Geraldine Spiteri Lucas / MBR / Facebook

CEO Geraldine Spiteri Lucas has acknowledged that the “insightful” proposals the Malta Business Registry (MBR) received for the development of a Central Data Repository have highlighted the range of solutions that are available in the market.

She was speaking after the MBR successfully concluded its preliminary market consultation on Tuesday for the development of a repository, aimed at facilitating the process of identifying applicants when they are doing business in Malta. The three-week consultation, hosted on Government’s Electronic Tendering portal, intended to assess public interest and explore available technological solutions in the market. A total of 18 proposals were received for the solution.

The Central Data Repository’s primary objective is to “streamline the process of identifying applicants engaged in business activities in Malta”, with a focus on “Know Your Customer” checks. This repository will promote a principle where data is entered once, and is thus standardised, mitigated of any risk, and in full compliance with regulations. This will hence “eliminate duplicative efforts” resulting in significant time and cost efficiencies for both businesses and Government agencies.

Dr Spiteri Lucas expressed great enthusiasm for the number of proposals received, saying: “The MBR 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,” she explained.

She added that the “valuable input” will guide the MBR towards “even more effective and user-friendly practices in the future”.

The initiative symbolises a move by the MBR and Government to make Malta “an attractive destination for businesses”.

Following the successful consultation phase, proponents will now present their solutions to a steering committee that is appointed by the Ministry for the Economy, European Funds, and Lands, with key Government stakeholders being involved. These presentations are scheduled to take place in the upcoming days, where the knowledge and intelligence gathered will be used to “shape a comprehensive tender document” for the Data Repository’s implementation.

Once it is operational, the Central Data Repository’s role will be to “facilitate seamless information sharing among Government entities, enabling efficient due diligence checks” on clients based on the nature of their business. Private entities such as banks, lawyers, and accountants will also have authorised access to certified documentation should they receive consent from the individual in question.

Minister for the Economy, European Funds, and Lands Silvio Schembri was enthusiastic about the “strong interest” demonstrated by both local and international companies in the initiative.

“This project is a significant stride towards reducing bureaucracy and optimising resource utilisation in businesses,” he said.

He added: “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.”

The MBR is the organisation responsible for the registration of new commercial partnerships and legal entities, the registration of documents related to commercial partnership, the issuing of certified documentation, as well as other roles. Dr Spiteri Lucas has been CEO of the entity since 2021, having previously also served as Chief Legal Officer. She is also Registrar of the MBR.

Featured Image:

MBR CEO Geraldine Spiteri Lucas / MBR / Facebook

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