Malta Business Wallet goes live, promising end to duplicate due diligence

The Malta Business Registry has launched a digital wallet that aims to end the duplication of due diligence across government entities. The app, available on iOS and Android, introduces the "once only" principle for business information.

The launch is part of a national strategy to improve the ease of doing business. Discussions on business wallets have only just begun at the EU level, meaning Malta is moving ahead of its peers.

Business owners control their information and can authorise access to stakeholders, fully compliant with GDPR. The wallet reduces duplication of processes across various government entities, streamlining them.

"The Malta Business Wallet will represent an important transformation for our country's business ecosystem," said Geraldine Spiteri Lucas, CEO and registrar of the MBR. "The involvement of various entities at this important stage will continue strengthening trust between the public sector and the business community."

The wallet evolved from a concept of a Central Data Repository proposed three years ago as part of the financial services national strategy. Development began a few months ago. Over 40 companies participated in the pilot phase, a number expected to grow with the official launch.

For Malta's business community, this means less time spent on repeated compliance submissions. It also positions Malta as a frontrunner in digital business identity within the EU, a competitive advantage for attracting investment.