Government launches ‘Malta Business Wallet’ to cut bureaucracy and boost efficiency

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...