A much-talked about solution to reduce the bureaucratic burden of due diligence is moving ahead, with the agency tasked with leading the project issuing a preliminary market consultation to explore the possible technological requirements such a system would entail.
The Malta Business Registry (MBR), identified as the leading entity for this initiative, is inviting interested parties to participate in the consultation for the development of a Central Data Repository solution – a key pledge in the governing Labour Party’s electoral manifesto in 2022.
In August of last year, Minister for the Economy, European Funds and Lands Silvio Schembri said that the solution, which will also run checks on foreign direct investment and investors, will first be “sandboxed” for Government use in vetting bidders for major tenders.
Once any teething problems are resolved, the system will be used for all foreign direct investment entities, as well as for notaries, lawyers and other corporate services providers.
The Central Data Repository is expected to eliminate some of the red tape businesses currently face, removing the need of submitting the same documents to multiple regulators and entities.
“If one entity does due diligence, then it should be enough. If it is good for one entity, it should be good enough for the others,” the Minister said.
The consultation announced today will gather proposals and assess interest from the public to define the technical specifications for a future tender for the implementation of a data repository.
The aim of the repository is to facilitate the process of identification of applicants when such applicants are doing business in Malta.
Proposals must, amongst others, encompass advanced technological features bearing in mind that the end users are government entities, subject persons, and the public. This should be complemented with advanced security features.
Minister Schembri said that the development of this data repository is in line with the government’s work programme outlined in the Electoral Manifesto and the 2023 Budget to facilitate business procedures in Malta, lessening bureaucratic processes.
“The repository facilitates data integration and promotes collaboration across different departments and systems, thus eliminating data silos by consolidating scattered data sources into a single, securer. This is the new era of data management and governance,” he added.
Geraldine Spiteri Lucas, CEO of the MBR, said that through the preliminary market consultation, the MBR shall have clearer visibility of available technologies which would eventually lead to the actual implementation of the repository.
The consultation aims to explore interest and shed light on innovative proposals for the establishment of a centralised repository for the compilation of data purposes which would include authenticated documents issued by government entities.
Ultimately, the repository will facilitate the process of identification of applicants when government authorities and subject persons are carrying out their know-your-client processes.
“This complements MBR’s vision to be of constant support for Company Service Providers, practitioners and the business community,” explained Dr Spiteri Lucas.
Interested parties are invited to submit their proposals in writing by the 28th of July 2023 through the ePPS system. Interested parties will be able to access the Preliminary Market Consultation document by searching for it directly on the eTenders website.
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