MBR) has successfully concluded its preliminary market consultation, receiving an impressive total of 18 proposals for the development of a Central Data Repository Solution. The three-week consultation, hosted on the government’s Electronic Tendering portal, aimed to assess public interest, and explore available technological solutions in the market. The primary objective of the Central Data Repository is to streamline the process of identifying applicants engaged in business activities in Malta, particularly during “Know Your Customer” (KYC) checks. By promoting the “once-only” principle, standardisation, risk mitigation, and compliance, the repository will eliminate duplicative efforts, leading to significant time and cost efficiencies for both businesses and government agencies.
Aligned with the government’s commitment to reduce bureaucracy and foster an enabling business environment, as outlined in the electoral manifesto and Budget measures, the initiative marks a significant step forward in making Malta an attractive destination for businesses. Following the successful consultation phase, proponents will now present their solutions to a steering committee appointed by the Ministry for the Economy, European Funds, and Lands, involving key government stakeholders. These presentations are scheduled to take place in the upcoming days, and the valuable knowledge and intelligence gathered will be used to shape a comprehensive tender document for the Data Repository’s implementation. Once operational, the Central Data Repository will facilitate seamless information sharing among government entities, enabling efficient due diligence checks on clients based on the nature of their business. Additionally, private entities such as banks, lawyers, and accountants will have authorised access to certified documentation, subject to the individual’s consent.
Minister for the Economy, European Funds, and Lands, Silvio Schembri, expressed his satisfaction with the strong interest demonstrated by both local and international companies in this initiative. “This project is a significant stride towards reducing bureaucracy and optimising resource utilisation in businesses. By automating manual processes, we can unleash the true potential of our workforce and further enhance Malta’s economic landscape, positioning it for sustained growth and success in the years to come. This is what making a future-proof Malta is all about”, Minister Schembri emphasised.
Dr Geraldine Spiteri Lucas, MBR’s Chief Executive Officer and Registrar, also expressed great enthusiasm for the 18 proposals received during the consultation process. “The Malta Business Registry remains firmly dedicated to establishing this repository, with the ultimate goal of streamlining bureaucratic procedures and fostering a more business-friendly environment. The insightful proposals received have shed light on a wide array of digital solutions available in the market, paving the way for enhanced services to benefit both the business community and clients. This valuable input will guide us towards even more effective and user-friendly practices in the future”, she stated.